Maravai LifeSciences down on trimming 2023 sales, profit forecasts

Maravai Lifesciences Holdings

09/05/2023 11:15

** Maravai LifeSciences Holdings Inc's shares  MRVI.O  down
6.5% at $13 before the bell
    ** Biotech firm cuts its 2023 profit forecast to a range of
$0.27 to $0.33 per share from $0.32-$0.38 per share 
    ** Co also trims its 2023 sales forecast to a range of $400
mln to $440 mln from $420 mln to $460 mln previously expected
    ** Q1 revenue down 68% to $79.03 mln, as demand for co's
life science services declined with a fall in COVID-19
infections
    ** Brokerage firms including Credit Suisse, RBC Market
Capital and Jefferies cut PTs after co reported Q1 results  
    ** As of last close, stock had fallen ~3% YTD

 (Reporting by Khushi Mandowara in Bengaluru)
 ((Khushi.Mandowara@thomsonreuters.com;))