Shares of Maravai LifeSciences Holdings, Inc. (MRVI), a leading life sciences company, have been on a rally in the pre-market. As of 4:10 AM EST, a $7.40 increase in the per-share price was recorded with a 21.11% gain. The stock is surging high mainly due to the fourth quarter and 2020 fiscal year results announced by the company on 2nd March 2021. Let’s deep dive to explore more behind this bullish sentiment.
The newly public company has reported exceptional fourth quarter and fiscal year results of 2020. The success is mainly due to working with Pfizer and BioNTech to fight against COVID-19. The company generated $98.4 million in revenue in the fourth quarter with a 173.5% rise as compared to the same tenure in 2019. The detailed information for the fourth quarter is as follows.
- Revenue from the Nucleic Acid Production reached $77.8 million which is 338.4% higher than the same quarter of the prior year.
- Revenue from the Biologic Safety Testing reached $14.1million which is 21.8% higher than the same quarter of the prior year.
- Protein Detection revenue reached $6.5 million which is 2.3% lower than the same quarter of the prior year.
- Net Income (loss) and adjusted EBITDA (non-GAAP) were recorded $14.5 million and $64.3 million respectively as compared to $5.5 million and $13.9 million in the same quarter of the prior year.
As far as full-year 2020 financial results are concerned, the total revenue of the year reached $284.1 million as compared to $143.1 million of 2019 representing an increase of 98.5%.The detailed results are as follows
- Revenue from the Nucleic Acid Production reached $206.3 million with an increase of 184.2% YoY.
- Revenue from the Biologic Safety Testing reached $54.9million which is 23.6% higher than the previous year.
- Protein Detection revenue reached $22.9 million which is 12.4% lower than the previous year.
- Net Income (loss) and adjusted EBITDA (non-GAAP) were recorded $78.8 million and $169.2 million respectively as compared to $5.2 million and $62.0 million in the previous year.
The company has projected its revenue for the financial year 2021 in the range of $580.0 million to $630.0 which reflects the overall growth of 104.2% to 121.8%.
MRVI stock has earned a great reputation bysupplying its mRNA products to the leading COVID-19 vaccine makers Pfizer and BioNTech.The company is highly focused on its growth as it expanded its IP Portfolio with a third patent granted for CleanCap technologyandalso expanded its nucleic acid production capacity through infrastructure investment and manufacturing process improvement. The company has already entered a buy zone and can be a good bet for investors in the future.