Shares of Maravai LifeSciences Holdings, Inc. (MRVI) tumbled 9.34% in after-hours trading on Thursday following the release of the company's third-quarter financial results, which fell short of analyst expectations. The biotechnology company reported weaker-than-anticipated revenue and adjusted EBITDA, reflecting ongoing challenges in its nucleic acid production segment.

Maravai's Q3 revenue came in at $41.6 million, significantly below the consensus estimate of $49 million and representing a 39.7% year-over-year decline. The company's adjusted EBITDA for the quarter was -$10.8 million, missing analyst projections of -$7.41 million. The disappointing results were primarily attributed to a lack of high-volume CleanCap orders and non-recurring large GMP orders in the nucleic acid production segment, which saw a 52.9% decrease in revenue.

Adding to investor concerns, Maravai provided full-year 2025 revenue guidance of approximately $185 million, which may be viewed as conservative by some market participants. However, the company did highlight some positive developments, including a 7.2% year-over-year growth in its Biologics Safety Testing segment and ongoing organizational restructuring and cost reduction initiatives. Management expressed optimism for the fourth quarter, anticipating double-digit sequential revenue growth for its TriLink business unit and aiming for improved financial results in Q4 2025 and into 2026.