PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the three and six months ended June 30, 2023, highlighting a significant revenue decrease and a shift to net loss due to reduced demand for COVID-19 related products Condensed Consolidated Statements of Operations Highlights (Unaudited) | Financial Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | **Revenue** | $68.9M | $242.7M | $147.9M | $487.0M | | **(Loss) Income from Operations** | $(11.6)M | $180.7M | $(9.1)M | $348.1M | | **Net (Loss) Income** | $(11.9)M | $156.7M | $(13.3)M | $303.6M | | **Diluted EPS** | $(0.05) | $0.53 | $(0.05) | $1.03 | Condensed Consolidated Balance Sheets Highlights (Unaudited) | Balance Sheet Item | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Current Assets** | $699.3M | $847.9M | | **Total Assets** | $2,264.4M | $2,282.3M | | **Total Current Liabilities** | $74.9M | $110.1M | | **Total Liabilities** | $1,366.8M | $1,377.1M | | **Total Stockholders' Equity** | $897.6M | $905.2M | Condensed Consolidated Statements of Cash Flows Highlights (Unaudited) | Cash Flow Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $104.3M | $326.6M | | **Net cash used in investing activities** | $(93.9)M | $(243.2)M | | **Net cash used in financing activities** | $(62.3)M | $(83.9)M | | **Net decrease in cash and cash equivalents** | $(52.0)M | $(0.6)M | [Notes to Condensed Consolidated Financial Statements (unaudited)](index=12&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20(unaudited)) The notes provide detailed information supporting the financial statements, covering business segments, the Alphazyme acquisition, asset balances, financial instrument fair values, debt structure, and Tax Receivable Agreement details - The company operates in two principal businesses: Nucleic Acid Production, which includes mRNA and CleanCap® technology, and Biologics Safety Testing[30](index=30&type=chunk) - On January 18, 2023, the company completed the acquisition of Alphazyme, LLC, an OEM provider of molecular biology enzymes, for a total purchase consideration of **$75.3 million**[76](index=76&type=chunk)[77](index=77&type=chunk) - As of June 30, 2023, the liability under the Tax Receivable Agreement (TRA) with related parties MLSH 1 and MLSH 2 was **$677.4 million**, with payments of **$42.6 million** made under the TRA during the first six months of 2023[149](index=149&type=chunk)[150](index=150&type=chunk) Revenue by Segment (Six Months Ended June 30) | Segment | 2023 Revenue | 2022 Revenue | | :--- | :--- | :--- | | **Nucleic Acid Production** | $114.7M | $448.9M | | **Biologics Safety Testing** | $33.2M | $38.1M | | **Total** | $147.9M | $487.0M | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=35&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant 69.6% year-over-year revenue decline for the first six months of 2023, primarily due to a sharp drop in demand for COVID-19 related products and reduced R&D spending by early-stage biotech customers, leading to a net loss - Revenue from COVID-19 related products and services dropped from **71.8%** of total revenue in H1 2022 to **18.6%** in H1 2023, with management expecting further substantial declines in this area[170](index=170&type=chunk) - The company is experiencing headwinds from lower R&D investment in early-stage biotechnology companies and economic contraction in Asia, particularly China, which may continue to negatively impact revenue[172](index=172&type=chunk)[173](index=173&type=chunk) Revenue Comparison (Six Months Ended June 30) | Metric | 2023 | 2022 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $147.9M | $487.0M | (69.6)% | | **Nucleic Acid Production Revenue** | $114.7M | $448.9M | (74.4)% | | **Biologics Safety Testing Revenue** | $33.2M | $38.1M | (12.9)% | Adjusted EBITDA Reconciliation (Six Months Ended June 30) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | **Net (Loss) Income** | $(13.3)M | $303.6M | | **Adjusted EBITDA** | $32.9M | $375.5M | [Quantitative and Qualitative Disclosures About Market Risk](index=53&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure from its variable-rate long-term debt, partially mitigated by an interest rate cap agreement, with foreign currency risk currently minimal - The company has **$535.8 million** of outstanding variable-rate debt as of June 30, 2023, where a hypothetical **100 basis point** change in interest rates would impact interest expense by approximately **$2.7 million** for the six-month period[276](index=276&type=chunk) - An interest rate cap agreement with a notional amount of **$500.0 million** is in place to hedge a portion of the variable interest rate risk, expiring in January 2025[275](index=275&type=chunk) - Foreign currency risk is limited as all revenue is denominated in U.S. dollars, despite approximately **49.4%** of revenue in H1 2023 coming from international sales[278](index=278&type=chunk) [Controls and Procedures](index=53&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that disclosure controls and procedures were effective as of June 30, 2023[279](index=279&type=chunk) - No changes occurred during the quarter that materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[280](index=280&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=54&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any legal proceedings expected to have a material adverse effect on its business, financial condition, or results of operations - As of the filing date, the company is not a party to any legal proceedings anticipated to have a material adverse impact[282](index=282&type=chunk) [Risk Factors](index=54&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, emphasizing its dependence on customer spending and the negative impact of reduced R&D funding for early-stage biotechnology companies due to capital market declines - A key business risk is the dependency on the level of customer spending, which is influenced by factors outside the company's control, such as R&D budgets and access to capital[284](index=284&type=chunk)[285](index=285&type=chunk) - Recent declines and uncertainties in the capital markets have limited access to funding for early-stage biotech customers, causing them to conserve capital and reduce R&D spending, which in turn has decreased demand for the company's products and services[287](index=287&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=55&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None [Defaults Upon Senior Securities](index=55&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon its senior securities - None [Other Information](index=55&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the fiscal quarter ended June 30, 2023 - No directors or officers adopted or terminated any Rule 10b5-1 trading arrangements during the second quarter of 2023[291](index=291&type=chunk) [Exhibits](index=55&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, equity grant amendments, and CEO/CFO certifications required by the Sarbanes-Oxley Act - Exhibits filed include amendments to employee equity plans and certifications from the CEO and CFO pursuant to Sarbanes-Oxley Act Sections 302 and 906[292](index=292&type=chunk)

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET Company Participants Deb Hart - Head of Investor Relations Carl Hull - Chairman of the Board and Interim CEO Kevin Herde - Chief Financial Officer Becky Buzzeo - Chief Commercial Officer Trey Martin - President Biologics Safety Testing Conference Call Participants Conor McNamara - RBC Capital Markets Catherine Schulte - Baird Matt Sykes - Goldman Sachs Dan Leonard - Credit Suisse Dan Arias - Stifel J ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-39725 Maravai LifeSciences Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 85-2786970 (I.R.S. Employer Identification No.) 9 ...

2018 $619K 2020 $1.3M Maravai Sales Catalyzing the Customer Journey to Enable the Miracles of Science 1. AAE = Antibody Affinity Extraction™ ©2023 Maravai LifeSciences. This document and its contents are confidential and proprietary and are not to be shared or redistributed without express consent. 4 Serving high-growth end markets Maravai Products Offered | --- | --- | --- | --- | --- | --- | --- | |----------------|---------------|----------------------------------|----------------------------------|----- ...

Financial Performance - Revenue for the year ended December 31, 2022, was $883.001 million, representing a 10.5% increase from $799.240 million in 2021[496]. - Net income attributable to Maravai LifeSciences Holdings, Inc. for 2022 was $220.205 million, up 21% from $182.037 million in 2021[496]. - Basic net income per Class A common share for 2022 was $1.67, compared to $1.59 in 2021, reflecting a 5% increase[496]. - Comprehensive income attributable to Maravai LifeSciences Holdings, Inc. for 2022 was $220.205 million, compared to $182.081 million in 2021, marking a 20.9% increase[498]. - The company reported a net income of $490.663 million for 2022, compared to $469.250 million in 2021, reflecting a growth of 4.5%[498]. - Net income for the year ended December 31, 2022, was $490.663 million, an increase from $469.250 million in 2021, representing a growth of approximately 4.0%[504]. Assets and Liabilities - As of December 31, 2022, total assets increased to $2,282.3 million from $1,918.3 million in 2021, representing a growth of approximately 19%[494]. - The company’s deferred tax assets were recorded at $765.8 million as of December 31, 2022, down from $808.1 million in 2021[494]. - Total stockholders' equity as of December 31, 2022, was $905.243 million, up from $545.361 million in 2021, indicating a significant increase of approximately 65.8%[504]. - The total additional paid-in capital increased to $137.898 million as of December 31, 2022, compared to $128.386 million in 2021, showing a growth of about 5.9%[504]. - The retained earnings as of December 31, 2022, were $404.766 million, up from $184.561 million in 2021, marking an increase of approximately 119.5%[504]. - The company had $538.6 million of outstanding borrowings under its Tranche B Term Loan as of December 31, 2022, with no borrowings under the Revolving Credit Facility[477]. Expenses - Total operating expenses for 2022 were $308.785 million, an increase of 26.2% from $244.595 million in 2021[496]. - Interest expense decreased to $20.414 million in 2022 from $30.260 million in 2021, a reduction of 32.5%[496]. - Research and development expenses rose to $18.369 million in 2022, up 20.5% from $15.219 million in 2021[496]. - Stock-based compensation expenses totaled $18.670 million for the year, compared to $10.458 million in the previous year, indicating an increase of approximately 78.5%[504]. Revenue Sources - Approximately 61.6% of the company's revenue for the year ended December 31, 2022, was derived from international sales, primarily in Europe and Asia Pacific[478]. - Nucleic Acid Production revenue was $813.069 million in 2022, up from $711.864 million in 2021, reflecting a growth of about 14.2%[534]. - Biologics Safety Testing revenue reached $69.932 million in 2022, compared to $68.417 million in 2021, indicating a slight increase of approximately 2.2%[534]. - Revenue from BioNTech SE accounted for 34.8% of total revenue for the year ended December 31, 2022, while Pfizer Inc. accounted for 26.4%[581]. Acquisitions and Investments - The Company completed the acquisition of MyChem, LLC for a total purchase consideration of $257.9 million, which included cash paid of $240.1 million and contingent consideration of $7.8 million[586][588]. - The estimated fair value of the identifiable assets acquired from MyChem included $135.9 million in total identifiable assets and $8.8 million in total liabilities assumed, resulting in net identifiable assets acquired of $127.0 million[592]. - Goodwill recognized from the acquisition of MyChem amounted to $130.9 million, primarily due to expected synergies from vertical supply integration[593]. - The Company acquired MockV Solutions, Inc. for $3.0 million, with an additional contingent payment of up to $9.0 million based on revenue targets[599]. Debt and Financing - As of December 31, 2022, the total long-term debt was $527.4 million, with a current portion of $5.4 million[650]. - The Tranche B Term Loan requires quarterly payments of $1.4 million starting March 2022, with the remaining principal due in October 2027[640]. - The company recorded a loss on extinguishment of debt of $0.2 million for the year ended December 31, 2022, after repaying $8.5 million to certain creditors[637]. - The company incurred $3.5 million and $0.3 million in financing-related fees for debt refinancing activities in October 2020 and January 2022, respectively[638]. Stock and Equity - The company completed its IPO in November 2020, selling 69 million shares at $27.00 per share, resulting in net proceeds of approximately $1.8 billion[652]. - The company repurchased 1,319,148 shares of Class A common stock from MLSH 2 for $33.7 million in November 2020[661]. - The Company received net proceeds of $624.2 million from the April 2021 Secondary Offering of Class A common stock[663]. - In September 2021, the Company executed a secondary offering of 20,000,000 shares of Class A common stock at a price of $50.00 per share, generating net proceeds of $977.5 million[665]. Tax and Regulatory Matters - The payable to related parties under the Tax Receivable Agreement (TRA) was recorded at $718.2 million, which is 85% of the estimated cash tax savings from utilizing positive tax attributes contributed by pre-IPO owners[489]. - The company has no maximum term for the Tax Receivable Agreement (TRA), which will continue until all tax benefits have been utilized or expired[548]. - The company recognized a tax distribution to non-controlling interest holders amounting to $(150.065) million, reflecting the financial obligations to minority stakeholders[504].

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q4 2022 Earnings Conference Call February 22, 2023 5:00 PM ET Company Participants Debra Hart - Head of Investor Relations Carl Hull - Interim Chief Executive Officer Kevin Herde - Chief Financial Officer Trey Martin - President of Biologic Safety Testing Becky Buzzeo - Chief Commercial Officer Conference Call Participants Dan Leonard - Credit Suisse Matthew Sykes - Goldman Sachs Daniel Arias - Stifel Catherine Schulte - Robert W. Baird Tejas Savant - Mor ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-39725 Maravai LifeSciences Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 85-2786970 (I.R.S. Employer Identification No ...

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q3 2022 Results Conference Call November 2, 2022 5:00 PM ET Company Participants Deb Hart - Head of Investor Relations Carl Hull - Interim Chief Executive Officer Kevin Herde - Chief Financial Officer Conference Call Participants Tejas Savant - Morgan Stanley John Sourbeer - UBS Paul Knight - KeyBanc Madeline Mollman - William Blair Michael Ryskin - Bank of America Dan Arias - Stifel Dan Leonard - Credit Suisse Brandon Couillard - Jefferies Operator Greeting ...

Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q2 2022 Earnings Conference Call August 4, 2022 5:00 PM ET Company Participants Deb Hart - Head of Investor Relations Carl Hull - Chief Executive Officer Kevin Herde - Chief Financial Officer Conference Call Participants Max Smock - William Blair & Company Matthew Sykes - Goldman Sachs Tejas Savant - Morgan Stanley Paul Knight - KeyBanc Capital Markets Inc. Michael Ryskin - Bank of America Brandon Couillard - Jefferies Group LLC John Sourbeer - UBS Group AG ...

Q2 2022 Financial Results (Nasdaq: MRVI) August 4, 2022 eSciences Today's Agenda Welcome Deb Hart, Head of Investor Relations 01 Financial Results & Guidance Kevin Herde, Chief Financial Officer 02 Business Highlights & Update Carl Hull, Chief Executive Officer 03 04 Q&A Session Carl Hull, Chief Executive Officer Kevin Herde, Chief Financial Officer 2 Forward Looking Statements and Use of Non-GAAP Financial Measures This presentation contains, and our officers and representatives may from time-to-time make, ...