Maravai Lifesciences Holdings In (MRVI) said after close Tuesday that it lost $0.01 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $66.9 million, missing estimates by $8.7 million.
In the same quarter a year ago, the company earned $0.37 per share on revenue of $191.3 million.
The stock is down 11.70% to $6.08 after the report.
The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.
Trading in the five days leading up to the report earned Maravai Lifesciences Holdings In a Neutral Sentiment Rank from InvestorsObserver.
Prior to the report, InvestorsObserver gave the stock an overall score of 33. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Maravai LifeSciences Holdings Inc is a life sciences company. It provides products to enable the development of drug therapies, diagnostics, novel vaccines and support research on human diseases. The company's segments are Nucleic acid production, Biologics safety testing, and Protein detection. It generates a majority of its revenue from the Nucleic Acid Production that focuses on the manufacturing and sale of nucleic acid products to support the needs of customers' research, therapeutic and vaccine programs. In addition, the segment also provides research products for labeling and detecting proteins in cells and tissue samples.
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Maravai Lifesciences Holdings In Down 11.70% To $6.08 After Earnings Miss
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