Maravai LifeSciences Holdings Inc (MRVI) 2023 Q1 法說會逐字稿

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Maravai Life Sciences First Quarter 2023 Earnings Conference Call. (Operator Instructions) Deb Hart, Head of Investor Relations, you may begin your conference.

下午好。我叫 Rob，今天我將擔任你們的會議接線員。此時，我想歡迎大家參加 Maravai Life Sciences 2023 年第一季度收益電話會議。 （操作員說明）Deb Hart，投資者關係主管，你可以開始你的會議了。

Thank you, Rob, and good afternoon, everyone. Thanks for joining us on our first quarter 2023 earnings call. Our press release and the slides that accompany today's call are posted on our website and are available at investors.maravai.com.

謝謝你，Rob，大家下午好。感謝您加入我們的 2023 年第一季度財報電話會議。我們的新聞稿和今天電話會議的幻燈片發佈在我們的網站上，可在 investors.maravai.com 上獲取。

As you can see on our agenda for today on Slide 2, Carl will first provide you with a business update, then Kevin will review our financial results and guidance. Trey Martin, President of our Biologics Safety Testing; Drew Burch, Executive Vice President, Nucleic Acid Products; and Becky Buzzeo, our Chief Commercial Officer, will join the call for the question-and-answer session following the prepared remarks.

正如您在我們今天的幻燈片 2 上看到的那樣，Carl 將首先向您提供業務更新，然後 Kevin 將審查我們的財務結果和指導。我們的生物製品安全測試總裁 Trey Martin； Drew Burch，核酸產品部執行副總裁；我們的首席商務官 Becky Buzzeo 將在準備好的發言後加入問答環節。

We remind you, management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It's possible that actual results could differ from management's expectations. We refer you to Slide 3 for more detail on forward-looking statements and our use of non-GAAP financial measures. Our just issued press release provides reconciliations to the most directly comparable GAAP measures. Please also refer to Maravai's SEC filings for additional information on the risks and uncertainties that may impact our operating results, performance and financial condition. Now I'll turn the call over to Carl.

我們提醒您，管理層將在今天的電話會議上做出前瞻性陳述並參考 GAAP 和非 GAAP 財務指標。實際結果可能與管理層的預期不同。我們建議您參閱幻燈片 3，了解有關前瞻性陳述和我們使用非 GAAP 財務指標的更多詳細信息。我們剛剛發布的新聞稿提供了與最直接可比的 GAAP 措施的調節。另請參閱 Maravai 向美國證券交易委員會提交的文件，了解有關可能影響我們的經營業績、業績和財務狀況的風險和不確定性的更多信息。現在我會把電話轉給卡爾。

Well, thank you, Deb, and good afternoon, everyone. We appreciate having you join us for our call today. Let me give a quick recap of the quarter, highlight some innovative new products that we are introducing and provide a few business updates before turning the call over to Kevin.

好吧，謝謝 Deb，大家下午好。感謝您今天加入我們的電話會議。讓我快速回顧一下本季度，重點介紹我們正在推出的一些創新產品，並在將電話轉交給凱文之前提供一些業務更新。

Let's start with our first quarter results on Slide 5. Today, we reported $79 million in revenue for the quarter, $24 million in total adjusted EBITDA and $0.03 in adjusted fully diluted EPS for the quarter. Revenue results were within the range of expectations for the first quarter that we shared with you during our fourth quarter conference call. While our performance in the quarter was consistent with our expectations, like other players in the field, we do note that broader market factors will likely continue to impact the business into the second quarter. Kevin will go into more detail on the results and our revised guidance later in the call.

讓我們從幻燈片 5 上的第一季度業績開始。今天，我們報告本季度收入為 7900 萬美元，調整後 EBITDA 總額為 2400 萬美元，調整後完全攤薄每股收益為 0.03 美元。收入結果在我們在第四季度電話會議上與您分享的第一季度預期範圍內。雖然我們在本季度的表現與我們的預期一致，但與該領域的其他參與者一樣，我們確實注意到更廣泛的市場因素可能會繼續影響業務進入第二季度。凱文將在稍後的電話會議中詳細介紹結果和我們修訂後的指南。

Our Nucleic Acid Production business had revenue of $61 million in the first quarter. This includes an estimated $45 million of base Nucleic Acid Production revenue. The Biologic Safety Testing revenue was $18 million in the first quarter.

我們的核酸生產業務在第一季度的收入為 6100 萬美元。這包括估計為 4500 萬美元的基礎核酸生產收入。第一季度生物安全測試收入為 1800 萬美元。

On Slide 6, you'll see that our adjusted free cash flow in the quarter was $23 million. Cash on hand at the end of the quarter was $628 million, down only $4 million from the year-end despite our having paid $70 million upfront in the quarter for the Alphazyme acquisition. Debt sits at $537 million gross. Thus, we maintain a $91 million net cash position. This puts us in a great position to fund our long-term strategy of growth through organic investments and our own capabilities, while we simultaneously pursue external M&A.

在幻燈片 6 中，您會看到本季度調整後的自由現金流為 2300 萬美元。本季度末手頭現金為 6.28 億美元，僅比年末減少 400 萬美元，儘管我們在本季度為收購 Alphazyme 支付了 7000 萬美元的預付款。債務總額為 5.37 億美元。因此，我們保持 9100 萬美元的淨現金頭寸。這使我們處於有利地位，可以通過有機投資和我們自己的能力為我們的長期增長戰略提供資金，同時我們同時進行外部併購。

We continue to see multiple strategic opportunities in our space where we will endeavor to responsibly deploy some of those cash. As we close out the first quarter of the year, we remain focused on: first, expanding our product portfolio; second, advancing our market leadership in the mRNA space; and finally, accelerating the introduction of scientific innovations in ways that support our customers' rapidly evolving needs while continuing to invest in operations, manufacturing and people to support our base business growth. To the first point on product portfolio expansion and our focus on innovation, let's now turn to Slide 7.

我們繼續在我們的領域看到多個戰略機會，我們將努力負責任地部署其中一些現金。在我們結束今年第一季度時，我們仍然專注於：首先，擴大我們的產品組合；第二，提升我們在 mRNA 領域的市場領導地位；最後，以支持我們客戶快速變化的需求的方式加速引入科學創新，同時繼續投資於運營、製造和人員以支持我們的基礎業務增長。關於產品組合擴展和我們對創新的關注的第一點，現在讓我們轉到幻燈片 7。

As many of you know, CleanCap is not a single product, but rather a portfolio of capping analogs. We have several versions of CleanCap that we have developed for both messenger RNA synthesis and for self-amplifying messenger RNA. Yesterday, at the TIDES USA Scientific Meeting held here in San Diego, our Chief Innovation Officer, Dr. Kate Broderick, introduced the newest addition to the CleanCap product portfolio, CleanCap M6, which we are extremely excited about.

眾所周知，CleanCap 不是單一產品，而是封蓋類似物的組合。我們開發了多個版本的 CleanCap，用於信使 RNA 合成和自擴增信使 RNA。昨天，在聖地亞哥舉行的 TIDES USA 科學會議上，我們的首席創新官 Kate Broderick 博士介紹了 CleanCap 產品組合的最新成員 CleanCap M6，我們對此感到非常興奮。

CleanCap M6 is our most robust capping analog to date and represents a significant advancement in field of messenger RNA capping. We believe this innovative capping analog to be the most efficient capping strategy now available in the market, and we believe it will represent the next generation of novel mRNA caps. Of particular note is the fact that it produces the highest in vivo protein expression we have seen for any CleanCap analog so far.

CleanCap M6 是我們迄今為止最強大的封蓋類似物，代表了信使 RNA 封蓋領域的重大進步。我們相信這種創新的加帽類似物是目前市場上最有效的加帽策略，我們相信它將代表下一代新型 mRNA 帽。特別值得注意的是，它產生了迄今為止我們所見的任何 CleanCap 類似物中最高的體內蛋白質表達。

In our comparison studies, CleanCap M6 consistently produced 30% plus higher protein expression than comparable enzymatic capping methods. Higher expression can result in greater potency or more effective dosing of messenger RNA drugs. Similar to our other CleanCap products, CleanCap M6 generates a naturally occurring Cap 1 structure via co-transcriptional capping. This provides our customers with the benefit of a simplified and higher-yield messenger RNA manufacturing process with a shorter manufacturing time, which leads to better economics and mRNA production.

在我們的比較研究中，CleanCap M6 始終比同類酶促封端方法產生 30% 以上的蛋白質表達。更高的表達可以導致更大的效力或更有效的信使 RNA 藥物劑量。與我們的其他 CleanCap 產品類似，CleanCap M6 通過共轉錄加帽生成天然存在的 Cap 1 結構。這為我們的客戶提供了簡化的、產量更高的信使 RNA 製造工藝和更短的製造時間的好處，從而帶來更好的經濟性和 mRNA 生產。

Slide 8 provides a quick recap of the favorable attributes of CleanCap M6. We know the CleanCap already is the most economically favorable capping process on the market. We recently commissioned a strategic consulting firm to studied manufacturing costs associated with the 3 methods of mRNA capping: enzymatic; ARCA, which stands for anti-reverse cap analog; and CleanCap. The study considered the complete economic picture around mRNA capping, including actual customer experiences, costs and future needs. Due to messenger RNA's inherent instability, in vitro synthesis of mRNA can be a challenging biochemical reaction, and the need for high purity necessitates stringent purification and QC testing.

幻燈片 8 快速回顧了 CleanCap M6 的有利特性。我們知道 CleanCap 已經是市場上最經濟實惠的封蓋工藝。我們最近委託一家戰略諮詢公司研究與 3 種 mRNA 加帽方法相關的製造成本：酶法； ARCA，代表反反向上限模擬；和 CleanCap。該研究考慮了 mRNA 加帽的完整經濟圖景，包括實際客戶體驗、成本和未來需求。由於信使 RNA 固有的不穩定性，mRNA 的體外合成可能是一項具有挑戰性的生化反應，並且對高純度的需求需要嚴格的純化和 QC 測試。

As we saw in the recent study, depending on the technology, equipment, downstream purification processes and user expertise, the expected overall yield of cap mRNA can vary greatly, ranging from 50% with enzymatic capping to 95% associated with the use of CleanCap technology. And I'm just back from visiting one of our customers who has been conducting premarket evaluations of M6 and some of our even newer capping analogs. And they're very excited about the performance improvements being seen in their own hands. In fact, we've already begun to take initial orders for this new product.

正如我們在最近的研究中看到的那樣，根據技術、設備、下游純化過程和用戶專業知識，cap mRNA 的預期總產量可能會有很大差異，範圍從酶促封端的 50% 到使用 CleanCap 技術相關的 95% .我剛剛拜訪了一位客戶，他一直在對 M6 和我們的一些更新的封蓋類似物進行上市前評估。他們對自己手中看到的性能改進感到非常興奮。事實上，我們已經開始接受這款新產品的初始訂單。

Slide 9 shows the direct reagent costs for the GMP manufacturing of 1 gram of messenger RNA using each of the 3 outlined mRNA capping methods. This figure demonstrates how enzymatic capping and ARCA require additional reagent costs for the same amount of product due to their reduced yields per reaction. It is estimated that both enzymatic capping and ARCA technologies lead to higher total reagent cost per quantity of produced mRNA: An estimated $248,000 for enzymatic; $221,000 for ARCA; and $215,000 for CleanCap technology. This data demonstrates how influential recovery rate or yield is on the total reaction reagent costs. Beyond this, there are additional advantages to CleanCap, including the reduced purification costs, time savings and producing products with a simpler manufacturing process and labor savings.

幻燈片 9 顯示了使用 3 種概述的 mRNA 加帽方法中的每一種方法製造 1 克信使 RNA 的 GMP 直接試劑成本。該圖展示了酶封蓋和 ARCA 由於每次反應的產量降低而需要額外的試劑成本來獲得相同數量的產品。據估計，酶加帽和 ARCA 技術都會導致每單位生產量的 mRNA 總試劑成本更高：酶法估計為 248,000 美元； ARCA 221,000 美元； 215,000 美元用於 CleanCap 技術。該數據表明回收率或產率對反應試劑總成本的影響有多大。除此之外，CleanCap 還具有其他優勢，包括降低純化成本、節省時間以及通過更簡單的製造過程和節省勞動力來生產產品。

Slide 10 compares the total manufacturing cost of CleanCap versus ARCA and enzymatic capping. As you can see, CleanCap is 30% less than enzymatic capping and 20% less than ARCA. As a result of this third-party analysis, we have developed robust selling tools for our business development and commercial teams to use to help drive share gain for the CleanCap portfolio, especially versus enzymatic capping methods. The CleanCap M6 analog adds to these economic benefits with the additional enhancement of higher protein expression from the equivalent amount of mRNA. Together, we think that this is a game-changing analog for manufacturing more potent messenger RNA therapeutics and vaccines.

幻燈片 10 比較了 CleanCap 與 ARCA 和酶促封端的總製造成本。如您所見，CleanCap 比酶法封端少 30%，比 ARCA 少 20%。作為第三方分析的結果，我們為我們的業務開發和商業團隊開發了強大的銷售工具，用於幫助推動 CleanCap 產品組合的份額增長，尤其是與酶促封端方法相比。 CleanCap M6 類似物增加了這些經濟效益，額外增強了等量 mRNA 的更高蛋白質表達。總之，我們認為這是一種改變遊戲規則的類似物，用於製造更有效的信使 RNA 療法和疫苗。

Sticking with this new product innovation theme, let's turn to Slide 11. Also with the TIDES Scientific Meeting this week, Glen Research, our high-quality provider of fluorophores, quencher, labels and modifiers for oligonucleotide synthesis published Glen Report 35.1. The Glen Report has been a consistent or constant publication of 1987 and serves as a well-regarded resource for the many scientists engaged in DNA and RNA research and oligonucleotide synthesis. Four new products were announced in our latest issue, as Glen continues to expand the breadth of its oligonucleotide synthesis products.

繼續這個新產品創新主題，讓我們轉到幻燈片 11。在本週的 TIDES 科學會議上，Glen Research，我們為寡核苷酸合成提供熒光團、猝滅劑、標記和修飾劑的高質量供應商，發布了 Glen Report 35.1。格倫報告一直是 1987 年的一貫或持續出版物，是許多從事 DNA 和 RNA 研究以及寡核苷酸合成的科學家的備受推崇的資源。隨著 Glen 繼續擴大其寡核苷酸合成產品的範圍，我們在最新一期中宣布了四種新產品。

One I'd like to highlight today is the expansion of our proprietary Serinol product line with the launch of 3 prime Azido-Modifier Serinol CPG or Controlled Pore Glass reports. Click Chemistry is a really popular method of conjugation and bio-conjugation and its discoverers were awarded the 2022 Nobel Prize in Chemistry. Most people will use one molecule labeled with an alkane group and another labeled with an azide group. When mixed, the linkage formed between the 2 entities can feel as simple and easy as a click. Glen Research has now expanded our set of products to facilitate use of oligonucleotides in Click Chemistry.

我今天要強調的一個是我們專有的 Serinol 產品線的擴展，推出了 3 種主要的疊氮基改性劑 Serinol CPG 或可控孔隙玻璃報告。點擊化學是一種非常流行的偶聯和生物偶聯方法，其發現者獲得了 2022 年諾貝爾化學獎。大多數人會使用一個標記有烷烴基團的分子和另一個標記有疊氮基團的分子。混合使用時，兩個實體之間形成的鏈接感覺就像點擊一樣簡單和容易。 Glen Research 現在擴展了我們的產品系列，以促進寡核苷酸在 Click Chemistry 中的使用。

The 3 prime Azido-Modifier Serinol CPG is convenient to use for this application and produces excellent results. Due to its advantages over other approaches, it is possible that this new support may become the most popular method for preparing azide-label oligonucleotides. As you can see, we believe that investing in new product innovation is a key driver for creating value in this part of our business as well. We are in an exceptional position to win customers early for both product and technology adoption.

3 主要疊氮基改性劑 Serinol CPG 可方便地用於此應用並產生出色的效果。由於其優於其他方法的優勢，這種新支持有可能成為製備疊氮化物標記寡核苷酸的最流行方法。如您所見，我們相信投資於新產品創新也是我們這部分業務創造價值的關鍵驅動力。我們處於一個特殊的位置，可以在產品和技術採用方面儘早贏得客戶。

Turning to our commercial strategy. By winning early in the discovery process, especially with our CleanCap technology, we are able to cross-sell NTPs and other raw materials at earlier stages of the clinical pipeline. And that is exactly what our commercial team for NAT is tasked to do. When first with CleanCap, at the earliest stages of the clinical pipeline, cross-sell NTPs and other raw materials and then grow with our customers to support them with their later-stage developments. This can include supporting them with both RUO and GMP materials, depending on their needs and when they choose to move to higher-grade inputs.

轉向我們的商業戰略。通過在發現過程的早期獲勝，尤其是利用我們的 CleanCap 技術，我們能夠在臨床管道的早期階段交叉銷售 NTP 和其他原材料。而這正是我們 NAT 商業團隊的任務。當第一次使用 CleanCap 時，在臨床管道的最早階段，交叉銷售 NTP 和其他原材料，然後與我們的客戶一起成長，以支持他們進行後期開發。這可以包括使用 RUO 和 GMP 材料為他們提供支持，具體取決於他們的需要以及他們何時選擇轉向更高級別的輸入。

Let's turn now to Slide 12, and let me share some data with you on our progress with customer adoption. One year ago in the first quarter of '22, we had 185 CleanCap reagent customers on a rolling 18-month basis. As we closed Q1 of this year, that number is now 312 customers, up 69%. These are customers that order CleanCap as a stand-alone reagent product. We ship it to them or their preferred contract manufacturer, and they then use our capping analogs in their own messenger RNA manufacturing processes. This could be for research and discovery activities, preclinical development and, with our GMP offering, clinical manufacturing of messenger RNA.

現在讓我們轉到幻燈片 12，讓我與您分享一些關於我們在客戶採用方面取得進展的數據。一年前的 22 年第一季度，我們在連續 18 個月的基礎上有 185 名 CleanCap 試劑客戶。當我們關閉今年第一季度時，這個數字現在是 312 個客戶，增長了 69%。這些客戶將 CleanCap 作為獨立的試劑產品訂購。我們將其運送給他們或他們首選的合同製造商，然後他們在他們自己的信使 RNA 製造過程中使用我們的封端類似物。這可能用於研究和發現活動、臨床前開發，以及我們的 GMP 產品、信使 RNA 的臨床製造。

We also track our CleanCap mRNA discovery customers. These are customers at the very early stages of their programs who look to TriLink to manufacture messenger RNA on their behalf using CleanCap as their capping method. Their activities are mostly for early research and discovery, including assay development, target identification and in vitro cell models. This group of customers has grown from 585 last year to over 600 customers today, up roughly 3%. As these early customers continued through their discovery work, we expect many will mature into mRNA GMP services where they would take several of their top candidates and upgrade them to our GMP manufacturing process, which includes process development to a larger scale, phase-appropriate method validation and collecting documentation that would support an IND filing.

我們還跟踪我們的 CleanCap mRNA 發現客戶。這些客戶處於他們項目的早期階段，他們希望 TriLink 使用 CleanCap 作為他們的加帽方法代表他們製造信使 RNA。他們的活動主要用於早期研究和發現，包括分析開發、目標識別和體外細胞模型。這群客戶已從去年的 585 名增加到今天的 600 多名客戶，增長了大約 3%。隨著這些早期客戶繼續他們的發現工作，我們預計許多人將成熟為 mRNA GMP 服務，他們將採用他們的幾個頂級候選者並將它們升級到我們的 GMP 製造工藝，其中包括工藝開發到更大規模、適合階段的方法驗證和收集支持 IND 備案的文件。

Our GMP mRNA customers have grown from 55 to 61 over the last year, up 11%. And lastly, the number of our GMP mRNA customers who have advanced in the clinic is now 26 programs. So let me now share a couple of examples of what this customer journey means over time to Maravai from a revenue standpoint.

我們的 GMP mRNA 客戶在去年從 55 家增加到 61 家，增長了 11%。最後，我們在臨床上取得進展的 GMP mRNA 客戶數量現在是 26 個項目。所以現在讓我分享幾個例子，從收入的角度來看，隨著時間的推移，這個客戶旅程對 Maravai 意味著什麼。

Slide 13 shows an example of a customer we started working with a few years ago in their early discovery phase. They now have several programs underway for precision genetic medicine. In 2018, they were less than a $1 million revenue contributor. By 2022, they were ready to move to a Phase I trial and ordered nearly $8 million products from us. This particular customer uses CleanCap and our N1-Methylpseudouridine triphosphate. This customer is also currently evaluating and using Alphazyme enzymes.

幻燈片 13 顯示了我們幾年前在早期發現階段開始與之合作的客戶示例。他們現在有幾個正在進行的精準基因醫學項目。 2018 年，他們的收入貢獻不到 100 萬美元。到 2022 年，他們已準備好進入 I 期試驗，並向我們訂購了近 800 萬美元的產品。該特定客戶使用 CleanCap 和我們的 N1-甲基假尿苷三磷酸鹽。該客戶目前也在評估和使用 Alphazyme 酶。

Slide 14 is an example of a different customer that we have worked with on nucleic acid services. Their target is a personalized cancer vaccine. This customer represented $102,000 in revenue in 2018, and in 2022 was over $3 million customer. This customer uses our GMP CleanCap mRNA manufacturing and began their product development journey with us during initial R&D construct screening. We worked closely with them to facilitate their construct selection and manufacturing of their various GMP batches. As these customers progressed through our GMP services with their preclinical and early clinical phase work, we also want to support them through later-stage development, which is why we invested in our new Flanders facility.

幻燈片 14 是我們在核酸服務方面合作過的另一個客戶的例子。他們的目標是個性化癌症疫苗。該客戶在 2018 年的收入為 102,000 美元，到 2022 年客戶收入超過 300 萬美元。該客戶使用我們的 GMP CleanCap mRNA 製造，並在最初的研發構建篩選期間與我們一起開始了他們的產品開發之旅。我們與他們密切合作，以促進他們對各種 GMP 批次的結構選擇和生產。隨著這些客戶在臨床前和早期臨床階段的工作中通過我們的 GMP 服務取得進展，我們也希望通過後期開發為他們提供支持，這就是我們投資新法蘭德斯工廠的原因。

So you can see, we have a unique opportunity to drive CleanCap inclusion across our growing mRNA customer base, while providing other critical GMP raw materials to improve in vitro transcription reactions and grow with our customers as they advance their own programs.

所以你可以看到，我們有一個獨特的機會來推動 CleanCap 納入我們不斷增長的 mRNA 客戶群，同時提供其他關鍵的 GMP 原材料來改善體外轉錄反應並在我們的客戶推進他們自己的項目時與他們一起成長。

Now turning to Slide 15 and our biologic safety testing business. Our products and services in this business support the cell and gene therapy, vaccine and biologics drug manufacturing markets by providing process-related impurity analytics, along with offering innovative viral clearance prediction solution that help our customers ensure the safety of their bio-pharmaceutical products. We continue to innovate here to bring improved products to market to support our customers.

現在轉向幻燈片 15 和我們的生物安全測試業務。我們在該業務領域的產品和服務通過提供與工藝相關的雜質分析以及創新的病毒清除預測解決方案來支持細胞和基因治療、疫苗和生物藥物製造市場，幫助我們的客戶確保其生物製藥產品的安全。我們在這裡不斷創新，將改進的產品推向市場，以支持我們的客戶。

Late last year, we announced the launch of the MockV RVLP Kit. This kit enables bioprocess scientists to quantify the removal of retrovirus like particles, or RVLPs produced endogenously by Chinese hamster ovary, or CHO cells, during biopharmaceutical manufacturing. Today, we are happy to report strong market uptake in this kit and technology by several major biopharma companies and CDMOs. In addition, we are closely monitoring a recently published draft revision of the ICH, which is the International Conference on Harmonization, guideline on viral safety evaluation of biotechnology products derived from cell lines of human or animal origin. This considers the use of CHO-derived endogenous viral particles, or RVLP, for viral clearance experiments. If recommended in the final published guideline, this could be a very positive tailwind for the entire BST business.

去年年底，我們宣布推出 MockV RVLP 套件。該試劑盒使生物過程科學家能夠量化在生物製藥製造過程中去除的逆轉錄病毒樣顆粒或由中國倉鼠卵巢或 CHO 細胞內源性產生的 RVLP。今天，我們很高興地報告幾家主要生物製藥公司和 CDMO 對該試劑盒和技術的強烈市場接受。此外，我們正在密切關注最近發布的 ICH 修訂草案，即國際協調會議，人類或動物源細胞系生物技術產品的病毒安全性評估指南。這考慮了使用 CHO 衍生的內源性病毒顆粒或 RVLP 進行病毒清除實驗。如果在最終發布的指南中推薦，這對整個 BST 業務來說可能是一個非常積極的順風。

In March, our BST team launched the PG13 HCP ELISA Kit. Bioanalytic customers can use this kit during purification and process development as well as in quality control and product release testing. The PG13 kit represents the 24th expansion -- excuse me, expression platform we provide analytics for and solidifies our commitment to supporting cell and gene therapy. As in NAP, we continue to innovate and scale our offerings in BST to ensure superior technical support, the highest quality services and offerings and the most comprehensive catalog of products to meet our customers' needs.

三月份，我們的BST團隊推出了PG13 HCP ELISA Kit。生物分析客戶可以在純化和工藝開發以及質量控制和產品放行測試期間使用該試劑盒。 PG13 試劑盒代表第 24 次擴展——不好意思，表達平台我們提供分析並鞏固我們對支持細胞和基因治療的承諾。與 NAP 一樣，我們繼續創新和擴展 BST 的產品，以確保提供卓越的技術支持、最高質量的服務和產品以及最全面的產品目錄，以滿足客戶的需求。

Now moving on to Slide 16 and some organizational updates. First, we're happy to welcome Drew Burch to our leadership team. Drew joined us in April as Executive Vice President of Nucleic Acid Products. For those of you not familiar with Drew, he has over 30 years of strategic operational, commercial and financial experiences in the life sciences industry. I look forward to him playing an incredibly important role on our team as Maravai continues to scale and differentiate itself as a trusted supplier of nucleic acid and chemistry products for the life sciences industry. I'm confident he will build on the momentum of the NAP operating division and help us continue to provide best-in-class products that support the important work of our customers.

現在轉到幻燈片 16 和一些組織更新。首先，我們很高興歡迎 Drew Burch 加入我們的領導團隊。 Drew 於 4 月加入我們，擔任核酸產品執行副總裁。對於那些不熟悉 Drew 的人，他在生命科學行業擁有超過 30 年的戰略運營、商業和財務經驗。我期待著他在我們的團隊中發揮極其重要的作用，因為 Maravai 將繼續擴大規模並脫穎而出，成為生命科學行業值得信賴的核酸和化學產品供應商。我相信他將在 NAP 運營部門的發展勢頭上更上一層樓，幫助我們繼續提供一流的產品來支持我們客戶的重要工作。

Second, the integration of the Alphazyme acquisition is going very well. We are actively qualifying their enzymes into our nucleic acid services workflow and building their commercial team. We've also decided to add to the Alphazyme facility footprint with the addition of an adjacent 4,000 square feet to provide an expanded R&D space. Alphazyme extends our capabilities in the manufacturing of critical enzymes that support flexible and scalable production within a universally acceptable infrastructure, and we remain incredibly enthusiastic about our combined opportunities.

其次，收購Alphazyme的整合進展順利。我們正在積極將他們的酶納入我們的核酸服務工作流程並建立他們的商業團隊。我們還決定通過增加相鄰的 4,000 平方英尺來擴大 Alphazyme 設施的佔地面積，以提供擴展的研發空間。 Alphazyme 擴展了我們在製造關鍵酶方面的能力，這些酶支持在普遍接受的基礎設施內進行靈活和可擴展的生產，我們對我們的聯合機會仍然充滿熱情。

We also remain active in pursuing other inorganic growth opportunities and look forward to being able to announce additional acquisitions in 2023. We are committed to expanding our reach as a key specialized raw material supplier, and we are actively working to increase our international footprint so that we may improve our ability to directly serve our global customer base.

我們還將繼續積極尋求其他無機增長機會，並期待能夠在 2023 年宣布更多收購。我們致力於擴大我們作為主要專業原材料供應商的影響力，我們正在積極努力擴大我們的國際足跡，以便我們可能會提高直接服務全球客戶群的能力。

Now before I turn the call over to Kevin, I'd like to let you know that in late March, we published our second Environmental, Social and Governance report. This report covers the 2022 fiscal year and provides an expansive look into our rapidly evolving ESG program, with tangible examples of how we are making a positive impact on stakeholders and positioning our business for sustainable growth. I highlighted some key aspects of our progress during our fourth quarter call, but I encourage you to review the report on the Investor section of our website. The comprehensive 41 page report is the culmination of our enterprise-wide effort to deliver holistic value to our stakeholders while scaling operations and managing rapid growth in a socially and environmentally responsible manner.

現在，在我將電話轉給凱文之前，我想告訴您，我們在 3 月下旬發布了第二份環境、社會和治理報告。本報告涵蓋 2022 財年，全面審視了我們快速發展的 ESG 計劃，並提供了我們如何對利益相關者產生積極影響以及如何定位我們的業務以實現可持續增長的具體例子。我在第四季度電話會議中強調了我們取得進展的一些關鍵方面，但我鼓勵您查看我們網站投資者部分的報告。這份 41 頁的綜合報告是我們在整個企業範圍內為利益相關者提供整體價值，同時以對社會和環境負責的方式擴大運營和管理快速增長的努力的結晶。

On Slide 17, you'll find some of the highlights from the report. We are very proud of the team's work to date and are committed to being a strong corporate citizen. We look forward to keeping you apprised on our journey.

在幻燈片 17 上，您會發現報告中的一些亮點。我們為團隊迄今為止所做的工作感到非常自豪，並致力於成為一個強大的企業公民。我們期待著讓您了解我們的旅程。

I'll now ask Kevin to cover more details on our first quarter performance and provide an update on our multiple facilities expansion projects. Kevin?

我現在請凱文詳細介紹我們第一季度的業績，並提供我們多個設施擴建項目的最新情況。凱文？

Thank you, Carl, and good afternoon, everyone. I'm happy to review our financial results for the first quarter and to provide an update on the multiple facilities expansions we have in our way.

謝謝卡爾，大家下午好。我很高興回顧我們第一季度的財務業績，並提供我們正在進行的多項設施擴建的最新情況。

Starting on Slide 19. As you've seen in our press release this afternoon, our Q1 2023 revenues were $79 million. As we stated in our Q4 2022 earnings call, we anticipated Q1 2023 revenues to be in the range of between $75 million to $80 million, and thus, our performance for the quarter was in the high end of our anticipated range and was consistent with our expectations.

從幻燈片 19 開始。正如您在今天下午的新聞稿中看到的那樣，我們 2023 年第一季度的收入為 7900 萬美元。正如我們在 2022 年第四季度財報電話會議中所述，我們預計 2023 年第一季度的收入將在 7500 萬美元至 8000 萬美元之間，因此，我們本季度的業績處於預期範圍的高端，與我們的預期一致期望。

We present basic EPS, fully diluted EPS and adjusted fully diluted EPS. Basic EPS as net income attributable to our Class A shares divided by the weighted-average Class A shares. Our fully diluted EPS equals net income prior to noncontrolling interest divided by the weighted average for both Class A and Class B and other dilutive securities to the extent they are diluted. And adjusted fully diluted EPS equals adjusted non -- net income divided by the weighted average of both Class A and Class B shares and other dilutive securities. Both our basic and fully diluted EPS for the quarter were $0.00 while adjusted diluted EPS was $0.03 per share. This was also in line with our internal expectations for the quarter.

我們介紹基本每股收益、完全稀釋每股收益和調整後完全稀釋每股收益。基本每股收益為歸屬於我們 A 類股票的淨收入除以加權平均 A 類股票。我們完全稀釋後的每股收益等於扣除非控股權益前的淨收入除以 A 類和 B 類以及其他稀釋性證券的加權平均值（在稀釋範圍內）。調整後的完全稀釋每股收益等於調整後的非淨收入除以 A 類和 B 類股票以及其他稀釋性證券的加權平均值。我們本季度的基本和完全稀釋每股收益均為 0.00 美元，而調整後的稀釋每股收益為 0.03 美元。這也符合我們對該季度的內部預期。

Our GAAP-based net loss before the amount attributable to noncontrolling interest was $1.3 million for the first quarter of 2023, reflecting the lower revenues and the impact of acquisition-related costs. Our adjusted EBITDA, a non-GAAP measure, was $24 million for Q1, resulting in an EBITDA margin of 30% in Q1 2023. Certainly, our EBITDA margin was lower than we have seen in a while as a result of the lower revenue base. However, even with our revenue base being the lowest we've seen in almost 3 years, our margin is still very strong when compared to most companies in our space, including much larger and mature companies.

2023 年第一季度，我們基於 GAAP 的非控股權益應佔金額前的淨虧損為 130 萬美元，反映了較低的收入和收購相關成本的影響。我們調整後的 EBITDA（一項非 GAAP 指標）在第一季度為 2400 萬美元，導致 2023 年第一季度的 EBITDA 利潤率為 30%。當然，由於收入基數較低，我們的 EBITDA 利潤率低於一段時間以來的水平.然而，即使我們的收入基礎是近 3 年來最低的，與我們所在領域的大多數公司（包括規模大得多和成熟的公司）相比，我們的利潤率仍然非常高。

In fact, when we look at the selection of 6 companies that have reported here already in Q1 2023 and had adjusted EBITDA, including, in alphabetical order: Avantor, Bio-Techne, Danaher, Repligen, Sartorius and Thermo Fisher, our EBITDA margin of 30% compares well to the average of that group of 6 companies, up 29%. This is true even in a low revenue quarter and with substantial ongoing investments in our overall infrastructure to support our future growth. We continue to invest and stay laser focused on our long-term strategic objectives, which require the continued investment in our overall capabilities.

事實上，當我們查看已經在 2023 年第一季度報告並調整了 EBITDA 的 6 家公司的選擇時，包括按字母順序排列的：Avantor、Bio-Techne、Danaher、Repligen、Sartorius 和 Thermo Fisher，我們的 EBITDA 利潤率為30% 高於該組 6 家公司的平均水平，高出 29%。即使在收入較低的季度，並且對我們的整體基礎設施進行大量持續投資以支持我們未來的增長，情況也是如此。我們繼續投資並專注於我們的長期戰略目標，這需要對我們的整體能力進行持續投資。

Let's move to Slide 20. As Carl mentioned, we continue to have a strong balance sheet and cash flows. Our cash and cash equivalents as our GAAP metrics totaled $628 million at March 31, 2023, and we generated $85 million in cash flow from operations in the first quarter, mostly based on the AR collections from a strong Q4 2022. This strong operating cash flow allowed us to fund both the Alphazyme acquisition in the quarter as well as our capital expenditures in the quarter. Our adjusted free cash flow for the quarter was $23 million. Adjusted free cash flow and non-GAAP measure we define as adjusted EBITDA less capital expenditures.

讓我們轉到幻燈片 20。正如 Carl 提到的，我們繼續擁有強勁的資產負債表和現金流。截至 2023 年 3 月 31 日，我們的現金和現金等價物作為我們的 GAAP 指標總計 6.28 億美元，我們在第一季度產生了 8500 萬美元的運營現金流，主要基於 2022 年第四季度強勁的應收賬款。這種強勁的運營現金流使我們能夠為本季度的 Alphazyme 收購以及本季度的資本支出提供資金。我們本季度調整後的自由現金流為 2300 萬美元。調整後的自由現金流和非 GAAP 指標，我們定義為調整後的 EBITDA 減去資本支出。

We ended Q1 with $537 million in long-term debt and $620 million in cash. This cash and debt structure allows us maximum flexibility as we continue to actively evaluate additional M&A opportunities. As we look at our treasury operations, we've been tightly managing our cash. With the interest cap contract we have in place, our gross interest expense is effectively capped at 6.5%. And with our excess cash sweep activities and nice yields on liquid overnight investments, our overall net interest expense sits below 4%.

我們以 5.37 億美元的長期債務和 6.2 億美元的現金結束了第一季度。在我們繼續積極評估其他併購機會時，這種現金和債務結構為我們提供了最大的靈活性。當我們審視我們的資金業務時，我們一直在嚴格管理我們的現金。根據我們簽訂的利息上限合同，我們的總利息支出實際上上限為 6.5%。加上我們過多的現金清掃活動和流動性隔夜投資的可觀收益率，我們的整體淨利息支出低於 4%。

Now turning to Slide 21, I'll provide some more insights into our business segment financial performance for the quarter. As Carl mentioned earlier, our Nucleic Acid Production business represents $61 million in revenues for the first quarter. Nucleic Acid Production represented 78% of the company's total revenue in the quarter and generated $28 million in adjusted EBITDA in the quarter for a segment margin of 45%. CleanCap revenues from our COVID-19 vaccine customers were approximately $16 million in the first quarter of 2023, in line with our expectations for the quarter. Now we see this going down to about $10 million here in the second quarter of 2023 and maintain our guidance of $100 million in total contributions to our 2023 revenues. We did see additional orders for COVID-related CleanCap demand and have brought the total percentage of our full year total shipped or committed up to about 65% of our full year estimate.

現在轉到幻燈片 21，我將提供更多關於本季度業務部門財務業績的見解。正如 Carl 之前提到的，我們的核酸生產業務第一季度的收入為 6100 萬美元。核酸生產占公司本季度總收入的 78%，本季度調整後的 EBITDA 為 2800 萬美元，分部利潤率為 45%。 2023 年第一季度，CleanCap 從我們的 COVID-19 疫苗客戶那裡獲得的收入約為 1600 萬美元，符合我們對該季度的預期。現在我們看到這一數字在 2023 年第二季度下降到約 1000 萬美元，並維持我們對 2023 年收入總貢獻 1 億美元的指導。我們確實看到了與 COVID 相關的 CleanCap 需求的額外訂單，並使我們全年發貨或承諾的總百分比達到了我們全年估計的 65% 左右。

Our Biologics Safety Testing business contributed 22% of the company's revenue in the first quarter. Our Biologics Safety Testing business delivered nearly $18 million in revenues in the quarter and $14 million of adjusted EBITDA in the quarter, a margin of 78%. Our Biologics Safety Testing business hit the highest revenue level since Q1 2022 and was up 14% from the last quarter of Q4 2022. We believe we're seeing the leveling out of the impact of China shutdowns, and we believe we will see a return to normal business in the China region in the mid- to late second quarter here of 2023.

我們的生物製品安全測試業務在第一季度貢獻了公司收入的 22%。我們的生物製品安全測試業務在本季度實現了近 1800 萬美元的收入和 1400 萬美元的調整後 EBITDA，利潤率為 78%。我們的生物製品安全測試業務創下了自 2022 年第一季度以來的最高收入水平，比 2022 年第四季度的最後一個季度增長了 14%。我們相信我們正在看到中國停工的影響趨於平穩，我們相信我們會看到回報到 2023 年第二季度中後期在中國地區的正常業務。

Corporate expenses that are not included in the segment adjusted EBITDA totals above were $18 million in the quarter, increasing from both the prior year first quarter and slightly from our most recently completed fourth quarter of 2022. These expense increases are associated with the continued build-out of our shared services functions.

不包括在上述細分市場調整後的 EBITDA 總額中的公司費用在本季度為 1800 萬美元，比去年第一季度和我們最近完成的 2022 年第四季度略有增加。這些費用增加與持續建設有關 -在我們的共享服務功能之外。

Now moving to Slide 22 and an update on our facility expansion project. We have completed building construction of Flanders 1 and taken occupancy, and we expect the same for Flanders 2 in the second quarter. We also began working out of our new building for our Biologics Safety Testing business. Our teams remain extremely enthusiastic about the unique capabilities we can offer our customers from our expanding facility footprint.

現在轉到幻燈片 22 和我們設施擴建項目的更新。我們已經完成了 Flanders 1 的建築施工併入住，我們預計第二季度 Flanders 2 也會如此。我們還開始為我們的生物製品安全測試業務建設新大樓。我們的團隊仍然對我們可以通過不斷擴大的設施足跡為客戶提供的獨特功能充滿熱情。

Turning to Slide 23 and our guidance. Our first quarter results came in as anticipated, yet we acknowledge that the broader biotech market is sluggish and will likely impact our original growth projections for the year. Thus, we are updating our 2023 full year revenue guidance down $20 million at the midpoint to a range of $400 million to $440 million. This puts our base business revenues in the range of $300 million to $340 million. With regards to the gating of overall revenues, we see Q2 had a total of around $70 million or so, which includes the previously mentioned approximately $10 million contribution from COVID CleanCap demand. We then anticipate a more normal growth in the second half of the year, with the remaining COVID CleanCap contribution most likely occurring in Q4. We estimate our adjusted fully diluted EPS in the range of $0.27 to $0.33 and adjusted EBITDA of between $155 million and $175 million.

轉向幻燈片 23 和我們的指南。我們第一季度的業績如期而至，但我們承認更廣泛的生物技術市場低迷，可能會影響我們最初對今年的增長預測。因此，我們將 2023 年全年收入指引的中點值下調 2000 萬美元至 4 億至 4.4 億美元之間。這使我們的基礎業務收入在 3 億至 3.4 億美元之間。關於總收入的控制，我們看到第二季度總收入約為 7000 萬美元左右，其中包括前面提到的來自 COVID CleanCap 需求的約 1000 萬美元貢獻。然後，我們預計下半年將出現更正常的增長，剩餘的 COVID CleanCap 貢獻很可能出現在第四季度。我們估計調整後的完全攤薄每股收益在 0.27 美元至 0.33 美元之間，調整後的 EBITDA 在 1.55 億美元至 1.75 億美元之間。

Our guidance is also based on the following expectations as listed out on Slide 24. Interest expense net of interest income between $18 million and $22 million; depreciation and amortization between $38 million and $42 million; stock-based compensation, which we show as a reconciling item from GAAP to non-GAAP EBITDA to be $34 million to $38 million. This also includes an as a fully converted share count of 252 million shares and an adjusted effective tax rate of 24%.

我們的指導還基於幻燈片 24 中列出的以下預期。扣除利息收入後的利息支出在 1800 萬美元至 2200 萬美元之間；折舊和攤銷在 3800 萬美元至 4200 萬美元之間；基於股票的薪酬，我們顯示為從 GAAP 到非 GAAP EBITDA 的調節項目為 3400 萬美元至 3800 萬美元。這還包括完全轉換後的 2.52 億股股票和調整後的 24% 有效稅率。

Thank you for your time today and for your support of Maravai. Now I'll turn the call back to Carl for some final remarks.

感謝您今天抽出時間，感謝您對 Maravai 的支持。現在，我將把電話轉回給卡爾，聽取一些最後的評論。

Thanks, Kevin. So to wrap up on Slide 26, we are playing in the right target markets with strong leadership positions and exceptional opportunities for base business growth as we continue to innovate in messenger RNA and build our product portfolio in other adjacent high-value areas. We are putting our strong cash flow to work with organic investments in our facilities, human capital and product innovation. We will also continue to look for opportunities for inorganic investment to bolster our market position and provide our customers with additional solutions.

謝謝，凱文。因此，為了結束幻燈片 26，我們正在正確的目標市場中發揮強大的領導地位和基礎業務增長的特殊機會，因為我們繼續在信使 RNA 方面進行創新，並在其他相鄰的高價值領域建立我們的產品組合。我們將強勁的現金流用於我們設施、人力資本和產品創新方面的有機投資。我們還將繼續尋找無機投資機會，以鞏固我們的市場地位並為我們的客戶提供更多解決方案。

We are committed to building a strong foundation for long-term sustainable growth of our base business, and we'll continue to focus on people, innovation and operational excellence as our 3 strategic pillars. I would now like to turn the call back over to Rob to open the line for your questions. Rob?

我們致力於為我們的基礎業務的長期可持續發展奠定堅實的基礎，我們將繼續關注人才、創新和卓越運營作為我們的三大戰略支柱。我現在想將電話轉回給 Rob，以便為您的問題打開熱線。搶？

(Operator Instructions) Your first question comes from the line of Conor McNamara from RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC Capital Markets 的 Conor McNamara。

Thanks for all the color on the CleanCap cost. Some of those slides are very helpful on the CleanCap cost and total production cost. So thank you for that. I've got one financial question and one kind of business question. So first on the $20 million revenue hit, Kevin, can you maybe parse out what -- where is that coming from? Because you did call out some inventory normalization in the press release and you talked about some biotech slowdown. So just which customers and kind of where that impact falls?

感謝 CleanCap 成本上的所有顏色。其中一些幻燈片對 CleanCap 成本和總生產成本非常有幫助。非常感謝你的幫忙。我有一個財務問題和一種業務問題。那麼首先，關於 2000 萬美元的收入，凱文，你能不能分析一下——這是從哪裡來的？因為你確實在新聞稿中提到了一些庫存正常化，你談到了一些生物技術放緩。那麼，究竟是哪些客戶以及這種影響落在了哪些地方？

Yes. Thanks, Conor. I would say we currently are seeing softness sort of in both the businesses, I would say, what we thought was going to be sort of contained more to probably the first quarter has trickled in here to the second quarter. I think now we see in our Biologics Safety Testing business, probably more in the mid-single digits growth for the year, and then the base NAP business probably more in the mid-teens. So I think you're seeing a few hundred basis points up to 500 basis points kind of coming out of both of those full years and really just reflecting kind of what we're seeing here in the current quarter being Q2 as opposed to our original expectations and the ones we shared on our last call.

是的。謝謝，康納。我想說的是，我們目前在這兩項業務中都看到了某種程度的疲軟，我想說的是，我們認為可能會在第一季度被更多地包含到第二季度。我想現在我們在我們的生物製品安全測試業務中看到，今年可能更多的是中個位數增長，然後基礎 NAP 業務可能更多地在十幾歲左右。所以我認為你看到這兩個整年都有幾百個基點到 500 個基點，這實際上只是反映了我們在本季度看到的第二季度，而不是我們原來的情況期望以及我們在上次通話中分享的期望。

Got it. And then just on the GMP customers. Can you just help clarify, I think the last time you shared that was Q3 2022, I remember that the customer number was higher. So I don't know if that's just programs falling out of the clinic? Or can you just comment on how that number progresses and how we should think about that? You went from 55 to 61. I think the number was higher than that.

知道了。然後只是關於 GMP 客戶。你能幫忙澄清一下嗎，我想你上次分享是在 2022 年第三季度，我記得客戶數量更高。所以我不知道這是否只是從診所中掉出來的程序？或者您能否評論一下這個數字的進展情況以及我們應該如何考慮？你從 55 到 61。我認為這個數字比那個更高。

I honestly don't recall. Kevin, I don't know if you have in front of you, or Deb, anything that would give us some color there.

老實說，我不記得了。 Kevin，我不知道你或 Deb 面前是否有任何可以給我們一些顏色的東西。

No, I'm just curious if that's like net customers because I'm assuming you have customers that go into the clinic and customers that come out as programs maybe don't get to the next endpoint. So I was just curious if there's a way to think about kind of the progression of that. And if it's seasonal or anything like that?

不，我只是很好奇這是否像淨客戶，因為我假設您有進入診所的客戶和作為程序出現的客戶可能不會到達下一個端點。所以我很好奇是否有一種方法可以考慮這種進展。如果它是季節性的或類似的東西？

Kevin?

凱文？

Yes. Look, I think the GMP mRNA CleanCap customers are 61. That is up from where we were a year ago. I think it was closer to 58 at that point in time. And then in the clinic, we have 26 that we're currently tracking. That's roughly the same number it's been for a few quarters now.

是的。看，我認為 GMP mRNA CleanCap 客戶有 61 位。這比一年前有所增加。我認為當時它接近 58。然後在診所，我們目前正在追踪 26 個。這與幾個季度以來的數字大致相同。

And again, I don't -- just because you really haven't seen too many people move out of the preclinical phase into the clinical phase, at least in our pipeline and then obviously, not too many people exit as we still just have really one product on market. So there's not really a lot of churn in there right now. I'd say it's just sort of a slow progression of those 2 pipelines.

再一次，我沒有——只是因為你真的沒有看到太多人從臨床前階段進入臨床階段，至少在我們的管道中，然後顯然，沒有太多人退出，因為我們仍然有確實是市場上的一種產品。所以現在那裡並沒有太多的流失。我會說這只是這兩條管道的緩慢進展。

Okay. And can I sneak one more in, I'm sorry. Just on the M6, does that expand the TAM? Does that give you more potential markets to go after that just make you a lot more competitive in the market as you call on customers?

好的。對不起，我能再偷偷帶一個進來嗎？就在 M6 上，這會擴展 TAM 嗎？這是否會給你更多的潛在市場去追求，只是讓你在拜訪客戶時在市場上更具競爭力？

Well, I think right now, we're focused on competitive share gains using M6. And we think that, that will go directly against the enzymatic capping methods. And the bottom line, the reason for that is that with an increase in yield and effectively protein production capability or equivalent amounts of mRNA, that will get everybody's attention, even if they've been long time users of enzymatic methods and of enzymes.

好吧，我認為現在，我們專注於使用 M6 的競爭性份額收益。我們認為，這將直接與酶促封端方法背道而馳。最重要的是，其原因是隨著產量和有效蛋白質生產能力或等量 mRNA 的增加，這將引起每個人的注意，即使他們長期使用酶促方法和酶。

And the original CleanCap were relatively close, but it was easy for them to stay with the enzymatic methods. I think with this substantially improve performance, it will make them take a much more serious look at CleanCap than they might have before.

和最初的 CleanCap 比較接近，但它們很容易留在酶法中。我認為隨著性能的顯著提高，這將使他們比以前更認真地看待 CleanCap。

And your next question comes from the line of Catherine Schulte from Baird.

你的下一個問題來自 Baird 的 Catherine Schulte。

I guess, first, you highlighted a couple of customer examples in terms of the ramp-up sales over a 4-year period, and that's clearly a meaningful driver for you as programs progress. But I was wondering for guidance for this year, if we look at your base NAP guidance, is there a way to think about how much of that is being driven by new program starts versus programs you're already involved in that are ramping up?

我想，首先，您在 4 年期間的銷售增長方面強調了幾個客戶示例，隨著計劃的進展，這顯然對您來說是一個有意義的推動力。但我想知道今年的指導，如果我們看看你的基本 NAP 指導，有沒有辦法考慮新計劃的啟動與你已經參與的正在增加的計劃所推動的有多少？

Well, Catherine, it's a good question. I think Kevin can comment on his view and I'll fill in afterwards.

好吧，凱瑟琳，這是個好問題。我想 Kevin 可以評論他的觀點，我會在之後補充。

Yes. Thanks, Catherine. I would say that at this stage, most of what we're seeing is really the progression, I'd say, of the existing customer base, and that really goes to our strategy of really locking in the base technology as early as we can and then growing with these customers, both from a pace perspective as well as a shared-wallet perspective, as well as the migration from RUO to GMP level products, and that's really our focus.

是的。謝謝，凱瑟琳。我想說，在這個階段，我們看到的大部分實際上是現有客戶群的進步，這確實符合我們的戰略，即儘早真正鎖定基礎技術然後與這些客戶一起成長，無論是從步伐的角度還是共享錢包的角度，以及從 RUO 到 GMP 級別產品的遷移，這才是我們的重點。

So embedded in our guidance is really that existing customer base. It does not incorporate picking up really meaningful additional customers that haven't been part of our customer family thus far.

因此，我們的指導中嵌入的確實是現有的客戶群。它不包括挑選到目前為止還不屬於我們客戶群的真正有意義的額外客戶。

Yes. And I would just simply add, Catherine, that given the size of orders from customers in their initial year or 2 as they go through the discovery process, those are relatively less significant to us than the growth of those programs as they grow with us down the road. And that you can see in both of those customer examples.

是的。凱瑟琳，我只想簡單地補充一下，考慮到客戶在第一年或第二年的訂單規模，因為他們經歷了發現過程，這些對我們來說相對不如那些隨著我們的發展而增長的項目重要馬路。您可以在這兩個客戶示例中看到這一點。

Yes. Okay, got it. And then on EBITDA margin, if you're expecting to reach about 39% for the full year at the midpoint of the guide, should we anticipate exiting the year more like in the mid-40s, if we think about the back half ramp? And is that a way to -- a fair way to think about the starting point for '24?

是的。好，知道了。然後關於 EBITDA 利潤率，如果您預計全年在指南的中點達到 39% 左右，如果我們考慮後半段斜坡，我們是否應該預計今年更像是在 40 年代中期退出？這是一種方式——一種思考 24 年起點的公平方式嗎？

Yes. Certainly, that is what the guidance would imply. We would be back up in that 40% to 50% level here in particular -- potentially at the higher end just given the assumption of the additional COVID revenues in the fourth quarter.

是的。當然，這就是指南所暗示的意思。特別是我們會回到 40% 到 50% 的水平——考慮到第四季度額外的 COVID 收入的假設，可能處於更高的水平。

Frankly, from where we are sitting, it's really a revenue contribution kind of over our assembled workforce and facility infrastructure. You'll see here even in a low quarter. I think we had 30% margin, which is slightly above our peer average as I went into some detail.

坦率地說，從我們所處的位置來看，這確實是對我們集合的勞動力和設施基礎設施的一種收入貢獻。即使在低端，您也會在這裡看到。我認為我們有 30% 的利潤率，這略高於我們的同行平均水平，因為我會詳細介紹。

But the nice thing about what we have here is certainly we have a great control of our cost, really well-defined inputs and facilities that will enable us to rapidly expand that margin as the revenue base increases. So that's really going to be a function of what that revenue number is when we go into 2024. And as we model our business long term, certainly, that margin expansion is a big part of that modeling exercise.

但我們在這裡擁有的好處當然是我們可以很好地控制我們的成本，真正定義明確的投入和設施將使我們能夠隨著收入基礎的增加而迅速擴大利潤率。因此，這實際上將取決於我們進入 2024 年時的收入數字。當我們對我們的業務進行長期建模時，當然，利潤率擴張是該建模活動的重要組成部分。

And your next question comes from the line of Matt Sykes from Goldman Sachs.

你的下一個問題來自高盛的 Matt Sykes。

Maybe if I could just kind of dig into one of the previous questions just about the softness that you're seeing into Q2. Just -- there's obviously a couple -- a number of headwinds, whether it's emerging biotech spend or inventory overhang. We would just love to get a little bit of additional color if it's one or the other or both, just so we can help kind of frame our modeling given that both of these probably have a finite and we just want to make sure that we're understanding the dynamics of that softness and the sort of duration of it?

也許我可以深入探討之前的一個問題，即您在第二季度看到的軟性。只是 - 顯然有一些 - 一些不利因素，無論是新興的生物技術支出還是庫存過剩。如果它是一種或另一種或兩種顏色，我們只想得到一點額外的顏色，這樣我們就可以幫助構建我們的模型，因為這兩種顏色可能都有一個有限的，我們只是想確保我們'重新了解這種柔軟度的動態及其持續時間？

Matt, I really don't think we've got anything to add as the 8 or 10 guys that have already reported this quarter. I think our experience is the same. There are slight differences in different parts of the base business. So you might have had some -- you definitely have some inventory build on the COVID side of the business, which everybody knows, has reflected, who's been involved in the vaccine production.

馬特，我真的不認為我們有什麼要補充的，因為本季度已經報告了 8 或 10 個人。我想我們的經歷是一樣的。基礎業務的不同部分略有不同。所以你可能有一些 - 你肯定有一些庫存建立在業務的 COVID 方面，每個人都知道，已經反映，誰參與了疫苗生產。

And then other places, you might see more softness related to CDMO growth rates or the China recovery. So all of those things are part of it. I can't call out one more than the other that's significant. Kevin, I don't know if you want to take a shot at that?

然後在其他地方，您可能會看到與 CDMO 增長率或中國復甦相關的更多疲軟。所以所有這些都是它的一部分。我不能多說一個重要的。凱文，我不知道你是否想嘗試一下？

No, I think that's spot on, Carl. I think we're seeing a multitude of factors. It's very hard to parse out the individual contributors each. But at this stage, I think we certainly see at least some of the China impact and the inventory burn off as being temporal. And obviously, I'm rolling off here in the first half based on our guidance.

不，我認為這是正確的，卡爾。我認為我們看到了多種因素。很難分析出每個人的貢獻者。但在現階段，我認為我們肯定至少看到一些中國影響和庫存消耗是暫時的。顯然，根據我們的指導，我將在上半年推出。

From then, it's going to come down to the -- certainly, the underlying demand from the existing customers. And as we continue to look at the customer base and how that's growing, the number of programs and how that's growing, as well as additional products that we have and capabilities, I think we feel good about our ability to build once those headwinds kind of subside going into the second half and into '24.

從那時起，它將歸結為——當然，現有客戶的潛在需求。隨著我們繼續關注客戶群及其增長方式、項目數量及其增長方式，以及我們擁有的其他產品和能力，我認為一旦這些逆風出現，我們對我們的構建能力感到滿意進入下半場並進入 24 年。

Got it. I appreciate it. And then just my next question is just if you look at the Flanders build out, Phase 1 complete. And then we completing the other one in the second quarter, I know in the past that there's been some customers who have not been able to transition to GMP or you've not been able to transition with them.

知道了。我很感激。然後我的下一個問題是，如果你看看 Flanders 的建設，第一階段已經完成。然後我們在第二季度完成了另一個，我知道過去有一些客戶無法過渡到 GMP，或者你無法與他們一起過渡。

In terms of closing that gap and being able to solve for GMP production for what you're doing in RUL, do you feel that once we get through sort of the fully complete Flanders facility, that you'll have alleviated a lot of those issues that you might have had in the past with some of those customers?

在縮小差距並能夠解決您在 RUL 所做的 GMP 生產方面，您是否覺得一旦我們完成了某種完全完整的法蘭德斯設施，您是否會減輕很多這些問題您過去可能與其中一些客戶有過？

Well, why don't we ask Becky Buzzeo to comment on that from her dual roles both on the services side of the business as well as the commercial side. Becky?

好吧，為什麼我們不請 Becky Buzzeo 從她在業務服務方面和商業方面的雙重角色對此發表評論。貝基？

Thanks, Carl. Yes. So our facility today, we do both the RUO and the Phase 1 manufacturing of the mRNA. And we do believe with the addition of our Flanders 2 facility that we'll be able to meet customer needs who want to go beyond Phase 1. So that is the intent of our Flanders 2 building is to go into late-stage manufacturing and have the ability to really transfer those clients over, very easily. And it's only a couple of miles up the road here, and have a strong MSAT team to do that tech transfer and then be able to follow the journey of that molecule into late-stage manufacturing.

謝謝，卡爾。是的。所以我們今天的設施，我們同時進行 RUO 和 mRNA 的第一階段製造。我們確實相信，通過增加我們的 Flanders 2 設施，我們將能夠滿足想要超越第一階段的客戶需求。因此，我們 Flanders 2 大樓的目的是進入後期製造並擁有非常容易地真正轉移這些客戶的能力。它距離這裡只有幾英里，並且擁有一支強大的 MSAT 團隊來進行技術轉讓，然後能夠跟隨該分子進入後期製造的旅程。

And your next question comes from the line of Dan Leonard from Credit Suisse.

你的下一個問題來自瑞士信貸的 Dan Leonard。

So my first question the decremental EBITDA margins on the $20 million reduction in your revenue forecast are pretty steep. It suggests that the change in sales forecast is fully dropping through. Can you clarify whether that's accurate and that you're not taking any countermeasures in response to the change in sales forecast? Or are there other moving parts to consider?

因此，我的第一個問題是，您的收入預測減少 2000 萬美元，EBITDA 利潤率下降幅度相當大。這表明銷售預測的變化正在完全消失。您能否澄清一下這是否準確以及您是否沒有針對銷售預測的變化採取任何對策？或者還有其他需要考慮的活動部件嗎？

Yes. Thanks, Dan. I think specifically, the midpoint of the revenue decline was about $20 million, I believe, the midpoint of the adjusted EBITDA guidance is about $15 million. So it's about 75% of that dropping through.

是的。謝謝，丹。我認為具體而言，收入下降的中點約為 2000 萬美元，我相信調整後的 EBITDA 指引的中點約為 1500 萬美元。所以它大約有 75% 的下降。

And really, that just goes to some of the things I mentioned previously. We have a very high variable contribution margin. That's great when things go up. It's a little more painful as things go down, but that's just sort of the nature of what we have here. We don't have a lot of variable costs sort of below the gross margin line.

實際上，這只是我之前提到的一些事情。我們有非常高的可變邊際收益。當事情進展時，這很好。隨著事情的進展，它會更加痛苦，但這就是我們這裡的本質。我們沒有太多低於毛利率的可變成本。

And from our perspective, a lot of what we're investing in is really for the future, and we're going to continue to do so. So if you look at our investments in innovation, a lot of which you saw some of the fruits of which were here with M6. Additionally, the commercial build-out, which is incredibly important to us, as far as driving and seeking and realizing that long-term growth rate by making sure we get all the customers we can, globally adopting CleanCap and using our products and services as a commitment and investment we're committed to.

從我們的角度來看，我們正在投資的很多東西都是為了未來，我們將繼續這樣做。所以如果你看看我們在創新方面的投資，你會看到其中的一些成果是通過 M6 實現的。此外，商業擴建對我們來說非常重要，通過確保我們獲得所有可能的客戶、在全球範圍內採用 CleanCap 並使用我們的產品和服務來推動、尋求和實現長期增長率。我們承諾的承諾和投資。

And then lastly, to finish up of the facilities footprint. Again, something we started a couple of years ago, and we think is critical to our strategy as we move forward. So as you see the revenue line move, you're going to see a high proportion of that impact our adjusted EBITDA just because of the lack of below-the-line variable costs.

最後，完成設施足跡。同樣，我們幾年前開始的事情，我們認為在我們前進的過程中對我們的戰略至關重要。因此，當您看到收入線發生變化時，您會看到其中很大一部分影響我們調整後的 EBITDA 只是因為缺乏線下可變成本。

I appreciate that. And then my follow-up question, Kevin, is on the phasing of the year on both revenue and margins. Did I hear correctly that the COVID CleanCap expectation for Q4 is around $75 million? And if that's the case, what are the implications for margin phasing throughout the year?

我很感激。然後我的後續問題，凱文，是關於今年收入和利潤率的階段。我是否沒聽錯，第四季度的 COVID CleanCap 預期約為 7500 萬美元？如果是這樣，對全年的保證金階段有何影響？

That is not what we said, I do not believe. No, what we said was we anticipate about another $10 million or so of COVID-related CleanCap contributions here in the second quarter. We also mentioned that between what is shipped and what is committed, we have about 65% of our $100 million guidance in the book. And then the remainder, which would imply roughly $35 million would likely be in the fourth quarter.

那不是我們說的，我不相信。不，我們所說的是我們預計第二季度還會有大約 1000 萬美元左右的與 COVID 相關的 CleanCap 捐款。我們還提到，在交付的和承諾的之間，我們有大約 65% 的 1 億美元指導在書中。然後剩下的，這意味著大約 3500 萬美元可能會出現在第四季度。

So I was taking the $100 million and minus $15 million in Q1, and the expectation of $10 million in Q2. So $75 million remainder plugging that into Q4 is that not what you were seeing?

所以我在第一季度接受了 1 億美元減去 1500 萬美元，而第二季度的預期為 1000 萬美元。那麼將其投入第四季度的剩餘 7500 萬美元不是您所看到的嗎？

In the back half. It would be in the back half.

在後半部分。它將在後半部分。

Yes, it would be in the back half. I would say that some of that committed 65% is shipping in the third quarter as well. I was more referring to the delta between the $65 million and roughly in the $100 million, which we would then be anticipating that would spike up in the fourth quarter part of the year.

是的，它會在後半部分。我想說的是，其中一些承諾的 65% 也在第三季度出貨。我更多地指的是 6500 萬美元和大約 1 億美元之間的差值，然後我們預計它會在今年第四季度飆升。

Your next question comes from the line of Dan Arias from Stifel.

您的下一個問題來自 Stifel 的 Dan Arias。

Thanks for the questions. Carl, I appreciate the update on the number of customers that you now have in the mix here. Is there anything you can say about that increase if we just separate out the non-COVID accounts or maybe even the vaccine accounts entirely? Just trying to get a sense for the way in which things are tracking in some of these emerging areas that are obviously a big focus for people.

感謝您的提問。卡爾，我很感激你現在在這裡擁有的客戶數量的最新情況。如果我們只是將非 COVID 帳戶甚至疫苗帳戶完全分開，您對這種增加有什麼要說的嗎？只是想了解事物在這些新興領域中的追踪方式，這些領域顯然是人們關注的焦點。

Well, the only thing I would say is that we're obviously not seeing new COVID accounts, that's for sure. But we are seeing continued activity from the existing players that we've been servicing at various stages along the way. So obviously, the biggest is the Pfizer BioNTech program, but there are a number of others beneath that.

好吧，我唯一要說的是，我們顯然沒有看到新的 COVID 帳戶，這是肯定的。但我們看到我們一直在不同階段服務的現有參與者的持續活動。很明顯，最大的是輝瑞 BioNTech 計劃，但在此之下還有許多其他計劃。

It's hard in many cases, though, for us to truly separate what is the therapeutic application versus a vaccine application. So we've spent most -- and the reason for that is the same company is doing both, right? All you have to do is look at the pipeline. So guys like the BioNTech, CureVac, Pfizer, others, you'll see that they are trying to leverage platform technology across multiple different shots and goal. So it is hard for us to know with certainty there. We've spent a lot of time assessing those that are doing just COVID, and we think we've got a good feeling for that, but there's still some imprecision in those numbers.

但是，在許多情況下，我們很難真正區分治療應用和疫苗應用。所以我們花了最多的錢——原因是同一家公司同時做這兩件事，對吧？您所要做的就是查看管道。所以像 BioNTech、CureVac、Pfizer 等人，你會看到他們正試圖在多個不同的鏡頭和目標中利用平台技術。所以我們很難確切地知道那裡。我們花了很多時間評估那些只做 COVID 的人，我們認為我們對此有很好的感覺，但這些數字仍然有些不精確。

Okay, okay. And then maybe on safety testing -- Biologics Safety Testing. Kevin, you mentioned expecting some normalization in China in the back half. Does that mean that we should think about sort of steady acceleration for BST across the quarters? Or is it better to think of some back-end loading in order to get to that, I believe, is a mid-single digit number that you talked to for the year?

好吧好吧。然後可能是安全測試——生物製品安全測試。凱文，你提到過期待中國在下半場恢復正常。這是否意味著我們應該考慮 BST 在各個季度穩步加速？還是考慮一些後端加載以達到那個更好，我相信，是你今年與之交談的中個位數？

Why don't you ask Trey -- Kevin, why don't we have Trey to comment on the commercial side, then you can back it up with the numbers.

你為什麼不問問 Trey——凱文，為什麼我們不讓 Trey 在商業方面發表評論，然後你可以用數字來支持它。

Yes, sure. Thanks, Carl. We are -- as so many others have been seeing softness generally across the geos. We've reported the China softness that really started in the second half of '22. But we are getting some encouraging signs from customers industry here that we'll see a climb out of that. So in our mind, it's definitely not a matter of if but when, and we're optimistic for recovery back to what we would consider to be the expected market growth rates in the second half, which averages out to the mid-single digits that Kevin called out.

是的，當然。謝謝，卡爾。我們是 - 正如許多其他人一樣，整個地區普遍出現疲軟。我們已經報導了 22 年下半年真正開始的中國經濟疲軟。但是我們從這裡的客戶行業得到了一些令人鼓舞的跡象，表明我們將看到這種情況的攀升。因此，在我們看來，這絕對不是是否會發生的問題，而是何時發生的問題，我們對下半年恢復到我們認為的預期市場增長率持樂觀態度，平均為中個位數凱文叫道。

Kevin, anything to add there?

凱文，有什麼要補充的嗎？

No, I agree. I think Trey summed it up perfectly.

不，我同意。我認為 Trey 總結得很完美。

And your next question comes from the line of John Sourbeer from UBS.

你的下一個問題來自瑞銀的 John Sourbeer。

I guess it's on the base nucleic acid segment. I was wondering just if you could break down even a little bit more there on what percentage of those customers are pre-revenue biotech. And is that really where you've seen the slowness? Or has it been more broad-based within that, for the brief updated guidance?

我猜它在鹼基核酸片段上。我想知道你是否可以進一步細分這些客戶中有多少百分比是收入前的生物技術。這真的是您看到緩慢的地方嗎？或者，對於簡短的更新指南，它是否具有更廣泛的基礎？

Yes, John, I would say that as we commented, I think a couple of times in the past, we don't see any of the pre-revenue biotech customers just completely shutting down programs and running away. They have, in some cases, reduced the number of programs that they're going after or re-prioritized those focus on -- focus their resources on fewer numbers of programs to manage the (inaudible). But it's not like we're seeing pre-revenue biotech companies just shut down a runaway from mRNA, if that's been their focus.

是的，約翰，我會說正如我們評論的那樣，我認為過去有幾次，我們沒有看到任何收入前的生物技術客戶完全關閉程序並逃跑。在某些情況下，他們已經減少了他們正在執行的程序的數量，或者重新確定了那些重點關注的程序的優先級——將他們的資源集中在更少數量的程序上來管理（聽不清）。但這並不是說我們看到收入前的生物技術公司只是關閉了 mRNA 的失控，如果這是他們的重點的話。

Got it. And have you quantified what percentage of revenues that would be?

知道了。您是否量化了收入的百分比？

We have a couple of cuts at it. As you might imagine, we have to do not only our own work on our book with some primary research. I would say the numbers I have seen to date are a little bit immature. And I actually wanted to hold off to give you a little bit better and more comfortable insights into the next quarter. So we think we'll have something for you by that.

我們有一些削減。正如您可能想像的那樣，我們不僅要通過一些初步研究來完成我們自己的書本工作。我會說我迄今為止看到的數字有點不成熟。我實際上想推遲一下，以便為您提供對下一季度更好、更舒適的見解。所以我們認為我們會為您提供一些東西。

Great. And then just one last one here. You mentioned a couple of times, I think, in the prepared remarks, looking to do something inorganic. Any -- just additional color on where you think there's opportunities to fill in, should be something similar kind of to some of the tuck-in deals that you've done over the last year?

偉大的。然後這裡只有最後一個。我想，你在準備好的發言中提到過幾次，希望做一些無機的事情。任何 - 只是在您認為有機會填補的地方的額外顏色，應該與您去年所做的一些折疊交易類似嗎？

Yes. Look, I mean, we're super happy with the Alphazyme team and delighted to have them as part of the organization. I think that fits the historical model of Maravai exceptionally well. I think we will continue to look for those gems when we can find them. And then we're trying to be a little bit more creative when there may not be a number of assets currently on the market or at prices that we would consider to be reasonable to look at deals that might be slightly more complex. It can involve the carve-out of businesses of other companies and/or unique structures that control some businesses in for us. So I think you may see a little bit more creativeness in deals. Hopefully, they'll be a little bit larger in size in terms of immediate revenue contribution, but Alphazyme still remains in sample of our sweet spot.

是的。看，我的意思是，我們對 Alphazyme 團隊非常滿意，很高興他們成為組織的一部分。我認為這非常符合 Maravai 的歷史模型。我認為當我們能找到它們時，我們將繼續尋找它們。然後，當目前市場上可能沒有大量資產或我們認為合理的價格來查看可能稍微複雜一些的交易時，我們會嘗試變得更有創意。它可能涉及剝離其他公司的業務和/或為我們控制某些業務的獨特結構。所以我認為你可能會在交易中看到更多的創意。希望它們在直接收入貢獻方面的規模會更大一些，但 Alphazyme 仍然是我們最佳選擇的樣本。

And your next question comes from the line of Tejas Savant from Morgan Stanley.

你的下一個問題來自摩根士丹利的 Tejas Savant。

Carl, Kevin, I want to go back to an earlier question right on the top of the call, actually, around those GMP customers within NAP. So I think the question is basically that in 3Q, you had about 68 of them. Today, you've shown 61. So perhaps, can you just bridge us the number of customers you have today versus last fall? It's an important metric for a lot of investors in light of the loss of business you've highlighted earlier not having GMP ahead of Flanders. So just any context, color or bridge you could provide would be helpful.

卡爾、凱文，我想回到電話會議最前面的一個問題，實際上是圍繞 NAP 中的那些 GMP 客戶。所以我認為問題基本上是在第三季度，你有大約 68 個。今天，你已經展示了 61 個。那麼，也許你能把你今天和去年秋天的客戶數量聯繫起來嗎？鑑於您之前強調的業務損失，沒有 GMP 領先於佛蘭德斯，這對許多投資者來說是一個重要的指標。因此，您可以提供的任何上下文、顏色或橋樑都會有所幫助。

As I said Tejas, I don't have the numbers in front of me, so I can't.

正如我所說的 Tejas，我面前沒有數字，所以我不能。

Got it. Okay. Then perhaps on Biologics Safety Testing, you highlighted this -- the international conference and harmonization guideline change. Over what timeframe do you that to be meaningful for your business if all goes to plan?

知道了。好的。然後也許在生物製品安全測試中，您強調了這一點——國際會議和協調指南發生了變化。如果一切按計劃進行，您認為在多長時間內對您的業務有意義？

And on the other side of that, I mean, as we think about sort of this guideline update, how disruptive could it be for customers who are already using sort of alternatives? Or is that sort of not really a consideration?

另一方面，我的意思是，當我們考慮這種指南更新時，對於已經使用某種替代品的客戶來說，它會有多大的破壞性？還是那不是真正的考慮因素？

Well, look, I think that it can be very disruptive mainly because of the costs and risks associated with late-stage viral clearance testing the way it's currently practiced. So you bet everything on your final test of that. And at the end of the day, it could fail a test, then you have to get back to development of your processes in such a way that it remediates problems that you saw going to go around looking at months, if not years, to a development program.

嗯，看，我認為它可能非常具有破壞性，主要是因為與目前實施的後期病毒清除測試相關的成本和風險。所以你把一切都押在你的最終測試上。在一天結束時，它可能無法通過測試，然後你必須重新開始開發你的流程，以修復你看到的問題，這些問題需要幾個月甚至幾年才能解決發展計劃。

So we think that the availability of the product, coupled with the discussion about the guideline changes comes really at a perfect time. And even if customers are not immediately incented to change their historical gold standard final clearance testing, they should certainly be very interested in utilizing the kit along the way as a surrogate marker for whether they might have a product at the end of the road.

因此，我們認為產品的可用性以及關於指南變更的討論來得正是時候。即使客戶不會立即改變他們歷史上的黃金標準最終清關測試，他們也應該非常有興趣在整個過程中使用該套件作為他們是否可能在路的盡頭擁有產品的替代標記。

Got it. That's helpful. And then last one for me, Carl. I know you mentioned you want to hold off until the next quarter on your SMIDCap biotech exposure. But just anecdotally, as you talk to your salespeople, any color you can share on -- for how many of these, your existing customer base, is raising money here in the next 12 months or so, something that's front and center on their radars?

知道了。這很有幫助。最後一個給我，卡爾。我知道你提到你想推遲到下個季度你的 SMIDCap 生物技術曝光。但有趣的是，當你與你的銷售人員交談時，你可以分享任何顏色——其中有多少，你現有的客戶群，在未來 12 個月左右的時間裡在這裡籌集資金，這是他們關注的焦點？

I know you've talked in the past that a lot of these customers raised a lot of money during the pandemic given the excitement around mRNA. But just any updates around those conversations would be helpful.

我知道你過去曾說過，由於 mRNA 令人興奮，很多這些客戶在大流行期間籌集了很多資金。但只要圍繞這些對話進行任何更新都會有所幫助。

So we have certainly not seen new money come in, Tejas, if you're looking at it from that perspective because of the obvious factors looking way out over the last 18 months. So I think the demand that we're seeing here is from preestablished companies who raised a significant amount of capital during that period of time we talked about.

所以我們肯定沒有看到新資金進來，Tejas，如果你從那個角度來看，因為過去 18 個月的明顯因素看起來很明顯。因此，我認為我們在這裡看到的需求來自那些在我們談到的那段時間籌集了大量資金的預先成立的公司。

Are they husbanding that capital a lot more than they were? Probably yes. And are they less certain about their ability to get another round? That would be certainly yes. So I think that it's a mix, but we were fortunate there was a very wide open window. And that's sort of like 2020, 2021 timeframe, and that's still sustaining us. Others may have a little bit of different exposure. And particularly as you're thinking about biologics for small molecules, that trajectory appears to be different than the cell and gene therapy world.

他們是否比以前更多地使用了這筆資金？可能是。他們是否不太確定自己有能力獲得另一輪？那肯定是的。所以我認為這是一個混合，但我們很幸運有一個非常開放的窗口。這有點像 2020 年、2021 年的時間框架，這仍然在支撐著我們。其他人可能有一點不同的曝光。特別是當您考慮小分子生物製劑時，該軌跡似乎不同於細胞和基因治療領域。

Okay. Rob, I think that's about it in terms of our timing today. So perhaps if you'd like to turn the call over to Deb?

好的。 Rob，就我們今天的時間安排而言，我想這就是問題所在。那麼也許你想把電話轉給 Deb？

Certainly, I will now turn the call over to Deb Hart for some final closing remarks.

當然，我現在將把電話轉給 Deb Hart 以作最後的結束語。

We just wanted to thank you all for joining us today and taking time out of your day. Feel free to contact me with any additional questions and apologies to anybody that was still in the queue that we didn't have time to get to. Thank you very much. Have a nice evening.

我們只是想感謝大家今天加入我們並抽出寶貴的時間。如有任何其他問題，請隨時與我聯繫，並向仍在排隊但我們沒有時間聯繫的任何人表示歉意。非常感謝。祝你今晚愉快。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。