Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $41.6 million, down from $69 million in Q3 2024, representing a decline of approximately 40% [15][16] - Adjusted EBITDA for Q3 2025 was a negative $10.8 million compared to a positive $16.2 million in Q3 2024 [16][23] - GAAP net loss before non-controlling interest was $45.1 million for Q3 2025, compared to a loss of $172.5 million in Q3 2024, which included a goodwill impairment charge of $154.2 million [16][23] Business Line Data and Key Metrics Changes - Biologics Safety Testing (BST) revenue was $16.3 million, growing 7% year-over-year, while Nucleic Acid Products (NAP) revenue was $25.4 million, declining 53% year-over-year [3][19] - The base NAP business, excluding GMP COVID CleanCap, was down 29% year-over-year [16][19] - Adjusted EBITDA for BST was $10.5 million, with an adjusted EBITDA margin of 64.8% [19][20] Market Data and Key Metrics Changes - Revenue by geography: 60% from North America, 19% from EMEA, 12% from Asia-Pacific (excluding China), 8% from China, and 1% from Latin and Central America [15][16] - Strength in BST was primarily from the U.S. and European markets, which grew 8% and 17% year-over-year, respectively [5][19] - China market showed weakness, with a reported decline of 12% [57][60] Company Strategy and Development Direction - The company aims to achieve positive adjusted EBITDA and cash flow in 2026, with a focus on operational excellence and revenue growth [4][13] - A strategic realignment and cost reduction initiative is underway, targeting over $50 million in annualized expense reductions [4][21] - The introduction of new technologies like MODTAIL is expected to broaden the customer base and drive future revenue, particularly in CAR T and oncology applications [9][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about Q4 performance, citing strong order velocity and visibility into future growth [18][48] - The company anticipates closing 2025 with revenue of approximately $185 million, implying an 18% growth in Q4 over Q3 [22][23] - Management noted that the funding environment for discovery remains challenging but is showing signs of stabilization [43][44] Other Important Information - The company has stabilized operations and significantly reduced expenses, strengthening its balance sheet [4][21] - The launch of the mRNA Builder platform has doubled the number of orders placed, enhancing operational efficiency [11][68] Q&A Session Summary Question: Anticipated revenue contribution from COVID CleanCap in 2026 - Management indicated that the $10-$20 million revenue contribution is based on a combination of orders in hand and ongoing customer discussions [26] Question: Cost savings breakdown for Q4 and next year - Cost savings are expected to come from various categories, with approximately 40-50% from labor cost reductions and a roughly 50/50 split between COGS and OpEx [27] Question: Key findings from the strategic review - The company was found to be over-structured, and the restructuring has led to improved operational efficiency and engagement from the leadership team [32][33] Question: Performance of BST and regional strength - Management confirmed strength in the U.S. and Europe, while China remains weak, but there are signs of improvement in funding [34][35] Question: Gross margin expectations for Q4 and 2026 - Management expects improvements in gross margin due to cost reductions and a favorable product mix in Q4 [37][38] Question: Confidence in GMP business excluding COVID - Management expressed high confidence in Q4 and 2026, citing strong order visibility and binding purchase commitments [47][49]

NASDAQ: MRVI Q3 2025 Financial Results November 6, 2025 Agenda | | Welcome | Deb Hart, Head of Investor Relations | | --- | --- | --- | | 02 | Business Updates | Bernd Brust, Chief Executive Officer | | 03 | Financial Results and Guidance | Raj Asarpota, Chief Financial Officer | | 04 | Q&A Session | Bernd Brust, Chief Executive Officer Raj Asarpota, Chief Financial Officer Chanfeng Zhao, Chief Scientific Officer | | 01 | | | © 2025 Maravai LifeSciences 2 Past performance may not be a reliable indicator of ...