Maravai LifeSciences ( NASDAQ: MRVI ) stock fell ~13% premarket on Thursday after the company lowered its FY22 revenue outlook.
Q3 Adjusted EPS declined -15.9% Y/Y to $0.37, but beat estimates.
Total revenue fell -6.6% Y/Y to $191.26M, missing analysts estimates.
Nucleic Acid Production segment revenue declined -4.4% Y/Y to $174.9M. The company said this includes an estimated $126.5M of COVID-19 related CleanCap revenue, which was $4.8M lower Y/Y as demand decreased for its proprietary CleanCap analogs from COVID-19 vaccine manufacturers.
Biologics Safety Testing segment revenue fell -1.5% Y/Y to $16.38M.
Adjusted EBITDA decreased -14.4% Y/y to $132.52M.
Outlook :
Maravai reduced its total revenue outlook for 2022 and now expects it to be between $880M and $890M, growth of +10% to +11% Y/Y (prior outlook provided during Q2 results $880M to $910M, growth of 10% to 14%). Consensus Revenue Estimate for FY22 from 3 analysts is $885.79M.
The company also tightened its FY22 Adjusted EPS outlook to be in the range of $1.76 to $1.80 (prior forecast $1.70 to $1.80). Consensus EPS Estimate from 4 analysts is $1.77.
MRVI -13.15% to $13.34 premarket Nov. 3
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Maravai slumps 13% on slashed FY22 revenue outlook, Q3 earnings fall