Maravai LifeSciences Holdings, Inc. Q1 FY2026 earnings call

Business Update

• Strong Q1 performance, 41% YOY revenue growth, 10% YOY base business growth excluding COVID clean cap.
• TriLink revenue grew 65% YOY, Cygnus revenue grew ~1% YOY with solid momentum in NA and EMEA but lower in China.

Commercial Execution

• Strong momentum with improved customer engagement, securing more annual and multi-quarter purchase orders.
• TriLink portfolio spans enabling technologies, launched all-in-one IVT kits, Mottail adopted by over 70 customers.
• Cygnus saw growth from new DNA quantification/extraction kits and mock fee product.

Operational Excellence

• Restructuring actions delivering over $65M annual EBITDA savings, benefiting from cost discipline and favorable product mix.
• E-commerce channel expanding, website delivered record revenue in Q1.

R&D

• TriLink making progress on enzymes portfolio, GMP facility completed, expect to launch GMP quality enzymes this quarter; Mottail to launch GMP-grade later in 2026.
• Cygnus expanded HCP analytical services using advanced mass spectrometry.

Total Q1 revenue was $65.8 million, 41% YOY growth. TriLink represented 72% of total revenue, with 65% YOY revenue growth (15% base business growth excluding COVID-related clean cap). TriLink's adjusted EBITDA was $17.3 million. Cygnus represented 28% of total revenue, with ~1% YOY revenue growth, strong in North America and EMEA but lower in China due to distributor ordering timing. Cygnus generated $13.6 million of adjusted EBITDA with margins of 73.8%.

• Raised revenue range to $205 million to $215 million (10%-16% growth over 2025).
• Substantially raised full-year adjusted EBITDA guidance to $30 million to $32 million, driven by TriLink performance.
• No additional high volume COVID clean cap revenue expected in 2026, but expects $10M-$20M annual endemic demand.
• Expect positive free cash flow for remainder of 2026.

Refer to Maravai's SEC filings for risks and uncertainties impacting operating results, performance, and financial condition.

Q: Congratulations on a very nice start to the year. Curious about pharma and customers segmented large versus small and spending perspective.

A: Big pharma has healthy discovery orders, smaller pharma/biotech consistent, academic research has softness.

Q: Speaking to China, order timing issue.

A: China still expected mid-single digits growth, distributor ordering timing issue, demand not impacted.

Q: Talk about funnel and growth metrics.

A: GMP funnels good with 9 new discovery customers moving to clinical trials, larger discovery orders with fast velocity.

Q: CDMO customer orders for Cygnus.

A: CDMO business steady, not a large group with lumpiness.

Q: Leading indicators for Meravai.

A: Health across bioprocessing end market.

Q: APAC percentage of revenue decrease.

A: Largely timing issue, demand not impacted, expected to recover.

Q: Engagement with new mRNA builder.

A: Early days, high online activity, e-commerce revenues under 10%.

Q: COVID-19 revenue precision.

A: Expected $10M-$20M in 2026, orders received in Q1.

Q: GMP enzymes launch and guidance.

A: Expect to launch GMP enzymes Q2, not tied to Q1 revenue raise.

Q: Shifting organization to new growth opportunities.

A: Focus on pharma/biotech, Asia to see more effort.