Maravai LifeSciences Holdings, Inc.

Hello and welcome everyone joining today's Mara Vi LifeSciences Q2 2026 Results Earnings Call. At this time, all participants are in a listen-only mode. Later, you will have the opportunity to ask questions during the question and answer session. To register to ask a question at any time, please press star 1 on your telephone keypad. Please note this call is being recorded and we are standing by should you need any assistance. It is now my pleasure to turn the meeting over to Deb Hart. Please go ahead.

Good afternoon, everyone. Thanks for joining us for our second quarter 2026 earnings call. The press release and slides accompanying today's call are available at investors.maravai.com. As you can see from the agenda on slide two, our CEO, Bernd Brust, will provide a business update, and our CFO, Rajesh Asarpota, will review our financial results. Dr. Chanfeng Zhao, our Chief Scientific Officer, and Kurt Oreshack, our Executive Vice President and General Counsel, will join us for the Q&A session. Management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. Actual results could differ materially from expectations. We will undertake no obligation to update them. We refer you to slide three for details on forward-looking statements and slide four for our use of non-GAAP financial measures. The press release and the slides provide reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to our investor website. Please also refer to Marvai's SEC filings for additional information on risks and uncertainties that may impact our operating results, performance, and financial condition. Now I'll turn the call over to Bernd.

Good afternoon, and thank you for joining us. We are very pleased with our second quarter performance, which builds on the strong momentum we established in the first quarter. Our results reflect solid execution across the business and reinforce our confidence in both our near-term outlook and long-term strategy. During the quarter, we generated revenue of $51.4 million, representing 9% year-over-year growth. TriLink revenue increased 12%, driven by strong demand for GMP consumables and continued strength in discovery mRNA, particularly from larger preclinical programs, Building our potential GMP pipeline as customer programs advance into clinical development. Because TriLink supports customers throughout the drug development lifecycle, we believe today's discovery success will create tomorrow's GMP opportunity. Cygnus also delivered another solid quarter, with revenue growing 3% year over year, marking its fifth consecutive quarter of growth. Through its industry-leading HCP and ELISA portfolio, combined with expanding analytical services, Thickness continues to provide stable, recurring, high-margin revenue while strengthening customer relationships across the biologics workflow. Our profitability improved significantly. Adjusted gross margin expanded more than 1,600 basis points year-over-year to 58.9%, while adjusted EBITDA improved by $19.1 million to $8.7 million. These results reflect higher revenue, a favorable product mix, and the benefits of the operating model we've built over the past year. We also significantly strengthened our balance sheet. In June, we refinanced our debts, reducing borrowings to approximately $150 million, essentially cutting debt in half since the beginning of 2026, while extending the maturities to 2032. Combined with improving profitability, we believe Meravai is well positioned from both a liquidity and Financial Flexibility Standpoint. Now, let's turn to slide seven and discover progress against our three strategic priorities, innovation, commercial execution, and operational excellence. Innovation, this remains the foundation of our long-term growth strategy. During the quarter, TriLink launched its new GMT-grade Ensign portfolio, expanding our ability to serve customers as a differentiated single-source innovation partner. Increasingly, customers are looking for integrated manufacturing solutions rather than individual components, and this launch meaningfully strengthens our competitive position. We also continue to see outstanding adoption of Mott Hill. Just one year after commercial launch, more than 125 customers are now actively using this technology, including many of the world's leading pharmaceutical companies. Customer adoption continues to accelerate through new accounts, Repeat Orders, and broader use across multiple applications. Later this year, we expect to launch GMP-grade Matil, extending this platform into clinical manufacturing. Customer interest has been strong, particularly in cell and gene therapy applications, further demonstrating how discovery innovation creates future GMP growth opportunities. Thickness also continues to expand its innovation portfolio through the launch of a new residual prism, a mix-and-go kit, while continuing to invest in mass spec analytical services. Although services have a longer sales cycle, we are encouraged by growing customer engagement and increasing repeat business, and we expect this capability to become a more meaningful contributor over time. Finally, we continue strengthening our intellectual property portfolio across CleanCap, Mottail, and Sickness Assays. In addition to two new European patents we received in Q1, during Q2, TriLink received a new China patent covering a full family of clean cap capping analogs, further reinforcing our global IP position. Commercial execution. Our commercial momentum continued to build throughout the first half of the year. Greater customer engagement has improved forecasting, increased visibility and strengthened order conversion. and those improvements are clearly reflected in our results. Within Discovery mRNA, we added 67 new customers in Q2, a record quarter for new customer acquisitions, while our e-commerce platform also delivered record quarterly revenue. GMP consumer roles remained a standout performer, growing 55% year-over-year, driven by large clean cap clinical orders and our first GMP enzyme order. We had no COVID GMP-related revenue in Q2. Operational excellence remains a key driver of our financial performance. The restructuring actions we implemented last year are now largely complete. Combined with our debt refinancing, the company has fundamentally reset its cost structure. Importantly, our manufacturing infrastructure is already in place. Between our state-of-the-art mRNA facilities and new GMP end-plan facility, We believe our operating model is now built to scale and we can support meaningful future growth with relatively modest incremental fixed costs. This operating leverage is central to our long-term financial model. Now let me switch gears for a minute and share how we think about TriLink. As part of our recent long-range planning process, we concluded that investors may appreciate greater visibility into the distinct growth engines within TriLink. While we continue to report and manage our business to two operating segments, TriLink and Cygnus, we increasingly think about TriLink through three distinct market categories, mRNA, CDMO, and specialty chemistry. mRNA is our largest and most strategically important business out of these three. It spans the full development lifecycle through discovery, clinical trials, and ultimately commercial programs. Discovery MRA, which grew 17% year-over-year in Q2, includes our research-use products, such as CleanCap, Mottail, and related reagents. This spans the full research spectrum, academic and basic research customers on one end, and biopharma and biotech conducting advanced preclinical screening and program development on the other. This business not only generates revenue today, but also feeds future GMP demands. GMP consumables, which grew 55% year-over-year in Q2, is the critical grade supply business within mRNA, GMP CleanCap, GMP Enzymes, and soon GMP Matil. This is where TriLink's operating leverage becomes most evident. The growth potential for TriLink here is straightforward. As customer programs advance through clinical development, we expect their demand for GMP materials to increase significantly, while our infrastructure remains largely unchanged. During the quarter, four new GMP customers, More importantly, with additional GMP product launches, we expect to increase the number of products each customer sources from TriLink, deepening relationships, and expanding our share of wallet. The third stage is commercial programs. To date, its revenue consists of COVID-related clean cap, which you'll recall was 14.3 million in Q1, or approximately 7% of estimated 2026 revenue at the midpoint of guidance. Over the longer term, we expect commercial launches from our current non-COVID clinical pipeline to become a meaningful growth driver. As customer programs advance toward commercialization, expected to begin around 2028 and 2029, we believe TriLink is well positioned to support commercial scale manufacturing using infrastructure that already exists. Overall, excluding COVID clean cap, mRNA represents approximately 35% of expected 2026 revenue and we continue to expect this business to grow at high single-digit to low double-digit rates over time. The second component within TriLink is our CDMO business, which represents less than 5% of expected 2026 revenue. While product-based and inherently variable, it serves a select group of highly strategic cell and gene therapy customers with programs progressing toward commercialization. Finally, specialty chemistry. This is a stable, recurring research tools business consisting of oligoservices and reagents, NTPs, and other related reagents. This business represents a little more than 20% of our expected 2026 revenue. While we expect lower growth in MRNA, it remains an important contributor with strong customer relationships and attractive profitability. To be clear, our external financial reporting remains unchanged. We continue to operate and report through our two segments, TriLink and Cygnus. The additional framework we're providing today is intended to help investors better understand the different road drivers within TriLink and how they contribute to our long-term opportunity. In summary, we delivered another quarter of strong execution. We advanced innovation, strengthened commercial momentum, improved profitability, and significantly enhanced our financial position. Perhaps most importantly, we believe the investments we've made over the past year have fundamentally changed the company's earnings profile. Our infrastructure is in place, our balance sheet is stronger, and as customer programs continue advancing from discovery into clinical development and ultimately commercialization, we believe we are well-positioned to deliver attractive long-term revenue growth, expanding margins, and increasing cash generation. I'll turn the call over to Raj to review the financial results and discuss our updated outlook.