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Description of Business Maravai LifeSciences Holdings, Inc. (also referred to in this document as Maravai, we, us, our or the Company ) is a life sciences company providing critical products and services to enable the development of drugs, therapeutics, vaccines, and diagnostics, and support research on human disease. Our customers include biopharmaceutical companies, emerging biotech firms, li…
The business is unprofitable at the operating level (-115.89% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 28.3% YoY. Margins deteriorated 25.0pp alongside, both lines moving the wrong way.
ROIC dropped from -21.52% to -26.59%, capital efficiency is deteriorating. Negative free cash flow of -$71M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$205M
▼ -28.3% YoY
Net Income (TTM)
-$105M
▲ +9.7% YoY
Op. Margin
-82.19%
▼ -25.0pp YoY
ROIC
-23.02%
▼ -5.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$53M
▼ -218.7% YoY
Op. Cash Flow (TTM)
-$40M
▼ -871.2% YoY
Net Debt
$105M
Cash & Equiv.
$166M
5Y CAGR: -8.1%
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