Maravai’s 1Q Revenue Outlook Misses Estimates; Street Sees Over 34% Upside

Maravai LifeSciences Holdings has provided preliminary revenue numbers for its upcoming first-quarter results that fell short of analysts’ estimates. Shares of Maravai LifeSciences fell about 4.4% in Monday’s extended trading session.

Notably, the life science reagents and services provider is expected to report its first-quarter results on May 10 after the market bell.

Maravai LifeSciences (MRVI) expects to report 1Q revenues of about $147.8 million, lower than analysts’ expectations of about $148.7 million. 1Q revenues represent year-over-year growth of 190% and a quarter-over-quarter increase of 50%. On March 2, the company projected quarter-over-quarter revenue growth in the range of 30% to 35% for 1Q.

Meanwhile, the company expects income from operations in the range of $80 to $100 million.

The company’s CEO Carl Hull said, “Maravai’s strong momentum continued in the first quarter of 2021, primarily driven by the continued strength of our Nucleic Acid Production business.” (See Maravai LifeSciences stock analysis on TipRanks)

On March 3, Credit Suisse analyst Erin Wright raised the stock’s price target to $42 (21.5% upside potential) from $34 and maintained a Buy rating. The analyst expects 4Q momentum to continue and sees significant upside opportunity in 1Q.

Turning now to the rest of the Wall Street community, Maravai LifeSciences has a Strong Buy consensus rating based on 7 unanimous Buys. The average analyst price target of $46.43 implies upside potential of about 34.3% to current levels. Shares have gained about 16% since the company was listed on NASDAQ on Nov. 20, 2020.

Related News:Tesla Tops Expectations, Delivers Record Vehicles In 1QGates Industrial Lifts 1Q Revenue Outlook; Street Sees 18% UpsideGeneral Motors’ 1Q Vehicle Sales Rise On Strong Auto Demand
The post Maravai’s 1Q Revenue Outlook Misses Estimates; Street Sees Over 34% Upside appeared first on Smarter Analyst.

Join the Discussion

Back to top