Maravai LifeSciences Holdings, Inc., a life sciences company, provides products that enable the development of drug therapies, vaccines, drug therapies, cell and gene therapies, and diagnostics North America, Europe, the Middle East, Africa, the Asia Pacific, and Latin and Central America. It operates through two segments: TRILINK and CYGNUS. The TRILINK segment manufactures and sells products for use in the fields of gene therapy, vaccines, nucleoside chemistry, and oligonucleotide therapy, as well as molecular diagnostics, including reagents used in the chemical synthesis, modification, labelling, and purification of deoxyribonucleic acid (DNA) and ribonucleic acid (RNA). This segment also offers messenger RNA, oligonucleotides, CleanCap capping technology-based oligonucleotide building blocks, and custom enzyme development and manufacturing; and research products for labeling and detecting proteins in cells and tissue samples. The CYGNUS segment sells analytical products for use in biologic manufacturing process development, including custom product-specific development antibody and assay development services. This segment also provides HCP ELISA kits, other bioprocess impurity and contaminant ELISA kits, ancillary reagents, viral clearance prediction kits, and custom services. The company's products address the key phases of biopharmaceutical development and include nucleic acids for diagnostic and therapeutic applications, and antibody-based products to detect impurities during the production of biopharmaceutical products. It serves biopharmaceutical companies, and emerging biopharmaceutical and life sciences research companies; and academic research institutions and diagnostics companies. Maravai LifeSciences Holdings, Inc. was founded in 2014 and is headquartered in San Diego, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $186M | $-148M | $-131M | $-71M | -61.6% | -28.3% | -9.7% |
| 2024 | $259M | $-157M | $-145M | $-22M | -44.5% | -10.3% | 21.7% |
| 2023 | $289M | $712M | $-119M | $61M | -28.6% | -67.3% | -154.1% |
| 2022 | $883M | $610M | $220M | $519M | 40.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 883 | 288.94 | 259.18 | 185.74 |
| Operating Revenue | - | 883 | 288.94 | 259.18 | 185.74 |
| Cost Of Revenue | - | 168.96 | 148.74 | 150.88 | 151.75 |
| Gross Profit | - | 714.04 | 140.20 | 108.31 | 33.99 |
| Operating Expense | - | 147.63 | 168.67 | 180.99 | 162.52 |
| Research And Development | - | 18.37 | 17.28 | 19.22 | 17.40 |
| Selling General And Administration | - | 129.26 | 151.39 | 161.77 | 145.12 |
| Total Expenses | - | 316.58 | 317.41 | 331.87 | 314.27 |
| Operating Income | - | 566.42 | -28.47 | -72.68 | -128.53 |
| Total Operating Income As Reported | - | 574.22 | -31.65 | -235.62 | -215.27 |
| EBITDA | - | 609.99 | 712.41 | -156.92 | -147.51 |
| Normalized EBITDA | - | 602.40 | 715.59 | 9.20 | -60.77 |
| EBIT | - | 571.89 | 663.63 | -213.78 | -207.98 |
| Interest Income | - | 2.34 | 27.73 | 27.40 | 11.44 |
| Interest Expense | - | 20.41 | 45.89 | 47.70 | 26.99 |
| Net Interest Income | - | -18.08 | -18.16 | -20.30 | -15.56 |
| Other Non Operating Income Expenses | - | -4.46 | 667.55 | -2.38 | -4.15 |
| Other Income Expense | - | 3.13 | 664.37 | -168.50 | -90.89 |
| Interest Income Non Operating | - | 2.34 | 27.73 | 27.40 | 11.44 |
| Interest Expense Non Operating | - | 20.41 | 45.89 | 47.70 | 26.99 |
| Net Non Operating Interest Income Expense | - | -18.08 | -18.16 | -20.30 | -15.56 |
| Pretax Income | - | 551.47 | 617.74 | -261.48 | -234.97 |
| Tax Provision | - | 60.81 | 756.11 | -1.86 | -4.21 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.84 | -0.67 | -1.16 | -1.56 |
| Net Income Continuous Operations | - | 490.66 | -138.38 | -259.62 | -230.76 |
| Net Income From Continuing And Discontinued Operation | - | 220.20 | -119.03 | -144.85 | -130.77 |
| Net Income From Continuing Operation Net Minority Interest | - | 220.20 | -119.03 | -144.85 | -130.77 |
| Net Income | - | 220.20 | -119.03 | -144.85 | -130.77 |
| Net Income Common Stockholders | - | 220.20 | -119.03 | -144.85 | -130.77 |
| Net Income Including Noncontrolling Interests | - | 490.66 | -138.38 | -259.62 | -230.76 |
| Normalized Income | - | 213.45 | -116.52 | 20.11 | -45.60 |
| Diluted NI Availto Com Stockholders | - | 426.28 | -119.03 | -144.85 | -130.77 |
| Basic Average Shares | 114.79 | 131.54 | 131.92 | 137.91 | - |
| Diluted Average Shares | 257.80 | 255.32 | 131.92 | 137.91 | - |
| Reconciled Depreciation | - | 38.10 | 48.78 | 56.86 | 60.47 |
| Reconciled Cost Of Revenue | - | 168.96 | 148.74 | 150.88 | 151.75 |
| Total Unusual Items | - | 7.59 | -3.18 | -166.12 | -86.74 |
| Total Unusual Items Excluding Goodwill | - | 7.59 | -3.18 | -166.12 | -86.74 |
| Minority Interests | - | -270.46 | 19.35 | 114.78 | 99.99 |
| Special Income Charges | - | 7.59 | -3.18 | -166.12 | -86.74 |
| Gain On Sale Of Business | 11.25 | 0 | 0 | - | - |
| Other Special Charges | -6.10 | 0.21 | - | 3.19 | - |
| Impairment Of Capital Assets | - | 0 | 0 | 166.15 | 68.71 |
| Restructuring And Mergern Acquisition | - | -7.80 | 3.18 | -3.22 | 18.03 |
| Gain On Sale Of Ppe | 0 | 0 | - | - | - |
| Average Dilution Earnings | 220.32 | 206.07 | 0 | 0 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Maravai LifeSciences Holdings, Inc.this co. | MRVI | $1.8B | -14.08 | 8.67 | -61.6% | -13.48 |
| Astrana Health, Inc. | ASTH | $1.9B | 83.46 | 2.41 | 2.9% | 18.67 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | -272.47 | 5.32 | -2.0% | -95.36 |
| Pulse Biosciences, Inc. | PLSE | $1.9B | -25.62 | 23.12 | -90.2% | -23.61 |
| Zymeworks Inc. | ZYME |
| 2021 | - | - | - | - | - | - | - |
| $1.8B |
| -22.76 |
| 6.88 |
| -30.2% |
| -22.40 |
| Pediatrix Medical Group, Inc. | MD | $1.8B | 11.11 | 2.12 | 19.1% | 7.64 |
| Viridian Therapeutics, Inc. | VRDN | $1.8B | -5.34 | 3.10 | -58.1% | -4.95 |
| Vericel Corporation | VCEL | $1.8B | 110.33 | 5.14 | 4.7% | 60.29 |
| ANI Pharmaceuticals, Inc. | ANIP | $1.8B | 22.99 | 3.33 | 14.5% | 10.29 |
| Peer Median | - | 2.88 | 4.23 | 0.5% | 1.35 | |