Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q3 2021 Earnings Presentation
28 slides from Maravai Lifesciences's earnings presentation, Nov 10, 2021
Slide 1: Q3 2021 Financial Results
Q3 2021 Financial Results (Nasdaq: MRVI) November 10, 2021
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: Q3 Business Highlights & Update
Q3 Business Highlights & Update Carl Hull, Chief Executive Officer
Slide 5: Inaugural ESG Report Features our Efforts and Commitments
Inaugural ESG Report Features our Efforts and Commitments • Developed an • Expanded our Employee • Received ISO 9001:2015 • Donated $100,000 to environmental policy Health and Safety for quality management local COVID-19 relief • Partnered with supply management system at all facilities efforts chai
Slide 6: Q3: Another Strong Quarter
Q3: Another Strong Quarter • Quarterly revenue, up 133% y/y REVENUE ADJUSTED EBITDA1 ADJUSTED EPS1 • Robust EBITDA growth of $204.8 M $156.0 M $0.44 169% y/y per share • Adjusted free cash flow of $153.8 M during the quarter 6 1. Reconciliation provided on pages 26-27
Slide 7: Key Business Segment Highlights
Key Business Segment Highlights Nucleic Acid Production Strong sales of Demand for CleanCap® Expect continued Additional growth from next-generation $182.9 M and NTPs for mRNA strong demand from continues to accelerate existing COVID-19 COVID-19 vaccines for up 170% y/y CleanCap® customers emerging
Slide 8: COVID-Related CleanCap Sales Are Expected to be Durable
COVID-Related CleanCap® Sales Are Expected to be Durable 60% of the world’s population is 2022 First Look not yet fully immunized 5-10% 75% Juvenile vaccines have Revenue growth been developed and Of those orders have expected from authorized purchase orders in COVID-related place CleanCap® Booster
Slide 9: Growth in Flu Vaccination Despite Availability of Effective Oral Antiviral
Growth in Flu Vaccination Despite Availability of Effective Oral Antiviral Influenza Vaccine Doses Distributed in the United States, by Season1 Tamiflu® (Oseltamivir) 200 • Oral antiviral launched in 180 1999, used for treatment and prevention of the flu Millions of Doses 160 • Reduces flu complicat
Slide 10: Non-COVID-19 Vaccine Nucleic Acid Production Pipeline
Non-COVID-19 Vaccine Nucleic Acid Production Pipeline Over 85% ~50% of CleanCap® customers Growth are non-COVID of Base NAP related business • Oncology vaccines mRNA development • Influenza Base NAP Business • Opportunities for additional mRNA GMP customers using • Infectious diseases for the nine m
Slide 11: Key Business Segment Highlights (continued)
Key Business Segment Highlights (continued) Biologics Safety Testing Third quarter Revenue growth up Strength from Innovating and revenues were 18% y/y BioPharma and scaling our offerings $16.6 M CDMO activities 1 in all regions 11
Slide 12: Friday, January 28th Virtual Event
FRIDAY, JANUARY 28TH 9:00 AM – 11:30 AM PST VIRTUAL ONLY
Slide 13: Financial Results & Guidance
Financial Results & Guidance Kevin Herde, Chief Financial Officer
Slide 14: Financial Overview
Financial Overview Total Revenue ($M)1 GAAP Net Income ($M)2 133% Y/Y Growth 241 % Y/Y Growth $132.8 $204.8 $87.9 $39.0 Q3 2020 Q3 2021 Q3 2020 Q3 2021 1. Total revenue for the third quarter ended September 2020/2021 2. GAAP –based net income prior to amounts attributable to non-controlling interest
Slide 15: Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA Margin 2 Adjusted EBITDA ($M)1 Adjusted EBITDA Margin (%)1 $156.0 76% 170% Y/Y Growth 66% $57.8 Q3 2020 Q3 2021 Q3 2020 Q3 2021 15 1. Adjusted EBITDA reconciliation provided on page 26
Slide 16: Earnings Per Share
Earnings Per Share ($) 1,2,3 $0.50 1. Basic Net Income attributable to our Class A shared divided by the weighted average Class A $0.40 shares. 2. Diluted EPS equals Net Income prior to non- $0.30 controlling interests divided by the weighted $0.46 $0.45 $0.44 average for both Class A and B shares a
Slide 17: Balance Sheet Highlights
Balance Sheet Highlights CASH AS OF 9/30/21 LONG-TERM DEBT 1.1X <0.0X $548 M $545 M GROSS DEBT/ TTM1 EBITDA NET DEBT/ TTM1 EBITDA Adjusted Free Cash Flow2 = $153.8M in Q3 2021 (adjusted EBITDA less Capital Expenditures) 1. TTM EBITDA = Trailing twelve months EBITDA of $487 million. 17 2. Reconciliat
Slide 18: Q3 Business Segment Financial Highlights
Q3 Business Segment Financial Highlights Nucleic Acid Production Revenue ($M)1 Biologics Safety Testing Revenue ($M)1 Protein Detection Revenue ($M)1 Y/Y Growth Y/Y Growth (13%) Y/Y Growth 170% 18% $182.9 $16.6 $6.1 $5.3 $67.7 $14.1 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 • 89% of total reve
Slide 19: 2021 Guidance
2021 Guidance Prior Guidance Updated Guidance Change (at Midpoint) REVENUE $745 to $770 million $770 to $780 million +$17.5 million CleanCap® $490 to $510 million $520 to $525 million +$22.5 million COVID-19 REVENUE ADJUSTED EBITDA $515 to $535 million $570 to $575 million +$47.5 million ADJUSTED EP
Slide 20: Other 2021 Model Assumptions
Other 2021 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 260 million shares for the full year of 2021. The net income included in the adjusted fully diluted
Slide 21: 2022 Initial Revenue Thoughts
2022 Initial Revenue Thoughts REVENUE COVID-19 related Growth at CleanCap® $840 to M Midpoint Increasing $880 M 14% 5% - 10% After adjusting for the divestiture of our Protein Detection Business 21
Slide 22: Closing Commentary
Closing Commentary Carl Hull, Chief Executive Officer
Slide 23: In Closing
In Closing • Continued momentum throughout 2021 and for 2022 • Additional mRNA vaccines coming to market • Non-COVID-19 vaccines and cell and gene therapies provide longer-term growth opportunities We will continue to focus on Operational Excellence, Innovation, and People as our strategic pillars f
Slide 24: Q&A
Q&A Q&A
Slide 25: Thank you!
Thank you! ir@maravai.com
Slide 26: Non-GAAP Reconciliations
Non-GAAP Reconciliations Maravai does not provide reconciliations for the non-GAAP Net Income to Adjusted EBITDA financial measures included in the updated 2021 guidance above Three Months Ended Nine Months Ended because we are unable to provide a meaningful or accurate September 30, September 30, c
Slide 27: Non-GAAP Reconciliations
Non-GAAP Reconciliations Adjusted Net Income and Adjusted Net Income per Diluted Share Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Net income attributable to Maravai LifeSciences Holdings, Inc. $ 54,274 * $ 126,596 * Net income impact from pro forma conversio
Slide 28: 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 cash rent paid for our Wateridge San Diego, CA facility, which is recorded as a reduction to the financing le
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