Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q1 2022 Earnings Presentation
26 slides from Maravai Lifesciences's earnings presentation, May 5, 2022
Slide 1: Q1 2022 Financial Results
Q1 2022 Financial Results (Nasdaq: MRVI) May 5, 2022
Slide 2: Today's Agenda
Today’s Agenda Welcome Financial Results & Guidance 01 03 Deb Hart, Head of Investor Relations Kevin Herde, Chief Financial Officer Business Highlights & Update Q&A Session 02 Carl Hull, Chief Executive Officer 04 Carl Hull, 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. I
Slide 4: Q1 Business Highlights & Update
Q1 Business Highlights & Update Carl Hull Chief Executive Officer
Slide 5: Q1 2022: A Record Quarter
Q1 2022: A Record Quarter • Quarterly revenue, up 65% y/y REVENUE ADJUSTED EBITDA1 ADJUSTED EPS1 • Robust adjusted EBITDA $244.3 M $187.0 M $0.54 growth of 85% y/y per share • Adjusted free cash flow of $182.5 M during the quarter Base Business Growth of 25% (without COVID-19 CleanCap®) 5 1. Reconci
Slide 6: Key Business Segment Highlights: Nucleic Acid Production
Key Business Segment Highlights: Nucleic Acid Production First quarter Base revenue Continued strong 90% of GMP Focused on long- revenues were (excluding demand for services customers term value creation $223.7 M CleanCap® for COVID-19) CleanCap® and incorporate CleanCap® with unique toolkit to supp
Slide 7: COVID-19 Vaccine Demand – Prospects and Prognostications
COVID-19 Vaccine Demand – Prospects and Prognostications Factors under active consideration: – Evidence of variable and uncertain continued global demand for primary vaccines – New variants of concern – Waning immunity – Booster acceptance/uptake FDA leadership articulates a New Path Forward1 –
Slide 8: 90% of Top R&D Spenders are Maravai NAP Customers
90% of Top R&D Spenders are Maravai NAP Customers Top 20 R&D Spenders1 Pfizer GlaxoSmithKline 90% Maravai Customers Roche Merck Janssen Gilead Sciences Amgen Takeda Bristol Myers Squibb Bayer AstraZeneca Vertex Novartis Regeneron AbbVie Novo Nordisk Eli Lilly Biogen Sanofi Merck/EMD Group 8 1. Sourc
Slide 9: Cancer Clinical Research Leveraging mRNA and CleanCap
Cancer Clinical Research Leveraging mRNA and CleanCap® 183 mRNA Preclinical to Phase 2 Clinical Programs Leveraging CleanCap 51 Oncology mRNA Programs Across multiple indications 110 21 • Melanoma • Pancreatic cancer 51 30 • Head and neck cancer • HPV associated cancer 22 Vaccines/Therapeutics Cell
Slide 10: Key Business Segment Highlights: Biologics Safety Testing
Key Business Segment Highlights: Biologics Safety Testing First quarter record Revenue Strength from Innovating BioPharma and revenues were +17% y/y and scaling $20.6 M CDMO activities our offerings 1 Industry-leading CHO kits • E. Coli HCP ELISA Kits • ELISA Impurity Kits 10
Slide 11: Additional Q1 2022 Highlights
Additional Q1 2022 Highlights Strengthened leadership Enhanced raw material Progressed Remained active in team with appointment of: manufacturing expertise with R&D facilities pursuing Deb Barbara with integration of expansion to support inorganic growth Vice President, Strategy MyChem mRNA innovati
Slide 12: Financial Results & Guidance
Financial Results & Guidance Kevin Herde Chief Financial Officer
Slide 13: Q1 2022 Financial Overview
Q1 2022 Financial Overview GAAP Net Income ($M)1 $146.9 Income from Operations $167.4 M $469.3 $75.5 +95% y/y Operating margin 69% Q1 2021 Q1 2022 13 1. GAAP-based net income prior to amounts attributable to non-controlling interests
Slide 14: Q1 2022 Adjusted EBITDA and Adjusted EBITDA Margin
Q1 2022 Adjusted EBITDA and Adjusted EBITDA Margin 2 Adjusted EBITDA ($M)1 Adjusted EBITDA Margin $187.0 77% $100.9 68% +85% y/y +900 bps Q1 2021 Q1 2022 Q1 2021 Q1 2022 14 1. Adjusted EBITDA reconciliation provided on page 24
Slide 15: Q1 2022 Earnings Per Share
Q1 2022 Earnings Per Share Earnings Per Share ($)1,2,3 $0.54 $0.51 $0.50 1 Basic Diluted Adjusted Fully Diluted 1. Basic Net Income attributable to our Class A shared divided by the weighted average Class A shares. 2. Diluted EPS equals Net Income prior to non-controlling interests divided by the we
Slide 16: Q1 2022 Balance Sheet Highlights
Q1 2022 Balance Sheet Highlights CASH AS OF 3/31/22 LONG-TERM DEBT 0.8X 0.2X $431 M $543 M GROSS DEBT/ TTM1 EBITDA NET DEBT/ TTM1 EBITDA Adjusted Free Cash Flow = $183 M in Q1 2022 (Adjusted EBITDA less Capital Expenditures) 16 1. TTM EBITDA = Trailing twelve months EBITDA of $668.9 million.
Slide 17: Q1 2022 Business Segment Financial Highlights
Q1 2022 Business Segment Financial Highlights Nucleic Acid Production1 Biologics Safety Testing1 $223.7 $20.6 $123.9 +80% y/y $17.6 +17% y/y Q1 2021 Q1 2022 Q1 2021 Q1 2022 • 92% of total revenue • 8% of total revenue • $182.8M of Adjusted EBITDA • $16.5M of Adjusted EBITDA • CleanCap® from COVID-19
Slide 18: 2022 Guidance
2022 Guidance Prior Guidance Updated Guidance Change (at Midpoint) REVENUE $920 to $960 million No Change No Change CleanCap® +12%-14% No Change No Change COVID-19 REVENUE ADJUSTED EBITDA $630 to $670 million $650 to $690 million +$20 million ADJUSTED EPS $1.70 to $1.84 per share $1.74 to $1.90 per
Slide 19: Other 2022 Model Assumptions
Other 2022 Model Assumptions • Adjusted fully diluted EPS is based on the assumption that all Class B shares are converted to Class A shares, which results in a forecasted fully diluted share count of 255 million to 257 million for the full year of 2022. • Additionally, our adjusted fully diluted EP
Slide 20: Closing Commentary
Closing Commentary Carl Hull Chief Executive Officer
Slide 21: In Closing – We are Building a Strong Foundation for Long-Term Growth
In Closing – We are Building a Strong Foundation for Long-Term Growth • Continued momentum throughout 2022 • Building our portfolio in high-value areas • Non-COVID-19 vaccines and cell and gene therapies provide longer-term growth opportunities We will continue to focus on Operational Excellence, In
Slide 22: Q&A
Q&A Q&A
Slide 23: Thank you!
Thank you! ir@maravai.com
Slide 24: Non-GAAP Reconciliations
Non-GAAP Reconciliations 24
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations 25
Slide 26: Explanatory Notes to Reconciliations
Explanatory Notes to Reconciliations Explanatory Notes to Reconciliations * As adjusted to reflect the impact of the adoption of Topic 842. (1) Refers to incremental costs incurred to execute and integrate completed acquisitions , and retention payments in connection with these acquisitions. (2) Ref
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