Maravai LifeSciences Holdings has provided preliminary revenue numbers for its upcoming first-quarter results that beat 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 versus analysts’ expectations of approximately $139.5 million. 1Q revenues represent year-over-year growth of 190% and a quarter-over-quarter increase of 50% versus prior guidance of 30% to 35%.
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.