Maravai Raises 2026 Guidance as Q3 Revenue Grows 10%

Maravai LifeSciences raised its full-year 2026 revenue and adjusted EBITDA guidance after third-quarter sales increased 10% year over year and profitability improved sharply, supported by growth in TriLink’s mRNA business and another quarter of expansion at Cygnus.

The life sciences company now expects 2026 revenue of $212 million to $216 million, compared with its previous range of $205 million to $215 million. It also increased its non-GAAP adjusted EBITDA forecast to $40 million to $42 million from $33 million to $35 million, citing third-quarter results and visibility into the fourth quarter.

Third-quarter revenue totaled $45.9 million. Adjusted gross margin rose 1,700 basis points year over year to 57.7%, while adjusted EBITDA reached $5.8 million, an improvement of $16.6 million from the prior-year period.

On a GAAP basis, Maravai recorded a net loss of $24.0 million before amounts attributable to non-controlling interests, narrowing the loss by $21.1 million year over year. Basic and diluted loss per share were both $0.05, while non-GAAP adjusted diluted loss per share was $0.03.

mRNA demand leads TriLink growth

TriLink generated revenue of $28.4 million, up 12% and representing 62% of Maravai’s total revenue. Growth was led by a 28% increase in mRNA revenue, while CDMO revenue rose 8%. Specialty Chemistry revenue declined 4%.

The segment produced $2.5 million of adjusted EBITDA, improving by $10.4 million year over year. Segment figures exclude $9.1 million of corporate overhead in the quarter.

Maravai reported four new GMP customers and 30% growth in GMP consumables. Its Discovery mRNA business added a record 70 new customers, while the company said its e-commerce channel continued to scale. Maravai also established an in-country sales presence in China.

Management highlighted progress among customer programs using mRNA technologies, including Phase 2 activity in a protein-replacement therapy for a rare metabolic disease, the entry of a single-dose LNP base editor into a global pivotal cohort, and the first Phase 3 trial of an mRNA influenza vaccine targeting both HA and NA antigens. The timing and outcomes of these third-party programs remain outside Maravai’s control.

The company said its ModTail product had reached more than 180 customers and expects to launch a GMP-grade version by the end of 2026, with an anticipated revenue contribution beginning in 2027. Other development priorities include its CleanCap library and the AI-enabled mRNAbuilder design platform.

Cygnus extends growth streak

Cygnus revenue increased 8% to $17.5 million, marking its sixth consecutive quarter of growth and accounting for 38% of company revenue. The segment generated $12.5 million of adjusted EBITDA, equivalent to a 71% adjusted EBITDA margin.

Maravai described Cygnus as a stable, high-margin contributor. The business is seeing traction for its Residual Prism A Mix-N-Go kit and has introduced a new MockV kit.

Across the company, North America accounted for 64% of third-quarter revenue, followed by Europe, the Middle East and Africa at 17%, Asia-Pacific excluding China at 10%, China at 8%, and Latin America and the Caribbean at 1%. Distributors represented 30% of revenue, while life sciences and diagnostics customers contributed 33% and biopharma customers accounted for 23%.

Balance sheet and risks

Maravai ended the quarter with $73.0 million in cash and $147.2 million of debt, resulting in non-GAAP net debt of $74.2 million. Net interest expense was $3.4 million, and stock-based compensation totaled $10.1 million.

Management expects operational leverage and its existing infrastructure to support future revenue growth without significant increases in fixed costs or headcount. However, the company identified risks including fluctuations in customer spending, dependence on a limited number of customers and suppliers, uncertain clinical and regulatory outcomes, competition, trade-policy changes, indebtedness, cybersecurity threats and possible unintended effects from organizational changes. Its use of artificial intelligence also presents potential compliance, operational and reputational risks.