Maravai LifeSciences Holdings, Inc. (MRVI) stock plunged 5.24% in pre-market trading on Tuesday, as the company announced the postponement of its Q4 2024 earnings release and a delay in filing its annual report (Form 10-K) for the year ended December 31, 2024.
The life sciences company cited several reasons for the delay, including the need for additional time to assess a potential non-cash impairment charge related to goodwill from a previous acquisition, and an error in revenue recognition that resulted in $3.9 million being recorded in the wrong quarter (Q2 2024 instead of Q3 2024).
MRVI also noted that it requires more time to complete its assessment of the effectiveness of its internal controls over financial reporting, including the remediation of a material weakness in controls over revenue recognition identified by management.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.