Maravai LifeSciences : Q1 2025 Earnings

Published: 2025-05-12 16:56:38 ET MRVI

Published on 05/12/2025 at 16:56

NASDAQ: MRVI

Q1 2025

Financial Results

May 12, 2025

Agenda

Financial Results & Guidance

Kevin Herde, Chief Financial Officer

Becky Buzzeo, Chief Commercial Officer

Forward Looking Statements and Use of Non-GAAP Financial Measures

This presentation contains, and our officers and representatives may, from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this presentation which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding our financial guidance for 2025 and expectations related to (i) growth in our businesses; (ii) areas of increased investment and reduced spending; (iii) the impact of tariffs and the effectiveness of our mitigation strategies, (iv) our ability to advance our market leadership in genomic medicines and accelerate the introduction of scientific innovations; (v) the benefits of our Poly(A) tail modifications;(vi) impacts from our recent acquisitions; (vii) impacts of our vertical integration efforts; (viii) the creation of DNA templates using long oligo inputs; (ix) the impact of our process development services on customers' product and clinical development; (x) the number and timing of future product launches; (xi) the benefits of new product and services introductions; (xii) long-term value creation from partnerships with industry and academic partners; (xiii) growth in the mRNA and gRNA clinical development pipeline; (xv) the ability of our assets, facilities and capacity to drive revenue growth and profitability; (xvi) the impact of supplier cost and dependency mitigation efforts; (xvii) continued base business growth, constitute forward-looking statements and are identified by words like "believe," "expect," "may," "will," "see," "should,""seek,""anticipate," or "could" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the level of our customers' spending on and demand for outsourced nucleic acid production and biologics safety testing products and services; our operating results are prone to significant fluctuation, which may make our future operating results difficult to predict and could cause our actual operating results to fall below expectations or any guidance we may provide; uncertainty regarding the extent and duration of our revenue associated with high-volume sales of CleanCap® for commercial phase vaccine programs and the dependency of such revenue, in important respects, on factors outside our control; shifts in the trade, economic and other policies and priorities of the U.S. federal government on our and our customers' current and future business operations; our ability to attract, retain and motivate a highly skilled workforce, including qualified key personnel; use of our products by customers in the production of vaccines and therapies, some of which represent relatively new and still-developing modes of treatment, and the impact of unforeseen adverse events, negative clinical outcomes, development of alternative therapies, or increased regulatory scrutiny of these modes of treatment and their financial cost on our customers' use of our products and services; competition with life science, pharmaceutical and biotechnology companies who are substantially larger than us and potentially capable of developing new approaches that could make our products, services and technology obsolete; the potential failure of our products and services to not perform as expected and the reliability of the technology on which our products and services are based; our ability to efficiently manage our strategic acquisitions and organic growth opportunities; our ability to obtain, maintain and enforce sufficient intellectual property protection for our current or future products; our existing level of indebtedness and our ability to raise additional capital on favorable terms; our ability to generate sufficient cash flow to service all of our indebtedness; our potential failure to meet our debt service obligations; restrictions on our current and future operations under the terms applicable to our credit agreement; risks and uncertainty related to the restatement of our previously issued quarterly financial statements; our ability to remediate the material weaknesses in our internal control over financial reporting in a timely manner; our ability to design and maintain effective internal control over financial reporting in the future; the fact that investment entities affiliated with GTCR, LLC ("GTCR") currently control a majority of the ; t power of our outstanding common stock and may have interests that conflict with ours or yours in the future; and such other factors as discussed throughout the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Maravai's most recent Annual Report on Form 10-K, Ǫuarterly Reports on Form 10-Ǫ, as well as other documents Maravai files with the Securities and Exchange Commission.

This presentation presents certain "non-GAAP Measures" as defined by the rules of the Securities Exchange Commission ("SEC") as a supplement to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP Measures, as well as other statistical measures, including Adjusted EBITDA (as defined herein), Adjusted EBITDA as a percentage of revenues, Adjusted EPS (as defined herein), and Adjusted Free Cash Flow (as defined herein) are presented because the Company's management believes these measures provide additional information regarding the Company's performance and because we believe they are useful to investors in evaluating operating performance compared to that of other companies in our industry. In addition, management believes that these measures are useful to assess the Company's operating performance trends because they exclude certain material non-cash items, unusual or non-recurring items that are not expected to continue in the future, and certain other items. The non-GAAP Measures are not presented in accordance with GAAP, and the Company's computation of these non-GAAP Measures may vary from those used by other companies. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute or alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance, liquidity or indebtedness derived in accordance with GAAP. A reconciliation of historical non-GAAP Measures to historical GAAP measures and additional information on the Company's use of non-GAAP financial measures is provided on pages 23-25.

Past performance may not be a reliable indicator of future results.

This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company's industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither the Company nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of Maravai LifeSciences Holdings, Inc. and its subsidiaries.

Q1 2025

Trey Martin

Chief Executive Officer

Q1 2025 Results

REVENUE

$47 M

Business Segment Customer Mix Geographical Mix

NAP revenue of $29 M

BST revenue of $18 M

BioPharma: 29%

Life Sciences & Diagnostics: 28%

Academia: 6%

CRO/CMO/CDO: 7%

Distributor: 30%

NA: 62%

EMEA: 15%

Asia Pacific: 15%

China: 8%

Disclaimer

Maravai LifeSciences Holdings Inc. published this content on May 12, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2025 at 20:55 UTC.