MARAVAI LIFESCIENCES HOLDINGS, INC. Q1 FY2025 earnings call

• Q1 revenue was $47 million, exceeding expectations, with base business growth of over $4 million from Q4 2024. - Tariff and trade dynamics: Manufacturing footprint for TriLink, Cygnus, and AlphaZyme is 100% U.S.-based; supply chain mostly U.S.-based, team investigating Tier 2 and 3 supply inputs. - NAP innovations: Launched Poly(A+) technology for mRNA performance enhancement; TriLink Discovery offers high-fidelity HPLC purified guides for CRISPR; integration of Molecular Assemblies assets ahead of schedule, enabling production of long oligos and process development services. - BST updates: Cygnus expanded AccuRes host cell DNA quantification portfolio and added new kits to MockV product line; supported top biologic CDMOs with process-specific host cell protein analytics. - Sustainability: 2024 Sustainability Report to be published, focusing on sustainable growth.

In Q1, Maravai LifeSciences reported $47 million in revenue. The Nucleic Acid Production (NAP) segment had revenue of $29 million, an increase of $1 million from Q4 2024's base NAP revenue of $28 million. The Biologic Safety Testing (BST) segment had revenue of $18 million in Q1, up $3 million over Q4 2024 and flat to Q1 2024. NAP contributed approximately 61.7% of the revenue ($29 million out of $47 million), and BST contributed approximately 38.3% ($18 million out of $47 million).

• Maintained 2025 total revenue guidance range of $185 million to $205 million. - Anticipates Q2 revenue to be in the range of $45 million to $50 million, with second half revenue expected to increase based on GMP pipeline and investments in NAP segment. - Unchanged expectations: Interest expense net of interest income between $14 million and $16 million; depreciation and amortization between $50 million and $55 million; equity-based compensation between $45 million and $50 million; as-if fully converted diluted average weighted share count of 256 million shares; total net CapEx of $15 million to $20 million in 2025.

• Tariffs and trade: Continued assessment of Tier 2 and 3 supply inputs to mitigate risks; BST business has China exposure, with efforts to mitigate first half impact and work on second half mitigation. - Supply chain: Monitoring and managing potential impacts from global trade concerns on the supply chain.

Q: Dan Arias asked about the focus areas of new trials and discontinuation of some trials, and pipeline narrowing.

A: Trey Martin responded that preclinical was relatively flat but clinical had adds, with modalities evolving away from COVID and expanding in different target areas.

Q: Conor McNamara inquired about opportunities to take share due to U.S.-based manufacturing and end market customer views.

A: Trey Martin mentioned the unique vertical supply chain and global view to access other markets, while Becky Buzzeo discussed customer dynamics in biopharma and academic sectors.

Q: Dan Leonard asked about government work and BST revenue seasonality.

A: Trey Martin stated no direct BARDA exposure, and Kevin Herde explained BST revenue seasonality with Q1 typically being a high point due to manufacturing day timing and strong China quarter.

Q: Tejas Savant asked about reshoring tailwinds and academic market shift.

A: Trey Martin discussed reshoring benefits and the shift in mRNA program trackers away from infectious disease.

Q: Matthew Stanton inquired about CleanCap license agreements and cross-selling.

A: Becky Buzzeo talked about license agreement adherence and cross-selling opportunities across customer segments.

Q: Brandon Couillard asked about Flanders facilities and Q2 EBITDA.

A: Trey Martin spoke about Flanders facility visibility, and Kevin Herde discussed Q2 EBITDA expectations.

Q: Matthew Hewitt asked about FDA push away from animal testing and impact on Officinae.

A: Trey Martin mentioned excitement about Officinae and the role of AI in reducing animal testing.