Maravai LifeSciences Holdings Inc (MRVI) 2023 Q4 法說會逐字稿

Good afternoon, and thank you for standing by. At this time, we would like to welcome everyone to the Q4 2023 Maravai LifeSciences Earnings Conference Call. (Operator Instructions)

下午好，感謝您的耐心等待。此時，我們歡迎大家參加 2023 年第四季 Maravai LifeSciences 財報電話會議。 （操作員說明）

I would now like to turn the conference over to Deb Hart, Head of Investor Relations. Please, go ahead.

我現在想將會議交給投資者關係主管黛布哈特 (Deb Hart)。請繼續。

Good afternoon, everyone. Thanks for joining us for our fourth quarter and year-end 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.

大家下午好。感謝您參加我們的 2023 年第四季和年底財報電話會議。我們的新聞稿和今天電話會議附帶的幻燈片已發佈在我們的網站上，也可在 Investors.maravai.com 上取得。

As you can see on our agenda for today on Slide 2, Trey will first provide you with a business update, and Kevin will review our financial results and guidance. Drew Burch, President of Nucleic Acid Production, will join the call for the question-and-answer session following our prepared remarks.

正如您在幻燈片 2 上今天的議程中看到的那樣，Trey 將首先向您提供業務更新，Kevin 將審查我們的財務表現和指導。核酸生產總裁德魯·伯奇 (Drew Burch) 將在我們準備好的演講後參加問答環節。

We remind you that management will make forward-looking statements and refer to GAAP and non-GAAP financial measures during today's call. It is 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.

我們提醒您，管理階層將在今天的電話會議中做出前瞻性陳述並參考公認會計原則和非公認會計原則財務指標。實際結果可能與管理階層的預期有所不同。我們建議您參閱投影片 3，以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資訊。我們剛剛發布的新聞稿提供了與最直接可比較的公認會計準則衡量標準的對帳。另請參閱 Maravai 向 SEC 提交的文件，以了解更多可能影響我們經營業績、業績和財務狀況的風險和不確定性的資訊。

Now I'll turn the call over to Trey.

現在我將把電話轉給特雷。

Thank you, Deb, and good afternoon, everyone. We appreciate having you join us for our call today. Let's start with our financial results on Slide 5. Today, we reported $289 million in revenue for the full year and adjusted EBITDA of $65 million. Our fourth quarter results of $74 million in revenue were stronger than anticipated due to outperformance in our base Nucleic Acid Production segment, specifically for CleanCap and custom chemistry.

謝謝你，黛布，大家下午好。我們感謝您今天參加我們的電話會議。讓我們從幻燈片 5 中的財務表現開始。今天，我們報告全年收入為 2.89 億美元，調整後 EBITDA 為 6500 萬美元。由於我們的基礎核酸生產部門（特別是 CleanCap 和客製化化學）的出色表現，我們第四季度的收入為 7,400 萬美元，強於預期。

Turning to Slide 6. Our Nucleic Acid Production segment had revenue of $59 million in Q4. This includes an estimated $18 million of COVID CleanCap revenue. For the full year, total Nucleic Acid Production revenue was $225 million, with the base NAP revenue at $164 million. COVID CleanCap revenue was $61 million for the year. Our Biologics Safety Testing segment contributed $15 million in Q4 and $64 million for the full year. Our Q4 base non-COVID revenue company-wide was $56 million, up from our Q3 total of $52 million.

轉向投影片 6。我們的核酸生產部門第四季的營收為 5,900 萬美元。其中包括估計 1800 萬美元的 COVID CleanCap 收入。全年核酸生產總收入為 2.25 億美元，基本 NAP 收入為 1.64 億美元。 COVID CleanCap 全年收入為 6,100 萬美元。我們的生物製劑安全測試部門在第四季度貢獻了 1500 萬美元，全年貢獻了 6,400 萬美元。我們第四季全公司的非新冠疫情基礎收入為 5,600 萬美元，高於第三季的 5,200 萬美元。

As we exit the 2023 calendar year and begin 2024, we're entering a new era for Maravai, which we are referring to as Maravai 3.0. Let me put some context for that on Slide 7.

隨著 2023 日曆年的結束並進入 2024 年，我們正在進入 Maravai 的新時代，我們將其稱為 Maravai 3.0。讓我在投影片 7 上介紹一些背景資訊。

As many of you know, Maravai was originally founded nearly 10 years ago by Carl Hull and Eric Tardif, along with the support and backing of GTCR. This was Maravai 1.0, a private equity-backed company with a strategy to consolidate differentiated founder-based life science tools companies with industry-leading technologies and very strong brands.

眾所周知，Maravai 最初由 Carl Hull 和 Eric Tardif 於近 10 年前在 GTCR 的支持下創立。這就是 Maravai 1.0，一家私募股權支持的公司，其策略是整合以創始人為基礎的差異化生命科學工具公司，擁有領先業界的技術和非常強大的品牌。

From 2016 through 2020, Maravai acquired 5 companies, including TriLink BioTechnologies and Cygnus Technologies in 2016, Glen Research in 2017. Each of these acquisitions serve unique niches in the industry, and this rollout strategy was extremely successful.

從2016 年到2020 年，Maravai 收購了5 家公司，包括2016 年收購了TriLink BioTechnologies 和Cygnus Technologies，2017 年收購了Glen Research。每次收購都服務於該行業中獨特的利基市場，這項推出策略非常成功。

As the pandemic hit in 2020, we entered a new phase. Many of our customers pivoted their focus to develop a COVID vaccine, including BioNTech, which was already using TriLink's CleanCap technology for its mRNA vaccine and therapeutic development. Maravai 2.0 was primarily focused on the scale of Nucleic Acid products, specifically on the CleanCap product needed to meet global pandemic vaccine demand. We scaled our production of CleanCap from grams to kilos, transition from RUO grade to GMP quality and move to running 24-hour shifts 7 days a week. This was an important period for Maravai as it allowed us to prove our ability to scale and demonstrate CleanCap's clinical potential in the form of billions of safe and effective vaccine doses.

2020年，疫情來襲，我們進入了一個新階段。我們的許多客戶都將重點轉向開發新冠疫苗，其中包括 BioNTech，該公司已經在使用 TriLink 的 CleanCap 技術進行 mRNA 疫苗和治療開發。 Maravai 2.0 主要關注核酸產品的規模，特別是滿足全球大流行疫苗需求所需的 CleanCap 產品。我們將 CleanCap 的產量從克級擴大到公斤級，從 RUO 等級過渡到 GMP 質量，並轉向每週 7 天 24 小時輪班。對於 Maravai 來說，這是一個重要的時期，因為它使我們能夠證明我們有能力以數十億劑安全有效的疫苗劑量的形式擴展和展示 CleanCap 的臨床潛力。

During this period, we decided to the company public in November of 2020. Throughout the pandemic period, we were able to leverage our profitability and strong cash flows to reinvest into scaling our operations and expanding our footprint. We finished the build-out of our Waterridge facility well ahead of plan, started building our Flanders 1 and 2 GMP facilities and moved our biologic safety testing team into a brand new state-of-the-art facility in Leland, North Carolina.

在此期間，我們決定於 2020 年 11 月上市。在整個疫情期間，我們能夠利用我們的盈利能力和強勁的現金流進行再投資，以擴大我們的業務規模並擴大我們的足跡。我們提前完成了 Waterridge 設施的建設，開始建造 Flanders 1 和 2 GMP 設施，並將我們的生物安全測試團隊遷入位於北卡羅來納州利蘭的全新的最先進設施。

We also made additional complementary acquisitions, including MyChem, a nucleic acid chemistry leader and Alphazyme for specialized enzymes. Each of which is also part of our Nucleic Acid Production segment. So an incredible amount of capability, capacity and infrastructure came from the pandemic era that will serve us today and throughout the next decade.

我們也進行了其他補充收購，包括核酸化學領導者 MyChem 和專業酵素的 Alphazyme。其中每一個也是我們核酸生產部門的一部分。因此，疫情時代帶來的大量能力、能力和基礎設施將為我們今天和未來十年服務。

Let's turn to Slide 8 and Maravai 3.0. Maravai 3.0 is the post-pandemic phase for our company, our new normal. The capability and infrastructure additions that came from pandemic era investments give us a foundation for exceptional operating leverage going forward. We're not trying to replace COVID vaccine revenue with a single program or a single customer. We are focused on bringing innovation to the entire mRNA production workflow. Building on capabilities in emerging adjacent product and service areas where we can differentiate ourselves and diversify the business for long-term sustainable growth.

讓我們轉向幻燈片 8 和 Maravai 3.0。 Maravai 3.0 是我們公司的疫情後階段，是我們的新常態。大流行時期投資帶來的能力和基礎設施的增加為我們未來卓越的營運槓桿奠定了基礎。我們並不是試圖用單一項目或單一客戶來取代新冠疫苗收入。我們致力於為整個 mRNA 生產流程帶來創新。憑藉在新興相鄰產品和服務領域的能力，我們可以使自己脫穎而出並使業務多元化，從而實現長期可持續增長。

In fact, we believe that 2024 will be the most diversified customer base we've had in the last 5 years. More on that in a moment. We are organized with 2 main reporting segments: Nucleic Acid Production and Biologics Safety Testing. Within NAP, we have TriLink Biotechnologies, Glen Research and Alphazyme and BST is our Cygnus brand, including the MockV technology acquisition. Each of our brands have very strong histories and customer relationships. They act not only as product suppliers, but technical experts who consult and help customers through their development and scale-up challenges. Acquisitions remain a key component of our strategy moving forward.

事實上，我們相信 2024 年將是我們過去 5 年中客戶群最多元化的一年。稍後會詳細介紹。我們由兩個主要報告部分組成：核酸生產和生物製品安全測試。在 NAP 中，我們擁有 TriLink Biotechnologies、Glen Research 和 Alphazyme，BST 是我們的 Cygnus 品牌，包括收購的 MockV 技術。我們的每個品牌都擁有悠久的歷史和客戶關係。他們不僅充當產品供應商，而且充當技術專家，為客戶提供諮詢並幫助他們應對開發和擴大規模的挑戰。收購仍然是我們前進策略的關鍵組成部分。

We believe we're in the right markets, specifically all mRNA platforms as well as CRISPR gene editing in cell and gene therapy. It starts in the discovery market for each of our business and we have a unique ability to translate discovery products and services all the way through to GMP. Our value proposition of winning customers in discovery and supporting them through commercialization is stronger than ever.

我們相信我們處於正確的市場，特別是所有 mRNA 平台以及細胞和基因治療中的 CRISPR 基因編輯。我們每項業務都從發現市場開始，我們擁有將發現產品和服務一直轉化為 GMP 的獨特能力。我們在發現中贏得客戶並透過商業化支持他們的價值主張比以往任何時候都更加強大。

Maravai 3.0 is about being a leading innovator playing a key role in the future of genomic and personalized medicine. We believe we will continue to differentiate ourselves as a technology leader and the first choice partner for our customers. I think we are privileged to have the opportunity to be part of this next generation of medicines with the goal of helping to improve human health.

Maravai 3.0 致力於成為領先的創新者，在基因組和個人化醫療的未來中發揮關鍵作用。我們相信，我們將繼續作為技術領導者和客戶的首選合作夥伴而脫穎而出。我認為我們很榮幸有機會成為下一代藥物的一部分，目標是幫助改善人類健康。

Turning to Slide 9. Let me share an update from a third-party analysis we commissioned specific to our CleanCap programs. You may recall that we first did this exercise in February 2022 and identified over 180 preclinical and clinical trials using CleanCap. We updated that research in December 2022 and saw overall growth of over 70 programs. Our annual refresh of that work was recently completed, and we have now identified over 350 programs that use CleanCap or more than 100 new programs in the last 12-month period. This includes preclinical through commercialized programs for a variety of different conditions.

轉向投影片 9。讓我分享我們委託專門針對 CleanCap 計畫進行的第三方分析的最新情況。您可能還記得，我們​​在 2022 年 2 月首次進行了這項工作，並使用 CleanCap 確定了超過 180 項臨床前和臨床試驗。我們在 2022 年 12 月更新了該研究，發現 70 多個項目整體成長。我們最近完成了這項工作的年度更新，現在我們已經確定了 350 多個使用 CleanCap 的程序，或在過去 12 個月內確定了 100 多個新程序。這包括針對各種不同條件的臨床前到商業化計劃。

Note that 3 different CleanCap analogs are used in the production of 3 different mRNA products that have received full regulatory approval, which is really exciting. CleanCap AG [3' OMe methyl] is in the Pfizer BioNTech vaccine. CleanCap AU is used in as self-amplifying vaccine approved for use in Japan, and CleanCap AG is also in the vaccine approved for use and marketed in Japan.

請注意，3 種不同的 CleanCap 類似物用於生產 3 種不同的 mRNA 產品，這些產品已獲得監管機構的全面批准，這確實令人興奮。 CleanCap AG [3' OMe 甲基] 存在於輝瑞 BioNTech 疫苗中。 CleanCap AU 用作在日本批准使用的自放大疫苗，CleanCap AG 也用於在日本批准使用和銷售的疫苗中。

Looking at the pipeline by clinical phase. You'll note that 3 out of 4 of the identified programs are in the preclinical or early discovery phase. This supports our strategy to win in discovery and grow with our customers as they advance through the clinic into approval. This is true for CleanCap and for many of our other products and services.

按臨床階段查看管道。您會注意到，四分之三的已確定項目處於臨床前或早期發現階段。這支持了我們在發現中獲勝並在客戶通過臨床並獲得批准時與他們一起成長的策略。對於 CleanCap 以及我們的許多其他產品和服務都是如此。

Let's turn to Slide 10. Specific to the CleanCap analysis, growth in the mRNA pipeline was seen across multiple modalities, as shown in the left ring chart and for multiple applications, including cancer vaccines, infectious disease vaccines and cell therapies that use mRNA. This reflects the widespread interest of big pharma in the mRNA platform technologies. And foreshadows what we believe is a sustained future investments in the field.

讓我們轉向幻燈片 10。具體到 CleanCap 分析，如左環圖所示，mRNA 管道在多種模式和多種應用中都有增長，包括癌症疫苗、傳染病疫苗和使用 mRNA 的細胞療法。這反映出大型製藥公司對mRNA平台技術的廣泛興趣。並預示著我們相信未來對該領域的持續投資。

And as the heat map on the right shows you, the top disease targets of these programs are cancer and infectious disease. Within the infectious disease programs, 16% are COVID-related. So what we're really pleased with in this latest data is twofold. First, we see a notable increase in the programs headed to the clinic and the discovery pipeline is accelerating. Second, Phase III programs that moved into the clinic 3 to 5 years ago use CleanCap less often than the Phase I programs that moved into the clinic last year, suggesting that our strategy to win in discovery is playing out. We intend to support these customers through the lifespan of their developmental programs. One important note, this data does not yet reflect CleanCap M6, which we introduced just last May in 2023.

正如右側的熱圖所示，這些計畫的首要疾病目標是癌症和傳染病。在傳染病項目中，16% 與新冠病毒有關。因此，我們對這個最新數據真正滿意的是雙重的。首先，我們看到進入臨床的項目顯著增加，並且發現管道正在加速。其次，3 到 5 年前進入臨床的 III 期項目使用 CleanCap 的頻率低於去年進入臨床的 I 期項目，這表明我們贏得發現的策略正在發揮作用。我們打算在這些客戶的開發計劃的整個生命週期中為他們提供支援。需要注意的是，該數據尚未反映我們於 2023 年 5 月剛推出的 CleanCap M6。

Our long-term history with mRNA manufacturing process provides a smooth path for our early-phase customers looking for ways to move quickly into scale up in clinical manufacturing without having to do a tech transfer. We provide these customers with a faster route by plugging into our platform workflow technology called CleanScript. Our CleanScript platform gets at the heart of what these customers need like reducing double stranded RNA and the manufacturing process instead of trying to remove it downstream.

我們在 mRNA 製造流程方面的長期歷史為我們的早期客戶提供了一條順利的道路，他們正在尋求快速擴大臨床生產規模而無需進行技術轉移的方法。透過插入我們稱為 CleanScript 的平台工作流程技術，我們為這些客戶提供了更快的路線。我們的 CleanScript 平台是滿足這些客戶需求的核心，例如減少雙股 RNA 和製造過程，而不是試圖在下游將其移除。

Working with an established partner like TriLink reduces the time and risk for clinical stage production. Specific to TriLink, in Q4, we provided a limited set of customers with early access to a small-scale mRNA offering for screening and sequence optimization. We have received multiple orders from industry-leading organizations, early evidence that we're on the right track with how we evolve our mRNA portfolio to enable early-stage discovery programs. Through this offering, we expect to expand into key screening markets upstream from the current marketplace, providing cross-selling opportunities and adding to our customer base. And after launching CleanCap M6 last year, we have over 170 discovery customers working with it. Several of whom have shared their intent to incorporate M6 into their preclinical and clinical studies over the next several quarters, reinforcing our strategy of win in discovery.

與 TriLink 這樣的成熟合作夥伴合作可以減少臨床階段生產的時間和風險。具體到 TriLink，在第四季度，我們為有限的客戶提供了早期訪問小規模 mRNA 產品的機會，以進行篩選和序列優化。我們已收到來自行業領先組織的多份訂單，這些早期證據表明我們在如何發展 mRNA 產品組合以實現早期發現計劃方面走在正確的軌道上。透過這項服務，我們希望能夠擴展到目前市場上游的關鍵篩選市場，提供交叉銷售機會並擴大我們的客戶群。去年推出 CleanCap M6 後，我們有超過 170 個發現客戶在使用它。其中一些表示打算在接下來的幾季將 M6 納入他們的臨床前和臨床研究，從而加強我們在發現中獲勝的策略。

We are also pleased to share that Alphazyme now sells enzymes to use in the IVT process for mRNA production. We believe we can gain both market share and share of wallet here through continuous innovation, new product development and exceptional service. We are in a truly unique commercial position in this market because a very large number of biopharma innovators of all sizes come to us first at the earliest stage of their programs for our products and services. Our customer pipeline reflects the future contours of the industry.

我們也很高興地告訴大家，Alphazyme 現在銷售用於 mRNA 生產 IVT 過程的酵素。我們相信，透過不斷創新、新產品開發和卓越服務，我們可以在這裡獲得市場份額和錢包份額。我們在這個市場上處於真正獨特的商業地位，因為大量各種規模的生物製藥創新者在我們的產品和服務計劃的最早階段就首先來到我們這裡。我們的客戶管道反映了行業的未來輪廓。

Let's move to Slide 11. 2023 was another record year of FDA approvals, and the development pipeline is meaningfully higher than at any point in history. In fact, the FDA approved nearly 50% more novel drugs in 2023 than in '22. Putting it back on pace with historically high levels. The FDA approved 55 new innovative therapies, containing an active ingredient or molecule not previously approved in 2023. Up from 37 in 2022 and 51 in 2021. The agency also approved 7 new cell and gene therapies in addition to the 55 novel drugs.

讓我們轉到投影片 11。2023 年是 FDA 批准量又創歷史新高的一年，開發管道比歷史上任何時候都要多。事實上，FDA 到 2023 年批准的新藥比 2022 年增加了近 50%。使其回到歷史高點。 FDA 批准了55 種新的創新療法，其中含有先前未在2023 年批准的活性成分或分子。這一數字高於2022 年的37 種和2021 年的51 種。除了55 種新藥外，該機構還批准了7 種新的細胞和基因療法。

You've no doubt seen in the news and hear commentary from some of our peers that the FDA is increasing staff and aiming to improve the drug approval process and expedite drug approvals for orphan diseases. In particular, establishing an accelerated approval for gene therapies. This bodes well for our products and service offerings now and in the future as we work to support our customers' programs from discovery to late-phase development.

毫無疑問，您在新聞中看到並聽到一些同行的評論稱，FDA 正在增加人員，旨在改善藥物審批流程並加快孤兒疾病的藥物審批。特別是加速批准基因療法。這對我們現在和未來的產品和服務來說是個好兆頭，因為我們致力於支援客戶的專案從發現到後期開發。

Let's move to Slide 12 and the facilities update. We are poised to achieve late-phase manufacturing capabilities for cGMP mRNA in 2024 and continue the acceleration of our innovation across all businesses. Specific to our Flanders 1 site, we've had several requests for GMP CleanCap M6 and plan to start producing it in Flanders 1 by midyear. For Flanders 2, we received our first booking from a customer to produce late-stage mRNA drug substance in 2024 and other customers are showing strong interest.

讓我們轉到投影片 12，設施更新。我們準備在 2024 年實現 cGMP mRNA 的後期製造能力，並繼續加速我們在所有業務中的創新。具體到我們的 Flanders 1 工廠，我們收到了一些對 GMP CleanCap M6 的請求，並計劃在年中之前在 Flanders 1 工廠開始生產。對於 Flanders 2，我們收到了客戶的第一筆訂單，將於 2024 年生產後期 mRNA 藥物，其他客戶也表現出了濃厚的興趣。

The pipeline for IND-enabling clinical materials is strong. And the moves we made in early '23 to upgrade our commercial teams and our facilities are getting us in front of customers and their RFP processes. Our customers have confidence and our operational readiness plans and our technical and manufacturing teams to meet their clinical time lines. With both of our Flanders facilities coming online and our new Analytical Sciences Center of Excellence in San Diego, we will be well positioned to be our customers partner of choice as the number of mRNA drugs moving into clinical phases continues to accelerate.

支持 IND 的臨床材料的管道很強大。我們在 23 年初採取的升級商業團隊和設施的舉措使我們能夠走在客戶及其 RFP 流程的前面。我們的客戶有信心，我們的營運準備計劃以及我們的技術和製造團隊可以滿足他們的臨床時間表。隨著我們佛蘭德斯工廠和聖地牙哥新分析科學卓越中心的上線，隨著進入臨床階段的 mRNA 藥物數量持續加速，我們將成為客戶的首選合作夥伴。

Our commercial strategy under Becky Buzzeo's leadership is to win in discovery with the right products and services and to continue to support the unique needs of our mRNA and cell and gene therapy customers during their clinical development programs through to full commercialization. This strategy also includes fostering key academic and industry partnerships to enhance innovation and accelerate market adoption of the latest technology.

在 Becky Buzzeo 的領導下，我們的商業策略是透過正確的產品和服務贏得發現，並繼續支持我們的 mRNA 以及細胞和基因治療客戶在臨床開發項目直至全面商業化期間的獨特需求。該策略還包括培育重要的學術和產業合作夥伴關係，以增強創新並加速市場採用最新技術。

Our 2024 return to growth requires that we protect and grow the unique core capabilities we currently have in each business. There are also markets for us to disrupt and differentiate ourselves. Such as the evolution of our enzyme capabilities at Alphazyme, MockV viral clearance testing at Cygnus and custom mRNA at TriLink Discovery. As we look to 2024 and beyond, the need for Maravai's products and services for these early-stage programs is greater than ever.

我們要在 2024 年恢復成長，就需要保護和發展我們目前在每項業務中擁有的獨特核心能力。我們也有一些市場可以顛覆並脫穎而出。例如 Alphazyme 酶能力的演變、Cygnus 的 MockV 病毒清除測試以及 TriLink Discovery 的客製化 mRNA。展望 2024 年及以後，這些早期項目對 Maravai 產品和服務的需求比以往任何時候都更大。

Let's move to Slide 13 and an update on our intellectual property. Our recent patents issued in China and Canada reinforce the global strength and protection of TriLink's intellectual property, adding new jurisdictions of enforcement to the CleanCap patent estate, which already includes the United States, European Union, Australia, Japan, Korea and Hong Kong. We now hold the IP for CleanCap materials and methods in major markets across the globe. Importantly, drug developers in China will now have expanded access to license authentic CleanCap technology.

讓我們前往投影片 13，以了解我們智慧財產權的最新情況。我們最近在中國和加拿大頒發的專利增強了 TriLink 智慧財產權的全球實力和保護，為 CleanCap 專利產業增加了新的執行司法管轄區，其中已經包括美國、歐盟、澳洲、日本、韓國和香港。我們現在在全球主要市場擁有 CleanCap 材料和方法的智慧財產權。重要的是，中國的藥物開發商現在將有更多機會獲得正宗 CleanCap 技術的許可。

Now please turn to Slide 14 and some further exciting developments for Maravai. We signed key licenses in Q4 that will strengthen our position and advance the number of CleanCap mRNA programs in clinical trials. We have enabled FUJIFILM Toyama Chemical’, as a CDMO with the ability to manufacture CleanCap or an mRNA to further enable our global customers with access to an in-country CDMO of choice in Japan. The agreement includes all forms of CleanCap, including our latest CleanCap M6.

現在請參閱幻燈片 14 以及 Maravai 的一些進一步令人興奮的進展。我們在第四季度簽署了關鍵許可，這將鞏固我們的地位並提高臨床試驗中 CleanCap mRNA 項目的數量。我們讓 FUJIFILM Toyama Chemical 作為 CDMO 能夠生產 CleanCap 或 mRNA，進一步使我們的全球客戶能夠選擇日本國內的 CDMO。該協議包括所有形式的 CleanCap，包括我們最新的 CleanCap M6。

As we continue to focus on new product innovation, Glen Research, our high-quality provider of fluorophores, quenchers, labels and modifiers for oligonucleotide synthesis, published Glen Report 35.2. The Glen Report has been in publication since 1987 and serves as a well-regarded resource for the many scientists engaged in DNA and RNA research and oligonucleotide synthesis.

隨著我們繼續專注於新產品創新，Glen Research（我們的寡核苷酸合成螢光團、猝滅劑、標籤和修飾劑的優質供應商）發布了 Glen Report 35.2。 Glen 報告自 1987 年起出版，是許多從事 DNA 和 RNA 研究以及寡核苷酸合成的科學家備受推崇的資源。

3 new phosphoramidite products were announced in our latest issue, including m6Am. The m6Am phosphoramidite is the same monomer that is found in CleanCap M6, affording access to the modification in RNA oligos for future biologic study.

我們最新一期公佈了 3 種新的亞磷酰胺產品，其中包括 m6Am。 m6Am 亞磷酰胺與 CleanCap M6 中發現的單體相同，為未來的生物學研究提供了 RNA 寡核苷酸的修飾。

Our Cygnus team recently signed a strategic partnership with Dyadic to provide a new C-1 host cell protein ELISA Assay, extending our product leadership in HCP detection. The kit has been qualified with many drug substances and in-process samples, providing the specificity and sensitivity to detect C-1 host cell protein impurities with reproducibility that supports the downstream purification monitoring, product lot release and regulatory compliance.

我們的 Cygnus 團隊最近與 Dyadic 簽署了策略合作夥伴關係，提供新的 C-1 宿主細胞蛋白 ELISA 檢測，擴大了我們在 HCP 檢測領域的產品領先地位。該試劑盒已通過許多原料藥和過程中樣品的鑑定，提供了檢測C-1 宿主細胞蛋白雜質的特異性和靈敏度，並具有可重複性，支持下游純化監測、產品批次放行和監管合規性。

And Cygnus continues to shine in the cell and gene therapy market, supporting all 19 of the 19 CAR-T gene and cell therapy approvals for lot release. Cygnus is with the drug developers all the way from process development through commercialization.

Cygnus 繼續在細胞和基因治療市場大放異彩，支持 19 個 CAR-T 基因和細胞治療批准批簽發中的全部 19 個。從製程開發到商業化，Cygnus 一直與藥物開發商在一起。

Now turning to Slide 15. You saw in our press release that we're introducing our 2024 revenue guidance of $265 million to $285 million. As I mentioned earlier in the call, we believe our 2024 revenue will be the most diversified since 2019. Prior to the pandemic, our top 10 customers represented about 1/3 of the overall business. Then during the pandemic, our top 10 customers jumped up to represent over 80% of total revenue.

現在轉向投影片 15。您在我們的新聞稿中看到，我們介紹了 2024 年 2.65 億至 2.85 億美元的收入指引。正如我之前在電話會議中提到的，我們相信我們 2024 年的收入將是自 2019 年以來最多元化的。在疫情大流行之前，我們的十大客戶約佔整體業務的 1/3。然後在疫情期間，我們的十大客戶躍升到佔總收入的 80% 以上。

Last year, our top 10 customers accounted for less than 50% of overall revenue. We believe our top 10 revenue concentration will continue to decline over time as we expand our customer base, increase our product offerings and take advantage of cross-selling opportunities. We believe we will continue to build stronger customer intimacy and drive sustainable, durable growth as Maravai 3.0. We are in a unique position to provide a concierge level experience for customers that makes it easy to do business with us, whether through enabling faster turnaround time, incorporating novel chemistries or creating flexible partnerships.

去年，我們的十大客戶佔總收入的比例不到50%。我們相信，隨著時間的推移，隨著我們擴大客戶群、增加產品種類並利用交叉銷售機會，我們的十大收入集中度將繼續下降。我們相信，我們將像 Maravai 3.0 一樣，繼續建立更牢固的客戶親密度並推動可持續、持久的成長。我們處於獨特的地位，可以為客戶提供禮賓級體驗，無論是透過縮短週轉時間、採用新穎的化學物質或建立靈活的合作關係，都可以輕鬆地與我們開展業務。

We are viewed as a high-quality experienced partner that can manage a very challenging technology, which many others in the industry are not equipped to do. I couldn't be more excited for Maravai 3.0 and I know that we can continue to make significant contributions to improving human health. We are energized for a new year and our renewed focus on supporting our customers to accelerate their discoveries to provide life-changing medicines for patients worldwide.

我們被視為經驗豐富的優質合作夥伴，能夠管理極具挑戰性的技術，而業內許多其他公司都沒有能力做到這一點。我對 Maravai 3.0 感到非常興奮，我知道我們可以繼續為改善人類健康做出重大貢獻。我們充滿活力地迎接新的一年，並重新專注於支持我們的客戶加速他們的發現，為世界各地的患者提供改變生活的藥物。

I'll now ask Kevin to cover our fourth quarter and full year performance, along with more details on our guidance and our model assumptions. Kevin?

我現在請凱文介紹我們第四季和全年的業績，以及有關我們的指導和模型假設的更多詳細資訊。凱文？

Thanks, Trey, and good afternoon, everyone. As Trey mentioned, we are pleased to have finished 2023 ahead of expectations, and we are excited to move forward into 2024. I will briefly cover our financial results for the fourth quarter and full year of 2023 and then discuss financial guidance for 2024.

謝謝特雷，大家下午好。正如 Trey 所提到的，我們很高興提前完成 2023 年的工作，也很高興進入 2024 年。我將簡要介紹我們 2023 年第四季度和全年的財務業績，然後討論 2024 年的財務指引。

Before I get started on our results of core operations, I want to address the 2 large GAAP-based nonoperating line items on Slide 17 that likely drew some attention in our press release issued earlier today. As a result of shifting to a GAAP-based pretax loss in 2023 and assessing our forward-looking GAAP book income projections, we have recognized a valuation allowance against our deferred tax assets as of year-end. The recent history of our pretax loss is considered a significant piece of objective evidence that is difficult to overcome and limit the ability to consider other subjective evidence such as future growth projections. Thus, in consultation with our technical accounting and tax advisers, we believe it is appropriate to establish a full valuation allowance against our deferred tax assets.

在開始介紹我們的核心營運結果之前，我想先談談幻燈片 17 上 2 個基於 GAAP 的大型非營運項目，這些項目可能在我們今天早些時候發布的新聞稿中引起了一些關注。由於在 2023 年轉向基於 GAAP 的稅前虧損，並評估了我們前瞻性的 GAAP 帳面收入預測，我們已在年底對我們的遞延稅資產確認了估值備抵。我們最近的稅前虧損歷史被認為是一個重要的客觀證據，很難克服並限制了考慮其他主觀證據（例如未來成長預測）的能力。因此，在與我們的技術會計和稅務顧問協商後，我們認為針對我們的遞延稅資產建立全額估價備抵是適當的。

Given our Up-C structure and the nature of the deferred tax assets, predominantly recognized as a result of our IPO in 2020 and subsequent exchanges in 2021, generally no partial valuation allowance is available. Additionally, as our long-term tax receivable agreement, or TRA, and the related liability is tied to the usage of our deferred tax assets created via the Up-C structure. We have also removed that liability from our GAAP-based financial statement.

鑑於我們的 Up-C 結構和遞延稅資產的性質（主要是由於我們 2020 年 IPO 和 2021 年後續交易所而確認的），通常不提供部分估值津貼。此外，由於我們的長期應收稅協議（TRA）和相關負債與我們透過 Up-C 結構創建的遞延稅資產的使用有關。我們也從基於 GAAP 的財務報表中刪除了該負債。

The net impact of these 2 items is a noncash, non-EBITDA, nonoperating GAAP tax expense of $764 million to establish a full valuation allowance against our deferred tax assets and a corresponding $669 million noncash, non-EBITDA nonoperating GAAP other income gain tied to the relief of the TRA liability. As many that understand the nature of this, the liability was approximately 85% of the underlying deferred tax asset as is typical in an Up-C structure.

這兩項的淨影響是7.64 億美元的非現金、非EBITDA、非經營性GAAP 稅務費用，用於針對我們的遞延稅資產建立全額估值備抵，以及相應的6.69 億美元非現金、非EBITDA、非經營性GAAP 其他收入收益TRA 責任的減輕。許多人都了解其本質，負債約為相關遞延稅資產的 85%，這是 Up-C 結構中的典型情況。

To conclude on this matter, the underlying deferred tax assets are still available to the company to utilize to reduce taxable income in the future, and we may be able to release the valuation allowance once GAAP pretax income is substantiated. To the extent that deferred tax assets are utilized, the corresponding payment of approximately 85% of those benefits to the owners of the tax receivable agreement will be made, and we will include the TRA liability again at the time we release the valuation allowance.

總而言之，公司仍然可以利用相關的遞延所得稅資產來減少未來的應稅收入，一旦 GAAP 稅前收入得到證實，我們也許可以釋放估值備抵。在使用遞延所得稅資產的情況下，將向應收稅款協議的所有者相應支付這些福利的約85%，並且我們將在釋放估價備抵時再次納入TRA負債。

The last item to note here is that our GAAP-based results are in a book loss primarily due to the extent of noncash charges, such as depreciation and amortization tied to the accounting for acquisitions and our facility build-outs as well as stock-based compensation charges. If there are any questions on this technical accounting matter, I'll be happy to take them at a later time so we can focus this call on the operating results of Maravai.

這裡要注意的最後一點是，我們基於 GAAP 的業績出現帳面虧損，主要是由於非現金費用的程度，例如與收購和設施擴建以及基於股票的會計相關的折舊和攤銷。賠償費用。如果對這個技術會計問題有任何疑問，我很樂意稍後回答，以便我們可以將本次電話會議的重點放在 Maravai 的營運表現上。

So now diving into the financial results for the quarter on Slide 18. Our GAAP net loss before noncontrolling interests was $110 million for the fourth quarter of 2023. This compares to net income of $87 million for the fourth quarter of 2022. Our GAAP net loss for the year was $138 million compared to income of $491 million for 2022. As noted in the consolidated statement of operations, we incurred a GAAP-based charge in the quarter of $6 million associated with our previously announced cost restructuring actions.

現在，讓我們深入了解幻燈片18 中該季度的財務業績。2023 年第四季度，我們的GAAP 扣除非控股權益之前的淨虧損為1.1 億美元。相比之下，2022 年第四季度的淨利潤為8700 萬美元。我們的GAAP 淨虧損今年的收入為1.38 億美元，而2022 年的收入為4.91 億美元。正如合併營運報表中所述，我們在本季度產生了600 萬美元的基於GAAP 的費用，這些費用與我們先前宣布的成本重組行動相關。

Moving to Slide 19. Adjusted EBITDA non-GAAP measure was $21 million for '24 2023 (sic) [Q4 2023] compared to $130 million for Q4 2022. Our adjusted EBITDA margin was 28% in Q4 2023 above our expectations for the quarter as a result of the higher-than-anticipated revenues in the quarter and the efficiency of initiating our cost restructuring actions that also benefited Q4 2023.

轉投投影片19。2023 年24 日（原文如此）[2023 年第四季]調整後的EBITDA 非公認會計準則指標為2100 萬美元，而2022 年第四季為1.3 億美元。我們2023 年第第四季度調整後的EBITDA 利潤率為28%，高於我們對該季度的預期這是本季度收入高於預期的結果，而且我們啟動成本重組行動的效率也使 2023 年第四季度受益。

Adjusted EBITDA for the year was $65 million and adjusted EBITDA margin of 23%. This was above the high end of our last updated full year guidance for 2023 for adjusted EBITDA of $55 million to $60 million. I will discuss EBITDA by segment in a few slides.

本年度調整後 EBITDA 為 6,500 萬美元，調整後 EBITDA 利潤率為 23%。這高於我們上次更新的 2023 年全年指引的上限，調整後 EBITDA 為 5,500 萬至 6,000 萬美元。我將在幾張投影片中按部門討論 EBITDA。

Moving to Slide 20 on EPS. Basic and diluted loss per share for the fourth quarter was $0.80, driven primarily by the net impact of the GAAP noncash, nonoperating charges associated with the net impact of the deferred tax asset valuation allowance expense and the change in the TRA liability. Adjusted fully diluted EPS, a non-GAAP measure was $0.01 a share. For the year, our EPS metrics were basic and diluted loss per share of $0.90 and adjusted fully diluted EPS and non-GAAP measure of $0.03 per share.

前往關於 EPS 的幻燈片 20。第四季基本和攤薄每股虧損為 0.80 美元，主要是由於與遞延稅資產評估備抵費用和 TRA 負債變化的淨影響相關的 GAAP 非現金、非營運費用的淨影響。調整後完全攤薄每股收益（非 GAAP 衡量標準）為每股 0.01 美元。今年，我們的每股盈餘指標為基本和攤薄每股虧損 0.90 美元，調整後完全攤薄每股收益和非 GAAP 指標為每股 0.03 美元。

Moving forward to the year-end balance sheet, cash flow and other financial metrics on Slide 21. We ended the year with $575 million in cash and $533 million in long-term debt, resulting in a $42 million net cash position. Adjusted free cash flow was $8 million for the quarter and $13 million for the full year of 2023. That calculation of adjusted free cash flow and non-GAAP measure is based on our adjusted EBITDA less capital expenditures, which were $21 million and $13 million in the quarter, respectively, and $65 million and $53 million for the fiscal year, respectively.

接下來看投影片 21 上的年終資產負債表、現金流量和其他財務指標。年底，我們擁有 5.75 億美元現金和 5.33 億美元長期債務，淨現金部位為 4,200 萬美元。調整後的自由現金流在本季為800 萬美元，2023 年全年為1,300 萬美元。調整後的自由現金流量和非GAAP 指標的計算是基於我們調整後的EBITDA 減去資本支出，資本支出分別為2,100 萬美元和1,300 萬美元。本季分別為 6,500 萬美元，本財年分別為 6,500 萬美元及 5,300 萬美元。

For fiscal year 2023, we generated $126 million in cash flow from operations. With that strong operational cash flow, we invested $122 million in expanding our offerings and capabilities to support future growth vectors with the acquisition of Alphazyme and investment in our Flanders GMP facility. This includes the capital expenditures for 2023 of a net total of $53 million.

2023 財年，我們的營運現金流為 1.26 億美元。憑藉強勁的營運現金流，我們投資了 1.22 億美元來擴展我們的產品和能力，透過收購 Alphazyme 和投資我們的法蘭德斯 GMP 設施來支持未來的成長方向。其中包括 2023 年淨總額 5,300 萬美元的資本支出。

Depreciation and amortization ended the year at $40 million, in line with our expectations and previous guidance. Interest expense, net of interest income, ended the year at $18 million, in line with our expectations in previous guidance. This represents an effective interest rate of about 3.4% for the year, reflecting strong execution on our treasury operations. Stock-based compensation and noncash charge was $35 million for the year, also in line with our previous guidance range.

年終折舊和攤提為 4000 萬美元，符合我們的預期和先前的指引。年終利息支出（扣除利息收入）為 1,800 萬美元，符合我們先前指引中的預期。這意味著本年度實際利率約為 3.4%，反映出我們資金業務的強勁執行力。今年的股票薪酬和非現金費用為 3,500 萬美元，也符合我們先前的指導範圍。

We ended 2023 with 132 million Class A shares outstanding and 119 million Class B shares outstanding for a total of 251 million shares outstanding at the year-end on an as a fully converted basis. Fully diluted weighted average share count for 2023 was also 251 million shares. I note that our total Class A plus Class B shares outstanding at the end of 2020 following our IPO was 258 million shares and was 255 million shares at the end of 2022. Thus, our total shares have declined over the past 3 years.

截至 2023 年末，我們已發行的 A 類股為 1.32 億股，B 類股為 1.19 億股，以完全轉換計算，截至年底，已發行股總數為 2.51 億股。 2023 年完全稀釋加權平均股數也為 2.51 億股。我注意到，截至 2020 年底，我們 IPO 後已發行的 A 類加 B 類股票總數為 2.58 億股，到 2022 年底為 2.55 億股。因此，我們的總股本在過去 3 年裡有所下降。

As a result of our bifurcated ownership structure, cash that accumulate at [Pubco] as a result of our equalization of tax distributions have been utilized to effectively retire B units outstanding, increasing the level of Class A ownership. These transactions appeared during 2021 and in conjunction with the acquisition of Alphazyme in Q1 2023 and have effectively used around $180 million of cash to reduce overall Class B shares. This has more than offset the dilution associated with stock options and restricted stock issuances to employees and directors of Maravai since the IPO, leading to the reduction of overall shares outstanding over the past 3-plus years.

由於我們的所有權結構分叉，[Pubco] 由於我們的稅收分配均等而積累的現金已被用來有效地退休未償還的 B 單位，從而提高 A 類所有權的水平。這些交易發生在 2021 年，並與 2023 年第一季收購 Alphazyme 一起發生，並有效使用了約 1.8 億美元現金來減少 B 類股票總量。這足以抵消自首次公開募股以來與 Maravai 員工和董事發行股票選擇權和限制性股票相關的稀釋作用，從而導致過去三年多來流通在外股票總數的減少。

Simply put, while we've issued equity compensation and has seen the noncash stock-based compensation charges increased annually, we have also reduced total shares outstanding by virtue of the tax distribution mechanism, whereby Pubco has used excess cash received to retire total shares outstanding.

簡而言之，雖然我們已經發放了股權補償，並且非現金股票補償費用逐年增加，但我們也透過稅收分配機制減少了已發行股份總數，Pubco 利用收到的多餘現金來償還已發行股份總數。

Next to Slide 22 and the discussion of segment performance in the quarter. Our Nucleic Acid Production segment, which includes both our Discovery and GMP products and services market under our TriLink, Glen Research and Alphazyme brands had revenues in the fourth quarter of $59 million and adjusted EBITDA of $24 million, a margin of 41%.

接下來是投影片 22 以及本季部門業績的討論。我們的核酸生產部門，包括 TriLink、Glen Research 和 Alphazyme 品牌下的 Discovery 和 GMP 產品和服務市場，第四季營收為 5,900 萬美元，調整後 EBITDA 為 2,400 萬美元，利潤率為 41%。

For the year, revenues for our NAP segment were $225 million with adjusted EBITDA of $83 million for a margin of 37%. Included in the revenues in the fourth quarter was our estimate of $18 million in revenues associated with CleanCap for COVID-19 related vaccine demand. This brings the total estimate of CleanCap for COVID-19 related vaccine demand to $61 million in line with our expectations and previous guidance statements.

今年，我們的 NAP 部門營收為 2.25 億美元，調整後 EBITDA 為 8,300 萬美元，利潤率為 37%。第四季的收入包括我們估計的與 CleanCap 相關的 COVID-19 相關疫苗需求的 1800 萬美元收入。這使得 CleanCap 對 COVID-19 相關疫苗需求的總估計達到 6,100 萬美元，符合我們的預期和先前的指導聲明。

Now to Slide 23. Our Biologics Safety Testing segment, which includes products from our sickness brand, have revenues of $15 million in the fourth quarter and adjusted EBITDA of $12 million, a margin of 76%. For the year, revenue for this segment was $64 million, adjusted EBITDA was $47 million for a margin of 73%. As detailed in these segment results, the combined adjusted EBITDA, just our operating segment prior to the corporate shared services expenses was $130 million for 2023, combined margin of 45%, clearly highlighting the financial strength and health of our core operational segments.

現在看投影片 23。我們的生物製品安全測試部門（包括我們疾病品牌的產品）第四季的營收為 1,500 萬美元，調整後的 EBITDA 為 1,200 萬美元，利潤率為 76%。今年，該部門的收入為 6,400 萬美元，調整後 EBITDA 為 4,700 萬美元，利潤率為 73%。正如這些部門業績中所詳述的那樣，2023 年，合併調整後的EBITDA（扣除公司共享服務費用之前的營運部門）為1.3 億美元，綜合利潤率45%，清楚地凸顯了我們核心營運部門的財務實力和健康狀況。

The corporate shared service expenses impacting total adjusted EBITDA includes centralized functions such as human resources, finance and accounting, legal, IT and the incremental expenses associated with being a public company and totaled $15 million in the quarter and $64 million for the year.

影響調整後 EBITDA 總額的企業共享服務費用包括人力資源、財務和會計、法律、IT 等集中職能以及與上市公司相關的增量費用，本季總計 1,500 萬美元，全年總計 6,400 萬美元。

Now getting to our financial expectations for 2024 on Slide 24. We are guiding 2024 total revenues to be in the range of $265 million to $285 million. Breaking down the anticipated revenue by segment, we see our Nucleic Acid Production segment to be down about 8% at the midpoint, mostly due to anticipated declines in high-volume GMP CleanCap demand. And we see the Biologic Safety Testing business achieving low to mid-single-digit growth over 2023.

現在在投影片 24 上介紹我們對 2024 年的財務預期。我們指導 2024 年總收入在 2.65 億美元至 2.85 億美元之間。按部門細分預期收入，我們認為我們的核酸生產部門中位數將下降約 8%，這主要是由於大批量 GMP CleanCap 需求的預期下降。我們預計生物安全測試業務將在 2023 年實現低至中個位數成長。

Now as we enter the Maravai 3.0 era, we will no longer be carving out our estimates of COVID-related CleanCap in our guidance or attempting to estimate it on a quarterly or annual basis prospectively. We understand that our customers use our GMP CleanCap for a variety of end uses, including supporting commercially approved vaccines and in research and development programs, as our CleanCap is a platform technology that is not indication-specific and thus fungible in the hands of our customers.

現在，隨著我們進入 Maravai 3.0 時代，我們將不再在我們的指南中對與新冠病毒相關的 CleanCap 進行估計，也不再嘗試按季度或年度進行前瞻性估計。我們了解，我們的客戶將我們的GMP CleanCap 用於各種最終用途，包括支援商業批准的疫苗和研發項目，因為我們的CleanCap 是一種不針對特定適應症的平台技術，因此在我們的客戶手中是可替代的。

Now our 2024 guidance does consider around $50 million in fiscal year 2024 contractual noncancelable GMP CleanCap commitments made by our customers. As for the cadence of estimated revenues, we have seen in each of our quarters over the past few years plus the impact of COVID-related CleanCap carrying between 23% to 29% of the annual total. So a little bit of variability with each year.

現在，我們的 2024 年指南確實考慮了我們的客戶在 2024 財年做出的不可撤銷的 GMP CleanCap 合約承諾中約 5000 萬美元的承諾。至於預計收入的節奏，我們在過去幾年的每個季度都看到了這一點，加上與新冠病毒相關的 CleanCap 的影響佔年度總收入的 23% 至 29%。所以每年都會有一點變化。

As we look at 2024 revenues, we see the first quarter carrying about 22% of our 2024 revenues in the first half of the year carrying about 47% of the total for the year. So we see the second half weighting slightly higher than the first half, but consistent with our historical variability and consistent with many of our peers' outlook for 2024.

當我們審視 2024 年的營收時，我們發現第一季的營收約佔 2024 年上半年營收的 22%，約佔全年總營收的 47%。因此，我們認為下半年的權重略高於上半年，但與我們的歷史變化一致，也與許多同業對 2024 年的展望一致。

Moving to the rest of the P&L. We are on track to realize the previously targeted cost reductions of $30 million, of which about 2/3 were tied to the reduction in our labor force at our San Diego base Nucleic Acid Production and corporate headquarters that was substantially completed in the first quarter of 2024. These targeted reductions will be partially offset by annual cost increases associated with the remaining [ongoing] labor force and focused investments in our commercial and R&D teams to drive organic growth. Overall, we expect gross margins to be flat to slightly lower than 2020 levels based on an unfavorable product mix compared to 2023. R&D and sales and marketing expenses are estimated to be up slightly on an absolute dollar basis, reflecting our ongoing investment in these areas. G&A expenses are expected to be down about 5% on an absolute basis versus 2023.

轉向損益表的其餘部分。我們預計將實現先前目標的 3000 萬美元成本削減，其中約 2/3 與聖地亞哥基地核酸生產和公司總部勞動力的削減有關，該削減已於 2019 年第一季基本完成。2024 年。這些目標削減將被與剩餘[持續]勞動力相關的年度成本增加以及對我們商業和研發團隊的集中投資以推動有機成長所部分抵消。總體而言，由於與2023 年相比不利的產品組合，我們預計毛利率將持平或略低於2020 年的水平。研發、銷售和行銷費用預計以絕對美元計算略有上升，反映了我們在這些領域的持續投資。與 2023 年相比，一般管理費用預計將絕對下降約 5%。

Overall, we estimate 2024 adjusted EBITDA margins up between 23% to 25%. We see adjusted EPS in the range of $0.00 per share to a $0.06 per share loss. Our guidance also contemplates the following expectations in 2024. Interest expense net of interest income between $25 million and $30 million; depreciation and amortization between $40 million and $50 million; equity-based compensation, which we show as a reconciling item from GAAP to non-GAAP EBITDA to be between $45 million and $50 million; as-if fully converted share count of 254 million shares; and an adjusted effective tax rate of 24%.

總體而言，我們預計 2024 年調整後 EBITDA 利潤率將成長 23% 至 25%。我們預計調整後每股收益將虧損 0.00 美元至 0.06 美元。我們的指導也考慮了 2024 年的以下預期。扣除利息收入後的利息支出在 2,500 萬美元至 3,000 萬美元之間；折舊和攤提在 4,000 萬至 5,000 萬美元之間；基於股權的薪酬，我們將其作為從 GAAP 到非 GAAP EBITDA 的調節項目，在 4500 萬美元到 5000 萬美元之間；假設完全轉換的股數為 2.54 億股；調整後的有效稅率為24%。

Lastly, as we have discussed, we are outfitting the final stages of our Flanders facility in the first half of 2024, which will result in us being substantially complete with all facility investments that we expect will be needed to support our business for the foreseeable future. As such, we anticipate total net capital expenditures to shift down to $30 million to $35 million in total for 2024. Subsequent to this completion, mainly over the first half of 2024, we anticipate capital expenditures moving down further to annual maintenance and growth investments closer to 5% of total revenues over time.

最後，正如我們所討論的，我們將在2024 年上半年完成法蘭德斯工廠的最後階段的裝備，這將使我們基本上完成我們預計在可預見的未來支持我們的業務所需的所有設施投資。因此，我們預計 2024 年淨資本支出總額將下降至 3,000 萬至 3,500 萬美元。完成此項工作後，主要是在 2024 年上半年，我們預計資本支出將進一步下降至年度維護和成長投資隨著時間的推移，將佔總收入的5%。

I'll now turn the call back over to Trey.

我現在將把電話轉回特雷。

So to wrap up on Slide 26, we believe we have transitioned during a challenging 2023 to Maravai 3.0, and they're at a new normal. Poised for a solid and more diversified 2024. From new combo vaccines to cell and gene therapies battling cancer, we believe that the transformative impact that mRNA has on global human health will only accelerate. We believe we are playing in the right target markets with strong leadership positions. We are building our product and services portfolio and expanding our strong brands in strategically important high-value areas to support genomic medicine. We are committed to building a strong foundation for long-term, sustainable and profitable growth with a focus on innovation, scaling our commercial organization, leveraging our new manufacturing scale and inorganic growth opportunities.

因此，總結投影片 26，我們相信我們已經在充滿挑戰的 2023 年過渡到 Maravai 3.0，並且他們處於新常態。為堅實且更加多元化的 2024 年做好準備。從新的組合疫苗到對抗癌症的細胞和基因療法，我們相信 mRNA 對全球人類健康的變革性影響只會加速。我們相信我們正在正確的目標市場中發揮強大的領導地位。我們正在建立我們的產品和服務組合，並在策略上重要的高價值領域擴展我們的強大品牌，以支持基因組醫學。我們致力於為長期、永續和獲利成長奠定堅實的基礎，重點放在創新、擴大我們的商業組織、利用我們新的製造規模和無機成長機會。

We have this incredible opportunity still ahead of us to participate in the next generation of medicines that are going to better treat and in some cases, literally cure disease. This is what fuels our team every single day. We, at Maravai, are proud of the key role that our customers, partners and employees are playing in making that happen. Then finally, thank you for your attention. To our investors, thank you for your trust and support, and we look forward to continued collaboration around fulfilling our mission over the coming years.

我們仍然擁有這個難以置信的機會來參與下一代藥物的開發，這些藥物將更好地治療疾病，在某些情況下甚至可以真正治癒疾病。這就是我們團隊每天的動力。在 Maravai，我們的客戶、合作夥伴和員工在實現這一目標方面發揮關鍵作用，我們對此深感自豪。最後，感謝您的關注。對於我們的投資者，感謝您的信任和支持，我們期待在未來幾年繼續合作完成我們的使命。

I would now like to turn the call back over to the operator and open the line for your questions.

我現在想將電話轉回接線員並打開電話詢問您的問題。

(Operator Instructions) Your first question comes from the line of Matt Larew with William Blair.

（操作員說明）您的第一個問題來自馬特·拉魯（Matt Larew）和威廉·布萊爾（William Blair）的對話。

I wanted to ask just about the guidance. The first would be sort of on the top line. You referenced, I think, $50 million of noncancelable orders. For the whole space, obviously, visibility has been an issue over the past year, 1.5 years. I'm just curious as you thought about constructing the guidance for the year, if there's any difference in the way you thought about approaching your communicated guidance relative to internal expectations or if you're just seeing more end market improvement or just some general thoughts on sort of the guidepost around the guide.

我只是想問指導。第一個應該是在頂線上。我認為您提到了價值 5000 萬美元的不可取消訂單。顯然，對於整個空間來說，可見度在過去一年（1.5 年）中一直是一個問題。我只是很好奇，當您考慮構建今年的指導時，您對傳達的指導的思考方式與內部預期相比是否有任何差異，或者您只是看到更多的終端市場改善或只是一些一般性想法類似於指南周圍的路標。

Yes. Sure, Matt. Thanks. This is Kevin. I'll take that. Look, I think we feel good about the guidance range. I think as we sit here today versus where we were, say, a year ago, the overall percentage of our revenue that we see either having been recognized throughout the course of the year, sitting in PO or sitting in some of these contractual commitments like you mentioned, is higher than it was, and that puts us in a good spot. It's near 40% of our full year guidance, and it was closer to 1/3 probably a year ago. So that gives us some conviction that we do have a good grasp for the full year, and that's incorporated in our guidance.

是的。當然，馬特。謝謝。這是凱文.我會接受的。看，我認為我們對指導範圍感覺良好。我認為，當我們今天坐在這裡與一年前相比時，我們看到我們的收入的總體百分比要么在一年中得到認可，要么在 PO 中，要么在其中一些合同承諾中，例如你提到的，比以前要高，這讓我們處於一個有利的位置。這接近我們全年指導的 40%，一年前可能接近 1/3。因此，這讓我們相信我們確實對全年有很好的把握，這已納入我們的指導中。

Okay. And then just on the EBITDA guide, I think the midpoint of that sort of margin and revenue mix is around $66 million. You just reported about $20 million in the fourth quarter and recognizing that there are things like incentive comp reset in the first quarter. Just curious if I sort of look at this picture between the annualization of Q4, [it was the full] there, but if I do that, relative to the midpoint of the guide, maybe just help us understand the other moving parts beyond top line here in 2024.

好的。然後就 EBITDA 指南而言，我認為這種利潤和收入組合的中點約為 6,600 萬美元。您剛剛報告了第四季度約 2000 萬美元，並認識到第一季存在激勵補償重置等問題。只是好奇，如果我看一下第四季度年化期間的這張圖片，[它是完整的]那裡，但如果我這樣做，相對於指南的中點，也許只是幫助我們了解頂線之外的其他移動部分2024 年在這裡。

Yes. Well, I think if you take the 2.75x the midrange of the EBITDA, you get $66 million. And again, that's relatively consistent with where we ended the full year of 2023. We do see certainly a step down in revenue versus where we ended up '23 in the midpoint of our guidance. So that's a big component of it.

是的。好吧，我認為如果你採用 EBITDA 中間值的 2.75 倍，你將獲得 6600 萬美元。再說一遍，這與我們 2023 年全年結束時的情況相對一致。與 23 年指導中位數相比，我們確實看到收入肯定有所下降。所以這是它的一個重要組成部分。

I'll also tell you that we did put in, obviously, some cost actions. We did benefit, probably about the tune of around $4 million in the fourth quarter of '23 of that $30 million overall target. So the year-over-year benefit there is about $26 million. So about half of that is coming down due to lower revenue at the midpoint and the remainder are some of the things, one, you mentioned the normalization of compensation practices and then certainly, the continued investment in commercial and R&D. As we sit here today, we have about 40% more sales heads than we did at the end of 2022. That's been a concerted focus of us, particularly as we morph into Maravai 3.0 to have that strong sales force. So that's a reinvestment as we move forward.

我還要告訴你，顯然我們確實採取了一些成本行動。我們確實受益了，大概在 2023 年第四季獲得了 3000 萬美元總體目標中約 400 萬美元的收益。因此，年比收益約為 2,600 萬美元。因此，其中大約一半的下降是由於中間收入的下降，其餘的則是一些原因，一是你提到了薪酬做法的正常化，當然還有對商業和研發的持續投資。當我們今天坐在這裡時，我們的銷售人員比 2022 年底增加了約 40%。這是我們一致的焦點，特別是當我們轉變為 Maravai 3.0 以擁有強大的銷售隊伍時。因此，這是我們前進過程中的再投資。

As it relates to the margin cadence, we're going to see some continued variability quarter-by-quarter as we did in 2023. I think if you see the second and third quarter of 2023, our EBITDA margins were in the mid-teens, were down in the low 60s of revenue. And certainly, given our implied guidance for the first quarter based on the first quarter carrying roughly 22% of the full year, that's about a $60 million number for Q1. You expect the EBITDA margin for the first quarter to be relatively consistent with that mid-teens sort of level and then increasing from there. As it has done historically, our key toggle for margin expansion is really the top line, and we'll continue to see margin expansion as top line growth moving into that full year estimate of 23% to 25%.

由於它與利潤率節奏相關，我們將看到一些持續的季度變化，就像 2023 年那樣。我認為，如果你看到 2023 年第二和第三季度，我們的 EBITDA 利潤率在十幾歲左右，收入下降到60 多歲。當然，考慮到我們對第一季的隱含指引（基於第一季約佔全年的 22%），第一季的數字約為 6,000 萬美元。您預計第一季的 EBITDA 利潤率將與十幾歲左右的水平相對一致，然後從該水平開始增加。正如歷史上所做的那樣，我們利潤率擴張的關鍵切換實際上是營收，隨著營收成長進入全年預測的 23% 至 25%，我們將繼續看到利潤率擴張。

Our next question comes from the line of Justin Bowers with Deutsche Bank.

我們的下一個問題來自德意志銀行的賈斯汀·鮑爾斯 (Justin Bowers)。

I was on mute, sorry about that. So I just wanted to take a step back. At a high level, can you just talk about the demand environment and how that's evolved, let's say, over the last 3 to 6 months. It looks like you're sort of calling for an inflection and a bit of a return to growth when we strip out some of the COVID CleanCap. So just wanted to get a sense of sort of the drivers behind that as a starting point.

我當時就靜音了，抱歉。所以我只想退一步。在較高的層面上，您能否談談過去 3 到 6 個月的需求環境以及需求環境的演變。當我們取消一些新冠清潔帽時，你似乎在呼籲一種轉變和恢復增長。所以只是想了解背後的驅動因素作為起點。

Yes. Thanks. This is Trey. We are seeing, I'd say, first and foremost, a willingness to make binding commitments again, which is something that is obviously a welcome change. As you identified, and as we discussed in the material, we're coming off of a period, well, the pandemic period really was intensely weighted toward heavy customers with large orders were coming into a very nice diversification, growing the number of customers significantly, and so on, seeing demand. But of course, these are smaller POs and smaller checks.

是的。謝謝。這是特雷。我想說，首先也是最重要的是，我們看到願意再次做出具有約束力的承諾，這顯然是一個值得歡迎的改變。正如您所指出的，正如我們在材料中討論的那樣，我們正在經歷一個時期，嗯，大流行時期確實對大訂單的重度客戶產生了極大的影響，正在進入非常好的多元化，客戶數量顯著增加等等，看到需求。但當然，這些都是較小的採購訂單和較小的支票。

Ultimately, it will lead to a much more diversified and, I would say, stable and predictable business. But the -- in this transition, we are, I would say, for demand, seeing more customers come in. We are -- they're unfortunately not massive customers of the pandemic era. But we've also seen, again, this recommitment to binding forecasts. And maybe I'll hand it to Drew for a little more color.

最終，這將帶來更多元化、穩定且可預測的業務。但我想說，在這個轉變中，我們是為了需求，看到更多的客戶進來。不幸的是，他們不是大流行時代的大量客戶。但我們也再次看到了這種對具有約束力的預測的重新承諾。也許我會把它交給德魯，讓他多一點顏色。

Yes. Thanks, Trey. I think Trey described it well. We've annualized some of the pandemic era commitments. So we'll move past that. We have seen a greater diversity of customers. And I think the chart that Trey showed on the number of clinical trials using CleanCap speaks to some of those dynamics as you see those numbers continuing to go up at a pretty significant rate. So we'll replace some of those larger commitments with the broader diversity of customers. And I think that augurs well for the future.

是的。謝謝，特雷。我認為特雷描述得很好。我們已經將一些大流行時期的承諾進行了年度化。所以我們將超越這一點。我們看到客戶更加多元化。我認為 Trey 顯示的使用 CleanCap 的臨床試驗數量圖表說明了其中的一些動態，因為您會看到這些數字繼續以相當顯著的速度上升。因此，我們將用更廣泛的客戶多樣性來取代一些更大的承諾。我認為這對未來來說是個好兆頭。

And then just maybe just a quick follow-up. What sort of the shelf life where the process to validate the efficacy on CleanCap? There's been a question that we get a lot, and there's been, I guess, a wide range of estimates out there. So we'd just like to get your perspective on that.

然後也許只是快速跟進。驗證 CleanCap 功效的過程有什麼樣的保存期限？我們收到了很多問題，我猜也有各種各樣的估計。所以我們想聽聽您對此的看法。

Yes, sure. It's Drew. I'll take that. The -- it's a customer-driven decision how they will choose to use their inventory. And we support customers with retest dates and also with retesting services. We're pleased that CleanCap has held up well from a stability standpoint and our customers work to make decisions about how they want to manage their own inventories.

是的，當然。是德魯。我會接受的。這是客戶驅動的決定，他們將選擇如何使用庫存。我們也為客戶提供重新測試日期和重新測試服務。我們很高興 CleanCap 從穩定性的角度來看表現良好，而且我們的客戶致力於就如何管理自己的庫存做出決策。

Our next question comes from the line of Catherine Schulte from Baird.

我們的下一個問題來自貝爾德 (Baird) 的凱瑟琳舒爾特 (Catherine Schulte)。

In your prepared remarks, you mentioned that a larger portion of programs entering Phase I last year, used CleanCap versus that's [set] a few years ago. I guess, what was that number in terms of the portion of programs entering Phase I last year that utilize CleanCap just to try to get a sense for our market share?

在您準備好的演講中，您提到去年進入第一階段的大部分項目都使用了 CleanCap，而幾年前則使用了 CleanCap。我想，去年進入第一階段的專案中，利用 CleanCap 來了解我們的市場佔有率的專案比例是多少？

Catherine, we're looking at that stat...

凱瑟琳，我們正在看那個統計數據...

We've got a table with all of them. So you're asking the number of Phase I programs at the end of last year versus this year?

我們有一張桌子，裡面有所有的人。所以你問的是去年年底和今年的一期專案數量是多少？

Yes.

是的。

Total in Phase I at the end of '22 was 69, in total of Phase 1 at the end of '23 was 86.

截至 22 年末，第一階段總數為 69 個；截至 23 年末，第一階段總數為 86 個。

Okay. I was more referencing you mentioned that a larger CleanCap was used more frequently in programs entering Phase I, if you have like what percent of the Phase I utilized CleanCap? But if you don't have that, that's okay.

好的。我更多地提到您提到在進入第一階段的程序中更頻繁地使用更大的 CleanCap，如果您知道第一階段使用 CleanCap 的百分比是多少？但如果你沒有那個，也沒關係。

Yes. Yes. It's about 40%.

是的。是的。大約是40%。

Okay. Great. That's very helpful. And then maybe for the first quarter guide implies a decent sequential step down in revenue. How should we think about the outlook for Biologic Safety Testing versus Nucleic Acid Production in that first quarter number?

好的。偉大的。這非常有幫助。然後，也許第一季的指導意味著收入將出現相當大的連續下降。我們該如何看待第一季生物安全檢測與核酸生產的前景？

Yes. So most of that anticipated decline versus the fourth quarter sequentially, Catherine, is going to be in the NAP segment. Again, a lot of that is tied to the high-volume GMP CleanCap. We actually see Biologic Safety Testing stepping up in the first quarter as it has done a lot historically having strong first quarter performance. So I think you see a step-up in BST over Q4 and then offset by NAP coming down, again, predominantly due to the high-volume GMP CleanCap pattern that we're seeing for 2024.

是的。因此，凱瑟琳，與第四季度相比，預期的下降大部分將出現在 NAP 領域。同樣，其中很大一部分與大容量 GMP CleanCap 相關。實際上，我們看到生物安全測試在第一季有所加強，因為它在歷史上做了很多工作，第一季表現強勁。因此，我認為您會看到 BST 比第四季度有所上升，然後又被 NAP 下降所抵消，這主要是由於我們在 2024 年看到的大量 GMP CleanCap 模式。

Our next question comes from the line of Michael Ryskin with Bank of America.

我們的下一個問題來自美國銀行的 Michael Ryskin。

Got a couple of quick questions here. I appreciate the Q&A. One was on the $50 million in contractual in 2024. I know you also just said you really don't want to talk about it, but still I just want to make sure we're thinking about it correctly. You had about $60 million or $65 million, I believe, that was -- $60 million to $65 million that was contractual in 2023. You got $50 million in 2024. Anything you can say in terms of when that ends? I just want to make sure we're modeling it correctly when that rolls off, just because that could be a pretty meaningful headwind in 2025 if that all comes to an end. And I've got a follow-up.

這裡有幾個簡單的問題。我很欣賞問答。其中之一是關於 2024 年 5000 萬美元的合約。我知道你也剛剛說過你真的不想談論它，但我仍然想確保我們正確地考慮它。我相信，你有大約6000 萬或6500 萬美元，也就是說2023 年的合約金額是6000 萬到6500 萬美元。2024 年你有5000 萬美元。關於這一切何時結束，你有什麼想說的嗎？我只是想確保當這種情況發生時我們能夠正確地對其進行建模，因為如果這一切都結束的話，這可能會在 2025 年成為一個非常有意義的逆風。我還有後續行動。

Yes. Well, I think as you know, with under most of our license and supply agreements, we work with our customers for kind of rolling annual -- rolling 12-month forward-looking forecasts, right? So certainly, as we sit here today, we're very comfortable with our guidance and what we're speaking of related to those commitments. And as we go through the year, we'll be working with our customers as that rolls forward into 2025 and certainly better after, I mean that's sort of the mechanisms on how that works. But right now, we're sticking sort of that clear view that we have right now today.

是的。嗯，我想如您所知，根據我們的大多數許可和供應協議，我們與客戶合作進行滾動年度——滾動 12 個月的前瞻性預測，對吧？當然，當我們今天坐在這裡時，我們對我們的指導以及我們所談論的與這些承諾相關的內容感到非常滿意。在這一年中，我們將與客戶合作，進入 2025 年，之後當然會更好，我的意思是，這就是其運作方式的機制。但現在，我們堅持我們今天所擁有的那種清晰的觀點。

Beautiful. And then...

美麗的。進而...

Sorry, I had to say the last year number that we -- what we were publicly sharing was the carve-out for COVID-specific large committed programs, and that number was 61 as we had forecast before.

抱歉，我不得不說去年我們公開分享的數字是針對新冠肺炎特定大型承諾項目的剝離，正如我們之前預測的那樣，這個數字是 61。

Okay. Yes. And then my follow-up question, I was going to ask on this FUJIFILM partnership. We've gotten a bunch of questions over that in the last couple of weeks. Any additional comments you can make beyond what you had in the prepared remarks? And any way to possibly size that because that seems like it could be pretty meaningful sort of how much of that is assumed in 2024?

好的。是的。然後是我的後續問題，我要問有關富士膠片的合作關係。在過去的幾周里，我們收到了很多關於此問題的問題。除了準備好的評論之外，您還有什麼其他意見嗎？有什麼方法可以確定這個規模，因為這似乎非常有意義，假設 2024 年會有多少？

Yes, the key -- that will depend on FUJI's customer signings as a CDMO. So that's sort of a 2 degrees of separation for us. It would be difficult to forecast, but really key partnership in country in Japan and notable because it includes the entire portfolio of CleanCap. But we have several CDMOs that have been enabled giving, hopefully, as customers -- they have the opportunity to work with us, particularly in later phases as Flanders 2 opens later this year. But if they need more scale or they need a geographic choice, that's the reason for the -- in multiple jurisdictions like that. And this is -- as you say, this could be very meaningful, but it does depend on the programs that they are able to book in Japan.

是的，關鍵是——這將取決於 FUJI 作為 CDMO 的客戶簽約情況。所以這對我們來說是 2 度的分離。這很難預測，但在日本確實是重要的合作夥伴關係，而且值得注意，因為它包括 CleanCap 的整個產品組合。但我們有幾個 CDMO 已經啟用，希望作為客戶，他們有機會與我們合作，特別是在法蘭德斯 2 號今年稍後開業的後期階段。但如果他們需要更大的規模或他們需要地理選擇，那就是在這樣的多個司法管轄區的原因。正如你所說，這可能非常有意義，但這確實取決於他們能夠在日本預訂的節目。

Our next question comes from the line of Conor McNamara with RBC Capital Markets.

我們的下一個問題來自加拿大皇家銀行資本市場 (RBC Capital Markets) 的康納·麥克納馬拉 (Conor McNamara)。

Congrats on a solid quarter. Just if you do look at Q4 results, you came in about $5 million ahead of what you were expecting, if my math is correct. And just was there anything in there as far as bulk purchases or anything pulled forward from 2024 that's worth calling out? Or is that just execution?

恭喜季度業績穩健。如果你看一下第四季的結果，如果我的數學正確的話，你的收入比你的預期提前了大約 500 萬美元。就大宗採購而言，或者從 2024 年開始推遲的事情中，是否有任何值得一提的事情？或者這只是執行？

Yes, I would say, thanks, Conor. I would say, one, nothing pulled forward. I think it was a pretty normal quarter for us in that regard. We did have what we kind of call some drop in orders, meaning things that weren't really in our funnel that our customers came and that really provided the upside to what we are thinking for the quarter. And that happens occasionally, again, as our -- and most mostly for CleanCap certainly as -- maybe enter a new phase or start a new program. They're going to order in bulk and there was a larger order that came in, again, not in our funnel that we see and that happens periodically, and it leads to some of that quarterly volatility. But it was just a strong quarter versus our internal estimates, and we're happy about that.

是的，我想說，謝謝，康納。我想說，第一，沒有任何進展。我認為從這方面來說，這對我們來說是一個非常正常的季度。我們確實遇到了所謂的訂單下降，這意味著我們的客戶來的時候並沒有真正進入我們的漏斗中，這確實為我們對本季的想法提供了好處。這種情況偶爾會再次發生，因為我們（尤其是 CleanCap）可能會進入一個新階段或啟動一個新計劃。他們將大量訂購，但再次出現了更大的訂單，而不是我們看到的漏斗中的情況，這種情況會定期發生，這會導致一些季度波動。但與我們的內部估計相比，這只是一個強勁的季度，我們對此感到高興。

And it's true. I would add on, I think the efforts that have been undertaken in the past few quarters on our commercial execution for fruit. So we saw some good traction with the commercial team and really just getting that CleanCap opportunity and other offerings in front of the customer base in a more forward-leaning way.

這是真的。我想補充一點，我認為過去幾季我們在水果商業執行方面所做的努力。因此，我們看到了商業團隊的一些良好吸引力，並且實際上只是以更具前瞻性的方式向客戶群提供 CleanCap 機會和其他產品。

I think we talked last year about how there was some reticence for these committed orders, the take-or-pay type arrangements, which may also largely dissipate with the pandemic, but this is sort of an upside positive consequence of people not necessarily committing to take or pay, but still needing the material. And that's the reason, as Kevin said, that it was not in funnel, but we are able to take it and execute within the quarter.

我想我們去年討論過對這些承諾的訂單、照付不議類型的安排有一些保留，這種情況也可能隨著大流行而很大程度上消失，但這是人們不一定承諾的一個積極的正面後果。接受或付費，但仍需要材料。正如凱文所說，這就是原因，它不在漏斗中，但我們能夠在本季度內接受並執行。

Got it. Great. And then as it relates to guidance, looking at what you said about the first half versus second half on revenue, that implies the second half, we'll do roughly $70 million to $75 million a quarter in the second half. Should we expect that EBITDA margins would be roughly in line in the second half of 2024 to what you guys did this year? Or is there any headwinds or tailwinds that would make that much different? And then just as a follow-on, I mean, is that a good place to start for as we think of beyond 2024?

知道了。偉大的。然後，就指導而言，看看您所說的上半年與下半年的收入情況，這意味著下半年，我們將在下半年每個季度做大約 7000 萬至 7500 萬美元。我們是否應該預期 2024 年下半年的 EBITDA 利潤率將與你們今年的業績大致持平？或者是否有任何逆風或順風會使情況變得如此不同？我的意思是，作為後續行動，我們認為 2024 年以後這是一個很好的起點嗎？

Yes, I think you got exactly right, Conor. Obviously, as we move up into the type of revenue performance that we saw in the fourth quarter of '23. We had a strong EBITDA margin exiting the year, 28%. And I think as we're in and around that revenue level, that's certainly what you can expect, and that will pull up the slightly lower margin than we see here in the first half and average out to our guidance for the year.

是的，我認為你說得完全正確，康納。顯然，當我們進入 23 年第四季的營收表現類型時。今年我們的 EBITDA 利潤率很高，達到 28%。我認為，當我們處於這個收入水平並圍繞這個收入水平時，這肯定是你可以預期的，這將拉高我們在上半年看到的略低的利潤率，並平均到我們今年的指導。

Our next question comes from the line of Matt Sykes with Goldman Sachs.

我們的下一個問題來自高盛的馬特·賽克斯（Matt Sykes）。

This is Evie Koslosky on for Matt. The first one, how are customer conversations trending in terms of bioprocessing recovery within the different modalities that you called out on the slide? So basically, is there one modality where you're seeing more positive commentary relative to the others?

我是 Evie Koslosky 替馬特 (Matt) 發言。第一個，在您在投影片上提到的不同模式下，客戶對話在生物加工恢復方面的趨勢如何？那麼基本上，是否有一種方式可以讓您看到相對於其他方式更積極的評論？

Well, yes, that's an interesting question. The distribution of -- that you would be getting into the cell platforms that people are using for production. And I would say we are returning back to normal for BST, where there was some distortion, for example, in, I mean, this gets into the technical weeds, but in CHO versus E. coli and so on, where we had some platform slow down, they have recovered, I would say, back to the normal proportion of sales, but there are multiple modalities that can be expressed in the different cell lines. And so that's really a couple of clicks further than we get, in particular, since many of the Cygnus customers are also CDMOs or distributors.

嗯，是的，這是一個有趣的問題。您將進入人們用於生產的單元平台的分佈。我想說的是，BST 正在恢復正常，其中存在一些扭曲，例如，我的意思是，這會陷入技術雜亂，但在 CHO 與大腸桿菌等方面，我們有一些平台放慢速度，我想說，他們已經恢復到正常的銷售比例，但不同的細胞係可以表達多種模式。因此，這實際上比我們獲得的點擊次數要多，特別是因為許多 Cygnus 客戶也是 CDMO 或分銷商。

So there's -- we -- unfortunately, we don't have that level of visibility into which specific program they're in or the -- how many kits they're using for a certain cell line for a certain expression of a [map] or things like that, if that's what you're asking.

因此，不幸的是，我們無法了解他們所在的特定程序，或者他們針對特定細胞系使用了多少試劑盒來表達[圖譜] ] 或類似的事情，如果這就是您所要求的。

Yes. I think more in terms of like cell therapy versus mRNA vaccines in those types of modalities, and how customer comment -- like comments are trending within each of those modalities.

是的。我更多考慮的是細胞療法與 mRNA 疫苗在這些類型的模式中的比較，以及客戶評論——類似評論在每種模式中的趨勢。

Yes. It's Drew. Maybe I'll jump in on that. I think the -- I can't say we've seen a marked difference between cell therapy and mRNA. I think we've got engaged customer dialogues on both fronts, the data, you saw the data in terms of growth of clinical trials. There's kind of 1,000 -- near 1,000 clinical trials underway, clinical and preclinical trials underway for mRNA, smaller number for gene editing, but both those numbers have grown quite a bit over the past year, and both are forecasted to grow by 30% or more over the upcoming few years. In our dialogues, I would say, are consistent with that. We're excited about the customer traction. We're excited to have a customer signed out to initiate production with us in Flanders 2. So overall, I would say it's kind of a balanced optimism across the portfolio.

是的。是德魯。也許我會加入進來。我認為——我不能說我們已經看到了細胞療法和 mRNA 之間的顯著差異。我認為我們在數據和臨床試驗成長方面都與客戶進行了深入的對話。有大約1,000 項——近1,000 項臨床試驗正在進行中，mRNA 的臨床和臨床前試驗正在進行，基因編輯的數量較少，但這兩個數字在過去一年中都有了相當大的增長，並且預計都將成長30% 或未來幾年還會有更多。我想說，我們的對話與這一點是一致的。我們對客戶的吸引力感到興奮。我們很高興有一位客戶簽約與我們一起開始 Flanders 2 的生產。所以總的來說，我想說這是整個產品組合中平衡的樂觀情緒。

Okay. Great. That's super helpful. And then with your 2028 revenue target of $700 million and taking into consideration the new 2024 guide, how confident are you in the step-up of growth necessary in the 2025 through 2028 in order to reach this target?

好的。偉大的。這非常有幫助。然後，考慮到 2028 年收入目標為​​ 7 億美元，並考慮到新的 2024 年指南，您對 2025 年至 2028 年實現這一目標所需的增長有多大信心？

Yes, sure. I think that if you just look at the math there, I think you're looking at a CAGR that would be -- certainly, we're building this business out, making investments with those targets in mind, and that's why we continue to be focused on things like Flanders 2 expansion of commercial, R&D, innovation, et cetera.

是的，當然。我認為，如果你只看那裡的數學，我想你會看到複合年增長率——當然，我們正在建立這項業務，並在考慮到這些目標的情況下進行投資，這就是為什麼我們繼續專注於Flanders 2 商業、研發、創新等領域的擴張。

And I think that is not a growth target that we're unfamiliar with. If you look back to our core business growth from '18 to '22, we grew at 23%. So and I think as we sit here today, as we look forward under Maravai 3.0 versus those previous years. You have a lot more programs, a lot more dollars flowing into the space, a lot more excitement in and around it and we have a lot more, as Trey alluded to, capabilities, products and opportunities and customers involved. So I think it's something that we continue to be focused on, certainly, as we build out our footprint strategically. But that having been said, our goal right now is really focused on delivering what we just put out there for 2024 and starting to get the business returning to growth.

我認為這並不是我們不熟悉的成長目標。如果你回顧我們從 18 年到 22 年的核心業務成長情況，我們的成長率為 23%。因此，我認為，當我們今天坐在這裡時，我們對 Maravai 3.0 與前幾年的情況進行了展望。你有更多的項目，更多的資金流入這個領域，它及其周圍有更多的興奮，正如特雷提到的，我們有更多的能力、產品、機會和客戶。所以我認為，當我們策略性地擴展我們的足跡時，這當然是我們繼續關注的事情。但話雖如此，我們現在的目標實際上是專注於實現我們剛剛為 2024 年制定的目標，並開始讓業務恢復成長。

And for our last question, this comes from the line of Paul Knight with KeyBanc.

對於我們的最後一個問題，這來自 Paul Knight 與 KeyBanc 的關係。

Yes. Thanks for the time. As we look at various biotechnology firms, are they dedicated to one capping technology? Or are they agnostic? And do they really look at alternatives?

是的。謝謝你的時間。當我們觀察各種生技公司時，他們是否致力於一種封頂技術？或者他們是不可知論者？他們真的會考慮替代方案嗎？

Yes. I think when anyone. That's insightful question, by the way. When anyone is starting a new program or ideally in discovery, they should be looking for the best technology at that time. So the -- I think to that extent, you're, as a given customer, may be agnostic at a moment in time. They certainly have their favorites, and then it depends on whether they are producing themselves or have a partner. If we are the partner, as I mentioned in my comments, we have a standard workflow that really efficiently incorporates the co-transcriptional caps.

是的。我想當任何人。順便說一句，這是一個富有洞察力的問題。當任何人開始一個新計劃或理想的發現時，他們應該尋找當時最好的技術。因此，我認為在某種程度上，作為特定的客戶，您可能在某個時刻是不可知的。他們當然有自己的最愛，然後取決於他們是自己製作還是有合作夥伴。如果我們是合作夥伴，正如我在評論中提到的，我們有一個標準的工作流程，可以真正有效地整合共轉錄上限。

Sorry. We're sorry about that. Planes going overhead. And that also is quite efficient and quick. But I would say, though, we have people who are dedicated CleanCap customers, partly the reason that we're so excited to continue innovating and adding new options to the menu is that we think at a given stage of their clinical development, they should always try to incorporate all of the best technologies with M6 being the most recent example.

對不起。我們對此感到抱歉。飛機從頭頂飛過。這也是非常有效率和快速的。但我想說的是，我們有專門的 CleanCap 客戶，我們如此興奮地繼續創新並在菜單中添加新選項的部分原因是我們認為在臨床開發的特定階段，他們應該始終嘗試整合所有最好的技術，M6 就是最新的例子。

What's the last stage can they -- are they limited -- they really have to commit what, Phase I, I'm guessing they committed Phase II, right?

他們的最後一個階段是什麼——他們是否受到限制——他們真的必須承諾什麼，第一階段，我猜他們承諾了第二階段，對嗎？

I think that's usually the case that people are going to commit as they go into clinical trials, maybe switch a little bit later. We see the greatest degree of switching as products and programs are entering the clinic. The -- but I think to Trey's point, we continue to work hard to bring new options that are going to help customers optimize their programs. And so we're excited that CleanCap AG, CleanCap [3' OMe methyl] and CleanCap SA are all in -- CleanCap AU are all in products that have been approved at this point. M6 is moving along nicely, and we have quite a bit of interest there to move that into GMP production. And so there's not one size fits all. We continue to try to bring innovation to customers to help their programs achieve as much as they can possibly achieve.

我認為這通常是人們在進入臨床試驗時會做出的承諾，也許稍後會改變。隨著產品和項目進入臨床，我們看到了最大程度的轉變。但我認為就特雷的觀點而言，我們將繼續努力提供新的選擇，以幫助客戶優化他們的程序。因此，我們很高興 CleanCap AG、CleanCap [3' OMe 甲基] 和 CleanCap SA 都在其中 - CleanCap AU 都在目前已獲得批准的產品中。 M6 進展順利，我們非常有興趣將其轉移到 GMP 生產中。因此，沒有一種方法適合所有情況。我們持續努力為客戶帶來創新，幫助他們的專案實現盡可能多的目標。

Great. Well, with that, we would just like to thank everyone for joining us today. We'll be at several conferences over the coming months. So I hope to catch up with some of you in person there. And feel free to contact us with any follow-up questions. Hope you have a great night.

偉大的。好吧，我們要感謝大家今天加入我們。未來幾個月我們將參加幾個會議。所以我希望能親自與你們中的一些人見面。如有任何後續問題，請隨時與我們聯絡。希望您有個美好的夜晚。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。