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Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) announced Friday that its Audit Committee has approved the appointment of Deloitte & Touche LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The decision, effective immediately, also includes the dismissal of Ernst & Young LLP (EY), which previously served as the company’s auditor.
According to the company’s statement, EY’s audit reports on Maravai’s consolidated financial statements for the years ended December 31, 2024, and December 31, 2023, as well as for each of the three years in the period ended December 31, 2024, did not contain adverse opinions or disclaimers of opinion, and were not qualified or modified as to uncertainty, audit scope, or accounting principles.
The filing further states that there were no disagreements between Maravai and EY on accounting principles, financial statement disclosures, or auditing procedures during the fiscal years 2023 and 2024, or in the period up to the auditor change. EY’s letter to the Securities and Exchange Commission, dated July 18, 2025, affirms its agreement with the company’s disclosures.
However, Maravai disclosed that EY’s report on internal control over financial reporting as of December 31, 2024, included an adverse opinion. The report cited material weaknesses identified by management in internal controls related to revenue, accounts receivable, and goodwill impairment, as previously noted in the company’s Form 10-K filed on March 18, 2025. These issues were discussed by the Audit Committee and EY, and the Audit Committee has authorized EY to respond fully to Deloitte’s inquiries regarding the material weaknesses.
The company noted that it did not consult with Deloitte on any matters related to accounting principles or auditing scope before the appointment.
This information is based on a press release statement and the company’s filing with the Securities and Exchange Commission.
In other recent news, Maravai LifeSciences Holdings has undergone significant leadership changes, including the appointment of Bernd Brust as CEO and Rajesh Asarpota as the new Chief Financial Officer. These changes occur during a challenging period for the company, as it faces a projected $66 million revenue decline in 2025 due to decreasing demand for COVID-related products. Moody’s Ratings has downgraded Maravai’s ratings, citing weakened operating performance and a negative outlook, largely due to a drop in demand for its Nucleic Acid Production segment. Despite these challenges, Maravai maintains a strong liquidity position with cash balances reported at $285 million as of March 31, 2025. The company plans to revisit its financial outlook in August following a comprehensive business review by the new leadership team. Meanwhile, TriLink BioTechnologies, a Maravai company, has partnered with Quantoom Biosciences to expand global access to mRNA-based vaccines and therapeutics. This collaboration aims to integrate TriLink’s CleanCap mRNA capping technology into Quantoom’s production platform, enhancing efficiency and accessibility for developing regions. These developments highlight Maravai’s ongoing efforts to adapt to market challenges while expanding its global impact.
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