Maravai LifeSciences ($MRVI) reported its third-quarter financial results for 2024, revealing a significant pre-market drop of 35.9%. Analysts noted that the company is currently at a trough in its end markets but maintains a net cash balance sheet and is free cash flow positive. A valuation analysis suggested a potential enterprise value of around $900 million, with a suggested valuation of $880 million based on a 20x multiple of trough EBITDA. Additionally, the company's historical performance indicated an average annual growth of approximately 29% from 2017 to 2022 in its base business, excluding its Protein Detection segment sold in late 2021. Maravai's gross margins were noted to be over 75%, with EBITDA margins peaking at 73% during the COVID-19 pandemic in 2021, reflecting significant operating leverage.