Maravai Lifesciences Holdings, Inc. · NASDAQ:MRVI
Maravai Lifesciences — Q2 2023 Earnings Presentation
25 slides from Maravai Lifesciences's earnings presentation, Aug 7, 2023
Slide 1: Q2 2023 Financial Results
NASDAQ: MRVI Q2 2023 Financial Results August 7, 2023 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 2: Agenda
Agenda 01 Welcome Deb Hart, Head of Investor Relations 02 CEO Transition Remarks Carl Hull, Executive Chairman of the Board & Business Highlights Trey Martin, Chief Executive Officer 03 Financial Results Kevin Herde, Chief Financial Officer & Guidance 04 Q&A Session Carl Hull, Executive Chairman of
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: CEO Transition Remarks & Business Highlights
Q2 2023 CEO Transition Remarks & Business Highlights Carl Hull, Executive Chairman of the Board Trey Martin, Chief Executive Officer 4 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 5: Trey Martin takes the reins as Maravai's next CEO
Trey Martin takes the reins as Maravai’s next CEO • More than 25 years of executive leadership experience in life sciences operations, engineering, sales, product development and marketing • Held positions of increasing responsibility over more than two decades at Integrated DNA Technologies (IDT),
Slide 6: Well positioned to execute on long-term strategic growth plan
Well positioned to execute on long-term strategic growth plan z Broad and diverse footprint of Leading nucleic acid chemistry Strong balance sheet provides products and services spanning provider in mRNA modalities with ability to augment internal fastest growing therapeutic technology leadership th
Slide 7: Broad and diverse products and services backed by expertise and infrastructure
Broad and diverse products and services backed by expertise and infrastructure CleanCap® has positioned Completed over 110 GMP Actively making Building and offering Maravai as the leader in co- manufacturing batches improvements to meet the Flanders 2 will provide transcriptional capping across 70 d
Slide 8: Accelerating velocity of new non-COVID mRNA clinical entries
Accelerating velocity of new non-COVID mRNA clinical entries 40 No. of New Non-COVID mRNA Drugs Entered Clinic1 30 30 25 20 20 17 14 10 10 8 7 5 5 4 3 3 2 0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 H1 2022 H2 2023 H1 1. Source: Beacon RNA 8 ©2023 Maravai LifeSciences. This documen
Slide 9: Strong reputation as the go-to nucleic acid chemistry provider
Strong reputation as the go-to nucleic acid chemistry provider A multi-modality supplier in key mRNA and adjacent advanced therapy areas • Almost three-fourths of our Nucleic Acid Production customers buy multiple products Continue to add new customers under license and supply agreements • Three new
Slide 10: Exceptionally strong balance sheet
Exceptionally strong balance sheet LONG-TERM CASH NET CASH GROSS DEBT $580 M $536 M $44 M Remain focused on pursuing additional M&A to augment our organic growth initiatives and growing base business 10 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and a
Slide 11: Q2 2023 results
Q2 2023 results • Changes in our customers’ spending priorities, ongoing weakness in early-stage biotech funding and lack of anticipated improvement to economic activity in China • Non-COVID CleanCap® sales were up 21% y/y in the quarter REVENUE • Encouraging uptake of new CleanCap® M6 product ~70 d
Slide 12: Maravai Investor R&D Day
Save the date Maravai Investor R&D Day September 28, 2023 New York City
Slide 13: Financial Results
Q2 2023 Financial Results Kevin Herde Chief Financial Officer 13 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 14: Q2 financial overview
Q2 financial overview Earnings Per Share ($)1,2,3 • GAAP Net Loss of $11.9 M4 Basic EPS Diluted EPS Adjusted EPS Q2 REVENUE $0.00 • Adjusted EBITDA of $9.1 M5 $69 M ($0.05) ($0.05) • Adjusted EBITDA Margin of 13%5 1. Basic EPS (GAAP) equals Net Income attributable to our Class A shares divided by th
Slide 15: Balance sheet highlights
Balance sheet highlights CASH LONG-TERM GROSS DEBT 1.8X (0.2)X GROSS DEBT/ NET DEBT/ $580 M $536 M TTM ADJUSTED TTM ADJUSTED EBITDA1 EBITDA1 Adjusted Free Cash Flow = ($18) M in Q2 2023 (Adjusted EBITDA less Capital Expenditures) 1. Using trailing twelve months Adjusted EBITDA of $295M 15 ©2023 Mara
Slide 16: Q2 business segment financials
Q2 business segment financials Nucleic Acid Production ($M) Biologics Safety Testing ($M) REVENUE REVENUE $53 M $16 M • 77% of total Maravai revenue • 23% of total Maravai revenue • $14 M of Adjusted EBITDA1 • $10 M of Adjusted EBITDA1 • CleanCap® from COVID-19 = $11.6 M 1. Reconciliation provided o
Slide 17: Updated 2023 guidance
Updated 2023 guidance Prior Guidance Updated Guidance Change (at mid-point) REVENUE $400 to $440 million $300 to $325 million ($108) million CLEANCAP® $100 million $65 million ($35) million COVID-19 REVENUE ADJUSTED EPS1 $0.27 to $0.33 per share $0.04 to $0.08 per share ($0.24) per share ADJUSTED EB
Slide 18: Other 2023 model assumptions
Other 2023 model assumptions • Interest expense, net of interest income, between $16 million and $18 million; • Depreciation and amortization between $38 million and $40 million; • Stock based compensation, which we show as a reconciling item from GAAP to Non-GAAP EBITDA, to be $34 million to $38 mi
Slide 19: Closing Commentary
Q2 2023 Closing Commentary Trey Martin Chief Executive Officer 19 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 20: In closing – we continue to innovate and build our product portfolio
In closing – we continue to innovate and build our product portfolio z Continued innovation in mRNA, Putting our cash flow to work with Building a strong foundation for building our product portfolio in investments to bolster our market long-term, sustainable growth of other high-value areas positio
Slide 21: Q&A
Q&A 21 ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 22: Thank you
Thank you Together, we enable the miracles of science. ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent.
Slide 23: Non-GAAP reconciliations
Non-GAAP reconciliations Net (Loss) Income to Adjusted EBITDA This presentation contains financial measures that have not been calculated in accordance with accounting principles generally In thousands Three Months Ended June 30, Six Months Ended June 30, accepted in the U.S. (GAAP). These non-GAAP
Slide 24: Non-GAAP reconciliations
Non-GAAP reconciliations Adjusted Net (Loss) Income and Adjusted Fully Diluted Earnings Per Share These non-GAAP measures are supplemental measures of In thousands, except per share amounts Three Months Ended June 30, Six Months Ended June 30, operating performance that are not prepared in accordanc
Slide 25: Explanatory notes to reconciliations
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, and retention payments i
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