Maravai LifeSciences Holdings, Inc. reported a net loss of $259.6 million for the year ended December 31, 2024, compared to a net loss of $138.4 million in 2023. Total revenue decreased by 10.3% year-over-year, falling from $288.9 million to $259.2 million. This decline was primarily attributed to lower demand for research and discovery products within the Nucleic Acid Production segment (a 12.6% decrease) and lower bioprocessing market demand, particularly in China, within the Biologics Safety Testing segment (a 2.1% decrease). The company's operating expenses increased significantly, rising from $320.6 million to $494.8 million, largely due to a $166.1 million goodwill impairment charge and increased selling, general, and administrative expenses.
Significant changes compared to the previous fiscal year included the recording of substantial goodwill impairment charges totaling $166.1 million, primarily impacting the TriLink and Alphazyme reporting units within the Nucleic Acid Production segment. The company also voluntarily pre-paid $228 million of its term loan facility in December 2024, resulting in a loss on extinguishment of debt. Further, the company completed two acquisitions in early 2025: the acquisition of assets and intellectual property from Molecular Assemblies for $11.5 million and the acquisition of Officinae Bio's DNA and RNA business for a base purchase price of $10 million, plus potential contingent consideration of up to $35 million.
Operational developments included a workforce of over 570 full-time employees globally as of December 31, 2024, with approximately 28% holding advanced degrees. Revenue from high-volume sales of CleanCap for commercial phase vaccine programs represented approximately 25.4% of total revenue in 2024, down from 21% in 2023. The company noted that the amount, timing, and durability of future high-volume CleanCap orders are uncertain. The company also identified material weaknesses in its internal control over financial reporting related to revenue processes and goodwill impairment assessments.
The company's financial performance was significantly impacted by lower demand for certain products, macroeconomic pressures, and the unwinding of pandemic-related demand for COVID-19 vaccines. The company's outlook indicates continued uncertainty regarding future high-volume CleanCap orders and the overall market demand for its products. The company expects to continue investing in its infrastructure and research and development to support future growth. The company also faces ongoing legal risks, including a putative securities class action lawsuit.
The company's financial statements included restatements of its unaudited condensed consolidated financial statements for the second and third quarters of 2024 due to an error in revenue recognition. The company's reliance on distributions from Topco LLC to fund operations and its significant indebtedness were also highlighted as key risk factors. The company's organizational structure, including the Tax Receivable Agreement with MLSH 1 and MLSH 2, continues to present complexities and potential conflicts of interest.
About MARAVAI LIFESCIENCES HOLDINGS, INC.
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