Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q1 2024 Earnings Presentation
25 slides from Maravai Lifesciences's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Financial Results
NASDAQ: MRVI Q1 2024 Financial Results May 8, 2024
Slide 2: Agenda
Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 Business Highlights Trey Martin, Chief Executive Officer 03 Financial Results Kevin Herde, Chief Financial Officer & Guidance 04 Q&A Session Trey Martin, Chief Executive Officer Kevin Herde, Chief Financial Officer Drew Burch, President, Nucl
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: Business Highlights
Q1 2024 Business Highlights Trey Martin Chief Executive Officer 4 © 2024 Maravai LifeSciences
Slide 5: Q1 2024 Results
Q1 2024 Results • NAP revenue ADJUSTED EPS1 REVENUE ADJUSTED EBITDA1 of $46 M $64 M $8 M $(0.02) per share • BST revenue of $18 M 1. Reconciliation provided on pages 23-25 5 © 2024 Maravai LifeSciences
Slide 6: Great Financial Position to Fund Long-term Strategy
Great Financial Position to Fund Long-term Strategy Adjusted Free Cash Flow = $4 M in Q1 2024 (Adjusted EBITDA less Capital Expenditures) CASH LONG-TERM DEBT NET CASH $562 M $532 M $30 M 6 © 2024 Maravai LifeSciences
Slide 7: Innovation within Nucleic Acid Production
Innovation within Nucleic Acid Production Product Portfolio Expansion Toolkit: Synergies provide TriLink Discovery: Majority of Enzymes used in the mRNA IVT process our customers’ with mRNA Catalog refresh: 21 new catalog mRNA products, including Resource expansion: Industry-leading mRNAs CleanCap M
Slide 8: Ongoing Partnerships to Bolster Market Leadership
Ongoing Partnerships to Bolster Market Leadership Five key academic institutions 8 © 2024 Maravai LifeSciences
Slide 9: Innovation and Commercial Strategy: Combining Products and Services to Drive Flywheel Effect
Innovation and Commercial Strategy: Combining Products and Services to Drive Flywheel Effect Maravai’s mRNA production Maravai’s years of Enhanced Customer activities enable trial and mRNA Input innovative product inputs error and innovation of new Production have yielded process Support: (plasmid,
Slide 10: Innovation within Biologics Safety Testing
Innovation within Biologics Safety Testing Cygnus Technologies kits now used in 21 of 21 FDA approved CAR-T Cell and Gene Therapies for lot release Maravai named as one of FastCompany’s Most Innovative Companies in 2024 for the Cygnus MockV RVLP Kit 10 © 2024 Maravai LifeSciences
Slide 11: Nucleic Acid Production facilities poised to win in discovery and accelerate across development stages
Nucleic Acid Production facilities poised to win in discovery and accelerate across development stages Flexible Production of GMP-grade CleanCap® analogs and other process inputs • Flanders 1 – GMP manufacturing site for small molecules – First batch of engineering product – Anticipate production of
Slide 12: Financial Results
Q1 2024 Financial Results Kevin Herde Chief Financial Officer 12 © 2024 Maravai LifeSciences
Slide 13: Financial Overview
Financial Overview • GAAP Net Loss of $23 M1 Q1 REVENUE $64 M • Adjusted EBITDA of $8 M2 • Adjusted EBITDA Margin of 12% Trailing 12-month Adjusted EBITDA margin was 18% on $274 million of revenues 1. GAAP net loss prior to amounts attributable to non-controlling interests 2. Adjusted EBITDA reconci
Slide 14: Headcount and Revenue-per-Employee
Headcount and Revenue-per-Employee Headcount Annualized Revenue-per-Employee 800 500 673 $446k 450 700 $397k 575 400 600 350 500 300 400 250 300 200 150 200 100 100 50 0 0 Q3 2023 Q1 2024 Q3 2023 Q1 2024 14 © 2024 Maravai LifeSciences
Slide 15: Basic, Diluted and Adjusted EPS
Basic, Diluted and Adjusted EPS Loss Per Share ($)1,2,3 $0.02 $0.00 -$0.02 ($0.02) -$0.04 -$0.06 -$0.08 -$0.10 ($0.09) ($0.09) Basic EPS Diluted EPS Adjusted EPS 1. Basic EPS (GAAP) equals Net Income (loss) attributable to our Class A shares divided by the weighted average Class A shares 2. In perio
Slide 16: Q1 2024 balance sheet, cash flow and financial highlights
Q1 2024 balance sheet, cash flow and financial highlights Cash Long-Term Net Cash1 Gross Debt $562 M $532 M $30 M Adjusted Free Cash Flow Fully Diluted $4 M in Q1 Net Interest Stock-based (Adjusted EBITDA less Capital Shares Expense Compensation Expenditures) Outstanding $4 M $12 M 252 M 1. Based on
Slide 17: Q1 Business Segment Financials
Q1 Business Segment Financials Nucleic Acid Production ($M) Biologics Safety Testing ($M) REVENUE REVENUE $46 M $18 M • 72% of total Maravai revenue • 28% of total Maravai revenue • $10 M of Adjusted EBITDA • $14 M of Adjusted EBITDA 17 © 2024 Maravai LifeSciences
Slide 18: Reiterate 2024 Guidance
Reiterate 2024 Guidance 2024 REVENUE 2024 ADJUSTED EBITDA $265 to MARGIN1 $285 M 23% - 25% Other 2024 Guidance Assumptions • Interest expense, net of interest income, between $25 million and $30 million; • Depreciation and amortization between $40 million and $50 million; • Stock-based compensation,
Slide 19: Closing Commentary
Q1 2024 Closing Commentary Trey Martin Chief Executive Officer 19 © 2024 Maravai LifeSciences
Slide 20: In Closing – Solid Start to 2024 and Executing on Our Return to Growth Strategy
In Closing – Solid Start to 2024 and Executing on Our Return to Growth Strategy z Ongoing process and product Continue to bolster our market Strong balance sheet and building innovations that further extend position through key industry and a strong foundation for long-term, our market leadership an
Slide 21: Q&A
Q&A 21 © 2024 Maravai LifeSciences
Slide 22: Thank you
Thank you maravdali LifeSciences
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations Net Loss to Adjusted EBITDA This presentation contains financial measures that have not been Three Months Ended March 31, calculated in accordance with accounting principles generally 2024 2023 accepted in the U.S. (GAAP). These non-GAAP measures include: $ (22,680) $ (1,348
Slide 24: Non-GAAP reconciliations
Non-GAAP reconciliations Adjusted Net (Loss) Income and Adjusted Fully Diluted (Loss) Earnings Per Share These non-GAAP measures are supplemental measures of Three Months Ended March 31, operating performance that are not prepared in accordance with 2024 2023 GAAP and that do not represent, and shou
Slide 25: Explanatory notes to reconciliations
Explanatory notes to reconciliations Explanatory Notes to Reconciliations (1) Refers to incremental costs incurred to execute and integrate completed acquisitions, and retention payments in connection with these acquisitions. (2) Refers to non-cash expense associated with stock-based compensation. (
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