Maravai LifeSciences falls after annual revenue forecast cut

Maravai Lifesciences Holdings

08/11/2024 14:25

** Shares of Maravai LifeSciences Holdings  MRVI.O  fall
37.63% to $4.89 premarket
    ** Co cuts full-year revenue forecast to between $255
million and $265 million, from $265 million to $285 million
previously expected
    ** Reports Q3 rev. of $65.2 million, missing estimates of
$67.56 million
    ** "Feeling the frustration" - brokerage Jefferies
    ** Brokerage adds Q3 miss and forecast cut are 
disappointing and cloud progress around many operational and
strategic initiatives
    ** Separately co says plans to acquire DNA and RNA business
of privately held Officinae Bio based in Venice, Italy
    ** Up to last close, stock up ~20% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))