Overview

• US life science reagents provider's Q1 revenue rose 41% yr/yr, beating analyst expectations

• Q1 adjusted EBITDA swung positive and beat analyst expectations

• Company raised full-year 2026 revenue and EBITDA guidance

Outlook

• Maravai raises 2026 revenue guidance to $205 mln-$215 mln from $200 mln-$210 mln

• Company lifts 2026 adjusted EBITDA outlook to $30 mln-$32 mln from $18 mln-$20 mln

Result Drivers

• TRILINK GROWTH - TriLink revenue rose 65% yr/yr, mainly due to $14.3 mln in high-volume CleanCap orders for commercial COVID vaccine programs

• BASE BUSINESS DEMAND - TriLink base, non-COVID revenue grew 15% yr/yr, with strength in both Discovery and GMP consumables

• OPERATIONAL EFFICIENCY - Co said focus on cost structure and operational efficiency contributed to EBITDA expansion and positive free cash flow

Company press release: ID:nBwPFt6ca

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$65.80 mln	$53.05 mln (9 Analysts)
Q1 Net Loss		$6.40 mln
Q1 Adjusted EBITDA	Beat	$20.30 mln	$4.04 mln (8 Analysts)

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 5 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Maravai LifeSciences Holdings Inc is $4.50, about 14.2% above its May 6 closing price of $3.94

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