Maravai LifeSciences Holdings, Inc. Q4 FY2026 earnings call

• After assuming CEO role last June, management prioritized simplifying business, improving operational execution, increasing customer interaction, and delivering better financial results. • Achieved positive adjusted EBITDA of just over $500,000 in Q4 2025, improvement of approximately $11 million sequentially from Q3. • Commercial execution: Increased direct customer engagement at TriLink, positioned CleanCap and expanded trialing, upcoming launch of GMP Enzymes with strong demand. • mRNA Builder platform at TriLink simplifies designing optimized mRNA, embedded in customer workflows. • Operationally: Reduced fixed costs, centralized operations, implemented automation, new automated EU site. • R&D: Prioritizing investments in high-return opportunities, recently launched Mott's Tail technology showing strong traction, investing in additional capabilities at Cygnus like expanding mass spec infrastructure and MOCV product line.

TriLink generated $34.6 million in Q4 2025, representing 69% of total revenue. Excluding the $14.3 million COVID Clean Cap Comp in Q4 2024, TriLink-based revenue grew 25% year-over-year driven by GMP consumables and CDMO services. For the full year, TriLink revenue was $119.8 million, or 64% of total revenue with adjusted EBITDA of negative $23.1 million. Cygnus revenue was $15.3 million in Q4 2025, up 4% year-over-year and representing 31% of total revenue. For the full year, Cygnus revenue increased 5% to $66 million with adjusted EBITDA of $44.2 million and a 67% margin.

• Expect total revenue of $200 million to $210 million in 2026, growth of 8% to 13% over 2025. • Trialing expected to grow low double digits at midpoint, driven by double-digit growth in GMP consumables and stabilization in discovery. • Cygnus expected to grow low to mid-single digits year-over-year. • Expect fully adjusted EBITDA of $18 million to $20 million in 2026. • Expect gross margin expansion of approximately 1,200 basis points year-over-year. • Total operating expenses expected to decline approximately 13%, G&A expenses expected to decline approximately 18%, sales and marketing expected to decline approximately 13%, R&D expected to be modestly up. • Interest expense, net of interest income, expected 15 million to 17 million; depreciation and amortization 50 million to 52 million; stock-based compensation $26 million to $28 million; net capital expenditures $4 million to $6 million.

Q: Matt Stanton with Jefferies asked about visibility improving, order volume, and GMP consumable strength.

A: Barron responded that order volumes are higher than last year, growth in GMP consumables from diverse customers.

Q: Subbu Nambi with Guggenheim asked about gross margin expansion buckets and AI role.

A: Raj explained $65 million annualized savings contributing to gross margin expansion, and AI used in mRNA Builder platform.

Q: Matt LaRue with William Blair asked about guide for 2026, first quarter pacing, and long-term margins.

A: Bernd said optimistic on Q1, margins to increase through revenue growth.

Q: Matt Hewitt with Craig Hallam asked about restructuring expense lines and FDA draft guidance.

A: Raj said expense categories reset with $65 million savings, and no clear view on FDA draft guidance.

Q: Catherine Schulte with Baird asked about APAC revenue increase, MOCV demand.

A: Bernd said APAC growth from large GMP orders, MOCV has great potential.

Q: Justin Bowers with Deutsche Bank asked about GMP revenue in 2025, seasonality, and Flanders sites.

A: Bernd said GMP revenue mid-30s in 2025, no seasonality, Flanders sites addressed.

Q: Doug Schinkel with Wolf Research asked about APAC growth trend and MOCV contribution.

A: Bernd said APAC growth sustainable, MOCV has great potential.

Q: Matthew Parisi with KeyBank Capital Markets asked about COVID clean cap revenue and IVT kits.

A: Bernd said $10 to $20 million COVID clean cap revenue in first half 2026, IVT kits well received with sequential growth and plans to launch more kits this year.