Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q3 2024 Earnings Presentation
24 slides from Maravai Lifesciences's earnings presentation, Nov 7, 2024
Slide 1: Q3 2024 Financial Results
NASDAQ: MRVI Q3 2024 Financial Results November 7, 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
Q3 2024 Business Highlights Trey Martin Chief Executive Officer 4 © 2024 Maravai LifeSciences
Slide 5: Q3 2024 Results
Q3 2024 Results • NAP revenue ADJUSTED EPS1 REVENUE ADJUSTED EBITDA1 of $50 M $65 M $13 M $(0.02) per share • BST revenue of $15 M 1. Reconciliation provided on pages 22-24 5 © 2024 Maravai LifeSciences
Slide 6: Flanders 2 – Commenced First mRNA Build for C&G Therapy Customer
Flanders 2 – Commenced First mRNA Build for C&G Therapy Customer First customer revenue contribution in Q3 Ready to provide cGMP Phase II & III mRNA services 6 © 2024 Maravai LifeSciences
Slide 7: The mRNA and gRNA Trial Landscape | New Program Starts
The mRNA and gRNA Trial Landscape | New Program Starts gRNA Mediated Gene Editing Clinical mRNA Clinical Trial Starts Trial Starts 225 80 Non-COVID mRNA Trials 200 up 29% YTD 70 • COVID-driven program 175 60 decline is nearly 150 behind us 50 125 158 100 111 40 73 Guide RNA Mediated 59 24 30 Gene Ed
Slide 8: Focus on Innovation: Nucleic Acid Production
Focus on Innovation: Nucleic Acid Production Custom plate-based CleanScribe RNA CleanCap® IP mRNA Products Polymerase 21 NEW Products Introduced YTD 8 © 2024 Maravai LifeSciences
Slide 9: Key Academic Partnerships to Enhance Innovation
Key Academic Partnerships to Enhance Innovation 9 © 2024 Maravai LifeSciences
Slide 10: Officinae Bio acquisition: digital-based biologic therapeutic design platform
Acquisition builds on Maravai track record of innovation, and enhances our offerings across the RNA workflow Brings an automated DNA platform for plasmid devt. and libraries for viral vectors, mRNA and an RNA platform for rapid TAT & Founder led team of advanced transcription capabilities of sequenc
Slide 11: Focus on Innovation: Biologics Safety Testing
Focus on Innovation: Biologics Safety Testing • New generation of DNA quantification kits • Expanding our DNA product portfolio • Collaboration between Cygnus and TriLink brands CHO AccuRes DNA Quantification Kit 11 © 2024 Maravai LifeSciences
Slide 12: Moving Through Transition and Focused on Future Growth
Moving Through Transition and Focused on Future Growth Innovative new New collaborations & Driving our return to products & technologies Officinae acquisition growth strategy 12 © 2024 Maravai LifeSciences
Slide 13: Financial Results
Q3 2024 Financial Results Kevin Herde Chief Financial Officer 13 © 2024 Maravai LifeSciences
Slide 14: Financial Overview
Financial Overview • GAAP Net Loss of $176 M1,2 Q3 REVENUE $65 M • Adjusted EBITDA of $13 M3 • Adjusted EBITDA Margin of 20% 1. Includes a non-cash goodwill impairment charge of $154 M 2. GAAP net loss prior to amounts attributable to non-controlling interests 3. Adjusted EBITDA reconciliation provi
Slide 15: Q3 2024 Balance Sheet, Cash Flow and Financial Highlights
Q3 2024 Balance Sheet, Cash Flow and Financial Highlights Long-Term Cash Net Cash1 Gross Debt $578 M $529 M $49 M Cash Provided by Operations Fully Diluted $13 M in Q3 Net Interest Stock-based Shares Expense Compensation Outstanding2 $7 M $13 M 255 M 1. Based on Cash less long-term debt 2. The fully
Slide 16: Q3 Business Segment Financials
Q3 Business Segment Financials Nucleic Acid Production ($M) Biologics Safety Testing ($M) REVENUE REVENUE $50 M $15 M • 77% of total Maravai revenue • 23% of total Maravai revenue • $15 M of Adjusted EBITDA1 • $11 M of Adjusted EBITDA1 1. Refers to adjusted EBITDA by business segment and does not in
Slide 17: Updated 2024 Financial Guidance
Updated 2024 Financial Guidance 2024 REVENUE 2024 ADJUSTED $255 to EBITDA MARGIN1 $265 M 16% - 18% Other 2024 Guidance Assumptions • Interest expense, net of interest income, between $20 M and $25 M; • Depreciation and amortization between $45 M and $50 M; • Stock-based compensation, which we show a
Slide 18: Closing Commentary
Q3 2024 Closing Commentary Trey Martin Chief Executive Officer 18 © 2024 Maravai LifeSciences
Slide 19: In Closing – Moving Through Transition and Focused on Future Growth
In Closing – Moving Through Transition and Focused on Future Growth Driving future revenue Operating in attractive Strong Balance sheet opportunities long-term markets • Innovation and strengthening • Pipeline progression for mRNA, gene • Strategic flexibility key differentiators editing, and cell a
Slide 20: Q&A
Q&A 20 © 2024 Maravai LifeSciences
Slide 21: Thank you
Thank you maravdali LifeSciences
Slide 22: Non-GAAP reconciliations
Non-GAAP reconciliations Net Loss to Adjusted EBITDA This presentation contains financial measures that have not been calculated in accordance with accounting principles generally Three Months Ended Nine Months Ended accepted in the U.S. (GAAP). These non-GAAP measures include: In thousands Septembe
Slide 23: 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 operating performance that are not prepared in accordance with Three Months Ended Nine Months Ended In thousands, except per share amounts GAA
Slide 24: 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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