Maravai LifeSciences announced the postponement of its fiscal 2024 earnings release and a delay in filing its annual report on Form 10-K for the fiscal year ended December 31, 2024. The company stated it required additional time to complete its financial close process.
The delay was primarily due to an identified error in revenue recognition, where approximately $3.9 million in revenue was recorded in the final week of the second quarter of 2024 upon shipment, when it should have been recognized in the first week of the third quarter of 2024 upon customer receipt. This error led to the identification of a material weakness in its internal controls over revenue recognition.
Furthermore, Maravai needed additional time to assess a potential non-cash impairment charge related to goodwill associated with its previous acquisition of Alphazyme LLC. Following this news, the company's stock price fell $0.87, or 21.70%, to close at $3.14 per share on February 25, 2025, on unusually heavy trading volume.
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