Maravai LifeSciences : Q1 2024 Earnings

NASDAQ: MRVI

Q1 2024 Financial Results

May 8, 2024

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, Nucleic Acid Production
	Becky Buzzeo, Chief Commercial Officer

2 © 2024 Maravai LifeSciences

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. Investors are cautioned that statements in this presentation which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding our financial guidance for 2024; our ability to pursue organic investments while simultaneously pursuing external partnerships and/or acquisitions; strategic opportunities; our ability to expand our product portfolio, advance our market leadership in the mRNA space, and accelerate the introduction of scientific innovations in ways that support our customers' needs; the successful launch of additional mRNA products; certain customers' adoption of our technology as a broader endorsement of using CleanCap® to produce mRNA; our ability to enable Applied DNA Sciences, Inc. to scale its Linea RNAP manufacturing from research to commercial scale; investment in new product innovation and partnerships with key academic and industry partners creating long-term value; commercial success in the discovery phase leading to cross-selling opportunities and sales to those customers in later phases; demand for IND-enabling clinical material creating a funnel for our GMP services; our supply chain resilience; our facilities expansion and capability extension influencing developers to engage us for pre-clinical and Phase I stages of their development; future investments in innovation, commercial infrastructure, and GMP operations; our future operating efficiency ; the amounts and peak of our quarterly 2024 capital expenditures; the cadence of estimated revenues; the sequential increase of revenues quarter-over-quarter; Adjusted EBITDA margins and EPS estimates; our ability to execute our return-to-growth strategy; our market leadership; our expanded manufacturing capacity; the strength of our balance sheet; our ability to execute on inorganic growth opportunities; the strength of our end markets; and adjustments to get to our non-GAAP adjusted EBITDA range, constitute forward-looking statements and are identified by words like "believe," "expect," "may," "will," "see," "should," "seek," "anticipate," or "could" and similar expressions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: The level of our customers' spending on and demand for outsourced nucleic acid production and biologics safety testing products and services; the impact of ongoing macroeconomic challenges and changes in economic conditions, including adverse developments affecting banks and financial institutions, follow-on effects of those events and related systemic pressures, on our and our customers' current and future business operations; the effects of our recent reduction in force, including on our ability to attract and/or retain qualified key personnel; use of our products by customers in the production of vaccines and therapies, some of which represent relatively new and still-developing modes of treatment, and the impact of unforeseen adverse events, negative clinical outcomes, development of alternative therapies, or increased regulatory scrutiny of these modes of treatment and their financial cost on our customers' use of our products and services; competition with life science, pharmaceutical and biotechnology companies who are substantially larger than us and potentially capable of developing new approaches that could make our products, services and technology obsolete; the potential failure of our products and services to not perform as expected and the reliability of the technology on which our products and services are based; the risk that our products do not comply with required quality standards; market acceptance of our life science reagents; significant fluctuations and unpredictability in our quarterly and annual operating results, which make our future operating results difficult to predict and could cause our operating results to fall below expectations or any guidance we may provide; our ability to implement our strategic plan successfully; natural disasters, geopolitical instability (including the ongoing military conflicts in Ukraine and the Gaza Strip) and other catastrophic events; risks related to our acquisitions, including whether we achieve the anticipated benefits of acquisitions of businesses or technologies; product liability lawsuits; our dependency on a limited number of customers for a high percentage of our revenue and our ability to maintain our current relationships with such customers; our reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of our raw materials and the risk that we may not be able to find replacements or immediately transition to alternative suppliers; the risk that our products become subject to more onerous regulation by the FDA or other regulatory agencies in the future; our ability to obtain, maintain and enforce sufficient intellectual property protection for our current or future products; the risk that a future cyber-attack or security breach cannot be prevented; the risk that one of our products may be alleged (or found) to infringe on the intellectual property rights of third parties; compliance with our obligations under intellectual property license agreements; our or our licensors' failure to maintain the patents or patent applications in-licensed from a third party; our ability to adequately protect our intellectual property and proprietary rights throughout the world; our existing level of indebtedness and our ability to raise additional capital on favorable terms; our ability to generate sufficient cash flow to service all of our indebtedness; our potential failure to meet our debt service obligations; our dependence, by virtue of our principal asset being our interest in Maravai Topco Holdings, LLC ("Topco LLC"), on distributions from Topco LLC to pay our taxes and expenses, including payments under a tax receivable agreement with the former owners of Topco LLC (the "Tax Receivable Agreement" or "TRA") together with various limitations and restrictions that impact Topco LLC's ability to make such distributions; the risk that conflicts of interest could arise between our shareholders and Maravai Life Sciences Holdings, LLC ("MLSH 1"), the only other member of Topco LLC, and impede business decisions that could benefit our shareholders; our ability to realize all or a portion of the tax benefits that are expected to result from the tax attributes covered by the TRA; the fact that investment entities affiliated with GTCR, LLC currently control a majority of the voting power of our outstanding common stock, and it may have interests that conflict with ours or yours in the future; and such other factors as discussed throughout the "Risk Factors" section of our most recent Annual Report on Form 10-K, as well as other documents we file with the Securities and Exchange Commission. Any forward-looking statement made by us in this presentation is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

This presentation presents certain "non-GAAP Measures" as defined by the rules of the Securities Exchange Commission ("SEC") as a supplement to results presented in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These non-GAAP Measures, as well as other statistical measures, including Adjusted EBITDA (as defined herein), Adjusted EBITDA as a percentage of revenues, Adjusted EPS (as defined herein), and Adjusted Free Cash Flow (as defined herein) are presented because the Company's management believes these measures provide additional information regarding the Company's performance and because we believe they are useful to investors in evaluating operating performance compared to that of other companies in our industry. In addition, management believes that these measures are useful to assess the Company's operating performance trends because they exclude certain material non-cash items, unusual or non-recurring items that are not expected to continue in the future, and certain other items. The non-GAAP Measures are not presented in accordance with GAAP, and the Company's computation of these non-GAAP Measures may vary from those used by other companies. These measures have limitations as an analytical tool and should not be considered in isolation or as a substitute or alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance, liquidity or indebtedness derived in accordance with GAAP. A reconciliation of historical non-GAAP Measures to historical GAAP measures and additional information on the Company's use of non-GAAP financial measures is provided on pages 23-25.

Past performance may not be a reliable indicator of future results.

This presentation also contains estimates and other statistical data made by independent parties and by the Company relating to market size and growth and other data about the Company's industry. This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates. Neither the Company nor any other person makes any representation as to the accuracy or completeness of such data or undertakes any obligation to update such data after the date of this presentation. In addition, projections, assumptions and estimates of our future performance and the future performance of the markets in which the Company operates are necessarily subject to a high degree of uncertainty and risk.

The trademarks included herein are the property of the owners thereof and are used for reference purposes only. Such use should not be construed as an endorsement of the products or services of Maravai LifeSciences Holdings, Inc. and its subsidiaries.

3 © 2024 Maravai LifeSciences

Q1 2024

Business Highlights

Trey Martin

Chief Executive Officer

4 © 2024 Maravai LifeSciences

Q1 2024 Results

REVENUE	ADJUSTED EBITDA1	ADJUSTED EPS1
$(0.02)
$64 M	$8 M
		per share

1. Reconciliation provided on pages 23-25

• NAP revenue of $46 M
• BST revenue of $18 M

5	© 2024 Maravai LifeSciences

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

Innovation within Nucleic Acid Production

Product Portfolio Expansion

Toolkit:

Majority of Enzymes used in the mRNA IVT process

Resource expansion:

Bringing TriLink expertise and

additional resources to build credibility and expand

long-term opportunity

Synergies provide

our customers' with Industry-leading mRNAs with increased activity and reduced toxicity

TriLink Discovery:

mRNA Catalog refresh:

21 new catalog mRNA products, including CleanCap M6 and N1-methylpseudouridine

Vertical integration:

Incorporating Alphazyme enzymes and TriLink

CleanScript IVT production processes

7 © 2024 Maravai LifeSciences

Ongoing Partnerships to Bolster Market Leadership

Five key academic institutions

8 © 2024 Maravai LifeSciences

Innovation and Commercial Strategy:

Combining Products and Services to Drive Flywheel Effect

Maravai's mRNA production activities enable trial and error and innovation of new products:

• CleanCap® M6
• CleanCap® AG 3'OMe
• CleanCap® AG
• CleanCap® AU
• N1-Methylpseudouridine
• Additional catalog products

mRNA Input		Maravai's years of
	innovative product inputs
Production		have yielded process
(plasmid, NTPs, enzymes,		improvements enabling:
cap analog)
		•	Improved capping efficiency
		•	Higher yield
		•	Reduced dsRNA
		•	Higher mRNA potency

mRNA

Production

Enhanced Customer

Support:

Experienced and innovative teams advancing product and process technology with the right talent, tools and processes

Winning through Teamwork and deep collaboration with our Customers

9

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