Q3 2025 Maravai Life Sciences Holdings LLC Earnings Call

Speaker #3: Please stand . We're about to begin . Good afternoon everyone . Welcome to today's Maravi Life Sciences . Third quarter 2025 Earnings Results .

Speaker #3: Conference call . At this time , all participants are in a listen only mode . Later , you will have the opportunity to ask questions during our question and answer session , and you may register to ask a question at any time by pressing Star one on your telephone .

Speaker #3: Also , today's call is being recorded and if you should need any operator assistance during the call today , please press star Zero at any time .

Speaker #3: Now , at this time , I'd like to turn things over to Miss Debra Hart , Head of Investor Relations . Miss Hart , please go ahead , ma'am .

Speaker #4: Good afternoon everyone . Thanks for joining us on our third quarter 2020 earnings call . The press release and slides accompanying today's call are posted on our website and available at investors .

Speaker #4: During today's call , management will make forward looking statements and refer to GAAP and non-GAAP financial measures . It's possible that actual results could differ from management's expectations .

Speaker #4: We refer you to slide three for details on forward looking statements and our use of non-GAAP financial measures . The press release provides reconciliations to the most directly comparable GAAP measures .

Speaker #4: And we also post a reconciling schedule to our investor website . Please also refer to SEC filings for additional information on the risks and uncertainties that may impact our operating results , performance and financial condition .

Speaker #4: Now, I'll turn the call over to our Chief Executive Officer, Bernd Brust.

Speaker #5: Good afternoon and thank you all for joining . Let's begin with a review of our third quarter performance on slide five . For Q3 , we reported $41.6 million in total revenue with biologic safety testing generating 16.3 million , growing at 7% .

Speaker #5: And nucleic acid products contributing 25.4 million , declining at 53% year over year . Sickness continues to perform well , with strength from the US and European markets , although we experienced a decline in Q3 revenue performance from Trilink , this was in line with our expectations and driven by order timing in our GMP and CDMO businesses segments that by nature are lumpy .

Speaker #5: Excluding Covid , GMP , cleancap , we expect strong top line growth for Nap in Q4 , with the majority of orders already in hand .

Speaker #5: Please turn to slide six . As we shared during our Q2 call in August , our immediate focus as a new management team was to get our cost structure in line and position the company for both positive adjusted EBITDA and cash flow in 2026 .

Speaker #5: We have stabilized our operations and significantly reduced expenses , strengthening our balance sheet , going forward . We are on track to lower our expected annualized expenses by greater than $50 million .

Speaker #5: We expect to see more than 7 million in sequential adjusted EBITDA improvements in Q4 . The execution of the restructuring is largely complete , and the remaining initiatives are progressing to plan .

Speaker #5: The work we have done to reset , refocus and strengthen the company positions us to deliver attractive growth in Q4 , while continuing to serve our customers with the same dedication we've had in the past .

Speaker #5: Turning to biologics safety testing on slide seven , our Cygnus business continues to deliver strong recurring revenue with broad adoption across novel monoclonal antibodies , biosimilars , recombinant vaccines , and all 25 approved Car , T cell and gene therapy products .

Speaker #5: Maintaining our 100% coverage in this space . We are expanding our HCP assay portfolio , including novel mass spectrometry based assays and seeing robust demand for contract services .

Speaker #5: MacPhee viral clearance kits and custom assays . Q3 marks our second quarter of year over year growth in best . The strength in Q3 came largely from our core markets in the Americas and Europe , which were up 8% and 17% year over year , respectively .

Speaker #5: We believe this growth reflects renewed focus on biologics development and manufacturing by biopharma and CDMO companies . Thicknesses , position as the gold standard and thought leader with regulatory agencies and throughout the industry helps ensure customer retention .

Speaker #5: And we believe our expanding full service offerings can fuel continued growth for our best segment . Turning to our nucleic acid Products segment on slide eight , we offer discovery consumables , GMP consumables , and CDMO services for therapeutic , vaccine and diagnostics applications .

Speaker #5: Filings . Discovery market continues to be influenced by the broader macro environment and lower funding levels . While a portion of our discovery revenue comes from early stage basic research , a substantial share approximately 60% is generated from larger orders that typically reflect more advanced programs that have moved beyond early discovery into later stage screening and preclinical development activities .

Speaker #5: We are encouraged by early signs of stability and renewed growth in these higher-value orders. In Q3, our discovery business achieved modest sequential growth, and we are seeing strong momentum into Q4, supported by a healthy funnel and a strong start in October.

Speaker #5: In Trilink , GMP consumables , historically , we have presented GMP clean CPAp sales related to Covid amounting to approximately $66 million in 2024 , with no projected revenue for 2025 .

Speaker #5: The fourth quarter will mark our last period of negative comparison of $14.3 million beginning in 2026 onwards . We anticipate annual revenues of roughly 10 million to $20 million from Covid vaccines and will manage the business holistically , embedding Covid GMP clean CPAp as part of our ongoing GMP consumables portfolio .

Speaker #5: In the third quarter , our base GMP consumables revenue declined due to the timing of clean CPAp , GMP orders , which typically align with customer programs advancing into next stage trials .

Speaker #5: This revenue stream traditionally has quarter to quarter variability despite lower third quarter revenue . We have strong visibility into our fourth quarter forecast and expect strong sequential and year over year growth in base GMP consumables on the innovation front , we launched our Mattel technology , Mateo enhances mRNA protein expression and duration , both key for next generation RNA medicine , and is showing promising results in early trials at both established customers and internal trials .

Speaker #5: We are aggressively driving adoption through targeted marketing and customer sampling . With Mateo now offered as an opt in on every quote . We believe this innovation will help broaden our customer base , drive new customers into our ecosystem , and is expected to be a future revenue driver , especially in Car-T and oncology applications .

Speaker #5: While our Mateo works seamlessly with our Cleancap technology , there are also significant improvements seen even when using an enzymatic capping mechanism , thus opening the sales channel to Non-clean cap users through Q3 2025 .

Speaker #5: We've already had nine clients use our new mRNA plus cocktail services , some for multiple programs , and another 14 clients have ordered our catalog .

Speaker #5: Martel products . We're also pleased with the reception of our ICT kits , which combines several of trials innovative RNA discovery products to create an all in one solution for high performance RNA synthesis .

Speaker #5: These kits were launched in May and although still early days , the momentum has been terrific . We've had consistent bookings , growth month over month since launch , with both existing and new customers .

Speaker #5: Importantly , these kits serve as an entry point for customers who may transition into using our GMP products over time , expanding our user base , strengthening cross product adoption , and fostering long term relationships based on their early success .

Speaker #5: We plan to launch additional kits in 2026 . Last quarter , I highlighted the launch of our computer aided design and order platform mRNA builder .

Speaker #5: I'm pleased to report an encouraging early response . Customers are now designing and ordering mRNA constructs through our fully guided self-service workflow , enabling us to serve more clients with greater operational efficiency .

Speaker #5: Since the launch of the platform , we've seen a doubling of the number of orders placed customers require minimal or no direct interaction during the purchasing process .

Speaker #5: An increasing our quote to order conversion rate to over 80% . We are working to expand the platform and to commercially launch on a larger scale , broadening our digital ecosystem within the Nap business .

Speaker #5: We also have our CDMO services . Please turn to slide nine . Our CDMO capabilities set us apart , offering comprehensive support from discovery through late stage clinical development .

Speaker #5: We are seeing increased engagement from both new and repeat customers , particularly in the cell and gene therapy market , and have secured multi-year supply agreements which enhance our revenue visibility and strengthen our long term partnerships .

Speaker #5: Maravai is uniquely positioned for this industry , and we plan to continue to add capabilities to support our our cell and gene therapy customers .

Speaker #5: The anticipated growth in this sector suggests that our CDMO business can support the mRNA market without depending solely on infectious disease , vaccine manufacturing .

Speaker #5: In 2026 , we are expecting an increase in the number of CDMO programs we support , as well as an increase in the average batch size per built .

Speaker #5: Please turn to slide ten . While Maravai has had challenges over the last year , my team and I have taken decisive actions to adjust our cost structure and to reinforce our foundation .

Speaker #5: Our core technologies , deep customer relationships , and strong end market exposure remain powerful assets that position us for growth . In Q4 into 2026 and beyond .

Speaker #5: What I would like to leave you with today is that I continue to be energized by the opportunity to lead Maravai being into CEO seat for five months now , I , along with my leadership team , have developed our strategy based on three fundamental pillars for results operational excellence , revenue growth , and of course , return to positive adjusted EBITDA in 2026 .

Speaker #5: We are operating with greater financial discipline , prioritizing cash generation and aligning investments with clear ROI with a strong balance sheet and healthy liquidity .

Speaker #5: We have the flexibility to invest in the highest return opportunities while maintaining profitability improvement . As a top priority . I have the utmost confidence in our future .

Speaker #5: Now , I'd like to turn the call over to Rajesh Asarpota , our CFO , for more details on the quarter and our financial guidance .

Speaker #6: Thank you . Barron . Let's turn to the Q3 financial results on slide 12 . Revenue for the quarter was 41.6 million , compared to 69 million in Q3 2020 .

Speaker #6: For excluding revenue for Covid , GMP clean cap based revenue in Q3 2024 was 50.8 million , so the base business , which excludes GMP clean cap orders primarily related to Covid vaccine programs , was down 18% for Q3 versus 2020 .

Speaker #6: For our nucleic acid products or Nap segment had revenue of 25.4 million in Q3 . The Biologic safety testing segment , or best revenue , was 16.3 million in the third quarter .

Speaker #6: I will discuss segment results a little later in the call . Revenues by customer type in Q3 were 27% . Biopharma , 32% life sciences , and Diagnostics , 4% academia , 8% CRO , CMO , CDMO , and 29% through distributors .

Speaker #6: Revenue by geography was 60% . North America , 19% EMEA , 12% Asia Pacific excluding China , 8% in China and 1% from Latin and Central America .

Speaker #6: Turning to slide 13 . Our GAAP net loss before noncontrolling interests was 45.1 million for the third quarter of 2025 . This compares to a GAAP net loss before noncontrolling interests of 172.5 million for the comparable third quarter of 2020 .

Speaker #6: For . Note that in Q3 2024 , there was a goodwill impairment charge of 154.2 million adjusted EBITDA , a non-GAAP measure , was a negative 10.8 million for Q3 2025 compared to a positive 16.2 million for Q3 2024 .

Speaker #6: Moving to slide 14 and EPs . Basic and diluted EPs for the third quarter was a loss of $0.18 per share , compared to a loss of $0.68 per share in the third quarter of 2020 .

Speaker #6: For adjusted EPs in Q3 2025 was a loss of $0.08 , compared to a loss of $0.01 in Q3 2020 . For advancing to the balance sheet .

Speaker #6: Cash flow and other financial metrics . On slide 15 , we ended the quarter with 243.6 million in cash and 295.6 million in long term debt for Q3 2025 , cash used in operations was 15.2 million .

Speaker #6: This includes a 1.6 million impact from restructuring expenses , depreciation and amortization was 13.2 million and interest expense , net of interest income , was 4 million .

Speaker #6: In the quarter , stock based compensation , a non-cash charge , was 9.1 million for the quarter . Next to slide 16 and the discussion of segment performance , the Nap segment had revenue of 25.4 million in Q3 , 61% of total revenue , base Nap business , excluding GMP , Covid clean cap was down 29% year over year .

Speaker #6: The year over year revenue decline in Nap was driven by the following . First , the timing of GMP product orders we saw in Q3 2024 not recurring in Q3 of this year , as Brent mentioned , this part business can receive large orders as customer of the programs advance in clinical trials , and we already have strong order velocity for GMP consumables in Q4 and into 2026 .

Speaker #6: Second , CDMO builds from Q3 last year , did not repeat in Q3 of 2025 . We have a strong funnel for contracted CDMO services revenue , some of which is expected to be recognized in Q4 .

Speaker #6: And third , discovery continues to be impacted by the current funding environment and other macro conditions . While discovery was down year over year , we did see growth in Q3 over Q2 for our discovery consumables , and we've seen a strong start to Q4 .

Speaker #6: Discuss some of the trends we are seeing in discovery , particularly in the screening and pre-clinical part of the business . That is less impacted by funding dynamics .

Speaker #6: Adjusted EBITDA for Nap was negative 7.9 million in Q3 . We view Q3 as a low bar and see significant growth in Q4 for Nap , BSE grew 7% year over year 16.3 million in the third quarter , or 39% of total revenue .

Speaker #6: The strong year over year growth was driven by demand for wholesale protein kits and quantification services , and increasing adoption of Mark V viral clearance products in BST , we saw strength in the US and European markets , while China was down .

Speaker #6: Adjusted EBITDA for BST to was 10.5 million for an adjusted EBITDA margin of 64.8% . We incurred an increase in cost of goods sold in Q3 and BST due to a change in our labor and overhead capitalization methodology tied to team realignments , which temporarily reduced EBITDA margins but creates greater operational efficiency and long term margin improvements .

Speaker #6: Corporate share service expenses impacting adjusted EBITDA totaled 13.4 million in the third quarter . These services include centralized functions such as human resources , finance and accounting , legal , information technology and the incremental expenses associated with being a public company .

Speaker #6: This is another large pocket of costs within the organization that we have reduced with the cost actions announced last quarter , we are on track for the expected greater than 50 million annualized reduction in expenses and expect that we will have reduced expenses by more than 10 million in the second half of 2025 .

Speaker #6: The strategic Realignment and Cost Reduction initiatives are proceeding according to plan , and a foundation focused on executional rigor has been established with the aim of expanding margins .

Speaker #6: We expect more than 7 million in sequential adjusted EBITDA improvements in Q4 . Now let's address our guidance for 2025 on slide 17 .

Speaker #6: As you likely recall , as a new leadership team , we made the decision to withdraw the company's prior guidance range to give us a chance to complete a full business review .

Speaker #6: That process is now complete . We are also confident that we have a disciplined forecasting process in place with cross-functional engagement embedded in monthly planning and visibility , improving across our business units .

Speaker #6: We anticipate closing 2025 with revenue of approximately 185 million . This implies Q4 growth of 18% over the third quarter , and excluding GMP , Covid clean cap Q4 base business growth of 16% year over year .

Speaker #6: We also expect our 2025 adjusted EBITDA loss to be roughly 35 million for the year , which would mean an adjusted EBITDA loss of 3.5 million in Q4 .

Speaker #6: In closing , I'm encouraged by the steps we have already taken and continue to position Ma.y for long term success . Our financial discipline is evident in our ongoing efforts to align investments with strategic priorities and to optimize operational execution across all segments .

Speaker #6: We are committed to driving efficiencies , enhancing our cost structure , and ensuring that every dollar invested yields measurable value for our shareholders with clear financial targets and a roadmap for returning to revenue growth and expected positive adjusted EBITDA in 2026 , I'm confident in the trajectory of our business .

Speaker #6: We will offer detailed guidance for 2026 during our fourth quarter call . The progress we have made so far , combined with our operational rigor , sets the stage for sustainable growth and value creation in the quarters and years ahead .

Speaker #6: I'm optimistic about what lies ahead for Ma.y. I'll now turn the call back to the operator to begin the Q&A session.

Speaker #3: Certainly . Thank you sir . Ladies and gentlemen , at this time , if you do have any questions or comments , please press star one .

Speaker #3: If you do find your question has been addressed , you may remove yourself from the queue by pressing star two . Additionally , management will be available for up to 30 minutes to answer your questions , but we do ask that you please limit yourself to one question and one follow up question .

Speaker #3: We'll go first this afternoon to Justin Bowers with Deutsche Bank .

Speaker #7: Hi . Good afternoon everyone . So just curious on the the anticipated 10 to 20 million of revenue contribution in 2026 from Covid clean back clean , clean cap .

Speaker #7: Do you have commitments for those orders or is that more around just conversations that you're having with the customer and or customers in indications there ?

Speaker #5: Hey Justin , is it's a combination of two . We have some orders in hand and others tied to customer discussions . That 10 to 20 is a good number

Speaker #7: Okay . Thank you . And then in . the cost savings that you have running through and in the fourth quarter and , and and next year as well , is that is that coming out of the cogs line , SG&A sort of what's the split the thinking there ?

Speaker #6: Yeah , I'll take that . This is Raj . So . As we've communicated previously , the 50 million plus , you know , comes through a bunch of different categories .

Speaker #6: We expect about 40 to 50% of those kind of realizing from labor cost reductions and other 15 to 20% on facilities , 15 to 20% on CapEx .

Speaker #6: And then another 15 to 20 on other controllable spend . And if you look at the split between Cogs and OpEx , it's roughly 5050 .

Speaker #7: Okay . Thank you . I'll jump back in queue .

Speaker #3: Thank you . We go next now to Matt Leroux of William Blair .

Speaker #8: Hi , this is on for Matt . Just wanted to ask about that strategic review . Sounds like it's largely been concluded , which is it's good to hear .

Speaker #8: So maybe just more high level on the first part . Wondering if you could just talk a little bit about your key findings from the review .

Speaker #8: What was , you know , the most surprising or maybe stuck out to you ? And what would you say , like the actual outcome of the review is sounds like , you know , the adjusted EBITDA and free cash flow positive targets for 26 are still intact .

Speaker #8: But maybe what are the sensitivities to that timeline , to the target and visibility into achieving them both ? On , you know , sooner than Jacob expected , but also potentially them being pushed out ?

Speaker #5: Let me maybe take the the high level side here and then ran it over . Hand it over to you . You know , I think specifically to the findings we've been here for respectively 4 or 5 months now or so together .

Speaker #5: And the choices we made to restructure the business . And obviously impact quite a few people's careers here is tough , but I think ultimately went as smooth as it could have gone .

Speaker #5: So I think a finding here for sure has been the company was probably structured a little too heavily for what its basis , and so I think ultimately what we have experienced here is a business today that runs much better .

Speaker #5: I think we have a leadership team that's highly engaged and focused on on building this business to where it needs to be . Again .

Speaker #5: But ultimately , I think the impact on the business with the changes we've made have been minimal . And so I think findings of being heavily structured in areas where we shouldn't have been , those are out downsized , has worked out great for the business .

Speaker #8: Great . Thanks . And then just a follow up , I wanted to ask about the best performance in the quarter . Good to see this business now return to growth for two consecutive quarters .

Speaker #8: Now , you know , I imagine a lot of that has to be driven by the improving biotech funding that backdrop , but really wanted to unpack what you're seeing strength here on the regional perspective , I think you mentioned strength in the US and Europe , while China remains weak .

Speaker #8: We've heard from peers this reporting cycle . China seems like it's starting to recover . So just wondering what you're seeing there and maybe what's embedded in your outlook .

Speaker #5: I think you're spot on with what you said . I mean , I think in our last earnings call , there was some question whether strength was coming because of some , some related tariffs in China .

Speaker #5: And people stocking up . And , you know , clearly is not the case here . It's nice to see strength coming back in the core markets of the US and Europe .

Speaker #5: I'm in agreement with you . I think it's starting to show improvement on funding . You know , we'll see how the continuing quarters will be .

Speaker #5: But certainly we're optimistic about where this business is heading .

Speaker #8: Thank you .

Speaker #3: We'll go next . Now to Doug Schenkel of Wolfe Research .

Speaker #9: Hi . This is Madeline Moolman on for Doug Schenkel . I just wanted to touch on the gross margin . Gross margins . Been in the teens so far this year .

Speaker #9: I know you talked about taking about 25 million of the 50 million out of the Cogs line . How should we think about the gross margin expansion in Q4 and then into 2026 , especially if you do get that contribution from the Covid clean cap , which is typically one of your higher margin products ?

Speaker #6: Yeah , the good question , and I think as we feel as we kind of look ahead into Q4 , you can definitely kind of think about modeling improvements with the cost reductions we've announced , and we'll give more specific guidance in our fourth quarter call .

Speaker #6: But there will be improvement in gross margin , primarily related to product mix . So like you said , as we start to get more GMP orders in that gross margin rate will improve .

Speaker #9: Great . Thank you . And then just one clarification . You talked last quarter about some of the high volume clean cap orders that could come in 2026 .

Speaker #9: Is that 10 to 20 million of Covid orders the same as what you mentioned last quarter , or would this be on top of that .

Speaker #5: , or that is the same .

Speaker #9: Got it . Thank you .

Speaker #3: Thank you . We go next now to Catherine Schulte of Baird .

Speaker #10: Hey everyone , this is Tom Peterson on for Catherine . Just wanted to maybe dig in on the Trilink funnel and order velocity that you spoke to .

Speaker #10: You mentioned orders in hand thus far . Kind of supporting this outlook . So I guess , is this just kind of typical order timing or lumpiness , or do you think there's something else that's really contributing to the sequential improvement ?

Speaker #5: I think it's a combination of both . Again , here , when you look at Q3 , it's hard to feel great , obviously , about the revenues that happened in the GMP business there .

Speaker #5: But nothing was unexpected as far as what our forecasts were from our customers . So I think part of this is just purely timing that we normally experience in this part of of our business .

Speaker #5: But I do think we're seeing some positive direction of seeing incremental orders coming in . We've seen a number of larger orders coming through our system in the last couple of months , and and all of that is pretty much tied to either screening kind of activities or earlier stage clinical trial work .

Speaker #5: So it's nice to see some of that movement happening .

Speaker #10: Great . And then maybe just wanted to get a few more comments on the Discovery funding environment in particular . You mentioned the macro and kind of the challenging funding environment that we've seen , I guess .

Speaker #10: What are you hearing from customers today ? We've we've maybe heard a little bit more positive developments given some of the policy outcomes around MFN and things like that .

Speaker #10: So I guess , what are you what are you hearing from this customer set ?

Speaker #5: Yeah , I think it's becoming more neutral . But but I don't think it's great yet . I think that the , the important part in our business , when you think about discovery , you know , we look at the business kind of in two segments , right ?

Speaker #5: Orders over 25 grand , which we don't consider discovery . We have more screening and clinical trial kind of activity . That's still using Ruo consumables .

Speaker #5: That's about 60% of our revenues in that segment . And we feel really good about what's happening in that segment . And if you look at orders under 25 grand in that discovery segment , that's I still still think fairly tough .

Speaker #5: However , if you think that's primarily an academic for us , that's less than 4% of our revenues today . So we're fairly well shielded from what's happening in that market .

Speaker #5: So do I think you're hearing some positive things ? Yes . Do I think as a company is at this point very well protected against some of that funding challenge ?

Speaker #5: I think we're in a good place .

Speaker #10: That's helpful . Thank you .

Speaker #3: Thank you . We'll go next . Now to Subbu Nambi with Guggenheim .

Speaker #11: Hi . This is Ricky on for Subbu . Thanks for taking our question . Maybe just if you could provide a little bit of color on the confidence you had in the ex Covid GMP clean cap in four .

Speaker #11: Q and then also in 2026 and maybe just any changes to your expectations or your outlook for excluding Covid that GMP business longer term ?

Speaker #5: Well , certainly on Q4 we have a high level of confidence in most of these orders are in hand . And , you know , we have two months left in the year .

Speaker #5: October was strong . So I think we're in a good place for what the Q4 forecast is . I think macro level for 2026 , we feel good .

Speaker #5: If you look at the number of orders in hand today for 2026 versus similar orders in 2024 , for 2025 , very materially greater now than we were last year .

Speaker #5: So I think all those indicators the right direction that we have to take here . Raj , is more specific numbers you want to add , but I'll leave it with that .

Speaker #6: No , I think like Baron said , we are already seeing a lot of good visibility through our customer forecast . We've got binding purchase commitments .

Speaker #6: We've got multi-year supply agreements and that visibility gives us really kind of strong confidence , not just in Q4 , but as we kind of look at growth trajectory for 26 , we feel pretty good about it .

Speaker #11: That's helpful . And then maybe just on that same topic , the visibility you have , is there any differences geographically that you would speak to ?

Speaker #11: You already talked a little bit about some of the different customer sizes and end markets , such as , geographically speaking , that visibility and thanks .

Speaker #5: I think we should not give guidance on that . I think it's obviously we're seeing good strength outside the US at the moment , but but I think there's some nice movement happening here as well .

Speaker #5: I wouldn't go into specifics on that at this point .

Speaker #3: Thank you . We'll go next . Now to Nathan Bolanos with UBS .

Speaker #12: Hello . Thank you so much for taking my question . Obviously , there's a lot of moving pieces , but do you have any initial thoughts on what a long term its long term normalized growth rate for the nucleic acid segment could be .

Speaker #5: A difficult question to answer . I think we continue to feel good about growing in line with our market . Peers are saying in their various earnings calls , do I think that mRNA specifically and our weighting toward mRNA gives you some material upside depending on what happens with so many of the clinical trials that are going on ?

Speaker #5: Yeah , there's upside . I think , you know , whether that takes place . And when that takes place is is hard to judge .

Speaker #5: That's very much tied to how these trials are moving forward . But but if you put a high level of confidence in that mRNA therapeutics have a very bright future in our position , within that , you have to kind of assume that greater growth will come .

Speaker #5: How to truly kind of , you quantify that . An exact number is very hard to do at this stage .

Speaker #12: Gotcha . Thank you .

Speaker #3: Thank you . And just a quick reminder , ladies and gentlemen , any further questions today , please press star one at this time .

Speaker #3: We'll go next . Now to Matt Stanton with Jefferies .

Speaker #13: Hey , thanks . Maybe going back over to year to date growth is contracting mid-single digits . You know , just talk about kind of durability and visibility .

Speaker #13: Returning here . Any pockets that are still lagging . And you know maybe we don't go back to the mid-teens . We saw historically .

Speaker #13: But is there a pathway for this to get kind of towards more bioprocessing , consumable type growth . And then I know it's still very small today , but just any more color to share on on Mark V and the growth there .

Speaker #13: And then just more broadly , the potential opportunity within the viral clearance market for , for that product , which seems to be getting nice traction .

Speaker #13: Thanks .

Speaker #5: Again .

Speaker #6: Yeah , sure . You know , for Cygnus , if you look at the broad portfolio , our wholesale protein kits , that's kind of like our gold standard that's been growing at seven .

Speaker #6: That grew 7% in the quarter . And it kind of demonstrates our position with , you know , with customers who remain loyal to us .

Speaker #6: And then to your question on Mark V . Yeah , that continues to grow at a pretty rapid clip due to , again , industry adoption and confidence in the product .

Speaker #6: So we're seeing really good traction there as well . And then even on HCP quantification services , we're continuing to grow there due to repeat customers and our focus on tactical programs to kind of engage new accounts .

Speaker #6: And then just across , you know , if you look at the different geographies , APAC was strong in , you know , it's been an 18% year over year this quarter .

Speaker #6: 8% of that growth came from the Americas , 12% in APAC and 17% in Europe . So all in all , the whole portfolio is holding pretty strong .

Speaker #5: I think we've seen the biggest weakness is China still , right ? Yeah , we're still down . So when we say Asia we kind of exclude China .

Speaker #6: Exclude China . Yeah China was down 12% .

Speaker #13: Okay . Thanks . And then you know I appreciate all the color on some of the new products with Mattel . The IV kit sounds like there's more coming .

Speaker #13: The mRNA builder maybe just talk about the pipeline of innovation more broadly . It feels like you're taking maybe more of a refined approach for less numbers of products , but maybe those that are more impactful or more impactful sooner .

Speaker #13: And then as we try to start to think about what that could mean for 26 and beyond , any of these , can they move the needle on their own ?

Speaker #13: Or if we kind of package some of the meaningful launches up together , is there a chance that those could add a couple of points to growth or something next year , as you continue to get traction there ?

Speaker #13: Thanks .

Speaker #5: We have our chief scientific Chief Scientific officer sitting here . We'll have her take your questions .

Speaker #14: Yes , sure . This is champagne . Yes , yes . You are right . We are more focused on differentiation , product moving forward .

Speaker #14: So matter is a good example of it . So as you know , typically mRNA has a five cap . But there's nothing at three prime end .

Speaker #14: Degradation . So the we did have we add a small molecule moiety at three prime end of the mRNA that increased mRNA lifespan by resisting to the exon nucleus digestion .

Speaker #14: So this new technology helps M&A protein expression and duration of the expression . So it works for mRNA made with co-transcriptional capping methods like our Cleancap method .

Speaker #14: Also works for mRNA made with our enzymatic capping method . So as Brent mentioned earlier , we have a number of customers seeing promising results , and it's still early in the marketplace .

Speaker #14: If not big revenue . Yet . But we believe this technology will expand our customer base and also introduce new customers into our ecosystem .

Speaker #14: And especially for Car-T and oncology related applications . So comes to the market . As you know , we have patented Cleancap . We also have improved T7 polymerase .

Speaker #14: And over the years we optimized IV buffer and protocol workflow . So we really want is to have scientists in a field to take benefit of what we learned over the years .

Speaker #14: So it's really logical for us to have the kit . Yeah . So that's really helps our customers to get higher mRNA yields have more robust IV process .

Speaker #14: And have lower double strand RNA . As you know , more double stranded RNA means lower immunogenicity . So we believe this kit is served as a entry point for help US customers to transition into using our Cleancap product over the time .

Speaker #5: Thank you .

Speaker #13: Thank you .

Speaker #5: Specifically , write to our strategic direction of do we think you know new products in our portfolio will drive growth beyond just clean cap in this segment ?

Speaker #5: And the answer is yes . I mean , there's no question that our our goal is to continue to innovate consumables into discovery World , that we then take into GMP manufacturing and then have those used obviously in various clinical trials and , and commercialization eventually , you know , I think when you look at our model product , amazing opportunity to be not just in in products that that use clean capital .

Speaker #5: So enzymatic , enzymatic capping , we have an enzyme business that we're trying to bring into GMP world . We're finishing our GMP facility in Florida on that .

Speaker #5: I think in the next three months or so , and there'll be a variety of other consumables over the next years to come that we will bring forward into GMP manufacturing .

Speaker #5: So I think that the overall depth of our pipeline through our R&D is incredible, with some really outstanding potential high fliers there as well.

Speaker #5: Like mocktail .

Speaker #13: Appreciate all the color . Thank you .

Speaker #3: Thank you . And ladies and gentlemen , it appears we have no further questions today . Mr. bass , I'd like to turn things back to you , sir , for any closing comments .

Speaker #5: Well , I appreciate everybody dialing in again . You know , Q3 , obviously from a growth perspective , not something that we can all feel great about , but expect it within line of what we felt as a management team .

Speaker #5: Truly believe that the vast majority of this is due to timing . And we're seeing that materialize in Q4 here . So we we appreciate your continued support and are excited to bring Q4 to closure here .

Speaker #5: And , and have a next call where we can talk about all that having happened in a great 2026 . So appreciate your support .

Speaker #5: And we look forward to speaking with you again in the next three months .

Speaker #3: Thank you , Mr. Bus . Ladies and gentlemen , that will conclude the Maravai Life Sciences third quarter earnings conference call . Again , thanks so much for joining us , everyone .