MRVI

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 5:00 p.m. ET Chief Executive Officer - Bernd Brust Executive Vice President and Chief Financial Officer - Rajesh Asorpota Investor Relations - Debra Hart Chief Scientific Officer - Dr. Chanfeng Zhao Executive Vice President and General Counsel - Kurt Oreshack Operator: Hello, and welcome, everyone, joining today's Maravai LifeSciences Q2 2026 Results Earnings Call. [Operator Instructions] Please note this call is being recorded. [Operator Instructions] It is now my pleasure to turn the meeting over to Deb Hart. Please go ahead. Debra Hart: Good afternoon, everyone. Thanks for joining us for our second quarter 2026 earnings call. The press release and slides accompanying today's call are available at investors.maravai.com. As you can see from the agenda on Slide 2, our CEO, Bernd Brust, will provide a business update; and our CFO, Raj Asorpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer; and Kurt Oreshack, our Executive Vice President and General Counsel, will join us for the Q&A session. Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. Actual results could differ materially from expectations. We will undertake no obligation to update them. We refer you to Slide 3 for details on forward-looking statements and Slide 4 for our use of non-GAAP financial measures. The press release and the slides provide reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to our investor website. Please also refer to Maravai's SEC filings for additional information on risks and uncertainties that may impact our operating results, performance and financial condition. Now I'll turn the call over to Bernd. Bernd Brust: Good afternoon, and thank you for joining us. We are very pleased with our second quarter performance, which builds on the strong momentum we established in the first quarter. Our results reflect solid execution across the business and reinforce our confidence in both our near-term outlook and long-term strategy. During the quarter, we generated revenue of $51.4 million, representing 9% year-over-year growth. TriLink revenue increased 12%, driven by strong demand for GMP consumables and continued strength in discovery mRNA, particularly from larger preclinical programs, building our potential GMP pipeline as customer programs advance into clinical development. Because TriLink supports customers throughout the drug development life cycle, we believe today's discovery success will create tomorrow's GMP opportunity. Cygnus also delivered another solid quarter with revenue growing 3% year-over-year, marking its fifth consecutive quarter of growth. Through its industry-leading HCP and ELISA portfolio, combined with expanding analytical services, Cygnus continues to provide stable, recurring, high-margin revenue while strengthening customer relationships across the biologics workflow. Our profitability improved significantly. Adjusted gross margin expanded more than 1,600 basis points year-over-year to 58.9%, while adjusted EBITDA improved by $19.1 million to $8.7 million. These results reflect higher revenue, a favorable product mix and the benefits of the operating model we've built over the past year. We also significantly strengthened our balance sheet. In June, we refinanced our debt, reducing borrowings to approximately $150 million, essentially cutting debt in 1/2 since the beginning of 2026, while extending the maturities to 2032. Combined with improving profitability, we believe Maravai is well-positioned from both a liquidity and financial flexibility standpoint. Now let's turn to Slide 7 and discuss our progress against our 3 strategic priorities: innovation, commercial execution and operational excellence. Innovation. This remains the foundation of our long-term growth strategy. During the quarter, TriLink launched its new GMP-grade enzyme portfolio, expanding our ability to serve customers as a differentiated single-source innovation partner. Increasingly, customers are looking for integrated manufacturing solutions rather than individual components, and this launch meaningfully strengthens our competitive position. We also continue to see outstanding adoption of ModTail. Just 1 year after commercial launch, more than 125 customers are now actively using this technology, including many of the world's leading pharmaceutical companies. Customer adoption continues to accelerate through new accounts, repeat orders and broader use across multiple applications. Later this year, we expect to launch GMP-grade ModTail, extending this platform into clinical manufacturing. Customer interest has been strong, particularly in cell and gene therapy applications, further demonstrating how discovery innovation creates future GMP growth opportunity. Cygnus also continues to expand its innovation portfolio through the launch of a new residual Prism A Mix-N-Go kit while continuing to invest in mass spec analytical services. Although services have a longer sales cycle, we are encouraged by growing customer engagement and increasing repeat business, and we expect this capability to become a more meaningful contributor over time. Finally, we continue strengthening our intellectual property portfolio across CleanCap, ModTail and Cygnus assays. In addition to 2 new European patents we received in Q1, during Q2, TriLink received a new China patent covering our full family of CleanCap capping analogs, further reinforcing our global IP position. Commercial execution. Our commercial momentum continued to build throughout the first half of the year. Greater customer engagement has improved forecasting, increased visibility and strengthened order conversion, and those improvements are clearly reflected in our results. Within Discovery mRNA, we added 67 new customers in Q2, a record quarter for new customer acquisitions, while our e-commerce platform also delivered record quarterly revenue. GMP consumables remained a standout performer, growing 55% year-over-year, driven by large CleanCap clinical orders and our first GMP enzyme order. We had no COVID GMP-related revenue in Q2. Operational excellence remains a key driver of our financial performance. The restructuring actions we implemented last year are now largely complete. Combined with our debt refinancing, the company has fundamentally reset its cost structure. Importantly, our manufacturing infrastructure is already in place. Between our state-of-the-art mRNA facilities and new GMP enzyme facility, we believe our operating model is now built to scale, and we can support meaningful future growth with relatively modest incremental fixed costs. This operating leverage is central to our long-term financial model. Now let me switch gears for a minute and share how we think about TriLink. As part of our recent long-range planning process, we concluded that investors may appreciate greater visibility into the distinct growth engines within TriLink. While we continue to report and manage our business to 2 operating segments, TriLink and Cygnus, we increasingly think about TriLink through 3 distinct market categories: mRNA, CDMO and specialty chemistry. mRNA is our largest and most strategically important business out of these 3. It spans the full development life cycle through discovery, clinical trials and ultimately, commercial programs. Discovery mRNA, which grew 17% year-over-year in Q2, includes our research use products such as CleanCap, ModTail and related reagents. This spans the full research spectrum, academic and basic research customers on one end and biopharma and biotech conducting advanced preclinical screening and program development on the other. This business not only generates revenues today, but also seeds future GMP demand. GMP consumables, which grew 55% year-over-year in Q2, is the clinical grade supply business within mRNA, GMP CleanCap, GMP enzymes and soon GMP ModTail. This is where TriLink's operating leverage becomes most evident. The growth potential for TriLink here is straightforward. As customer programs advance through clinical development, we expect their demand for GMP materials to increase significantly, while our infrastructure remains largely unchanged. During the quarter [Audio Gap] 4 new GMP customers. More importantly, with additional GMP product launches, we expect to increase the number of products each customer sources from TriLink, deepening relationships and expanding our share of wallet. The third stage is commercial programs. Today, this revenue consists of COVID-related CleanCap, which you'll recall was $14.3 million in Q1 or approximately 7% of estimated 2026 revenue at the midpoint of guidance. Over the longer-term, we expect commercial launches from our current non-COVID clinical pipeline to become a meaningful growth driver. As customers' programs advance towards commercialization expected to begin around 2028 and 2029, we believe TriLink is well-positioned to support commercial scale manufacturing using infrastructure that already exists. Overall, excluding COVID CleanCap, mRNA represents approximately 35% of expected 2026 revenue, and we continue to expect this business to grow at high single-digit to low double-digit rates over time. The second component within TriLink is our CDMO business, which represents less than 5% of expected 2026 revenue. While project-based and inherently variable, it serves a select group of highly strategic cell and gene therapy customers with programs progressing toward commercialization. Finally, specialty chemistry. This is a stable recurring research tools business consisting of oligo services and reagents, NTPs and other related reagents. This business represents a little more than 20% of our expected 2026 revenue. While we expect lower growth than mRNA, it remains an important contributor with strong customer relationships and attractive profitability. To be clear, our external financial reporting remains unchanged. We continue to operate and report through our 2 segments, TriLink and Cygnus. The additional framework we are providing today is intended to help investors better understand the different growth drivers within TriLink and how they contribute to our long-term opportunity. In summary, we delivered another quarter of strong execution. We advanced innovation, strengthened commercial momentum, improved profitability and significantly enhanced our financial position. Perhaps most importantly, we believe the investments we've made over the past year have fundamentally changed the company's earnings profile. Our infrastructure is in place, our balance sheet is stronger. And as customer programs continue advancing from discovery into clinical development and ultimately commercialization, we believe we are well-positioned to deliver attractive long-term revenue growth, expanding margins and increasing cash generation. With that, I'll turn the call over to Raj to review the financial results and discuss our updated outlook. Raj? Rajesh Asarpota: Thank you, Bernd. Our second quarter reflects solid execution across both segments with improving margin flow-through. I'll focus on the key drivers behind the quarter, including revenue composition, profitability and our updated outlook. Let me start with a closer look at revenue on Slide 10. Our business remains well diversified across end markets. Revenue by customer type was 30% biopharma, 35% life sciences and diagnostics, 5% academia, 7% CRO/CMO/CDMO and 23% distributors. By geography, revenue was 62% North America, 20% EMEA, 11% Asia Pacific, excluding China, and 7% in China. Turning to Slide 11. Our GAAP net loss before noncontrolling interest was $21.6 million. This compares to a GAAP net loss before noncontrolling interest of $69.8 million in the prior year period. Adjusted EBITDA, a non-GAAP measure, was $8.7 million for Q2, exceeding our expectations and improving by more than $19 million year-over-year. This was driven by stronger revenue, favorable mix toward higher-margin GMP and mRNA discovery as well as continued OpEx discipline. Basic and diluted loss per share in Q2 was $0.08 compared to a loss of $0.27 per share in Q2 2025. Adjusted EPS was a loss of $0.02 compared to a loss of $0.08 per share last year. Moving to the balance sheet and other financial metrics on Slide 12. As Bernd mentioned, in early June, we significantly reduced debt and refinanced our term loan, extending the maturity out to 2032. We ended the quarter with $70.1 million in cash and $147.1 million in debt. Depreciation and amortization was $11.8 million. Net interest expense was $3.7 million and stock-based compensation, a noncash charge, was $10.2 million for the quarter. Turning to segment performance on Slide 13. TriLink represented 67% of total revenue in the quarter and contributed $7 million of adjusted EBITDA, benefiting from high-margin GMP product mix and improved operating leverage. This represents an improvement of more than $14.2 million year-over-year. Within TriLink, mRNA and specifically the GMP consumables and Discovery mRNA categories were the primary growth drivers. Specialty chemistry was steady. CDMO was down year-over-year and in line with our expectations based on the timing of customer programs. Cygnus represented 33% of total revenue and continued to deliver strong profitability. Cygnus generated $11.4 million of adjusted EBITDA with margins of 68%. Cygnus saw steady demand for HCP and ELISA kits and strength in China due to distributor ordering timing. Corporate expenses impacting adjusted EBITDA were $9.7 million in the quarter. These expenses include HR, finance, legal, IT and public company costs. Turning to our guidance on Slide 14. We are maintaining our expected 2026 revenue range of $205 million to $215 million, representing growth of 10% to 16% over 2025. We expect TriLink to grow in the high teens, driven by continued strength in GMP and Discovery mRNA consumables. For Cygnus, we continue to expect low to mid-single-digit growth. We are raising our full year adjusted EBITDA guidance to $33 million to $35 million, representing an improvement of $64 million to $66 million year-over-year, primarily driven by improved performance in TriLink. We continue to see strong demand in higher-margin areas of the portfolio, including GMP consumables, our high-margin mRNA Discovery consumables and key Cygnus product lines. That mix shift, combined with the structural improvements we've made, is driving the outperformance in EBITDA. Additionally, we see further upside in gross margin expansion and now expect greater than 1,400 basis points of improvement, supported by restructuring actions, cost discipline, favorable product mix and a strong first half of the year. The remainder of the guidance framework provided in our Q1 call is unchanged. The adjusted EBITDA guidance raise reflects higher confidence in profitability expectations rather than a change in our prudent revenue assumptions. We are maintaining the expected revenue range because 2 meaningful parts of our business, CDMO and large GMP consumables orders, are program driven by nature. Individual orders can be large and their timing can vary meaningfully quarter-to-quarter. It's simply how these businesses work and our range is sized to reflect it. Overall, we are encouraged by the momentum in the business, improved commercial execution, a more efficient cost structure and favorable mix are driving meaningful financial progress, and we remain confident in our outlook for 2026 and increasingly excited by the longer-term commercial opportunity Bernd described. With that, I'll turn the call back over to the operator for Q&A. Operator: [Operator Instructions] And we'll take our first question from Matt Stanton with Jefferies. Matthew Stanton: Maybe first one, just on the guide. I think you talked about as being prudent. And obviously, there's a lumpy part of the business, but you did a little over $100 million for the base business in the first half. Back half seems to imply that steps down closer to a run rate of mid-40s per quarter from the low 50s you did in the first half. Just talk about kind of line of sight into that, any areas of potential conservatism there as we think about the back half guide, some of the timing dynamics due to projects you talked about? And then can you remind us what you're penciling in for the GMP ModTail in the back half of the year? And then also anything for the recent enzyme launch as well? Bernd Brust: I'll let -- Matt, this is Bernd. I'll let Raj answer most of that as far as the guidance is concerned. I mean, Q3 inherently is a lower revenue quarter in this business. So that's what you're dealing with, certainly in the second half of the year. And the reality is we grew, I think, our GMP business 55% in the second quarter, which is obviously an unusual number. No COVID in there whatsoever. And you just have some variability here. There's a couple of larger deals out there still. I mean a business our size, a couple of hundred million bucks since you have -- it's not unusual to have multimillion dollar type of orders in there. It just unfortunately shifts between quarters at times. There's a couple of deals out there that we'll see where they come in this year or next year, and we'll adjust it accordingly at that point, but we want to be just careful in how we position that. Debra Hart: Raj, do you want to take the ModTail and Enzymes? Rajesh Asarpota: Yes. It's actually just before we go there. So I think like Bernd mentioned on the second half cadence, and like I said in my prepared remarks, our range has a couple of meaningful parts of the business, both again, CDMO and large GMP, which are more program driven by nature. So these orders can be very large, like Bernd said, and the timing is -- can vary meaningfully quarter-over-quarter. So that's just simply how they work. And what we are doing is giving you a prudent guide based on where we see these -- like how this changes. But really kind of it's the timing fits with our customers' program schedules rather than with us. So our practice is not to assume those orders until we can see them. So I just kind of want to emphasize that. And Matt, you had another question on ModTail. Could you repeat that? Matthew Stanton: Just if you're penciling anything in the back half of the year for both the GMP ModTail and also the recent enzyme launch. Bernd Brust: No GMP ModTail in the second half of the year. No, we will release our GMP ModTail in the second half of this year, but we don't expect orders until 2027 for that. Enzyme is launched, enzymes we have our first enzymes order shipped, in fact. But ModTail, it's a little bit too early, right? It's been about a year now since we launched that. It's been great uptick, 125 or so customers so far. And we expect some of that to hit a GMP requirement sometime next year. But first step is for us to make it as a GMP quality product and then sell it in 2027. Matthew Stanton: Okay. And then I appreciate the color on the kind of subsegments within TriLink. Just would love kind of your view on -- as you talked about TriLink having potential for higher growth and maybe some upside, the drivers of that. It sounds like maybe the commercial programs are more '28, '29, earlier biotech funding coming on, maybe that's earlier, we see upside there, some of these bigger product launches taking hold. Just how do we think about kind of the mid-term upside drivers to some of the color you gave in terms of the 5-year CAGRs for the subsegments? Bernd Brust: I think one of the most positive signs in our business that we're seeing incredible uptick in the discovery world, right, at all levels, basic research as well as into later-stage clinical trials, preclinical trials. So the fact that, that business is growing materially, and we see continued growth there that should certainly lead into more GMP opportunities as those programs progress. And so I think short-term, that's where we look at. And again, all the indicators are positive there. So on the commercialization front, yes, obviously, we don't control the speed of what that moves as our customer programs and our customers that are driving that. But from what we see, we expect that sort of in '27, '28 to take place. Rajesh Asarpota: Yes. Maybe I'll add a little bit more there. And I think in the near-term, we expect TriLink to grow at a high single-digit rate. And then it's really again driven by discovery and GMP consumables. And as clinical programs convert into commercial supply, we expect that to move to low double-digit rate. And then ModTail is a lever layered on top of that, that can really create like an inflection point for the business. So the commercial conversion here is a mixed story, which is why we expect margin expansion to also accompany this revenue growth. Operator: We'll take our next question from Subbu Nambi with Guggenheim. Whitney Wolfe: This is Whitney on for Subbu. Wondering if you could share anything about MockV growth in the quarter. And previously, you've had some comments around positive regulatory feedback and the potential for this to replace traditional viral clearance studies. Do you expect any guidance from regulators or any endorsements that could potentially accelerate adoption there? And maybe just how should we think about its contribution to the Cygnus growth this year and next year? Rajesh Asarpota: Yes. We don't really give the MockV growth rates, but it's a small base and is continuing to grow and contribute to Cygnus' growth profile. In terms of regulatory, we just -- it's a little too early to get any intel from that. Operator: We'll take our next question from Matt Hewitt with Craig-Hallum Capital Group. Matthew Hewitt: Maybe first up, congratulations on the record quarter with the new online strategy. I'm just curious how that's kind of playing out relative to your expectations and how we should think about that ramp over the course of this year into next year? Bernd Brust: I'll maybe give a higher-level answer to this, and Raj may make some specific statistics on that. I mean the short answer is it's going much better than we even had anticipated. The adoption is incredible. The number of orders and revenues flowing through now without really any human interaction is pretty significant. Now this largely happens in the smaller discovery world, of course, if somebody places a $0.5 million order, it's hard to kind of assume e-commerce takes that over. But when you look at what we are currently seeing, the largest uptick of orders coming through in TriLink come all through our e-commerce platforms. Rajesh Asarpota: No, I was just going to add to what Bernd said just in terms of top line growth, this whole e-commerce AI strategy is improving our ordering automation. We've got a lot more data-driven customer engagement and predictive analytics. So that's kind of producing into nice commercial opportunities. Bernd Brust: We shared with you, I think, 60 some new customers in the second quarter. A lot of that is driven through e-commerce. Matthew Hewitt: That's great. That's great. And then out of curiosity, so you noted that the CleanCap patent that you received during the quarter. How important was that to, I guess, going after that market in a bigger way, having that patent protection behind you? Was that something that was critical and now you kind of put your foot on the gas? Or were you already kind of going after that market hard and this is just kind of providing a little bit of protection behind the scenes? Unknown Executive: I think the new patent is evidence of the strength of our patent portfolio around the world. I think we are still -- the business in China at the moment is still small, but is a focus of ours as that market continues to develop. Operator: [Operator Instructions] We'll take our next question from Matt Larew with William Blair. Jacob Krahenbuhl: This is Jake Krahenbuhl on for Matt. So I guess, just want to start on the guide, just a quick one. I know it's kind of been touched on, but I just wanted to confirm that the rationale behind not raising it is just purely prudence and not really related to any nuances in end market demand, customer behavior, customer orders slowing or anything around that and really just prudence and understand the -- or appreciate the fact that you're not including any of the big -- or your business is subtle like the big lumpy orders quarter-to-quarter and really just don't want to include that. So yes, I guess I just wanted to confirm. Bernd Brust: That's absolutely true. And I would even add to that. When you look at our run rate business, sort of small to midsized orders, we see significant growth there. And so the revenue guidance we're talking about here is purely driven by larger orders that are purely tied to customer projects. They're not competitive. Rajesh Asarpota: Yes. If you look at all the -- like I may have mentioned before, the underlying demand indicators, whether it's new customer adds that Bernd talked about or our GMP consumables growth, the e-commerce, all of those indicators improved in Q2. So it's really just a function of the variability more than anything else. Jacob Krahenbuhl: Okay. That makes sense. And then yes, I also appreciate the new disclosures around TriLink breaking out the 3 subsegments. That's very helpful. I know you mentioned the external financial reporting has not changed anything, but just kind of wondering if these are areas you plan to continue updating the investor community with on a quarterly basis. And kind of -- I know the base TriLink business has now grown double digits for 3 straight quarters, which is also very good to see. But just wondering if you can kind of touch on what's driving the improved performance and kind of the sustainability of growth here? Is it just as simple as the improved execution and commercial rigor coinciding with improving end markets? Or is there something else there? Bernd Brust: I think you touched on all of it. I mean, yes, the intent is to continue to report and give this visibility to the investor base that we have. And yes, I mean, demand is certainly up, the markets are getting stronger. I think our execution is materially better than it has been in the past. I think our new products and technologies coming to market are helping growth. So I think all those pieces together, the sustainability of that growth in TriLink we feel good about. I think when you look specifically at our CDMO and our GMP business, we talk about it a lot. This is the lumpiness that is just simply the nature of that business, and that has nothing to do with market demand. In fact, our number of clinical trials are growing. We're almost close to 50 customers now, I think, in clinical trials. Each of those customers represent somewhere between 2 and 3 programs. So the volume of customers moving are healthy. And so we feel really good about the underlying markets and how we are positioned in there. Operator: We'll take our next question from Matthew Parisi with KeyBanc Capital Markets. Matthew Parisi: This is Matthew Parisi on for Paul Knight at KeyBanc Capital Markets. You highlighted the incredible uptick in Discovery. And I was wondering if you're seeing that come through from the improved biotech funding? Or is that improved funding not really translating to revenue yet? Bernd Brust: I think funding in general is improving in the segments where we play. And so there's no question that, that's helping out. If you look at the last few years, obviously, it's been one of the toughest cycles in the market segment that we find ourselves, but that certainly is showing a rebound here. The fact that we're seeing growth not just in the later-stage clinical trials, but also basic research is a really good indicator for us. Matthew Parisi: I appreciate the insight. And then last quarter, you flagged that you expected 9 customers to transition to GMP throughout '26 with 2 already converting. I'm wondering if that 9 still holds and then if you see any convert in 2Q. Bernd Brust: Yes. So we're at 6 now. We added 4 in the second quarter. And so yes, we see the 9 for -- the 3 remainder for the year that should be changed. Operator: We'll take our next question from Dan Arias with Stifel. Rohan Walcott: This is Rohan on for Dan. It looks like ModTail went from more than 70 customers in the first quarter to more than 125 in Q2 within a year since launch. If you convert that to dollars, what did ModTail contribute this quarter? And how many of the 125 customers have requested GMP material? Bernd Brust: We won't break out the dollar value for ModTail. This is one level too low. As far as what number of customers, a few customers have requested GMP material. I don't know, Raj, you have an exact number for that, but we expect that there is some number of customers that are going to request GMP material in -- for 2027. We'll be ready sometime later this year to have that material available. Rohan Walcott: Okay. And how much of the 2026 and 2027 revenue plan comes from products launched in the last 24 months? I'm trying to figure out whether the innovation pipeline is genuinely additive or substituting for legacy CleanCap dollars. Bernd Brust: Was it a Cygnus question or was it a TriLink question? Rajesh Asarpota: Yes, I don't [indiscernible] Debra Hart: Yes. I think... Rohan Walcott: Sorry. This is just the overall product -- this is overall like product question within the pipeline, sorry. Bernd Brust: Yes. We're not going to break down revenues coming from new products. I mean ModTail is obviously a driver there and then some things within Cygnus on services are big drivers or will become bigger drivers. And so we're not specifically going into what revenues are coming from newly introduced products. Operator: We'll take our next question from Justin Bowers with Deutsche Bank. Justin Bowers: So just curious what the funnel looks like for GMP. Is there a potential for upside to that, the 9 customers for this year? I mean you're at 6 now. And do you have visibility into 2027 on GMP? Bernd Brust: Well, certainly, there's an opportunity for upside, right? As we talk about being prudent on our revenue because these things can be rather big. That means you can have some -- see some delays, but you also see some things happening. So we like our funnels. They're growing steadily. And so from that perspective, we feel good about where that business is heading. We're not giving guidance yet on '27 yet on what the new incremental customers will be. But I will say where we've seen really throughout this year, we've seen really nice performance in this larger discovery world where that kind of really indicates people getting ready for clinical trials. These are very large preclinical orders, and we've seen nice movement there. And so we feel good about where that funnel is heading. And so there's nothing we see today that would indicate that's not going to continue to grow. Justin Bowers: Appreciate it. And then just on the other end of the spectrum, how about uptake of the e-channel, how that's trending and how that's performing versus sort of what your expectations were when you changed the commercial strategy there? Bernd Brust: Yes. I mean it's doing really well. When you look at the new number of customers, we mentioned sort of in the mid-60s this quarter, that's primarily coming from this earlier stage basic research world. There's some exceptions to that, but the majority are new customers, and a lot of those are acquired through our e-commerce capabilities these days. And with that, we're starting to see nice growth, right? When you look at the basic research segments up until really 6 months ago, that was a struggling market. And we've seen a nice rebound there, both market funding as well as our ability to acquire those customers. And certainly, ModTail is not hurting there either. We're seeing a big uptick in that world of people trying ModTail with the mRNA experiments. Operator: This does conclude our question-and-answer session. I would like to now turn the conference back to Bernd Brust for any closing or additional remarks. Bernd Brust: All right. Well, thanks, everyone. We appreciate the time here. We keep on loving where this business is going, right? TriLink grew 12% year-over-year, great strength in the mRNA business, growth in GMP consumables as well as Discovery. I'm glad everybody appreciates the other insights we're giving in this business to really understand where growth sits within the TriLink business. Cygnus has remained stable, right? It's 3% year-over-year. We've always said mid-single digits. That business is on track for hitting plan this year. We should see a little bit more growth in the second half. But generally, that business is performing the way we expect it to. Another great quarter of execution, right? Great innovation, really, really good commercial momentum, both from large deals and the commercial teams in the field to the e-commerce capabilities that we really have brought on board here. Our profitability continues to get better. There's not been that many questions on this here, but our financial position really has been significantly enhanced. When you look at us recapping the business, our cash position is absolutely amazing. We're good till in the early 30s now. And if you look at the long-term outlook of this business, where great growth in research as well as clinical trials. But as that evolves into commercial, having that balance sheet in place gives us a lot of confidence that we're in here, and we'll work this for many years to come and see a growth coming -- or see our growth getting to where we want it to be when you have multiple commercial programs going live. So we feel confident about the business. We like the quarter. We feel good about the rest of the year. We feel certainly great about the long-term future of the company. We appreciate everybody's time here, and we'll speak to you again next quarter. Operator: Thank you. This brings us to the end of today's meeting. We appreciate your participation. You may now disconnect. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Revenue growth of 9% was primarily fueled by a 12% increase in TriLink, specifically driven by strong demand for GMP consumables and discovery mRNA from large preclinical programs. Management attributes the significant 1,600 basis point expansion in adjusted gross margin to a favorable product mix and the successful completion of a year-long restructuring program. The company has transitioned to a 'built to scale' operating model, where existing state-of-the-art mRNA and GMP enzyme facilities can support future growth with only modest incremental fixed costs. Innovation adoption is accelerating, evidenced by over 125 customers using ModTail technology within one year of launch, including major global pharmaceutical firms. A record 67 new customers were acquired in Q2, largely facilitated by a revamped e-commerce platform and data-driven commercial execution strategies. TriLink is being reframed into three distinct market categories—mRNA, CDMO, and specialty chemistry—with the mRNA business further categorized into Discovery, GMP consumables, and commercial programs to illustrate how early-stage research success seeds future clinical demand. Strategic debt refinancing in June reduced total borrowings by approximately 50% since the start of 2026, extending maturities to 2032 and enhancing financial flexibility. Management maintained the 2026 revenue range of $205 million to $215 million, citing a 'prudent' approach that excludes large, program-driven orders until they are officially secured. Adjusted EBITDA guidance was raised to $33 million to $35 million, reflecting higher confidence in margin flow-through from high-margin GMP and discovery consumables. The launch of GMP-grade ModTail is expected in late 2026, with management anticipating meaningful order contributions to begin in 2027 as customer programs advance. Long-term growth is predicated on the transition of the current non-COVID clinical pipeline into commercial-scale manufacturing, expected to materialize around 2028 and 2029. TriLink is projected to grow at high single-digit rates in the near term, with potential acceleration to low double-digits as clinical programs convert to commercial supply. Revenue remains subject to quarterly variability due to the 'lumpy' nature of large GMP consumable orders and CDMO project timelines which align with customer schedules. The company reported zero COVID-related GMP revenue in Q2, marking a complete transition toward a diversified, non-COVID clinical pipeline. While the China market remains a small portion of total revenue (7%), management is reinforcing its position there through new patents covering the CleanCap capping analogs. Cygnus analytical services involve a longer sales cycle compared to standard kits, though management expects these services to become more meaningful contributors over time. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management explained the range is sized to reflect the inherent variability of large, program-driven orders in the CDMO and GMP segments. They emphasized a policy of not assuming large orders in the forecast until there is clear visibility, despite growing funnels and positive underlying demand indicators. Customer count grew from 70 to over 125 in a single quarter, with several customers already requesting GMP-grade material for future needs. Management clarified that while the GMP version launches later this year, revenue impact is not expected until 2027. Management noted a visible rebound in the market segment, with improved funding translating into growth for both basic research and advanced preclinical screening. The uptick in discovery is viewed as a leading indicator for future GMP demand as these funded programs progress through the development lifecycle. The company added 4 new GMP customers in Q2, bringing the year-to-date total to 6. Management remains confident in reaching their target of 9 customer transitions to GMP by the end of the year.

Interested in Maravai LifeSciences Holdings, Inc.? Here are five stocks we like better. Q2 revenue rose 9% to $51.4 million, led by 12% growth at TriLink and 3% growth at Cygnus. TriLink benefited from stronger discovery mRNA demand, a 55% increase in GMP consumables, and record additions of 67 discovery mRNA customers. Profitability improved sharply as adjusted gross margin expanded to 58.9% and adjusted EBITDA reached $8.7 million, up more than $19 million year over year. Maravai also reduced borrowings to about $150 million and extended its debt maturity to 2032. Maravai maintained 2026 revenue guidance of $205 million to $215 million but raised adjusted EBITDA guidance to $33 million-$35 million. Management cited potential timing variability for large CDMO projects and GMP orders while forecasting continued high-teens TriLink growth and low- to mid-single-digit Cygnus growth. Maravai LifeSciences (NASDAQ:MRVI) reported second-quarter 2026 revenue growth and a sharp improvement in adjusted profitability, while maintaining its full-year revenue outlook and raising its adjusted EBITDA forecast. Revenue for the quarter was $51.4 million, up 9% from the prior-year period. CEO Bernd Brust said the performance extended momentum established in the first quarter, led by demand in TriLink Biotechnologies’ mRNA-related products and continued growth at Cygnus Technologies. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth TriLink revenue increased 12% year over year, while Cygnus revenue rose 3%, its fifth consecutive quarter of growth, according to the company. TriLink accounted for 67% of total revenue during the quarter, and Cygnus represented the remaining 33%. Within TriLink, discovery mRNA revenue increased 17% year over year, supported by demand from larger preclinical programs. GMP consumables revenue rose 55%, driven by large CleanCap clinical orders and the company’s first GMP enzyme order. Maravai said it recorded no COVID-related GMP revenue in the second quarter. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Brust said the company views its discovery mRNA business as an early indicator of future clinical-grade demand, because customers may progress from research and preclinical work into clinical development and subsequently require GMP materials. TriLink added 67 new discovery mRNA customers during the quarter, a record for the company, while its e-commerce platform generated record quarterly revenue. Management said the online channel has supported customer acquisition and ordering automation, particularly among earlier-stage research customers. → Ulta's Growth Is Real, But So Are the Risks The company also said four new customers transitioned to GMP products in the second quarter, bringing the total to six for the year. Management continues to expect nine customer transitions to GMP during 2026, while noting there could be upside depending on customer timing. Maravai introduced a GMP-grade enzyme portfolio during the quarter and shipped its first enzyme order. It also plans to launch GMP-grade ModTail later in 2026, though Brust said the company does not expect orders for that product until 2027. More than 125 customers were actively using ModTail one year after its commercial launch, the company said. Cygnus generated $11.4 million in adjusted EBITDA during the quarter, representing a 68% margin. The business benefited from demand for host cell protein, or HCP, and ELISA kits, as well as distributor-order timing in China, CFO Raj Asarpota said. Cygnus also launched a residual protein A Mix-N-Go kit and continued investing in mass spectrometry analytical services. Management said the services business has a longer sales cycle but is seeing growing customer engagement and repeat business. The company did not disclose specific revenue contribution from its MockV product line, describing it as a small but growing contributor to Cygnus. Maravai’s adjusted gross margin expanded by more than 1,600 basis points from a year earlier to 58.9%. Adjusted EBITDA was $8.7 million, an improvement of more than $19 million year over year, which management attributed to stronger revenue, favorable mix toward higher-margin GMP and discovery mRNA products, and operating-expense discipline. The company reported a GAAP net loss before non-controlling interest of $21.6 million, compared with a $69.8 million loss in the second quarter of 2025. Basic and diluted loss per share was $0.08, improving from a $0.27 loss per share a year earlier. Adjusted loss per share was $0.02, compared with $0.08 in the prior-year period. Maravai ended the quarter with $70.1 million in cash and $147.1 million in debt. In June, the company refinanced its term loan, reduced borrowings to about $150 million, and extended the debt maturity to 2032. Maravai maintained its 2026 revenue guidance of $205 million to $215 million, representing expected growth of 10% to 16% over 2025. The company continues to expect TriLink revenue to grow in the high teens and Cygnus revenue to rise at a low- to mid-single-digit rate. However, the company raised its full-year adjusted EBITDA guidance to $33 million to $35 million, representing an expected year-over-year improvement of $64 million to $66 million. It also now expects adjusted gross-margin expansion of more than 1,400 basis points for the year. Management said it kept revenue guidance unchanged because CDMO projects and large GMP consumables orders can be substantial and their timing depends on customer program schedules. Brust said the company sees growth in smaller and midsized orders and described the revenue outlook as a prudent reflection of potential variability in larger orders. Maravai provided investors with a new framework for assessing TriLink’s operations, separating the business conceptually into mRNA, CDMO and specialty chemistry categories while continuing to report externally through its TriLink and Cygnus operating segments. Excluding COVID-related CleanCap revenue, management said mRNA represents approximately 35% of expected 2026 revenue and is expected to grow at high-single-digit to low-double-digit rates over time. Maravai LifeSciences Holdings, Inc (NASDAQ: MRVI) is a life sciences company specializing in the development and supply of critical reagents and services for the development and manufacture of biologic therapies. The company's offerings support a range of applications in genomics, molecular diagnostics, vaccine development and next-generation sequencing. Maravai's platforms address key challenges in nucleic acid production, protein detection, epigenetic analysis and reagent quality across the biopharmaceutical industry. Through its product portfolio, which includes proprietary mRNA capping reagents, lipid nanoparticle delivery systems, synthetic oligonucleotides and high-precision assay kits, Maravai enables customers to accelerate research and streamline manufacturing workflows. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Maravai LifeSciences Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Second quarter 2026 total revenue up 9% from prior year SAN DIEGO, August 06, 2026--(BUSINESS WIRE)--Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today reported financial results for the second quarter ended June 30, 2026, together with other business updates. Key Financial Results: Quarterly revenue of $51.4 million, Net loss of $(21.6) million, and Adjusted EBITDA of $8.7 million; Full year 2026 Adjusted EBITDA guidance raised to $33 million to $35 million; Reiterating 2026 revenue guidance range of $205 million to $215 million. "Our second quarter results reflect the continued execution of our strategy and the momentum we are building across the business," said Bernd Brust, CEO of Maravai LifeSciences. "Total revenue grew 9% year over year, with TriLink increasing 12% driven by strong demand for both Discovery and GMP consumables. Cygnus delivered 3% growth marking its fifth consecutive quarter of year-over-year growth. We also generated positive Adjusted EBITDA of $8.7 million, demonstrating the operating leverage of our business model and the progress we are making toward sustainable, profitable growth." Brust continued, "During the quarter, we reached an important milestone with the opening of our GMP enzyme manufacturing facility, completing TriLink’s integrated portfolio of IVT raw materials and strengthening our position as a single-source partner supporting customers from early-stage research through commercial manufacturing. We also continued to see strong adoption of our ModTail™ product line which has now grown to more than 125 active customers in just one year since its commercial launch, including many of the world's leading biopharmaceutical companies. As more customer programs advance through clinical development, we believe this differentiated portfolio positions us to capture a larger share of the growing demand for GMP manufacturing materials while creating additional opportunities to participate in the long-term success of our customers’ programs." Second Quarter 2026 Financial Results by Reporting Segment Revenue for the second quarter was $51.4 million, an increase of 8.5% compared to the prior year period, driven by the following: TriLink revenue increased 11.5% year-over-year, with increased demand for research use only (RUO) raw materials used in drug discovery (Discovery mRNA) and GMP products used in clinical trials (GMP consumables). Cygnus revenue increased 2.8% year-over-year, driven by increased demand for Host Cell Protein (HCP) and ELISA kits and strength in China due to distributor ordering timing. Net loss and Adjusted EBITDA (non-GAAP) were $(21.6) million and $8.7 million, respectively, for the second quarter of 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(69.8) million and $(10.4) million, respectively, for the second quarter of 2025. Six Months Ended June 30, 2026 Financial Results by Reporting Segment Revenue for the six months ended June 30, 2026 increased 24.4% compared to the prior year period, driven by the following: TriLink revenue increased 37.3% year-over-year, primarily driven by $14.3 million of high-volume CleanCap orders for commercial phase COVID vaccine programs in Q1 2026. Excluding COVID CleanCap revenue, TriLink base revenue grew 13.4% year-over-year with increased demand for both Discovery mRNA and GMP consumables. Cygnus revenue increased 2.1% year-over-year, driven by demand for HCP, ELISA and DNA detection kits. Net loss and Adjusted EBITDA (non-GAAP) were $(28.0) million and $29.0 million, respectively, for the six months ended June 30, 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(122.7) million and $(21.0) million, respectively, for the same period in the prior year. Updated Financial Guidance for Full Year 2026 Maravai’s financial guidance for the full year 2026 is based on expectations for its existing business and does not include the financial impact of potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is also subject to a number of risks, uncertainties and other factors, including those identified in "Forward-looking Statements" below. Revenue for the full year 2026 is expected to be in the range of $205.0 million to $215.0 million. Adjusted EBITDA (non-GAAP) is now expected to be in the range of $33.0 million to $35.0 million, up from the prior range of $30.0 million to $32.0 million. As it relates to forward-looking Adjusted EBITDA, Maravai cannot provide guidance for the most directly comparable GAAP measure or a reconciliation of this non-GAAP financial measure because it is unable to provide a meaningful or accurate calculation or estimation of certain significant reconciling items without unreasonable effort. Conference Call and Webcast Maravai’s management will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the second quarter of 2026 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial 1-800-579-2543 or 1-785-424-1789 and reference Maravai LifeSciences, Conference ID: MARAVAI. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at https://investors.maravai.com/. Non-GAAP Financial Information This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA and Adjusted fully diluted Earnings Per Share (EPS). Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance from period to period. Maravai defines Adjusted Net Income (Loss) as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Income (Loss) divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock. These non-GAAP measures are supplemental measures of operating performance that are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, as determined in accordance with GAAP. Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance and trends, and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai’s results of operations. These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. About Maravai Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies. For more information about Maravai LifeSciences, visit www.maravai.com. Forward-looking Statements This press release contains, and Maravai’s 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 press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai’s expected revenue and EBITDA performance for the full year 2026; durability of demand for TriLink’s Discovery and GMP consumables; the operating leverage of Maravai’s business model; Maravai’s ability to execute on its strategy to drive sustained, profitable growth; TriLink’s position as a single-source partner supporting customers from early-stage research through commercial manufacturing; continued customer adoption of TriLink’s ModTail™ product line; TriLink’s ability to capture a larger share of the growing demand for GMP manufacturing materials as more customer programs advance through clinical development; Maravai’s participation in the long-term success of our customers’ programs, constitute forward-looking statements and are identified by words like "believe," "expect," "see," "project," "may," "will," "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 management’s current beliefs, expectations and assumptions regarding the future of Maravai’s 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 management’s control. Maravai’s 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 Maravai’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: The level of Maravai’s customers’ spending on and demand for TriLink and Cygnus products and services. Maravai’s operating results are prone to significant fluctuation, which may make Maravai’s future operating results difficult to predict and could cause Maravai’s actual operating results to fall below expectations or any guidance Maravai may provide. Uncertainty regarding the extent and duration of Maravai’s revenue associated with high-volume sales of CleanCap® for commercial phase vaccine programs and the dependency of such revenue, in important respects, on factors outside our control. Shifts in the trade, economic and other policies and priorities of the U.S. federal government, on Maravai and Maravai’s customers’ current and future business operations. Unintended consequences from our recent organizational changes and workforce reduction. Use of Maravai’s 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 Maravai’s customers’ use of its products and services. Competition with life science, pharmaceutical and biotechnology companies who are substantially larger than Maravai and potentially capable of developing new approaches that could make Maravai’s products, services and technology obsolete. The potential failure of Maravai’s products and services to perform as expected and the reliability of the technology on which Maravai’s products and services are based. Maravai’s use of Artificial Intelligence technologies, including Machine Learning, and business, compliance and reputational challenges that may result from such use. The risk that Maravai’s products do not comply with required quality standards. Market acceptance of Maravai’s life science reagents. Maravai’s ability to efficiently manage its strategic acquisitions and organic growth opportunities. Natural disasters, geopolitical instability (including ongoing military conflicts) and other catastrophic events. Risks related to Maravai’s acquisitions, including whether Maravai achieves the anticipated benefits of acquisitions of businesses or technologies. Product liability lawsuits. Maravai’s dependency on a limited number of customers for a high percentage of its revenue and Maravai’s ability to maintain its current relationships with such customers. Maravai’s reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of Maravai’s raw materials and the risk that Maravai may not be able to find replacements or immediately transition to alternative suppliers. The risk that Maravai’s products become subject to more onerous regulation by the U.S. Food and Drug Administration or other regulatory agencies in the future. Maravai’s ability to obtain, maintain and enforce sufficient intellectual property protection for Maravai’s current or future products. The risk that a future cyber-attack or security breach cannot be prevented. Maravai’s ability to protect the confidentiality of Maravai’s proprietary information. The risk that one of Maravai’s products may be alleged (or found) to infringe on the intellectual property rights of third parties. Compliance with Maravai’s obligations under intellectual property license agreements. Maravai’s or Maravai’s licensors’ failure to maintain the patents or patent applications in-licensed from a third party. Maravai’s ability to adequately protect Maravai’s intellectual property and proprietary rights throughout the world. Maravai’s existing level of indebtedness and Maravai’s ability to raise additional capital on favorable terms. Maravai’s ability to generate sufficient cash flow to service all of Maravai’s indebtedness. Maravai’s potential failure to meet Maravai’s debt service obligations. Restrictions on Maravai’s current and future operations under the terms applicable to Maravai’s credit agreement. Maravai’s dependence, by virtue of Maravai’s principal asset being its interest in Maravai Topco Holdings, LLC ("Topco LLC"), on distributions from Topco LLC to pay Maravai’s 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 Maravai’s shareholders and Maravai Life Sciences Holdings, LLC ("MLSH 1"), the only other member of Topco LLC, and impede business decisions that could benefit Maravai’s shareholders. The substantial future cash payments Maravai may be required to make under the Tax Receivable Agreement to MLSH 1 and Maravai Life Sciences Holdings 2, LLC ("MLSH 2"), an entity through which certain of Maravai’s former owners hold their interests in the Company and the negative effect of such payments. The fact that Maravai’s organizational structure, including the TRA, confers certain benefits upon MLSH 1 and MLSH 2 that will not benefit Maravai’s other common shareholders to the same extent as they will benefit MLSH 1 and MLSH 2. Maravai’s ability to realize all or a portion of the tax benefits that are expected to result from the tax attributes covered by the Tax Receivable Agreement. The possibility that Maravai will receive distributions from Topco LLC significantly in excess of Maravai’s tax liabilities and obligations to make payments under the Tax Receivable Agreement. Factors that could lead to future impairment of Maravai’s goodwill and other amortizable intangible assets. Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of Maravai’s income or other tax returns. Maravai’s ability to design and maintain effective internal control over financial reporting in the future. The fact that investment entities affiliated with GTCR, LLC currently control a majority of the voting power of Maravai’s outstanding common stock, and it may have interests that conflict with Maravai’s or yours in the future. Risks related to Maravai’s "controlled company" status within the meaning of the corporate governance standards of NASDAQ. The potential anti-takeover effects of certain provisions in Maravai’s corporate organizational documents. Potential sales of a significant portion of Maravai’s outstanding shares of Class A common stock. Potential preferred stock issuances and the anti-takeover impacts of any such issuances. Such other factors as discussed throughout the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Maravai’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission. Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260806066067/en/ Contacts Deb HartMaravai LifeSciences+ 1 [email protected]

Image source: The Motley Fool. May 7, 2026 Chief Executive Officer — Bernd Brust Chief Financial Officer — Rajesh Asarpota Chief Scientific Officer — Chanfeng Zhao Investor Relations — Debra Hart Need a quote from a Motley Fool analyst? Email [email protected] Debra Hart: Good afternoon, everyone. Thanks for joining us for our first quarter 2026 earnings call. The press release and slides accompanying today's call are posted on our website and available at investors.maravai.com. As you can see from the agenda on Slide 2, our CEO, Bernd Brust, will provide a business update and our CFO, Rajesh Asarpota, will review our financial results. Chanfeng Zhao, our Chief Scientific Officer, will join us for the Q&A session. Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It is possible that actual results could differ from expectations. We refer you to Slide 3 for details on forward-looking statements and our use of non-GAAP financial measures. The press release provides reconciliations to the most directly comparable GAAP measures and we also post reconciling schedules to our investor website. Please also refer to Maravai LifeSciences Holdings, Inc.’s SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance, and financial condition. Now I will turn the call over to Bernd. Good afternoon, and thank you for joining us. Bernd Brust: We are very pleased with our first quarter performance, which represents a strong start to 2026 and builds on the momentum we exited with last year. The quarter results reflect solid execution across the business and reinforce our confidence in the trajectory we outlined on our call in February. Turning to Slide 5, we delivered total Q1 revenue of $65.8 million. That is 41% year-over-year growth, and 10% year-over-year growth in our base business when you exclude COVID-related CleanCap revenue. This performance was driven by improved TriLink demand, steady contribution from Cygnus, and continued progress against our strategic priorities. TriLink revenue grew 65% year over year, with base business growth of 15%, supported by strong demand in both GMP and discovery consumables. At Cygnus, revenue grew a little more than 1% year over year. We saw solid underlying momentum with high single-digit growth in North America and low single-digit growth in EMEA, reinforcing our confidence in the positioning of the business. This was partially offset by lower contribution from China due to distributor ordering timing. From a profitability standpoint, we delivered adjusted gross margin of 65.3% and adjusted EBITDA of $20.3 million. These results reflect the benefit of higher revenue, favorable product and customer mix, and the cost disciplines we have implemented across the organization. We also generated $4.2 million of positive free cash flow in the quarter, which is the first time the company has been cash flow positive since 2024. We see this as another clear indication that the structural improvements we have made are taking hold. Given our strong start to the year and improved visibility into the balance of 2026, we are increasing the range for our full-year revenue expectations and substantially raising our EBITDA guidance. Raj will walk through that in more detail shortly. Now let us turn to Slide 6 for an update on our performance against our three strategic pillars: commercial execution, operational excellence, and, of course, innovation. Starting with commercial execution, we are seeing strong momentum across the business. Our increased focus on customer engagement is translating into better forecasting, improved visibility, and stronger order conversion. We are securing more annual and multi-quarter purchase orders, which is improving the stability and predictability of our revenue base. This is a meaningful shift from where we were a year ago and reflects the effectiveness of the changes we have made in our commercial go-to-market approach. That said, our business has a disproportionate number of large orders that can result in quarter-over-quarter performance variation. Large orders tend to align with customer program progression, and as a result, revenue can vary between periods. What gives us confidence is not the timing of any single order, but the strength and continued expansion of the underlying opportunity funnel. Within TriLink, our portfolio now spans enabling technologies such as CleanCap and Motto, along with custom and catalog mRNA enzymes, oligonucleotides including guide RNAs, and a broad range of nucleotide chemistries, including NTPs. This breadth allows us to participate more deeply across the mRNA and gene therapy workflows. We also recently launched all-in-one IVT kits, which simplify the production of capped RNA and provide early-stage researchers with easier access to our platform. At TriLink, our model continues to work as intended. We establish relationships early in discovery, embed our technologies in customer workflows, and then grow with those programs as they advance into GMP. Mentions of TriLink technologies in scientific publications remain strong, underscoring their role in customer workflows, which we view as an important leading indicator of future demand. A key highlight in the quarter is the continued adoption of Motto. We now have more than 70 customers using this technology across both large pharmaceutical companies and emerging biotechs. We are seeing growth in new customers, repeat orders, and increasing use across multiple applications. We also see continued strength in our GMP funnel, with GMP customers expected to grow 22% in 2026, representing nine existing RUO customers transitioning to GMP customers, two of which we have already converted this year. Many of these programs are progressing into later clinical stages, which supports the durability of the demand as a long-term GMP supplier. At Cygnus, we saw growth from our newer DNA quantification and extraction kits, as well as from our MockV product offering. These product lines extend us beyond our traditional HCP franchise into adjacent applications. While still early, we are encouraged by the traction we are seeing as customers look for high-quality analytical tools across their development and manufacturing workflows. And finally, at Cygnus, our kits continue to play a critical role in the market with a 100% attach rate supporting the safety testing of all 29 of the 29 FDA- or EMA-approved CAR T cell and gene therapies. Now turning to operational excellence. This remains a core focus and a key driver of our improved financial performance. The restructuring actions we implemented last year continue to deliver results, and we now expect to achieve more than $65 million in annual EBITDA savings. These savings span labor, facilities, and controllable spend and are creating a more efficient and scalable cost structure. This is clearly reflected in our margins. We are benefiting from both cost discipline and a favorable product mix, particularly as higher-margin GMP consumables represent a larger portion of our revenue. At the same time, our operating model is now positioned to absorb incremental volume without significant increases in fixed costs, supporting continued margin expansion as we grow revenue. We are also making progress on our digital and operational initiatives. Our e-commerce channel continues to expand, with more customers placing orders directly through our platform, improving speed and efficiency. In Q1, our website delivered record revenue, reflecting both improved customer engagement and the scalability of our digital platform. Finally, turning to R&D. Our focus remains on translating innovation into revenue and strengthening our competitive position across our customers' workflows. At TriLink, we are making strong progress on our enzymes portfolio. Our GMP facility has now been completed, and we expect to launch GMP-quality enzymes this quarter. Early customer engagement has been encouraging, and we see this as an important extension of our capabilities. With Motto, we are building on the strong discovery adoption and expect to launch GMP-grade Motto later this year. We are already seeing customer demand for GMP material to support clinical programs. This is a clear example of how our innovation pipeline feeds future revenue growth. More broadly, our portfolio continues to diversify across custom mRNA, kits, and catalog mRNA, complementing our existing CleanCap and oligo product lines. This strengthens our position and reduces reliance on any single product or customer. At Cygnus, in addition to host cell protein assays, which remain the gold standard for clinical and commercial drug product lot release, we now offer an expanded suite of HCP analytical services utilizing advanced mass spectrometry methods and state-of-the-art instruments. These innovative analytical capabilities deliver critical insights to customers throughout drug development and into commercialization, helping ensure their products remain safe and effective. We continue to invest in and expand our IP portfolio across our core platforms, including CleanCap, Motto, and Cygnus assays. During the first quarter, TriLink received two additional European patents, including one further strengthening protection around our CleanCap technology and methods for synthesizing RNA. In addition, Cygnus was granted a new U.S. patent related to its MVP mock viral particle technology, supporting our assay and analytical capabilities. In summary, the first quarter represents an incredible start to the year. We are executing well across all three pillars: driving commercial momentum, delivering operational discipline, and advancing innovation. The fundamentals of the business are strong, and we believe we are well positioned for continued growth, margin expansion, and cash generation in 2026 and beyond. I will now ask Rajesh to provide details on our first quarter performance and our updated guidance. Rajesh? Rajesh Asarpota: Thank you, Bernd. Building on Bernd's comments, the first quarter reflects solid execution across both segments with improving base demand and strong margin flow-through. I will focus on the key drivers behind the quarter, including revenue composition, profitability, and our updated outlook. Let me start with a closer look at revenue on Slide 8. Our business remains well diversified across end markets. Base revenue by customer type was 32% biopharma, 31% life sciences and diagnostics, 4% academia, 7% CRO/CMO/CDMO, and 26% distributors. By geography, base revenue was 60% North America, 25% EMEA, 8% Asia Pacific excluding China, and 7% in China. Turning to Slide 9, our GAAP net loss before non-controlling interest was $6.4 million. This compares to a GAAP net loss before non-controlling interest of $52.9 million in the prior-year period. Adjusted EBITDA, a non-GAAP measure, was $20.3 million for Q1, exceeding our expectations and improving by more than $30 million year over year. This was driven by stronger revenue, favorable mix toward high-margin GMP and discovery consumables, and high-margin contribution from COVID CleanCap. Basic and diluted loss per share in Q1 was $0.02 compared to a loss of $0.21 per share in Q1 2025. Adjusted EPS was positive $0.01 compared to a loss of $0.08 per share last year. Moving to the balance sheet, cash flow, and other financial metrics on Slide 10, we ended the quarter with $165.9 million in cash, and $242.9 million in long-term debt following the voluntary $50 million debt repayment during the quarter. We generated $4.2 million of positive free cash flow reflecting improved EBITDA and disciplined capital management. Depreciation and amortization was $11.4 million, net interest expense was $3.9 million, and stock-based compensation, a noncash charge, was $6.7 million for the quarter. Turning to segment performance on Slide 11, TriLink represented 72% of total revenue in the quarter. Excluding COVID CleanCap, TriLink represented 64% of total revenue with base growth of 15%. TriLink was a primary driver of adjusted EBITDA improvement, benefiting from high-margin product mix and improved operating leverage. The segment generated $17.3 million of adjusted EBITDA, representing an improvement of more than $26 million year over year. Cygnus represented 28% of total revenue, or 36% of base revenue, and continued to deliver strong profitability. Cygnus generated $13.6 million of adjusted EBITDA with margins of 73.8%. Corporate expenses impacting adjusted EBITDA were $10.5 million in the quarter. These expenses include HR, finance, legal, IT, and public company costs. Turning to our updated guidance on Slide 12, our outlook reflects a strong first quarter and increased confidence in the base business trajectory. We are raising our revenue range to $205 million to $215 million, representing growth of 10% to 16% over 2025. We expect TriLink to grow in the high teens driven by continued strength in GMP consumables and a return to growth in discovery. We do not currently expect additional high-volume COVID CleanCap revenue in 2026; however, we continue to view $10 million to $20 million of annual endemic demand as a reasonable baseline longer term. For Cygnus, we continue to expect low- to mid-single-digit growth, and we view the Q1 softness in China as timing-related. We are substantially raising our full-year adjusted EBITDA guidance to $30 million to $32 million, representing an improvement of $61 million to $63 million year over year, supported by restructuring actions, cost discipline, and favorable product mix. The remainder of our guidance framework we provided on the February call is unchanged. Importantly, we expect to generate positive free cash flow for the remainder of the year, representing a meaningful improvement from 2025. Overall, we are encouraged by the momentum in the business. Improved commercial execution, a more efficient cost structure, and favorable mix are driving meaningful financial progress, and we remain confident in our outlook for 2026. With that, I will turn the call back over to the operator for Q&A. Operator: Thank you. We will now open the call for questions. To leave the queue at any time, please press 2. Once again, that is 1 to ask a question. Please limit yourself to one question and one follow-up. We will pause for just a moment to allow everyone a chance to join the queue. Thank you. We will take our first question from Matthew Gregory Hewitt with Craig-Hallum Capital Group. Please go ahead. Your line is open. Matthew Gregory Hewitt: Well, congratulations on a very nice start to the year. Maybe first up, and real high level, I am just curious what you are seeing from your pharma customers both segmented large versus small, and your expectations for those two groups as the year progresses. Obviously, the funding has improved, and there has been a lot of talk about that. But what are you seeing from a spending perspective for the smaller pharma and biotech group? And then, speaking to China, obviously there is a little bit of an order timing issue there, but it sounds like that is going to pick up. As a whole, when you look at the year, is China starting to come back, or what are you seeing? Bernd Brust: Thanks for the comment, Matt. When we look at that group, it is kind of consistent across the board. Big pharma has been very healthy, specifically with some larger discovery orders. Smaller biotech and smaller pharma have been pretty consistent as well. I think the area where we still see the most significant softness is in the academic research world. That is not a huge part of our revenue any longer, but when it comes to pharma and biotech, it is pretty consistently healthy. When you look at our Cygnus business in China, we have one distributor who represents us there. They are a solid company. We are certainly continuing to explore other commercialization options there. Rajesh and Chanfeng were in China last week for both Cygnus and TriLink. So we look at China for this year probably still as a mid-single-digit growth engine, and I think we should be able to get there. The challenge is a little bit that these are all larger orders, and there is not really any run-rate modeling behind that. But we feel good in general about where that is sitting. On the TriLink front, we really have not done much business in China. It was actually the main purpose for being in China last week. We had some great interactions with customers there. I think you are going to see some progression happening there over the next months to come. China as a whole, revenue-wise, is not a super critical component of the business, but certainly something we are going to continue to work on enhancing. Thank you very much. Operator: We will now move on to Matthew Jay Stanton with Jefferies. Your line is open. Matthew Jay Stanton: Thanks. Maybe to go back to the demand question, just the base TriLink business mid-teens growth year over year. Can you unpack the demand a little bit more of what you saw in discovery versus GMP? I think you said you expect GMP to grow over 20% for the year. Did you see that here in Q1? And then last quarter you sounded pretty upbeat on order trends and funnel activity. How did that trend for the rest of Q1 and into Q2 in terms of future demand indicators? Any color on funnel and order activity as well for discovery and GMP would be helpful. And then a follow-up on Motto: how is that tracking to expectations with 70 customers, new customers, repeat orders, and the scope to launch GMP in the back half of the year? How meaningful is that, and was that accelerated based on activity levels? Rajesh Asarpota: Hey, Matt. Thanks for the question. When you look at TriLink, like we said, base grew 15%. While Q1 base growth was strong, as you extrapolate for the balance of the year, there is some variability in larger GMP orders. We characterize the underlying growth in the second half in TriLink to be in the low- to mid-single digits. We remain very positive on the longer-term trajectory as we look for more consistent growth. On the R&D side, Motto is a particular call-out that is starting to get good traction. We have seen revenues from last year into this year steadily climbing, and as that starts to turn into GMP level in the second half, we should see some more positive growth as these programs get traction toward the end of the year and into next year. Bernd Brust: On Motto specifically, 70 customers is a pretty big number. The dollar amount is right in line with what we had expected for the whole year, and it is still a fairly small portion of our total revenues, of course, being a newly launched product. But the fact that we have some larger customers already asking for GMP-quality product is pretty unique so early after launch. We are moving quickly on that based on early customer indications. I do not think GMP consumables for Motto will have a material impact in 2026, but if you start seeing demand there, it should set us up for a very nice 2027 for that product line. Operator: We will move next to Justin D. Bowers with Deutsche Bank. Your line is open. Please go ahead. Justin D. Bowers: Hi. Good afternoon, everyone. Can you talk about the funnel and how that is shaping up? Any metrics around growth there and RFPs over the last few quarters or months? And what are you seeing in terms of decision timelines—any change in velocity? Bernd Brust: Let me give a high-level comment, and then I will let Rajesh add details. On the GMP front, the funnels continue to be good. We pointed out earlier that we have nine or so new discovery customers that are moving into clinical trials. Two have already started this year, and we expect the remainder to start over the balance of the year. That funnel is fairly easy to manage because it has a long outlook, so we have a pretty good grasp on what is happening there, and it is good growth for the remainder of this year. On the larger discovery orders, velocity has been great—faster than we had expected. Customers that we were expecting to buy later in the year bought earlier in the year. Hopefully, that is a good indication around them accelerating their experiments and further growth moving forward. The challenge is that the average sales cycle there is two to three months. With GMP, we know in advance what is going to happen. In the large discovery segment, we do not quite grasp yet what is going to happen in Q3 and Q4 given the shorter sales cycle. The trajectory has been great. We see no reason why that should not continue based on what we are seeing so far this year. Rajesh Asarpota: Maybe on discovery, if you segment those under $15 thousand and greater than $15 thousand orders: under $15 thousand are predominantly academic and early-stage research, and that segment is still recovering but consistent with the broader funding environment. We did see modest growth there in Q1. Greater than $15 thousand discovery orders are dominated by biopharma and biotech development programs, and those are seeing really healthy growth like Bernd said. Operator: We will move on now to Subhalaxmi T. Nambi with Guggenheim. Your line is open. Please go ahead. Subhalaxmi T. Nambi: Thank you for taking my question. How did the CDMO customer orders perform in the quarter, particularly for Cygnus? And when we think of Maravai LifeSciences Holdings, Inc. and look at leading indicators, where should investors lean? Smaller biotech working on biologics, cell and gene therapy companies, or the broader bioprocessing end market? Bernd Brust: On CDMO, for TriLink that business is fairly steady. We have a couple of great programs in there. It is still a small part of our business. As we shared last year, we restructured that organization a bit to control our costs. The programs that are there are doing well, but given the small base, there is lumpiness. We do not break out CDMO specifically within Cygnus. As for leading indicators, I would go with your last suggestion: the whole bioprocessing end market. Health across the board is getting much better. The weakness we still see—though it is a small part of our business—is in the academic and smaller research world. Operator: We will move on to Matthew Moriarty Parisi with KeyBanc Capital Markets. Your line is open. Please go ahead. Matthew Moriarty Parisi: Hi. This is Matthew Parisi on for Paul Knight. Congrats on the quarter, and thanks for taking my question. As a percentage of revenue, APAC decreased pretty meaningfully in the quarter compared to the fourth quarter. What drove that change, and is that a trend that we should expect for the rest of 2026? And then, how has engagement been with the new mRNA builder on the website? Bernd Brust: On APAC mix, my guess is that is largely through Cygnus. There is not a lot of TriLink activity in that part of the world. Rajesh Asarpota: On Cygnus and APAC, we talked about China, and we also saw some softness in South Korea. Importantly, the current softness we saw in the first quarter is really distributor ordering pattern and not end-customer driven. We typically have good line of sight to end demand, and that is not impacted. This is purely a timing issue, so we do not see any significant shift for the balance of the year, and we feel good about recovering the demand. On the mRNA builder and e-commerce, engagement has been great, though it is early days. We saw the highest increase in online activity this quarter, and total e-commerce revenue is still under 10% of the business, so there is a long runway. We have seen our first non-contact orders coming through, and we are optimistic it will be a big driver, especially as the academic world bounces back, allowing us to serve those customers efficiently. Operator: Star 1 on your keypad now. We will now move on to Analyst with Stifel on behalf of Daniel Arias. Your line is open. Analyst: Hey, guys. This is Rohan on for Dan. Last year you were pretty adamant that high-volume CleanCap visibility was near zero without binding purchase orders, and today you have pinned the COVID-19 revenue at exactly $14.3 million. What specifically changed in your forecasting methodology or customer contracts that allows for this level of precision now? And you raised the midpoint of adjusted EBITDA guidance by $12 million or so while only raising revenue by $5 million. Aside from the restructuring savings, how much of this change is driven by higher-margin mix from Motto or the GMP enzymes versus pure cost cutting? And one more: with GMP enzymes launched in Q2, how much of the 2026 guidance raise is contingent on this launch, and do you have any preorders in place? Bernd Brust: I think that is a misunderstanding. We shared last year that we expect COVID in 2026 to be between $10 million and $20 million, and we expect that to be the same number moving forward as a baseline. We received orders, and $14.3 million is the revenue that came in. We do not expect any other orders for the rest of the year. We did not say we would not have any further COVID-related orders in 2026—we said that for 2025. Rajesh Asarpota: On EBITDA, in Q1 we saw EBITDA disproportionately tied to revenue. We are seeing great benefits from our commercial strategy focusing on high-value customers and programs. We have improved price discipline and managed the longer tail of lower-value transactions. That, coupled with a favorable mix on higher-margin GMP and higher-value discovery orders, is improving the quality of revenue and EBITDA flow-through. On top of that, our operating expenses are tracking to plan, and the cost reset from the restructuring is fully embedded and continuing to deliver savings. Bernd Brust: It is fair to say there is a little risk in some of our lower-margin service businesses that are project-based. If you see some softness there, it will not impact our margins in a material way. Product mix is a material driver of why we are seeing such strong EBITDA performance. Rajesh Asarpota: On GMP enzymes, zero percent of the revenue guidance raise is contingent on the launch. We had assumed this would happen. We have orders in hand for GMP enzymes. We are running our engineering runs at the moment and expect to start delivering GMP orders toward the end of this quarter into early next quarter. Operator: We will now move on to Matthew Richard Larew with William Blair. Your line is open. Matthew Richard Larew: Hi. Good afternoon. With the new team in place, the focus has been on restructuring, rightsizing, and improving operational health, and the business clearly has turned a corner as markets improve. You mentioned being over in China recently to talk about TriLink—some new business development opportunities—as well as benefits from the website in terms of record sales and new product launches upcoming. As you think about shifting the organization’s trajectory from restructuring and rightsizing to attacking new growth opportunities, what areas are the highest return or more near-term things that you can do as the market recovers and customers, fingers crossed, continue to spend more? Bernd Brust: Great question. First, I would like to thank the team we put together last summer. They combined focus on restructuring with a parallel focus on how we commercially grow this business again. On the product front, you saw a great example from our R&D team with the launch of Motto and the strong response to that product. On the commercial front, the restructured organization is bringing these products to customers effectively, with more than 70 customers in place already. The restructuring has happened in parallel with the commercial effort, and that is why you are seeing results. As for where we see the biggest wins, clearly there is a lot of uptick with big pharma, small pharma, and biotech in large discovery. Our commercial teams are seeing a lot of interaction there. The bet is that much of that effort leads into future GMP activities as these programs enter clinical trials—that is our model: seed discovery consumables that convert into GMP consumables. Geographically, we have focused the majority of our time between North America and EMEA. You will start seeing an increased shift toward Asia. There are opportunities we have not captured yet. It is a little early to talk specifics, but that is an area we will lean into. Operator: And our final question will be from Matthew Gregory Hewitt with Craig-Hallum. Your line is open. Mr. Hewitt, you may want to check your mute switch. Your line is open. Debra Hart: With Matt not on the line, why do we not turn it back to Bernd for some closing remarks? Bernd Brust: Thank you, Debra. I will keep this short. Thanks, everybody, for taking the time today to listen to our Q1 results and for the great questions. We feel great about where the business is heading. When we came in last year and brought changes forward, that always leaves some concern for instability, and we really have not seen any of that. I have commented on positive momentum in the market, specifically in pharma and biotech, which is our bread and butter. It was a great Q1; we feel absolutely solid about the remainder of this year, and we feel great about the market. On Asia, there is opportunity for us rather than downside because our exposure is not that great there yet. All in all, we feel great about the business, appreciate your support, and look forward to speaking again in about three months. Operator: Thank you. This brings us to the end of today’s meeting. We appreciate your time and participation. You may now disconnect. Before you buy stock in Maravai LifeSciences, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Maravai LifeSciences wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $471,827!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,319,291!* Now, it’s worth noting Stock Advisor’s total average return is 986% — a market-crushing outperformance compared to 207% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. 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Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance was driven by a 41% year-over-year revenue increase, supported by a 15% growth in TriLink's base business and steady contributions from Cygnus. Management attributed the return to positive free cash flow—the first since Q3 2024—to structural improvements, cost discipline, and a favorable shift toward high-margin GMP consumables. The commercial strategy has pivoted toward securing multi-quarter purchase orders, which management believes is improving revenue predictability compared to the prior year. TriLink's growth is being fueled by a 'land and expand' model where technologies are embedded in early discovery workflows and transition into GMP as programs advance. Operational excellence initiatives, including a major restructuring, are now expected to yield over $65 million in annual EBITDA savings across labor and facilities. Market dynamics show healthy demand from large pharma and biotech, while the academic research segment remains the primary area of continued softness. Full-year revenue guidance was raised to $205 million–$215 million, assuming high teens growth for TriLink driven by GMP consumables and a recovery in Discovery. EBITDA guidance was substantially increased to $30 million–$32 million, reflecting improved visibility into high-margin product mix and sustained cost savings. Management expects to launch GMP-quality enzymes and GMP-grade ModTail in the coming quarters to capture clinical-stage demand. The guidance framework assumes no additional high-volume COVID CleanCap revenue in 2026, though $10 million to $20 million is viewed as a long-term endemic baseline. The company anticipates generating positive free cash flow for the remainder of the year, supported by greater than 1,300 basis points of gross margin expansion. Management flagged that the business remains subject to quarter-over-quarter variation due to a disproportionate number of large orders tied to customer program milestones. China revenue experienced temporary softness due to distributor ordering timing rather than underlying end-customer demand shifts. A voluntary $50 million debt prepayment was made during the quarter to optimize the balance sheet following improved cash generation. Intellectual property was strengthened with two new European patents for CleanCap and a new U.S. patent for Cygnus's mock viral particle technology. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. ModTail is performing above expectations with over 70 customers, and revenue is already in line with full-year internal targets. While not expected to be a material revenue driver in 2026, early demand for GMP-grade material from large pharma sets a strong foundation for 2027. The GMP funnel is highly predictable with nine RUO customers expected to transition to GMP in 2026, two of which have already converted. Large discovery orders are seeing faster-than-expected velocity, though the short 2-3 month sales cycle limits long-term visibility into late 2026. Management recently visited China to explore expanding TriLink's footprint, which currently has minimal presence compared to Cygnus. The company views China as a mid-single-digit growth engine for the year, with current softness attributed to timing rather than structural market issues.

First quarter 2026 total revenue up 41% from prior year Base revenue excluding revenue for high-volume CleanCap for commercialized COVID-19 vaccines up 10% from prior year SAN DIEGO, May 07, 2026--(BUSINESS WIRE)--Maravai LifeSciences Holdings, Inc. (Maravai) (NASDAQ: MRVI), a global provider of life science reagents and services to researchers and biotech innovators, today reported financial results for the first quarter ended March 31, 2026, together with other business updates. Key Financial Results: Revenue of $65.8 million, Net loss of $(6.4) million, and Adjusted EBITDA of $20.3 million; Returned to positive free cash flow, generating $4.2 million in the quarter; and Increased full year 2026 Revenue and Adjusted EBITDA guidance. "2026 is off to a strong start, driven by improving demand in our core TriLink base business and continued strength across our higher-margin portfolio," said Bernd Brust, CEO of Maravai LifeSciences. "TriLink base, non-COVID revenue grew 15% year over year, while total TriLink revenue grew 65%. Our disciplined focus on the cost structure and operational efficiency translated this revenue growth into meaningful EBITDA expansion and positive free cash flow, reflecting the structural improvements taking hold across the business." Brust continued, "With solid first quarter performance and improving visibility into the balance of the year, we are raising our full-year revenue and EBITDA guidance. We remain confident in our strategy to drive sustained, profitable growth and long-term value creation." Revenue for the First Quarter 2026 First Quarter 2026 Financial Results by Reporting Segment Revenue for the first quarter was $65.8 million, an increase of 40.5% compared to the prior year period, driven by the following: TriLink revenue was $47.5 million, increasing 65.1% year-over-year, primarily driven by $14.3 million of high-volume CleanCap orders for commercial phase COVID vaccine programs. Excluding COVID CleanCap revenue, TriLink base revenue grew 15.4% year-over-year with strength in both Discovery and GMP consumables. Cygnus revenue was $18.4 million, increasing 1.4% year-over-year, driven by strong demand in North America and EMEA, partially offset by lower contribution from China due to distributor ordering timing. Net loss and Adjusted EBITDA (non-GAAP) were $(6.4) million and $20.3 million, respectively, for the first quarter of 2026, compared to net loss and Adjusted EBITDA (non-GAAP) of $(52.9) million and $(10.5) million, respectively, for the first quarter of 2025. Updated Financial Guidance for Full Year 2026 Maravai’s financial guidance for the full year 2026 is based on expectations for its existing business and does not include the financial impact of potential new acquisitions, if any, or items that have not yet been identified or quantified. This guidance is also subject to a number of risks, uncertainties and other factors, including those identified in "Forward-looking Statements" below. Revenue for the full year 2026 is now expected to be in the range of $205.0 million to $215.0 million, up from the prior range of $200.0 million to $210.0 million. Adjusted EBITDA (non-GAAP) is now expected to be in the range of $30.0 million to $32.0 million, up from the prior range of $18.0 million to $20.0 million. As it relates to forward-looking Adjusted EBITDA, Maravai cannot provide guidance for the most directly comparable GAAP measure or a reconciliation of this non-GAAP financial measure because it is unable to provide a meaningful or accurate calculation or estimation of certain significant reconciling items without unreasonable effort. Conference Call and Webcast Maravai’s management will host a conference call today at 2:00 p.m. PT/ 5:00 p.m. ET to discuss its financial results for the first quarter of 2026 and other business updates. To participate in the conference call by telephone, approximately 10 minutes before the call, dial 1-800-343-5172 or 1-203-518-9856 and reference Maravai LifeSciences, Conference ID: MARAVAI. The call will also be available via live or archived webcast on the "Investors" section of the Maravai web site at https://investors.maravai.com/. Non-GAAP Financial Information This press release contains financial measures that have not been calculated in accordance with accounting principles generally accepted in the U.S. (GAAP). These non-GAAP measures include: Adjusted EBITDA, Adjusted fully diluted Earnings Per Share (EPS) and free cash flow. Maravai defines Adjusted EBITDA as net income (loss) before interest, taxes, depreciation and amortization, certain non-cash items and other adjustments that we do not consider representative of our ongoing operating performance including, as applicable: (i) incremental costs incurred to execute and integrate completed acquisitions, and associated retention payments; (ii) non-cash expenses related to share-based compensation; (iii) expenses incurred for acquisitions that were pursued but not consummated (including legal, accounting and professional consulting services); (iv) impairment charges; (v) restructuring costs; (vi) severance payments; and (vii) inventory step-up charges in connection with completed acquisitions. Maravai defines Adjusted Net Income (Loss) as tax-effected earnings before the adjustments described above, and the tax effects of those adjustments. Maravai defines Adjusted fully diluted EPS as Adjusted Net Income (Loss) divided by the diluted weighted average number of shares of Class A common stock outstanding for the applicable period, which assumes the proforma exchange of all outstanding units of Maravai Topco Holdings, LLC (paired with shares of Class B common stock) for shares of Class A common stock. Maravai defines free cash flow as operating cash flow less purchases of property and equipment. Adjusted EBITDA and Adjusted fully diluted EPS are supplemental measures of operating performance, and free cash flow is a supplemental liquidity measure. These non-GAAP measures are not prepared in accordance with GAAP and do not represent, and should not be considered as, an alternative to net loss, fully diluted EPS or cash flows from operations, respectively, as determined in accordance with GAAP. Management uses these non-GAAP measures to understand and evaluate Maravai’s core operating performance, available liquidity and trends and to develop short-term and long-term operating plans. Management believes the measures facilitate comparison of Maravai’s operating and cash flow performance on a consistent basis between periods and, when viewed in combination with its results prepared in accordance with GAAP, help provide a broader picture of factors and trends affecting Maravai’s results of operations and liquidity. These non-GAAP financial measures have limitations as an analytical tool, and you should not consider them in isolation, or as a substitute for analysis of Maravai’s results as reported under GAAP. Because of these limitations, they should not be considered as a replacement for net loss, as determined by GAAP, or as a measure of Maravai’s profitability. Management compensates for these limitations by relying primarily on Maravai’s GAAP results and using non-GAAP measures only for supplemental purposes. The non-GAAP financial measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP. About Maravai Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines and to support research on human diseases. Maravai’s companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies. For more information about Maravai LifeSciences, visit www.maravai.com. Forward-looking Statements This press release contains, and Maravai’s 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 press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding Maravai’s expected revenue and EBITDA performance for the full year 2026; demand in the core TriLink business and Maravai’s higher-margin portfolio, and the expected ongoing impact of Maravai’s cost structure and operating efficiency initiatives on its EBITDA performance and Maravai’s ability to execute on its strategy to drive sustained, profitable growth, constitute forward-looking statements and are identified by words like "believe," "expect," "see," "project," "may," "will," "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 management’s current beliefs, expectations and assumptions regarding the future of Maravai’s 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 management’s control. Maravai’s 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 Maravai’s actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: The level of Maravai’s customers’ spending on and demand for TriLink and Cygnus products and services. Maravai’s operating results are prone to significant fluctuation, which may make Maravai’s future operating results difficult to predict and could cause Maravai’s actual operating results to fall below expectations or any guidance Maravai may provide. Uncertainty regarding the extent and duration of Maravai’s revenue associated with high-volume sales of CleanCap® for commercial phase vaccine programs and the dependency of such revenue, in important respects, on factors outside our control. Shifts in the trade, economic and other policies and priorities of the U.S. federal government, on Maravai and Maravai’s customers’ current and future business operations. Unintended consequences from our recent organizational changes and workforce reduction. Use of Maravai’s 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 Maravai’s customers’ use of its products and services. Competition with life science, pharmaceutical and biotechnology companies who are substantially larger than Maravai and potentially capable of developing new approaches that could make Maravai’s products, services and technology obsolete. The potential failure of Maravai’s products and services to perform as expected and the reliability of the technology on which Maravai’s products and services are based. Maravai’s use of Artificial Intelligence technologies, including Machine Learning, and business, compliance and reputational challenges that may result from such use. The risk that Maravai’s products do not comply with required quality standards. Market acceptance of Maravai’s life science reagents. Maravai’s ability to efficiently manage its strategic acquisitions and organic growth opportunities. Natural disasters, geopolitical instability (including ongoing military conflicts) and other catastrophic events. Risks related to Maravai’s acquisitions, including whether Maravai achieves the anticipated benefits of acquisitions of businesses or technologies. Product liability lawsuits. Maravai’s dependency on a limited number of customers for a high percentage of its revenue and Maravai’s ability to maintain its current relationships with such customers. Maravai’s reliance on a limited number of suppliers or, in some cases, sole suppliers, for some of Maravai’s raw materials and the risk that Maravai may not be able to find replacements or immediately transition to alternative suppliers. The risk that Maravai’s products become subject to more onerous regulation by the U.S. Food and Drug Administration or other regulatory agencies in the future. Maravai’s ability to obtain, maintain and enforce sufficient intellectual property protection for Maravai’s current or future products. The risk that a future cyber-attack or security breach cannot be prevented. Maravai’s ability to protect the confidentiality of Maravai’s proprietary information. The risk that one of Maravai’s products may be alleged (or found) to infringe on the intellectual property rights of third parties. Compliance with Maravai’s obligations under intellectual property license agreements. Maravai’s or Maravai’s licensors’ failure to maintain the patents or patent applications in-licensed from a third party. Maravai’s ability to adequately protect Maravai’s intellectual property and proprietary rights throughout the world. Maravai’s existing level of indebtedness and Maravai’s ability to raise additional capital on favorable terms. Maravai’s ability to generate sufficient cash flow to service all of Maravai’s indebtedness. Maravai’s potential failure to meet Maravai’s debt service obligations. Restrictions on Maravai’s current and future operations under the terms applicable to Maravai’s credit agreement. Maravai’s dependence, by virtue of Maravai’s principal asset being its interest in Maravai Topco Holdings, LLC ("Topco LLC"), on distributions from Topco LLC to pay Maravai’s 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 Maravai’s shareholders and Maravai Life Sciences Holdings, LLC ("MLSH 1"), the only other member of Topco LLC, and impede business decisions that could benefit Maravai’s shareholders. The substantial future cash payments Maravai may be required to make under the Tax Receivable Agreement to MLSH 1 and Maravai Life Sciences Holdings 2, LLC ("MLSH 2"), an entity through which certain of Maravai’s former owners hold their interests in the Company and the negative effect of such payments. The fact that Maravai’s organizational structure, including the TRA, confers certain benefits upon MLSH 1 and MLSH 2 that will not benefit Maravai’s other common shareholders to the same extent as they will benefit MLSH 1 and MLSH 2. Maravai’s ability to realize all or a portion of the tax benefits that are expected to result from the tax attributes covered by the Tax Receivable Agreement. The possibility that Maravai will receive distributions from Topco LLC significantly in excess of Maravai’s tax liabilities and obligations to make to make payments under the Tax Receivable Agreement. Factors that could lead to future impairment of Maravai’s goodwill and other amortizable intangible assets. Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of Maravai’s income or other tax returns. Maravai’s ability to design and maintain effective internal control over financial reporting in the future. The fact that investment entities affiliated with GTCR, LLC currently control a majority of the voting power of Maravai’s outstanding common stock, and it may have interests that conflict with Maravai’s or yours in the future. Risks related to Maravai’s "controlled company" status within the meaning of the corporate governance standards of NASDAQ. The potential anti-takeover effects of certain provisions in Maravai’s corporate organizational documents. Potential sales of a significant portion of Maravai’s outstanding shares of Class A common stock. Potential preferred stock issuances and the anti-takeover impacts of any such issuances. Such other factors as discussed throughout the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in Maravai’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, as well as other documents Maravai files with the Securities and Exchange Commission. Any forward-looking statements made in this release are based only on information currently available to management and speak only as of the date on which it is made. Maravai undertakes 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260507804776/en/ Contacts Deb Hart Maravai LifeSciences + 1 858-988-5917 [email protected]

Maravai LifeSciences Holdings, Inc. (MRVI) came out with quarterly earnings of $0.01 per share, beating the Zacks Consensus Estimate of a loss of $0.05 per share. This compares to a loss of $0.08 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +121.41%. A quarter ago, it was expected that this company would post a loss of $0.07 per share when it actually produced a loss of $0.04, delivering a surprise of +42.86%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Maravai LifeSciences, which belongs to the Zacks Medical - Products industry, posted revenues of $65.84 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 20.66%. This compares to year-ago revenues of $46.85 million. The company has topped consensus revenue estimates two times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Maravai LifeSciences shares have added about 21.2% since the beginning of the year versus the S&P 500's gain of 7.6%. While Maravai LifeSciences has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Maravai LifeSciences was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.05 on $55.2 million in revenues for the coming quarter and -$0.18 on $205.41 million in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Products is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Cresco Labs Inc. (CRLBF), is yet to report results for the quarter ended March 2026. This company is expected to post quarterly loss of $0.03 per share in its upcoming report, which represents a year-over-year change of +25%. The consensus EPS estimate for the quarter has been revised 30% higher over the last 30 days to the current level. Cresco Labs Inc.'s revenues are expected to be $148.64 million, down 10.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Maravai LifeSciences Holdings, Inc. (MRVI) : Free Stock Analysis Report Cresco Labs Inc. (CRLBF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Maravai LifeSciences Holdings, Inc.? Here are five stocks we like better. Strong Q1 results: Maravai reported $65.8 million in revenue (up 41% YoY), adjusted gross margin of 65.3%, adjusted EBITDA of $20.3 million and $4.2 million of positive free cash flow, with base business revenue up 10% excluding COVID-related CleanCap. TriLink drove performance: TriLink revenue grew 65% YoY and accounted for 72% of total revenue, lifting segment EBITDA and supported by expanding ModTail adoption (70+ customers) and GMP customer conversions, while Cygnus was relatively steady. Outlook sharply improved: Management raised full-year revenue guidance to $205–$215 million and adjusted EBITDA to $30–$32 million, citing >$65 million in annual restructuring savings, a higher‑margin mix and an expectation of positive free cash flow for the rest of 2026. Maravai LifeSciences (NASDAQ:MRVI) reported first-quarter fiscal 2026 results that management said marked a “strong start to 2026,” driven by growth at its TriLink segment, steady contribution from Cygnus, and the impact of restructuring actions taken last year. On the company’s earnings call, CEO Bernd Brust said Maravai delivered total Q1 revenue of $65.8 million, up 41% year-over-year. Excluding COVID-related CleanCap revenue, Brust said base business revenue grew 10% year-over-year. The company posted adjusted gross margin of 65.3% and adjusted EBITDA of $20.3 million, and generated $4.2 million of positive free cash flow, which Brust noted was the first time the company had been free cash flow positive since Q3 2024. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% Brust said TriLink revenue grew 65% year-over-year, with base business growth of 15% supported by demand in both GMP and discovery consumables. Cygnus revenue increased “a little more than 1%” year-over-year, with Brust citing high single-digit growth in North America and low single-digit growth in EMEA, partially offset by lower contribution from China due to distributor ordering timing. CFO Raj Asarpota outlined base revenue mix and geographic exposure for the quarter. Base revenue by customer type was 32% biopharma, 31% life sciences and diagnostics, 4% academia, 7% CRO/CMO/CDMO, and 26% distributors. By geography, base revenue was 60% North America, 25% EMEA, 8% Asia Pacific excluding China, and 7% China. → Light Speed Returns: Corning Cashes In on NVIDIA Growth On segment results, Asarpota said TriLink represented 72% of total revenue in Q1 and 64% of total revenue excluding COVID CleanCap. Cygnus represented 28% of total revenue and 36% of base revenue. He added that TriLink produced adjusted EBITDA of $17.3 million, improving by more than $26 million year-over-year, while Cygnus generated adjusted EBITDA of $13.6 million with margins of 73.8%. Corporate expenses impacting adjusted EBITDA were $10.5 million. Asarpota said GAAP net loss before non-controlling interest was $6.4 million, compared with a GAAP net loss of $52.9 million in the prior-year period. Basic and diluted loss per share was $0.02 versus $0.21 in Q1 2025, and adjusted EPS was $0.01 compared with an adjusted loss of $0.08 last year. → Years in the Making, AMD’s Upside Movement Has Just Begun Maravai ended the quarter with $165.9 million in cash and $242.9 million in long-term debt, following what Asarpota described as a voluntary $50 million debt repayment during the quarter. He also cited $11.4 million of depreciation and amortization, $3.9 million of net interest expense, and $6.7 million of stock-based compensation. Brust said restructuring actions implemented last year continue to deliver results, and the company now expects to achieve more than $65 million in annual EBITDA savings across labor, facilities, and controllable spend. He also pointed to a “favorable product mix,” particularly as higher-margin GMP consumables represent a larger portion of revenue. In reviewing the company’s strategic priorities—commercial execution, operational excellence, and innovation—Brust said an increased focus on customer engagement has improved forecasting and order conversion, including more annual and multi-quarter purchase orders. He cautioned, however, that the business has a “disproportionate number of large orders” that can create quarter-to-quarter variability. Within TriLink, Brust highlighted continued adoption of ModTail, stating the company now has more than 70 customers using the technology across large pharmaceutical companies and emerging biotechs. In Q&A, management said ModTail is “well performing above” expectations in customer count, while revenue is “right in line” with what the company expected for the year. Management added that GMP-grade ModTail is expected later this year, but said it is not expected to have a material impact in 2026 and is more likely to set up 2027. Brust also said TriLink’s GMP customer base is expected to grow 22% in 2026, representing nine existing RUO customers transitioning to GMP customers, with two already converted this year. He added that the company recently launched “all-in-one IVT kits” to simplify production of capped RNA for early-stage researchers. On R&D and manufacturing, Brust said TriLink completed its GMP facility for enzymes and expects to launch GMP-quality enzymes during the quarter. In response to an analyst question, management said none of the guidance raise was tied to the enzymes launch, adding the company already has “orders in hand” for GMP and expects to begin delivering toward the end of the quarter into early next quarter. On digital initiatives, Brust said the company’s e-commerce channel continues to expand and that Q1 website revenue was a record. In response to a question about online engagement and “mRNAbuilder,” management said e-commerce revenue remains under 10% of the business, but noted increased online activity and said the company has seen its first “non-contact orders” come through. Based on Q1 performance and improved visibility, Asarpota said Maravai raised full-year revenue guidance to $205 million to $215 million, representing 10% to 16% growth over 2025. He said the company expects TriLink to grow in the high teens, driven by strength in GMP consumables and a return to growth in discovery. Asarpota also said the company does not currently expect additional high-volume COVID CleanCap revenue in 2026, while continuing to view $10 million to $20 million of annual endemic demand as a reasonable longer-term baseline. During Q&A, management emphasized that Q1 included COVID-related orders received in the quarter and that the company does not expect additional COVID orders for the rest of 2026. For Cygnus, Asarpota reiterated expectations for low- to mid-single-digit growth and described Q1 softness in China as timing-related. Addressing regional mix shifts, he said the China softness was driven by distributor ordering patterns rather than end-customer demand, and the company does not expect a significant shift for the balance of the year. Maravai substantially raised full-year adjusted EBITDA guidance to $30 million to $32 million, which Asarpota said would represent an improvement of $61 million to $63 million year-over-year, “primarily driven by performance in TriLink.” He attributed the improved profitability outlook to demand in higher-margin areas, mix shift toward GMP and higher-margin discovery consumables, pricing discipline, and the company’s restructured cost base. Asarpota added the company expects gross margin expansion of more than 1,300 basis points and said it expects to generate positive free cash flow for the remainder of the year. In closing remarks, Brust said the company has not seen instability following leadership and operational changes made last year, and pointed to “positive momentum” in pharma and biotech markets. He also described Asia as “opportunity” rather than downside, given the company’s limited exposure in the region today. Maravai LifeSciences Holdings, Inc (NASDAQ: MRVI) is a life sciences company specializing in the development and supply of critical reagents and services for the development and manufacture of biologic therapies. The company's offerings support a range of applications in genomics, molecular diagnostics, vaccine development and next-generation sequencing. Maravai's platforms address key challenges in nucleic acid production, protein detection, epigenetic analysis and reagent quality across the biopharmaceutical industry. Through its product portfolio, which includes proprietary mRNA capping reagents, lipid nanoparticle delivery systems, synthetic oligonucleotides and high-precision assay kits, Maravai enables customers to accelerate research and streamline manufacturing workflows. The article "Maravai LifeSciences Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.