Maravai LifeSciences (MRVI) Tops Q4 EPS by 2c, Revenues Beat; Offers FY21 EPS/Revenue Guidance Above Consensus

March 2, 2021 4:20 PM EST
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Maravai LifeSciences (NASDAQ: MRVI) reported Q4 EPS of $0.13, $0.02 better than the analyst estimate of $0.11. Revenue for the quarter came in at $98.4 million versus the consensus estimate of $89.02 million.

Highlights include:

  • Revenue of $98.4 million for the fourth quarter and $284.1 million for the full year of 2020, representing 173.5% and 98.5% increases, respectively, over the corresponding periods of 2019;
  • Expanded our IP Portfolio with a third U.S. patent granted for CleanCap® technology for the co-transcriptional capping of messenger RNA (mRNA);
  • Expanded nucleic acid production capacity via infrastructure investment and manufacturing process improvements, including substantial expansion of our GMP capacity and plasmid DNA capabilities; and,
  • Established 2021 revenue guidance of $580.0 million to $630.0 million, representing growth of 104.2% to 121.8%.

"Maravai provides enabling technologies that allow scientists to bring the miracles of science to life. Never before has this been more evident than this past year, as the company devoted all of its resources to deliver our proprietary CleanCap® technology to support mRNA COVID-19 vaccine development programs,” said Carl Hull, Chairman and CEO. “I am very proud of the ways in which our extraordinary team, and our partners, rose to this occasion. We also expect to continue to benefit from the accelerating drug development pipeline for cell and gene therapies, which are driving demand for our GMP-grade nucleic acids and associated pre-clinical, non-GMP compounds. We are pleased to be able to report exceptionally strong quarterly and full year results as a newly-public company and to provide our initial financial guidance,” added Hull.

GUIDANCE:

Maravai LifeSciences sees FY2021 EPS of $0.80-$0.90, versus the consensus of $0.61. Maravai LifeSciences sees FY2021 revenue of $580-630 million, versus the consensus of $429.55 million.

Our financial guidance for the full year 2021 is based on expectations for our existing business and does not include the financial impact of potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is subject to a number of risks and uncertainties. See Forward-Looking Statements described in the section below.

Total revenue is projected to be in the range of $580.0 million to $630.0 million, reflecting overall growth of 104.2% to 121.8%.

Adjusted EBITDA (non-GAAP) is expected to be in the range of $350.0 million to $390.0 million.

Adjusted fully diluted EPS (non-GAAP) is expected to be in the range of $0.80 - $0.90. Adjusted fully diluted EPS (non-GAAP) is based on the assumption that all Class B shares are converted to Class A shares. The net income (loss) included in the Adjusted fully diluted EPS (non-GAAP) has been adjusted to eliminate the net income (loss) attributable to noncontrolling interest as a result of the assumed full conversion of Class B shares for Class A shares and is further adjusted for certain items that we do not believe directly reflect our core operations. All such adjustments have been tax effected at an assumed statutory tax rate range of 24% to 26%.

Maravai does not provide reconciliations for the non-GAAP financial measures included in the 2021 guidance above because we are unable to provide a meaningful or accurate calculation or estimation of certain reconciling items without unreasonable effort. This is due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliation, including net income attributable to noncontrolling interest, variations in effective tax rate, expenses to be incurred for acquisition activities, and the diluted weighted average number of shares of Class A common stock outstanding for the applicable period from potential proforma exchanges of outstanding Class B common shares for shares of Class A common stock. Thus, we are unable to present a quantitative reconciliation of the aforementioned forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available. However, 2021 interest expense is expected to be in the range of $30.0 million to $35.0 million, 2021 depreciation and amortization is also expected to be in the range of $30.0 million to $35.0 million, and 2021 equity-based compensation is expected to be in the range of $10.0 million to $12.0 million.

For earnings history and earnings-related data on Maravai LifeSciences (MRVI) click here.



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