Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q4 2021 Earnings Presentation
27 slides from Maravai Lifesciences's earnings presentation, Feb 23, 2022
Slide 1: Q4 2021 Financial Results
Q4 2021 Financial Results (Nasdaq: MRVI) February 23, 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: Q4 and 2021 Business Highlights & Update
Q4 and 2021 Business Highlights & Update Carl Hull Chief Executive Officer
Slide 5: Q4 2021: Another Strong Quarter
Q4 2021: Another Strong Quarter • Quarterly revenue, up 132% y/y REVENUE ADJUSTED EBITDA1 ADJUSTED EPS1 • Robust EBITDA growth of 153% y/y $228.4 M $162.7 M $0.45 per share • Adjusted free cash flow of $154.8 M during the quarter 5 1. Reconciliation provided on pages 25-27
Slide 6: 2021 was an Incredible Year for Maravai
2021 was an Incredible Year for Maravai REVENUE Net Income EBITDA Margins1 $799.2 M $469.3 M 73% Base Business Growth of 33%2 (without COVID-19 CleanCap®) 1. Reconciliation provided on pages 25-27 6 2. Base business – total Maravai business without CleanCap® COVID-19 vaccine related revenue
Slide 7: Key Business Segment Highlights
Key Business Segment Highlights Nucleic Acid Production Expect Additional Fourth quarter 2021 Demand for continued strong growth from revenues were revenues were CleanCap® demand next-generation and $212.5 M $711.9 M NTPs for mRNA from existing COVID-19 vaccines Revenue growth Revenue growth COVID-1
Slide 8: CleanCap Supply Agreement Funnel
CleanCap® Supply Agreement Funnel 30 27 25 25 21 20 15 13 12 12 10 6 5 2 1 0 Jan-21 Aug-21 Feb-22 Executed Late Stage Term Sheets 8
Slide 9: Maravai + MyChem strengthens our differentiated position in mRNA therapies and vaccines
Maravai + MyChem strengthens our differentiated position in mRNA therapies and vaccines ▪ Capabilities accelerate development and production of chemically synthesized GMP grade ultra-pure nucleotides for cell and gene therapies ▪ MyChem’s ultra-pure nucleotides can play a critical role in the develo
Slide 10: Key Business Segment Highlights (continued)
Key Business Segment Highlights (continued) Biologics Safety Testing Fourth quarter 2021 Strength from Innovating revenues were revenues were BioPharma and $15.9 M $68.4M and scaling Revenue growth Revenue growth 1 CDMO activities our offerings in all regions up 13% y/y up 25% y/y 10
Slide 11: 2022 Revenue Growth Guidance
2022 Revenue Growth Guidance 2022 Revenue Guidance Growth $920 to $960 million + 18% y/y at midpoint Guidance reflects overall growth of 171% to 175% 11
Slide 12: Financial Results & Guidance
Financial Results & Guidance Kevin Herde Chief Financial Officer
Slide 13: Financial Overview
Financial Overview GAAP Net Income ($M)1 Quarterly Annual 778.3% y/y 495.4% y/y Growth Growth $469.3 $127.1 $14.5 $78.8 Q4 2020 Q4 2021 FY 2020 FY 2021 13 1. GAAP –based net income prior to amounts attributable to non-controlling interests
Slide 14: Adjusted EBITDA
Adjusted EBITDA Adjusted EBITDA ($M)1 2 Quarterly Annual 152.9% y/y 244.5% y/y Growth Growth $162.7 $582.8 $64.3 $169.2 Q4 2020 Q4 2021 FY 2020 FY 2021 71% EBITDA margin 73% EBITDA margin 14 1. Adjusted EBITDA reconciliation provided on page 25
Slide 15: Earnings Per Share ($)
Earnings Per Share ($) Q4 and FY 2021 EPS1,2,3 $1.60 $1.40 $1.59 $1.56 $1.60 $1.20 $1.00 $0.80 $0.60 $0.40 $0.20 $0.42 $0.42 $0.45 $0.00 Q4 2021 FY 2021 Basic EPS Diluted EPS Adjusted EPS 1. Basic EPS (GAAP) equals Net Income attributable to our Class A shares divided by the weighted average Class A
Slide 16: Balance Sheet Highlights
Balance Sheet Highlights CASH LONG-TERM DEBT 0.9X <0.0X GROSS DEBT/ NET DEBT/ $551 M $544 M FY 20211 EBITDA FY 20211 EBITDA Adjusted Free Cash Flow2 = $154.8M in Q4 2021 (adjusted EBITDA less Capital Expenditures) 1. Using FY 2021 Adjusted EBITDA of $582.8 million. 16 2. Reconciliation provided on p
Slide 17: Nucleic Acid Production Financial Highlights
Nucleic Acid Production Financial Highlights NAP base business (without COVID-19 CleanCap®) grew 49% annually Quarterly Annual 173.3% y/y 245.0% y/y Growth Growth $212.5 $711.9 $77.8 $206.3 Q4 2020 Q4 2021 2020 2021 • 93% of total revenue • 89% of total revenue • $163.6M of EBITDA • $565.3M of EBITD
Slide 18: Biologics Safety Testing Financial Highlights
Biologics Safety Testing Financial Highlights Quarterly Annual 12.8% y/y 24.6% y/y Growth Growth $15.9 $68.4 $54.9 $14.1 Q4 2020 Q4 2021 2020 2021 • 7% of total revenue • 9% of total revenue • $12.3M of EBITDA • $54.4M of EBITDA 18
Slide 19: 2022 Guidance
2022 Guidance Prior Guidance Updated Guidance Change (at Midpoint) REVENUE $840 to $880 million $920 to $960 million +$80 million (9%) CleanCap® + 5%-10% +12%-14% +550 bps COVID-19 REVENUE ADJUSTED EBITDA $630 to $670 million ADJUSTED EPS $1.70 to $1.84 per share Guidance Guidance reflects reflects
Slide 20: 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 254 million to 257 million for the full year of 2022. • Additionally, our adjusted fully diluted EP
Slide 21: Closing Commentary
Closing Commentary Carl Hull Chief Executive Officer
Slide 22: 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 23: Q&A
Q&A Q&A
Slide 24: Thank you!
Thank you! ir@maravai.com
Slide 25: Non-GAAP Reconciliations
Non-GAAP Reconciliations Net Income to Adjusted EBITDA This press release contains financial measures that have not been Three Months Ended Year Ended calculated in accordance with accounting principles generally accepted December 31, December 31, in the U.S. (GAAP). These non-GAAP measures include
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income and Adjusted Net Income per Diluted Share Three Months Ended Year Ended These non-GAAP measures are supplemental measures of operating ____________________ performance that is not prepared in accordance with GAAP and that December 31, December 31, 2021 20
Slide 27: Explanatory Notes to Reconciliations
Explanatory Notes to Reconciliations Explanatory Notes to Reconciliations (*) Information not presented for Pre-IPO period. (1) Refers to incremental costs incurred to execute and integrate completed acquisitions. (2) Refers to in-process research and development charge associated with the acquisiti
Maravai LifeSciences Holdings — Q4 2021 Earnings Presentation on 6ix