Leadership Transition - Carl Hull, founder of Maravai, will retire as Executive Chairman of the Board, effective December 5, 2024 [1] - R Andrew Eckert has been unanimously elected by the Board of Directors to succeed Carl Hull as Chairman of the Board [1] - Carl Hull founded Maravai in 2014 and served as CEO before assuming the role of Executive Chairman in October 2022 [2] Carl Hull's Legacy - Carl Hull expressed pride in Maravai's accomplishments over the past 10 years and confidence in the company's future prospects [3] - Constantine Mihas, Board member and Co-CEO of GTCR, praised Carl Hull's vision and leadership in building Maravai and positioning it for long-term success [3] R Andrew Eckert's Background - R Andrew Eckert is a healthcare industry veteran with extensive executive experience, including CEO roles at Zelis, Kinetic Concepts Inc, Valence Health, TriZetto, CRC Health Group, Eclipsys Corporation, and SumTotal Systems [4] - Eckert has served on several corporate boards, including Chairman of Kipu Health, Lead Director at Fortrea, and Director at Becton, Dickinson and Company [4] - Eckert holds a Bachelor of Science in Industrial Engineering and a Master of Business Administration from Stanford University [4] Maravai's Industry Position - Maravai is a leading life sciences company providing critical products for drug therapies, diagnostics, novel vaccines, and research on human diseases [5] - The company is a leader in nucleic acid synthesis and biologics safety testing, serving many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [5]

Financial Performance - Revenue for the three months ended September 30, 2024, was $65.2 million, a decrease of 2.5% compared to $66.9 million for the same period in 2023[14]. - Net loss attributable to Maravai LifeSciences Holdings, Inc. for the three months ended September 30, 2024, was $99.0 million, compared to a net loss of $6.5 million for the same period in 2023[14]. - For the three months ended September 30, 2024, Maravai LifeSciences reported a net loss of $175,955 thousand, compared to a net loss of $15,102 thousand for the same period in 2023, representing an increase in loss of approximately 1,065%[16]. - The total comprehensive loss attributable to Maravai LifeSciences Holdings, Inc. for the nine months ended September 30, 2024, was $118,701 thousand, compared to $13,070 thousand for the same period in 2023, indicating a significant increase of approximately 810%[16]. - The company experienced a significant increase in net loss for the nine months ended September 30, 2024, with a total loss of $213,127 thousand compared to $28,393 thousand for the same period in 2023, reflecting an increase of approximately 651%[19]. - The Company reported a net loss attributable to Maravai LifeSciences Holdings, Inc. of $99.0 million for the three months ended September 30, 2024, compared to a net loss of $6.5 million for the same period in 2023[90]. - The net loss for the three months ended September 30, 2024, was $175,955,000, compared to a net loss of $15,102,000 for the same period in 2023, indicating a substantial increase in losses[142]. Assets and Liabilities - Total current liabilities decreased from $87.5 million as of December 31, 2023, to $63.2 million as of September 30, 2024[10]. - Goodwill decreased significantly from $326.0 million as of December 31, 2023, to $171.8 million as of September 30, 2024[11]. - Total assets decreased from $1.487 billion as of December 31, 2023, to $1.278 billion as of September 30, 2024[12]. - The stockholders' equity as of September 30, 2024, was $613,127 thousand, a decrease from $897,638 thousand as of June 30, 2023, reflecting a decline of approximately 31.7%[20]. - The total stockholders' equity decreased from $789,884 thousand as of December 31, 2023, to $613,127 thousand as of September 30, 2024, representing a decline of approximately 22.4%[19]. - The total carrying amount of finite-lived intangible assets as of September 30, 2024, was $351.3 million, with a net carrying amount of $201.9 million after accumulated amortization[69]. - As of September 30, 2024, the total long-term debt was $521.7 million, a decrease from $524.1 million as of December 31, 2023[87]. Operating Expenses - Operating expenses for the three months ended September 30, 2024, were $234.3 million, compared to $82.3 million for the same period in 2023, reflecting a substantial increase[14]. - Total operating expenses surged by 184.8% to $234.3 million in Q3 2024 compared to $82.3 million in Q3 2023[130]. - Selling, general and administrative expenses for the three and nine months ended September 30, 2024, were $39.1 million and $120.5 million, respectively, compared to $38.9 million and $112.9 million for the same periods in 2023[111]. - Research and development expenses for the three and nine months ended September 30, 2024, were $4.3 million and $14.7 million, respectively, compared to $4.3 million and $12.7 million for the same periods in 2023, indicating an increase in R&D investment[111]. Revenue Breakdown - Total revenue for the three months ended September 30, 2024, was $65.2 million, with a breakdown of $49.9 million from Nucleic Acid Production and $15.3 million from Safety Testing[42]. - Total revenue for the nine months ended September 30, 2024, was $202.8 million, with $154.4 million from Nucleic Acid Production and $48.3 million from Safety Testing[43]. - Revenue from the Nucleic Acid Production segment was $49.9 million for the three months ended September 30, 2024, down from $51.2 million in the same period of 2023, while for the nine months, it decreased from $165.9 million to $154.4 million[110]. - Nucleic Acid Production revenue decreased by 2.5% to $49.9 million in Q3 2024 from $51.2 million in Q3 2023, primarily due to lower demand for research and discovery products[136]. - Biologics Safety Testing revenue also decreased by 2.5% to $15.3 million in Q3 2024 from $15.6 million in Q3 2023, driven by lower demand in the bioprocessing market[136]. Goodwill Impairment - Goodwill impairment recorded was $154,239 thousand, indicating a substantial impact on financial results[23]. - Goodwill impairment of $154.2 million was recorded during the three months ended September 30, 2024[53]. - A goodwill impairment charge of $154.2 million was recognized for the TriLink reporting unit, as its fair value did not exceed its carrying value[177]. Cash Flow and Investments - Cash provided by operating activities was $22,103 thousand, a significant decrease from $118,434 thousand in the prior year[23]. - The company reported a net cash used in investing activities of $19,385 thousand, down from $109,407 thousand in the previous year[23]. - Cash and cash equivalents increased slightly from $575.0 million as of December 31, 2023, to $578.2 million as of September 30, 2024[11]. - Cash and cash equivalents as of September 30, 2024 were $578.2 million, with positive cash flow from operations of $22.1 million for the nine months ended September 30, 2024[160]. Market and Economic Conditions - The company anticipates ongoing macroeconomic challenges may impact future performance and customer demand[6]. - Economic activity contraction in Asia, particularly in China, has negatively impacted revenue derived from those markets[113]. Employee and Workforce - The company employed over 580 full-time employees as of September 30, 2024, with approximately 27% holding advanced degrees[110]. - The Company implemented a cost realignment plan resulting in the termination of approximately 15% of its workforce, completed on January 5, 2024[62]. Tax and Interest Rates - The effective interest rate on the term loan was 8.28% per annum as of September 30, 2024, with a total term loan facility of $600 million maturing in October 2027[83]. - The effective tax rate for the three months ended September 30, 2024, was (0.2)%, significantly lower than the U.S. federal statutory income tax rate of 21.0%[94]. - The Company had unrecognized tax benefits of $3.4 million as of September 30, 2024, which would affect the effective tax rate if recognized[94].

Company Participation in Investor Conferences - Maravai LifeSciences, Inc. is scheduled to participate in two investor conferences in November 2024 [1][2] - On November 19, 2024, Kevin Herde, CFO, and Drew Burch, President of Nucleic Acid Production, will engage in a fireside chat at the Stifel Healthcare Conference in New York [1] - On November 21, 2024, Trey Martin, CEO, and Kevin Herde, CFO, will participate in a fireside chat at the Jefferies Healthcare Conference in London [2] Webcast Availability - A live webcast of each presentation will be accessible on the Maravai LifeSciences Investor Relations website [3] - An archived version of the webcast will be available after the events [3] Company Overview - Maravai is a leading life sciences company that provides critical products for drug therapies, diagnostics, and novel vaccines [4] - The company specializes in nucleic acid synthesis and biologics safety testing, serving many top biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [4]

Financial Data and Key Metrics Changes - The company reported Q3 2024 revenues of $65 million, slightly below expectations, with total adjusted EBITDA of $13 million and an adjusted fully diluted EPS loss of $0.02 [7][40] - A GAAP noncash goodwill impairment charge of $154 million was taken, leading to a net loss of $176 million for the quarter [41][42] - Adjusted EBITDA margin was 20% for Q3 2024, with year-to-date adjusted EBITDA at $37.5 million and an adjusted EBITDA margin of 18% [43] Business Segment Data and Key Metrics Changes - The Nucleic Acid Production (NAP) segment generated $50 million in revenue, accounting for 77% of total revenue, with an adjusted EBITDA of $15 million and a segment margin of 31% [47] - The Biologics Safety Testing (BST) segment had revenues of $15 million, contributing 23% of total revenues, with an adjusted EBITDA of $11 million and a margin of 72% [48] Market Data and Key Metrics Changes - The global biologics market remains soft, impacting the BST segment, while the NAP segment faced muted demand in research and discovery products [8][40] - Revenue from China in the BST segment increased nearly 30% from Q2 2024, but still did not reach historical levels [54] Company Strategy and Development Direction - The company plans to acquire the DNA and RNA businesses of Officinae Bio to enhance its mRNA offerings and improve customer experience through AI and machine learning [28][30] - The focus remains on innovation, with 21 new products introduced in the NAP segment year-to-date, and partnerships with top-tier academic institutions to drive long-term value [19][27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a frustrating year in terms of financial performance, citing global macro pressures affecting buying decisions and a challenging NAP market [49][51] - The company lowered its revenue guidance for 2024 to between $255 million and $265 million, reflecting a $15 million reduction from previous expectations [53] Other Important Information - The company ended Q3 with $578 million in cash and a net cash position of nearly $50 million, with gross debt at $529 million [44] - The acquisition of Officinae Bio is expected to close in early 2025, with no immediate impact on 2024 financial results [59] Q&A Session Summary Question: How much of the firm commitment is now left by Q4? - Approximately $14 million is expected to ship in Q4 related to fulfilling original expectations [63] Question: How much of the sequential decline in NAP is due to project push versus a weaker market? - The project push accounts for a couple of million dollars, with the remainder attributed to market conditions [64] Question: Can you discuss swing factors for Q4 related to the NAP business? - There is variability in orders, with no large drop-in orders seen this year, impacting revenue recognition [68] Question: What are the expectations for margin expansion next year? - Margin expansion will largely depend on revenue growth, with a significant portion of costs being fixed [73] Question: Is there any revenue associated with the acquisition for 2025? - The acquisition is primarily a software acquisition, with low single-digit millions in revenue expected from Officinae [65] Question: What is the outlook for the bioprocessing market? - The bioprocessing market is experiencing flat to mid- to high single-digit declines, impacting early-phase project starts [82]

Financial Performance - Quarterly revenue for Q3 2024 was $65.2 million, a 2.5% decrease compared to $66.9 million in Q3 2023[2][8] - Net loss for Q3 2024 was $(176.0) million, including a goodwill impairment of $154.2 million, compared to a net loss of $(15.1) million in Q3 2023[2][9] - Adjusted EBITDA for Q3 2024 was $12.7 million, up from $11.9 million in Q3 2023[2][9] - Revenue for the nine months ended September 30, 2024, was $202.8 million, representing a 5.6% decrease year-over-year[10] - Adjusted EBITDA for the nine months ended September 30, 2024, was $37,451 thousand, down from $44,775 thousand in the same period of 2023, reflecting a decrease of approximately 16.5%[16] - The company incurred stock-based compensation expenses of $13,050 thousand for the three months ended September 30, 2024, compared to $9,987 thousand for the same period in 2023, representing a 30.8% increase[17] - The company reported an adjusted net loss of $4,265 thousand for the three months ended September 30, 2024, compared to an adjusted net loss of $2,755 thousand for the same period in 2023[17] Revenue Guidance and Expectations - The company updated its full-year 2024 revenue guidance to a range of $255.0 million to $265.0 million[2][13] - Adjusted EBITDA margins for 2024 are now expected to be in the range of 16% to 18%[13] - Maravai's financial guidance for 2024 includes expectations for growth opportunities through both organic and inorganic means, particularly with the planned acquisition of Officinae Bio's DNA and RNA business[28] Product Development and Innovation - The company launched several innovative products, including CleanScribe™ RNA Polymerase and AccuRes™ Host Cell DNA Quantification Kits, enhancing its product offerings[3][5] Acquisitions and Integration - The company announced a definitive agreement to acquire the DNA and RNA business of Officinae Bio, expected to close in early 2025[4][5] - Maravai's future outlook includes continued focus on integration of acquisitions and retention payments related to MyChem and Alphazyme, with expected payments totaling $9.3 million and $20.0 million respectively[18] - Acquisition integration costs for the three months ended September 30, 2024, were $919 thousand, down from $3,268 thousand in the same period of 2023[17] Market Conditions and Challenges - The company is facing ongoing macroeconomic challenges that could impact customer spending and demand for its nucleic acid production and biologics safety testing products[30] - Maravai's recent reduction in force may affect its ability to attract and retain qualified personnel, which is critical for future growth[31] - The company is dependent on a limited number of customers for a significant portion of its revenue, which poses risks to its financial stability[35] - Maravai's reliance on a limited number of suppliers for raw materials could lead to supply chain disruptions if replacements are not found[36] - The company is exposed to risks related to potential regulatory changes that could impose stricter compliance requirements on its products[36] - Maravai's ability to generate sufficient cash flow to service its existing debt obligations is a key concern, especially in light of its current level of indebtedness[38] - The company may face significant future cash payments under the Tax Receivable Agreement, which could negatively impact its financial position[42] Governance and Shareholder Concerns - Maravai's organizational structure may confer certain benefits to specific shareholders that do not extend to all common shareholders, raising potential conflicts of interest[43] - The company acknowledges the risks associated with its controlled company status, which may affect governance and shareholder interests[46]

Company Overview - Maravai LifeSciences, Inc. is a global provider of life science reagents and services, focusing on supporting researchers and biotech innovators [3] - The company specializes in products that enable the development of drug therapies, diagnostics, and novel vaccines, as well as research on human diseases [3] - Maravai's offerings include nucleic acid synthesis and biologics safety testing, serving leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies [3] Upcoming Financial Results - Maravai plans to announce its third quarter 2024 financial and operating results after the market closes on November 7, 2024 [1] - A conference call and webcast will be held on the same day at 2:00 p.m. PT / 5:00 p.m. ET [1] - Participants can join the conference call by dialing specific phone numbers and referencing the Conference ID [2]

Core Insights - Maravai LifeSciences, Inc. is actively participating in several investor conferences in August and September 2024, highlighting its engagement with the investment community [1][2][3]. Conference Participation - On August 14, 2024, CEO Trey Martin will discuss the Critical Components of the Genomic Medicine Supply Chain at the UBS Genomic Medicine Conference in Dana Point, CA, at 11:00 a.m. PDT [2]. - On September 4, 2024, both CEO Trey Martin and CFO Kevin Herde will engage in a fireside chat at the Wells Fargo Healthcare Conference in Boston, MA, at 6:30 a.m. PDT [2]. - On September 5, 2024, Trey Martin and Kevin Herde will participate in another fireside chat at the Morgan Stanley Healthcare Conference in New York, NY, at 1:50 p.m. PDT [3]. Webcast Availability - Live webcasts of each presentation will be accessible on the Maravai LifeSciences Investor Relations website, with archived versions available post-event [4]. Company Overview - Maravai LifeSciences is a leading provider of life science reagents and services, focusing on drug therapies, diagnostics, and novel vaccines, and supports research on human diseases [5]. - The company specializes in nucleic acid synthesis and biologics safety testing, serving many top biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies globally [5].

Revenue Performance - Revenue for the three months ended June 30, 2024, was $73,400,000, an increase from $68,914,000 in the same period last year, representing a growth of approximately 5.7%[14] - Total revenue for the six months ended June 30, 2024, was $147.939 million, with Nucleic Acid Production contributing $114.716 million and Biologics Safety Testing contributing $33.223 million[42] - For the three months ended June 30, 2024, total revenue was $73.400 million, with Nucleic Acid Production at $58.483 million and Biologics Safety Testing at $14.917 million[43] - The North America region generated $32.317 million in revenue for the three months ended June 30, 2024, with Nucleic Acid Production at $25.436 million and Biologics Safety Testing at $6.881 million[43] - Total revenue for the six months ended June 30, 2024, was $137.6 million, a decrease of 6.9% from $147.9 million for the same period in 2023[94] - Nucleic Acid Production revenue increased by 9.8% from $53.3 million in Q2 2023 to $58.5 million in Q2 2024, driven by higher demand for GMP CleanCap analogs and GMP mRNA[120] - Biologics Safety Testing revenue decreased by 4.7% from $15.6 million in Q2 2023 to $14.9 million in Q2 2024, primarily due to lower demand trends in China[120] Net Loss and Financial Position - Net loss attributable to Maravai LifeSciences Holdings, Inc. for the three months ended June 30, 2024, was $7,585,000, compared to a net loss of $6,541,000 for the same period last year, indicating a deterioration of about 15.9%[14] - For the six months ended June 30, 2024, the net loss was $37,172 thousand, compared to a net loss of $13,291 thousand for the same period in 2023, representing an increase in loss of approximately 179%[24] - The company reported a comprehensive loss attributable to Maravai LifeSciences Holdings, Inc. of $7,585,000 for the three months ended June 30, 2024, compared to a comprehensive loss of $6,541,000 in the prior year[16] - The company reported a net loss of $14.5 million for the three months ended June 30, 2024, compared to a net loss of $11.9 million for the same period in 2023[94] - The company recorded a net loss of $37.2 million for the six months ended June 30, 2024, compared to a net loss of $13.3 million for the same period in 2023[151] Operating Expenses - Total operating expenses for the three months ended June 30, 2024, were $82,912,000, up from $80,528,000 in the prior year, reflecting an increase of approximately 2.9%[14] - Selling, general and administrative expenses for the three months ended June 30, 2024, were $40.6 million, compared to $35.4 million for the same period in 2023, reflecting a 14.8% increase[95] - Total operating expenses for the six months ended June 30, 2024, were $82.9 million, a 3.0% increase from $80.5 million in the same period last year[113] - Selling, general and administrative expenses increased by 14.6% to $40.6 million for the three months ended June 30, 2024, compared to $35.4 million in 2023[128] - Research and development expenses increased to $5,284,000 for the three months ended June 30, 2024, compared to $4,194,000 in the same period last year, marking a rise of about 26%[14] Cash Flow and Liquidity - Cash and cash equivalents at the end of the period on June 30, 2024, were $573,171 thousand, down from $574,962 thousand at the beginning of the period[24] - Operating activities generated net cash of $8,967 thousand for the six months ended June 30, 2024, a significant decrease from $104,268 thousand in the same period of 2023[24] - Cash and cash equivalents stood at $573.2 million as of June 30, 2024, indicating a strong liquidity position[162] - Positive cash flow from operations was $9.0 million for the six months ended June 30, 2024[145] - Net cash provided by operating activities for the six months ended June 30, 2024 was $9.0 million, a significant decrease from $104.3 million for the same period in 2023[151] Research and Development - Research and development expenses increased to $5,284,000 for the three months ended June 30, 2024, compared to $4,194,000 in the same period last year, marking a rise of about 26%[14] - The company expects research and development costs to increase in future periods to support ongoing R&D efforts and meet customer needs[104] - Research and development expenses increased by 26.0% to $5.3 million for the three months ended June 30, 2024, compared to $4.2 million in 2023[128] Debt and Interest Expenses - Interest expense for the three months ended June 30, 2024, was $11,939,000, compared to $7,022,000 in the same period last year, representing an increase of approximately 69%[14] - Long-term debt as of June 30, 2024, was $522.523 million, slightly down from $524.147 million as of December 31, 2023[73] - The effective interest rate on the Term Loan was 8.33% per annum as of June 30, 2024[71] - Interest expense for the six months ended June 30, 2024, increased by 20.9% to $22.8 million compared to $18.9 million in the same period in 2023[140] Stockholder Equity and Shares - The weighted average number of Class A common shares outstanding for the three months ended June 30, 2024, was 135,842,000, compared to 131,864,000 in the same period last year, indicating an increase of approximately 3.0%[13] - The total stockholders' equity as of June 30, 2024, was $776,414,000, reflecting a slight decrease from $777,389,000 at the end of the previous quarter[18] - The total number of Class A shares increased to 141,489 thousand as of June 30, 2024, from 132,228 thousand as of December 31, 2023[19] Market and Operational Challenges - The company continues to face risks related to customer spending and demand for its products, as well as macroeconomic challenges impacting its operations[6] - Recent industry trends and uncertainties may lead to slower growth and potential revenue declines in 2024 due to reduced research and development spending by early-stage biotechnology companies[96] - The company is actively pursuing opportunities to expand its customer base both domestically and internationally[94] Acquisitions and Contingent Considerations - The company completed the acquisition of Alphazyme in January 2023, contributing all membership interests to Alphazyme Holdings[84] - The company completed the acquisition of Alphazyme in January 2023, with contingent payments of up to $75.0 million based on revenue targets, none of which were met for the first performance period[158] - The company may be required to make retention payments of $9.3 million to Alphazyme sellers and employees through December 31, 2025, contingent on continued employment[158]

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q2 2024 Results Conference Call August 7, 2024 5:00 PM ET Company Participants Deborah Hart - Head, Investor Relations Trey Martin - Chief Executive Officer Kevin Herde - Chief Financial Officer Drew Burch - President, Nucleic Acid Production Becky Buzzeo - Chief Commercial Officer Conference Call Participants Catherine Schulte - Baird Tejas Savant - Morgan Stanley Matt Hewitt - Craig-Hallum Justin Bowers - Deutsche Bank Conor McNamara - RBC Capital Markets ...

Exhibit 99.1 MARAVAI LIFESCIENCES REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS Continued Focus on Product Portfolio Expansion, Market Leadership and Scientific Innovation SAN DIEGO, Calif., — August 7, 2024 — 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, 2024, together with other business updates. Financial Highlights: • Quarte ...