Maravai LifeSciences Holdings, Inc. (MRVI) stock plummeted 18.70% in pre-market trading on Tuesday after the company announced it is postponing its Q4 2024 earnings release and conference call from February 25th to March 18th. MRVI also said it will delay filing its annual report for the year ended December 31, 2024.
The key reasons cited by Maravai for the delay are the need for more time to assess a potential non-cash impairment charge related to goodwill from its acquisition of Alphazyme LLC. Additionally, the company is reviewing an error where $3.9 million in revenue was incorrectly recorded in Q2 2024 instead of Q3 2024, though this is not expected to impact full-year 2024 revenue guidance.
Perhaps most concerning for investors is that Maravai requires additional time to complete its assessment of internal controls over financial reporting as of year-end 2024. The company has identified a material weakness specifically in its internal controls over revenue recognition, which likely contributed to the stock's sharp sell-off on Tuesday.
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