Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q4 2024 Earnings Presentation
25 slides from Maravai Lifesciences's earnings presentation, Mar 20, 2025
Slide 1: Q4 and Year-end 2024 Financial Results
NASDAQ: MRVI Q4 and Year-end 2024 Financial Results March 20, 2025
Slide 2: Agenda
Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 10-K Update, Kevin Herde, Chief Financial Officer Financial Results & Guidance 03 Business Highlights & Trey Martin, Chief Executive Officer Strategy 04 Q&A Session Trey Martin, Chief Executive Officer Kevin Herde, Chief Financial Officer 2 ©
Slide 3: Forward Looking Statements and Use of Non-GAAP Financial Measures
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.
Slide 4: Financial Results
Q4 AND YEAR END 2024 Financial Results Kevin Herde Chief Financial Officer 4 © 2025 Maravai LifeSciences
Slide 5: 2024 10-K Update
2024 10-K Update • No impact to 2024 fiscal year revenue results • Q2 and Q3 2024 adjustments included in notes to the consolidated financial statements in Form 10-K filed on March 18 • Non-cash charge of $11.9 million related to goodwill impairment in Q4 • Unqualified clean opinion from our indepen
Slide 6: Q4 2024 and FY 2024 Business Segment Results
Q4 2024 and FY 2024 Business Segment Results Q4 2024 FY 2024 BST BST $15 M $63 M REVENUE Base NAP REVENUE Base NAP $57 M revenue1 $28 M HV CleanCap® $259 M revenue1 $130 M HV CleanCap® revenue revenue $66 M $14 M NAP NAP $42 M $196 M Base Business revenue2 of $193 M in 2024 1. Base NAP revenue witho
Slide 7: Financial Overview
Financial Overview Q4 2024 FY 2024 GAAP Net Adjusted Adjusted GAAP Net Adjusted Adjusted Loss of EBITDA of EBITDA Margin of Loss of EBITDA of EBITDA Margin of $46 M1 ($1 M)2 (2%) $260 M1 36 M2 14% 1. GAAP net loss prior to amounts attributable to non-controlling interests 2. Adjusted EBITDA reconcil
Slide 8: Q4 2024 Balance Sheet, Cash Flow and Financial Highlights
Q4 2024 Balance Sheet, Cash Flow and Financial Highlights Long-Term Cash Net Cash1 Gross Debt $322 M $300 M $22 M Cash Used by Operations Fully Diluted $15 M in Q4 2024 Net Interest Stock-based Shares Expense Compensation Outstanding2 $5 M $11 M 255 M 1. Based on Cash less long-term debt 2. The full
Slide 9: Nucleic Acid Production Financial Highlights
Nucleic Acid Production Financial Highlights Q4 2024 FY 2024 REVENUE REVENUE $42 M $196 M • 74% of total Maravai revenue • 76% of total Maravai revenue • $4 M of Adjusted EBITDA1,2 • $51 M of Adjusted EBITDA1 • 10% Adjusted EBITDA Margin • 26% Adjusted EBITDA Margin • High-volume CleanCap® = $14 M •
Slide 10: Biologics Safety Testing Financial Highlights
Biologics Safety Testing Financial Highlights Q4 2024 FY 2024 REVENUE REVENUE $15 M $63 M • 26% of total Maravai revenue • 24% of total Maravai revenue • $10 M of Adjusted EBITDA1,2 • $44 M of Adjusted EBITDA1,2 • 66% Adjusted EBITDA Margin • 70% Adjusted EBITDA Margin 1. Reconciliation provided on
Slide 11: 2025 Base Business Revenue Guidance
2025 Base Business Revenue Guidance 259.2 65.9 205.0 193.3 205.0 193.3 185.0 185.0 FY24 FY25 FY24 FY25 2025 base business at the midpoint > 2024 base business1 High Volume CC Guidance Range Base Business 1. Base business = total Maravai business excluding high-volume CleanCap® revenue sold to custom
Slide 12: Other 2025 model assumptions
Other 2025 model assumptions • Interest expense, net of interest income, between $14 M and $16 M • Depreciation and amortization between $50 M and $55 M • Stock-based compensation, which we show as a reconciling item from GAAP to Non-GAAP EBITDA, to be between $45 M and $50 M • As-if fully converted
Slide 13: Business Highlights
Q4 AND 2024 Business Highlights Trey Martin Chief Executive Officer 13 © 2025 Maravai LifeSciences
Slide 14: Maravai Operating Structure | Roll-up
Maravai Operating Structure | Roll-up REPORTING SEGMENTS Biologics Safety Nucleic Acid Production Testing BUSINESS UNITS TriLink Discovery TriLink GMP Glen Research Alphazyme Officinae Bio Cygnus Technologies Focused on base business1 revenue growth for all business units 1. Base business = total Ma
Slide 15: Momentum Building Opportunities
Momentum Building Opportunities Poised to capitalize on market growth opportunities Facilities fully operational Proprietary new products Strategic tuck-in acquisitions Value added partnerships and ready to scale as strengthen our competitive provide best-in-class mRNA provide broader reach for dema
Slide 16: Increasing New Clinical Program Starts and CleanCap Poised to Gain Clinical Share
Increasing New Clinical Program Starts1 and CleanCap® Poised to Gain Clinical Share Clinical Preclinical (30% of total programs) (70% of total programs) Growth Drivers Total Programs 447 1,049 • Overall growth in mRNA and +15% YoY 0% YoY gRNA programs ~1,500 • Preclinical Programs > > Clinical • Exp
Slide 17: Broad and Growing mRNA Pipeline: Preclinical and Clinical Trials Using CleanCap
Broad and Growing mRNA Pipeline: Preclinical and Clinical Trials Using CleanCap® Programs by Clinical Phase Overall Pipeline Programs by disease state 4% 11% Preclinical Neurological Immune Blood 11% Phase 1 Disorders, Mediated Disorders, 4% Disease, 4% 4% Phase 2 Phase 3/4 Blood Cancer, 8% 74% Eye
Slide 18: Foundation in Place, Focused on Future Growth
Foundation in Place, Focused on Future Growth Innovative new End-to-end service and Driving our return to products & technologies supply offering growth strategy 18 © 2025 Maravai LifeSciences
Slide 19: Q&A
Q&A 19 © 2025 Maravai LifeSciences
Slide 20: Closing Commentary
Q4 2024 Closing Commentary Trey Martin Chief Executive Officer 20 © 2025 Maravai LifeSciences
Slide 21: In Closing – 2025 a Reset Year and Focused on Future Growth
In Closing – 2025 a Reset Year and Focused on Future Growth Driving future revenue Operating in attractive Strategically flexible opportunities long-term markets • Innovation and strengthening • Pipeline progression for mRNA, gene • Strong balance sheet key differentiators editing, and cell and gene
Slide 22: Thank you
Thank you maravdali LifeSciences
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations Net Loss to Adjusted EBITDA (non-GAAP) This presentation contains financial measures that have not been calculated in accordance with accounting principles generally Three Months Ended Year Ended In thousands accepted in the U.S. (GAAP). These non-GAAP measures include: Dece
Slide 24: Non-GAAP reconciliations
Non-GAAP reconciliations Adjusted Net (Loss) Income (non-GAAP) and Adjusted Fully Diluted (Loss) Earnings Per Share (non-GAAP) These non-GAAP measures are supplemental measures of Three Months Ended Year Ended operating performance that are not prepared in accordance with In thousands, except per sh
Slide 25: Explanatory Notes to Reconciliations
Explanatory Notes to Reconciliations (1) Refers to the change in estimated fair value of contingent consideration related to completed acquisitions. (2) Refers to incremental costs incurred to execute and integrate completed acquisitions, including retention payments related to integration that were
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