Maravai LifeSciences Holdings, Inc. reported a decline in revenue and significant losses for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenue was $65.2 million, a decrease of 2.5% from $66.9 million in Q3 2023. For the nine months ended September 30, 2024, revenue totaled $202.8 million, down 5.6% from $214.8 million in the prior year. The decline was primarily attributed to lower demand for research and discovery products within the Nucleic Acid Production segment, which generated $49.9 million in Q3 2024, down from $51.2 million in Q3 2023.

Total operating expenses surged to $234.3 million for the third quarter of 2024, a dramatic increase of 184.8% compared to $82.3 million in the same quarter of 2023. This rise was largely driven by a goodwill impairment charge of $154.2 million related to the TriLink reporting unit, reflecting a reassessment of future revenue projections. The company reported a net loss of $175.9 million for Q3 2024, compared to a loss of $15.1 million in Q3 2023. For the nine-month period, the net loss was $213.1 million, significantly higher than the $28.4 million loss reported in the same period of 2023.

Maravai's retained earnings decreased to $167.0 million as of September 30, 2024, down from $285.7 million at the end of 2023. Total stockholders' equity also fell to $613.1 million from $789.9 million over the same period. The company’s cash and cash equivalents stood at $578.2 million, slightly down from $579.6 million a year earlier.

In terms of strategic developments, Maravai implemented a Cost Realignment Plan in November 2023, resulting in a workforce reduction of approximately 15%. This restructuring was aimed at reducing expenses amid declining revenues. Additionally, the company announced plans to acquire the DNA and RNA business of Officinae Bio for a base cash price of $10 million, with potential contingent payments of up to $35 million based on performance milestones.

The company continues to face challenges, including decreased demand in the bioprocessing market and economic contraction in Asia, particularly China, which has adversely affected revenue from those regions. Despite these challenges, Maravai remains focused on leveraging its cash reserves to support ongoing operations and future growth initiatives.