Maravai LifeSceinces Holdings Inc. (NASDAQ: MRVI) has announced its Q2 2021 financial results for the period ending June 30, 2021, and offered its business updates.
Maravai reported revenue of $217.8 million in Q2 2021
The company reported net revenue of $217.8 million, which is a 364.3% YoY increase. Nucleic Acid Production revenue was up 532.8% YoY to $192 million, driven mainly by demand for CleanCap analogs as vaccine manufacturers scaled production and increase in demand for mRNA products with the tech incarnated into the vaccine and therapeutic programs.
Maravai reported Biologic Safety Testing revenue of $18.2 million in Q2, which was 47.3% YoY driven by high demand and stocking of the company’s products due to increase in COVID-19 related therapeutic program and strong sales because of the expansive global product offerings supporting gene and cell therapies. In addition, protein Detection revenue increased 71.1% YoY to $7 million attributable to the resumption of research lab work.
CEO and Chairman Carl Hull said, “Maravai had an incredibly strong first half of 2021, and we feel very good about the momentum we are seeing across our business. In particular, we anticipate continued robust growth in our Nucleic Acid Production business, and we are increasing our guidance to reflect stronger demand expectations for the remainder of the year.”
For the six months ended June 30, 2021, the company reported revenue growth of 273.9% YoY to 366 million driven by Nuclei Acid production revenue that grew 419.5% YoY to $316.5 million, Biologic Safety testing revenue that was up 34.5% YoY to $35.9 million and Protein detection revenue of 13.7 million.
Maravai to sell Vector Laboratories for $124 million
During the quarter, the company entered a definitive agreement for the sale of Vector Laboratories Inc. to Thompson Street Capital Partners for $124 million in cash. The transaction will close in Q3 2021, after which Vector will start operating as an independent entity led by COO Lisa Sellers.