The stock of global provider of life science reagents and services Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI) surged by 19.94% in trading after the ring of the bell on Tuesday. The rise came following the release of its quarterly results with analysts-beating earnings figures.
What the financial results say?
Maravai provides critical products used to facilitate the development of new drugs, diagnostics, novel vaccines, and support the research of human diseases. Some of the world’s leading biopharmaceutical, vaccine, diagnostic, and cell and gene therapy companies rely on Maravai’s companies for their nucleic acid synthesis and bioprocess impurity detection and analysis services.
San Diego, California-based company today released its financial results for the fourth quarter and the full-year ended December 31, 2020. Some brief highlights of the results are as follows:
In Q4 2020:
- Revenue generated by the company in the reported quarter was $98.4 million that came up more than 173% from revenue of $35.96 million in the year-ago quarter.
- Net income representing a 263% of rising came at $14.5 million compared to a net loss of -$5.5 million that the company incurred in the same quarter of the prior year.
- For the quarter, earnings of $0.13 per share came above to -$0.03 per share in the corresponding quarter, and also beat the analysts’ estimate of $0.11 for the same.
- Adjusted EBITDA came at $64.3 million rising 362% from the prior-year EBITDA of $13.9 million.
For The Full Year 2020:
- Total revenue of $284.1 million came with an increase of $141 million or 98.5% from that of $143.1 million in 2019.
- Representing an increase of over 1500%, net income rose to $78.8 million from a net loss of -$5.2 million in the prior year.
- EBITDA on an adjustment basis came rising 172% to $169.2 million compared to the previous year’s EBITDA of $62.0 million.