Maravai LifeSciences Holdings Inc (MRVI) 2025 Q2 法說會逐字稿

Good afternoon everyone, and welcome to the Maravai Life Sciences second-quarter 2025 earnings results conference call. (Operator Instructions) Also, today's call is being recorded. (Operator Instructions)

大家下午好，歡迎參加 Maravai Life Sciences 2025 年第二季財報業績電話會議。（操作員指示）此外，今天的通話正在錄音。（操作員指示）

Now, at this time, I'd like to turn things over to Deb Hart, Senior Director, Investor Relations. Please go ahead, ma'am.

現在，我想將話題交給投資者關係高級總監 Deb Hart。請繼續，女士。

Good afternoon, everyone. Thanks for joining us on our second-quarter 2025 earnings call. The press release and slides accompanied today's call are posted on our website and available at investors.maravai.com.

大家下午好。感謝您參加我們的 2025 年第二季財報電話會議。今天電話會議的新聞稿和幻燈片已發佈在我們的網站上，可在 investors.maravai.com 上查閱。

During today's call, management will make forward-looking statements and refer to GAAP and non-GAAP financial measures. 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.

在今天的電話會議中，管理階層將做出前瞻性陳述，並參考 GAAP 和非 GAAP 財務指標。實際結果可能與管理階層的預期不同。請您參閱投影片 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。

The press release provides reconciliations to the most directly comparable GAAP measures, and we also post reconciling schedules to the IR website. 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.

新聞稿提供了與最直接可比較的 GAAP 指標的對賬，我們也將對賬時間表發佈到 IR 網站。有關可能影響我們的經營成果、業績和財務狀況的風險和不確定性的更多信息，請參閱 Maravai 的 SEC 文件。

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

現在，我將把電話轉給我們的執行長 Bernd Brust。

Good afternoon and thank you all for joining. I'm Bernd Brust and I'm very pleased to be hosting my first earnings call as Maravai's CEO. I'd like to begin with my reasons for accepting the role as CEO and in this context, framed for investors, the incredible opportunities I see ahead for the company.

下午好，感謝大家的參與。我是 Bernd Brust，很高興能夠以 Maravai 執行長的身份主持我的第一次財報電話會議。我想先談談我接受執行長職位的原因，並在此背景下，向投資者介紹我看到的公司未來的巨大機會。

Over the past 30 years, I've been a leader of many successful life sciences companies that have experienced both growth and transformation. My approach centers around alignment, strategic clarity with operational discipline to drive meaningful, measurable results.

在過去的30年裡，我擔任過許多成功的生命科學公司的領導者，這些公司經歷了成長和轉型。我的方法以協調、策略清晰度和營運紀律為中心，以推動有意義的、可衡量的成果。

I've had the rare opportunity to work directly on a long list of breakthrough technologies in the life sciences sector, including in multiple CEO roles. Most recently, I was the Executive Chairman, and prior to that, the CEO of Antylia Scientific, a global provider of tools and solutions for diagnostic testing, sample preparation, biological monitoring, and environmental analysis.

我有難得的機會直接參與生命科學領域的一系列突破性技術的研究，並擔任過多個執行長的職位。最近，我擔任 Antylia Scientific 的執行主席，之前擔任首席執行官，該公司是一家診斷測試、樣品製備、生物監測和環境分析工具和解決方案的全球提供者。

I've known Maravai as a technology leader that delivers meaningful innovation to market. When I was approached about the CEO role, I took a close look, and what stood out to me was how rare it is to find a company in the life sciences tool space where this combination of proprietary technologies, trusted brands, and untapped market opportunity, and one I was excited to help shape. I came into this role with a clear understanding that realizing Maravai's full potential would require change. There's important work ahead to position the company for sustainable, profitable growth.

我知道 Maravai 是一位為市場帶來有意義的創新的技術領導者。當我被邀請擔任執行長一職時，我仔細觀察了一下，我發現在生命科學工具領域，很難找到一家公司能夠將專有技術、值得信賴的品牌和尚未開發的市場機會結合在一起，我很高興能夠幫助塑造這樣的公司。我擔任這個職務時就清楚地認識到，要充分發揮 Maravai 的潛力就需要做出改變。為使公司實現可持續的獲利成長，未來還有許多重要的工作要做。

I've spent my first 60 days understanding where we stand and where we can go next. We completed a top-to-bottom review of our strategy, structure, and financial plans to sharpen our focus and reallocate resources toward initiatives with the greatest potential for impact and return.

我花了前 60 天的時間了解我們的現狀以及下一步的發展方向。我們對我們的策略、結構和財務計劃進行了徹底的審查，以明確我們的重點並將資源重新分配給最具影響力和回報潛力的計劃。

Through direct engagement with global customers and competitive benchmarking, we gained a clear view of where we lead and where we must sharpen our focus to win. I spent time with the team members across the organization and gained a clear view of what's working and where we face challenges.

透過與全球客戶的直接接觸和競爭性基準測試，我們清楚地了解了我們領先的領域以及我們必須集中精力才能取勝的領域。我花了一些時間與整個組織的團隊成員在一起，並清楚地了解了哪些工作有效以及我們面臨的挑戰。

I've been encouraged by the expertise and dedication of our people, but to move forward, we need to build a stronger culture of accountability and help our teams execute with focus and purpose. From these learnings, we've established a three-part plan to put the business on the strongest footing to deliver on Maravai's full potential.

我們員工的專業知識和奉獻精神讓我感到鼓舞，但為了向前發展，我們需要建立更強大的問責文化，並幫助我們的團隊有重點、有目的地執行任務。根據這些經驗，我們制定了一個由三部分組成的計劃，以使業務處於最強大的基礎之上，從而充分發揮 Maravai 的潛力。

Let's turn to slide 6. First, we are making a commitment to improve operational excellence and execution. On Friday, we initiated a restructuring plan designed to significantly reduce our operating costs. Through reductions in headcount and non-headcount related expenses across all functions in our organization, we expect to lower our annualized expenses by more than $50 million.

讓我們翻到第 6 張投影片。首先，我們承諾提高卓越營運和執行力。週五，我們啟動了一項重組計劃，旨在大幅降低營運成本。透過減少組織內所有職能部門的員工人數和非員工相關費用，我們預計年度支出將減少超過 5,000 萬美元。

These reductions will be phased in and should be complete over the next 12 months, with the majority of the savings actioned on in the next two quarters. As part of the restructuring, we are evolving from a more complex structure with higher overhead to a streamlined, functional operating model. This includes consolidating executive roles and removing layers to accelerate decision making, reduce duplication, and foster greater ability and cross-functional collaboration.

這些削減措施將分階段實施，並將在未來 12 個月內完成，其中大部分削減將在未來兩個季度內實施。作為重組的一部分，我們正在從更複雜、管理成本更高的結構轉變為精簡、功能性的營運模式。這包括整合執行角色和減少層級以加速決策、減少重複、培養更強的能力和跨職能協作。

One key change is to provide centralized oversight for TriLink R&D projects to ensure ongoing innovations are providing impactful value to our customers and the largest returns for Maravai. These decisions are never easy, especially when they affect valued colleagues. But the challenges Maravai has faced post-pandemic called for urgency and clarity in how we move forward.

一項關鍵變化是對 TriLink 研發專案進行集中監督，以確保持續的創新為我們的客戶提供有影響力的價值，並為 Maravai 帶來最大的回報。這些決定從來都不是容易的，特別是當它們影響到重要的同事時。但馬拉威在疫情後面臨的挑戰要求我們必須緊迫而明確地決定如何前進。

We're approaching this process with care and respect, focused on minimizing disruption to our customers and positioning the company's long-term profitability. I'm confident these organizational changes will strengthen the business. Raj will provide more details on these changes later in the call.

我們以謹慎和尊重的態度對待這一過程，專注於最大限度地減少對客戶的干擾並定位公司的長期盈利能力。我相信這些組織變革將會增強業務。Raj 將在稍後的電話會議中提供有關這些變化的更多細節。

Second, we are focused on strategic levers for long-term value creation, starting with revenue diversification and growth across each of our businesses. For biologic safety testing, or BST, this includes maintaining and building on our market leadership. We are investing in the development and launch of new analytical products tailored to the evolving needs of our biologics and cell and gene therapy customers.

其次，我們專注於長期價值創造的策略槓桿，首先是收入多樣化和各項業務的成長。對於生物安全測試（BST），這包括維持和鞏固我們的市場領導地位。我們正在投資開發和推出新的分析產品，以滿足我們的生物製劑、細胞和基因治療客戶不斷變化的需求。

This investment not only supports our existing base of global biopharma customers, but also opens the doors to emerging players who require scalable and compliant testing solutions early in development through commercialization.

這項投資不僅支持了我們現有的全球生物製藥客戶群，還為那些在開發初期到商業化過程中需要可擴展且合規的測試解決方案的新興企業打開了大門。

We believe this business represents a highly valuable standalone platform. It has high penetration across monoclonal antibody-based products were common in vaccines and all FDA and EMA approved CAR-T cell and gene therapies. With high contribution margins and a foundation of recurring demand, sickness is not only a core strength, it's a strategic asset.

我們相信這項業務代表著一個非常有價值的獨立平台。它在基於單株抗體的產品中具有很高的滲透性，這些產品常見於疫苗以及所有 FDA 和 EMA 批准的 CAR-T 細胞和基因療法中。憑藉較高的貢獻利潤率和經常性需求的基礎，疾病不僅是一項核心優勢，更是一項策略性資產。

We recognize the stand-alone value this segment represents, and we're committed to ensuring that this value is more clearly appreciated by the market.

我們認識到這一部分所代表的獨立價值，並致力於確保市場更清楚地認識到這一價值。

While the nucleic acid production, or NAP, business navigates a period of macro and political headwinds, our BST segment provides visibility, diversification, margin stability, and capital allocation flexibility. Within the NAP business, we are building on our GMP consumables capabilities. We see this as an area where we hold a distinct advantage.

當核酸生產（NAP）業務經歷宏觀和政治逆風時期時，我們的 BST 部門提供了可見性、多樣化、利潤穩定性和資本配置靈活性。在 NAP 業務中，我們正在建立我們的 GMP 耗材能力。我們認為這是我們擁有獨特優勢的領域。

Our large-scale GMP capabilities are unmatched, and we are actively expanding our product portfolio to support future mRNA applications, particularly in therapeutic categories such as oncology, autoimmune conditions, and rare diseases. This is a vast evolving market and our ability to deliver reliable, high quality, and scalable GFP products positions us as a key partner to our pharma, biotech, and CDMO customers.

我們的大規模 GMP 能力無與倫比，我們正在積極擴展我們的產品組合以支持未來的 mRNA 應用，特別是在腫瘤學、自體免疫疾病和罕見疾病等治療類別中。這是一個不斷發展的龐大市場，我們提供可靠、高品質和可擴展的 GFP 產品的能力使我們成為製藥、生物技術和 CDMO 客戶的關鍵合作夥伴。

For our CDMO business, we continue to make strong progress supporting customers from preclinical through commercialization. We're not just a supplier, but an extension of our customers' teams, working side by side with them every day. This trust and partnership leads to stickier relationships, helping us win follow-on contracts as our customers program advance.

對於我們的 CDMO 業務，我們在從臨床前到商業化的支援客戶方面繼續取得長足進展。我們不僅是供應商，也是客戶團隊的延伸，每天與他們並肩工作。這種信任和夥伴關係帶來了更緊密的關係，幫助我們在客戶計劃推進時贏得後續合約。

It's a key driver of both near-term revenue and long-term customer relationships, increasing the likelihood that we'll support programs from early research through commercial launch. And for our research customers, we are broadening access to our technologies through innovation and expanding our consumables portfolio.

它是短期收入和長期客戶關係的關鍵驅動力，增加了我們從早期研究到商業發布支援專案的可能性。對於我們的研究客戶，我們正在透過創新拓寬我們技術的使用範圍並擴大我們的耗材組合。

We are also investing in our e-commerce infrastructure and AI capabilities to provide a more streamlined commercial experience for our research customers.

我們也投資於我們的電子商務基礎設施和人工智慧能力，為我們的研究客戶提供更簡化的商業體驗。

This month, we are launching a new version of the mRNAbuilder, our online ordering tool for custom mRNA that allows customers to design, order, and building RNA using our products. This tool is the first of several planned upgrades to our e-commerce platform. These initiatives are central to our future growth and position as well for long-term success.

本月，我們推出了新版本的 mRNAbuilder，這是我們用於客製化 mRNA 的線上訂購工具，讓客戶可以使用我們的產品設計、訂購和建立 RNA。該工具是我們電子商務平台計劃的幾次升級中的第一個。這些舉措對於我們未來的發展和地位以及長期成功至關重要。

Third, with these actions in place, we will get the benefit of the margin flow through to return to sustainable, positive adjusted EBITDA and free cash flow by the second half of 2026. As a CEO, I have to make the tough calls that are in the long term best interest for Maravai and our shareholders.

第三，透過採取這些措施，我們將獲得利潤流的益處，到 2026 年下半年恢復可持續的、正的調整後 EBITDA 和自由現金流。身為首席執行官，我必須做出符合 Maravai 和股東長期利益的艱難決定。

We were structured for a much larger company than we are today. And these actions will align the business to our current reality and allow us to grow revenue and profitability from here. We have great science and technology, and I'm optimistic that we are going to have a great future.

我們當時的公司規模比現在大得多。這些行動將使業務與我們當前的現實保持一致，並使我們能夠從現在開始增加收入和獲利能力。我們擁有偉大的科學技術，我樂觀地認為我們將擁有美好的未來。

While there is more work ahead, and we continue our comprehensive business review and complete our budgeting process, I'm confident in our team's ability to execute and be energized by the opportunity to build a stronger, more focused company for our customers, employees, and shareholders. We have a clear plan and are moving quickly to return Maravai to growth and profitability.

雖然未來還有更多工作要做，我們也會繼續進行全面的業務審查並完成預算流程，但我對我們團隊的執行能力充滿信心，並有機會為我們的客戶、員工和股東打造一個更強大、更專注的公司。我們有一個明確的計劃，並正在迅速採取行動，讓 Maravai 恢復成長和獲利。

Now, I'd like to introduce Raj Asarpota, our new CFO, who joined Maravai on June 30. As you can see on slide 7, Raj brings over three decades of financial leadership experience across both public and private organizations as they went through significant transformation and growth.

現在，我想介紹我們的新任財務長 Raj Asarpota，他於 6 月 30 日加入 Maravai。正如您在第 7 張投影片上看到的，Raj 擁有超過 30 年的財務領導經驗，曾在公共和私人組織中經歷過重大轉型和發展。

I have personally worked with Raj at General Electric, Life Technologies, and Antylia Scientific. And I value his leadership and financial stewardship as we continue building Maravai into a scalable, profitable, and free cash flow positive business.

我曾與 Raj 在通用電氣、生命技術公司和 Antylia Scientific 公司共事。在我們繼續將 Maravai 打造為一家可擴展、盈利且自由現金流為正的企業之際，我非常重視他的領導能力和財務管理能力。

I will now hand the call over to Raj.

我現在將電話交給 Raj。

Thank you, Bernd. I'm incredibly excited to join Maravai and partner with you as we embark on the next chapter for the company. I firmly believe we can unlock the full potential of what this company can deliver to both its customers and stakeholders. It's clear to me that we have a world-class team and cutting edge technology and the opportunity ahead of us is truly unique. We're laying the foundation to drive operational excellence and disciplined growth as we strategically size and scale the business.

謝謝你，伯恩德。我非常高興加入 Maravai 並與您合作，開啟公司的新篇章。我堅信，我們能夠充分發揮這家公司為客戶和利害關係人提供的服務的潛力。我很清楚，我們擁有世界級的團隊和尖端技術，我們面臨的機會確實是獨一無二的。我們在策略性地擴大業務規模和規模的同時，也為推動卓越營運和有序成長奠定了基礎。

Now let's turn to the Q2 financial results on slide 9. Revenue for the quarter was $47.4 million compared to $69.4 million in Q2 of 2024. Excluding revenue for high volume CleanCap, base revenue was up 5% for Q2 versus 2024.

現在讓我們來看看第 9 張投影片上的第二季財務表現。本季營收為 4,740 萬美元，而 2024 年第二季的營收為 6,940 萬美元。不包括高容量 CleanCap 的收入，第二季基本收入較 2024 年成長 5%。

The nucleic acid production, or NAP, segment had revenue of $31.1 million in Q2. The biologic safety testing segment, or BST, revenue was $16.3 million in the second quarter. I will discuss segment results a little later in the call.

核酸生產（NAP）部門第二季的營收為 3,110 萬美元。生物安全測試部門（BST）第二季的營收為 1,630 萬美元。我稍後會在電話會議中討論分部結果。

Revenues by customer type in Q2 were: 28% biopharma; 30% life sciences and diagnostics; 8% academia; 7% CRO, CO, CDMO; and 27% to distributors. Revenue by geography was 65% North America; 18% EMEA; 12% Asia Pacific, excluding China; and 5% in China.

第二季按客戶類型劃分的收入為：28% 生物製藥；30% 生命科學和診斷；8% 學術界；7% CRO、CO、CDMO；以及 27% 經銷商。按地區劃分，收入佔北美 65%；歐洲、中東和非洲 18%；亞太地區（不包括中國）12%；中國 5%。

Turning to slide 10, our GAAP net loss before non-controlling interests was $69.8 million for the second quarter of 2025. This compares to a GAAP net loss before non-controlling interests of $18.4 million for the comparable second quarter of 2024. Adjusted EBITDA, a non-GAAP measure, was a negative $10.4 million for Q2 2025, compared to a positive $13 million for Q2 2024.

翻到第 10 張投影片，2025 年第二季度，我們的非控制權益前的 GAAP 淨虧損為 6,980 萬美元。相較之下，2024 年第二季非控制權益前的 GAAP 淨虧損為 1,840 萬美元。2025 年第二季的調整後 EBITDA（非 GAAP 指標）為負 1,040 萬美元，而 2024 年第二季的調整後 EBITDA 為正 1,300 萬美元。

Moving to slide 11 and EPS. Basic and diluted EPS for the second quarter was a loss of $0.27 per share, compared to a loss of $0.07 per share in the second quarter of 2024. Adjusted EPS in Q2 2025 was a loss of $0.08, compared to a loss of $0.01 in Q2 2024.

移至幻燈片 11 和 EPS。第二季基本和稀釋每股收益為每股虧損 0.27 美元，而 2024 年第二季每股虧損 0.07 美元。2025 年第二季調整後每股盈餘虧損 0.08 美元，而 2024 年第二季虧損 0.01 美元。

Advancing to the balance sheet, cash flow, and other financial metrics on slide 12. We ended the quarter with $270 million in cash, and $297 million in long-term debt. For Q2 2025, cash used in operations was $10.3 million. Depreciation and amortization was $13.2 million, and interest expense, net of interest income, was $3.8 million in the quarter. Stock-based compensation, a non-cash charge, was $6.8 million for the quarter.

在第 12 張投影片上查看資產負債表、現金流量和其他財務指標。本季末，我們的現金為 2.7 億美元，長期債務為 2.97 億美元。2025 年第二季度，營運現金使用量為 1,030 萬美元。本季折舊和攤提為 1,320 萬美元，扣除利息收入後的利息支出為 380 萬美元。本季股票薪酬（非現金費用）為 680 萬美元。

Next to slide 13 and the discussion of segment performance. The NAP segment had revenue of $31.1 million in Q2. Base NAP business excluding high volume CleanCap was up 3% year over year driven by demand for trialing GMP products. This was a sequential increase of $2.3 million from $28.7 million of base NAP revenue in Q1 of 2025, marking our second quarter of base revenue growth in NAP. Adjusted EBITDA for NAP was negative $7.3 million in Q2, highlighting the need for the cost reductions we have initiated.

接下來是第 13 張投影片和有關細分市場表現的討論。NAP 部門第二季的營收為 3,110 萬美元。受試用 GMP 產品需求的推動，不包括高容量 CleanCap 的基本 NAP 業務年增 3%。這比 2025 年第一季的 2,870 萬美元 NAP 基本收入環比增長 230 萬美元，標誌著我們 NAP 基本收入第二次實現增長。NAP 第二季度的調整後 EBITDA 為負 730 萬美元，凸顯了我們已經啟動的成本削減措施的必要性。

The BST revenue was $16.3 million in the second quarter, up 10% year over year. Adjusted EBITDA for BST was $10.9 million for an adjusted EBITDA margin of 67%. The strong year-over-year growth in BST business was driven by demand for host cell protein kits and quantification services and increasing adoption of MockV bioclearance products.

BST 第二季營收為 1,630 萬美元，年增 10%。BST 的調整後 EBITDA 為 1,090 萬美元，調整後 EBITDA 利潤率為 67%。BST 業務的強勁同比增長得益於對宿主細胞蛋白試劑盒和定量服務的需求以及 MockV 生物清除產品的日益普及。

Corporate shared service expenses impacting adjusted EBITDA totaled $14 million in the second quarter. These services include centralized functions such as human resources, finance and accounting, legal, information technology, and the incremental expenses associated with being a public company. This is another large pocket of costs within the organization that we are significantly reducing with the cost actions announced today.

影響第二季調整後 EBITDA 的企業共享服務費用總計 1,400 萬美元。這些服務包括人力資源、財務和會計、法律、資訊科技等集中職能以及作為上市公司所產生的增量費用。這是組織內的另一個主要成本支出，我們今天宣布的成本削減措施將大幅降低這一成本。

Turning to slide 14, our strategic realignment and cost reduction initiatives are focused on improving how we operate by transitioning to more consolidated and functional organizational structure. This approach reduces complexity, fewer layers, tighter team alignment, and enhances their ability to operate with greater focus, speed, and execution of rigor.

轉到第 14 張投影片，我們的策略調整和成本削減措施重點是透過過渡到更整合和實用的組織結構來改善我們的營運方式。這種方法降低了複雜性，減少了層級，加強了團隊協調，並提高了他們以更高的專注度、速度和嚴謹性開展工作的能力。

We anticipate more than $50 million in annualized savings, allocated approximately as follows: 45% to 50% from labor; 15% to 20% facilities; 15% to 20% from CapEx reductions; and 15% to 20% from other productivity initiatives. Importantly, these actions are not expected to impact customer programs or revenue. We remain fully committed to delivering the high quality products, service, and innovation our customers rely on.

我們預計每年可節省 5,000 多萬美元，大致分配如下：45% 至 50% 來自勞動力；15% 至 20% 來自設施；15% 至 20% 來自資本支出削減；15% 至 20% 來自其他生產力舉措。重要的是，這些行動預計不會影響客戶計劃或收入。我們始終致力於提供客戶所依賴的高品質產品、服務和創新。

As Brend noted, we expect the majority of these savings to be in motion by year-end with the full impact realized in 2026. While these are difficult decisions, they're essential to restoring the company's financial health and enabling us to reinvest in targeted, purposeful growth going forward.

正如布倫德所指出的，我們預計大部分節省的資金將在年底前投入使用，並在 2026 年實現全部影響。雖然這些都是艱難的決定，但它們對於恢復公司的財務健康和使我們能夠在未來重新投資於有針對性的、有目的的成長至關重要。

In connection with these actions, we anticipate incurring restructuring charges of approximately $8 million to $9 million in the second half of 2025. These costs will primarily consist of employee severence, benefits, and other related expenses.

與這些行動相關，我們預計 2025 年下半年將產生約 800 萬至 900 萬美元的重組費用。這些成本主要包括員工遣散費、福利和其他相關費用。

I'd also like to take a moment to address our guidance philosophy for the balance of 2025. As a new leadership team, we are committed to providing guidance that reflects a high degree of confidence in our ability to deliver. Given that we're still in the midst of a comprehensive commercial deep dive, we have made the decision to withdraw our prior guidance range.

我還想花點時間談談我們對 2025 年平衡的指導理念。作為一個新的領導團隊，我們致力於提供指導，以反映對我們交付能力的高度信心。鑑於我們仍處於全面的商業深度探索之中，我們決定撤回先前的指導範圍。

We will look to reinstate guidance once we have completed the full business review and have a clear data-driven outlook. In 2025, we have no orders for high volume CleanCap. However, we are encouraged by early indications from a customer for high volume CleanCap for shipment that is anticipated in early 2026.

一旦我們完成全面的業務審查並擁有清晰的數據驅動前景，我們將尋求恢復指導。2025年，我們沒有大量CleanCap的訂單。然而，令我們感到鼓舞的是，客戶早期表示，預計將於 2026 年初大量出貨 CleanCap。

Finally, before we move to Q&A, I'd like to share a few reflections from my first 40 days. What I've seen is a company with tremendous runway ahead and that's exactly why I was excited to join Maravai. In addition to the immediate actions we've taken, we believe that our further levers we can pull to enhance profitability, the finance team is working closely with our new functional leaders and the sales organization to identify and execute on these opportunities as part of a robust budgeting process.

最後，在我們進入問答環節之前，我想分享我前 40 天的一些想法。我所看到的是一家擁有巨大發展前景的公司，這正是我很高興加入 Maravai 的原因。除了我們已經採取的緊急行動之外，我們相信我們可以採取進一步的措施來提高盈利能力，財務團隊正在與我們新的職能領導和銷售組織密切合作，作為強有力的預算流程的一部分來識別和執行這些機會。

As part of this effort, we're also upgrading our commercial metrics, introducing bottom up KPIs to validate our top town market assumptions and strengthen accountability across the organization. We'll provide more detail on this progress in our Q3 call.

作為這項努力的一部分，我們也正在升級我們的商業指標，引入自下而上的關鍵績效指標 (KPI)，以驗證我們對頂級城鎮市場的假設，並加強整個組織的責任制。我們將在第三季電話會議上提供有關此進展的更多詳細資訊。

Additionally, I'm addressing some of the operational headwinds we've encountered in the past, particularly around the audit process to ensure that areas within our control are managed with tighter execution and discipline. This includes onboarding a new controller and audit partner. I'm laser-focused on closing the year strong, and I am confident we are on the right path.

此外，我正在解決我們過去遇到的一些營運障礙，特別是在審計流程方面，以確保我們控制範圍內的領域得到更嚴格的執行和紀律管理。這包括引入新的控制員和審計合夥人。我全心全意地致力於在今年取得好成績，我相信我們正走在正確的道路上。

I'll now turn the call back to the operator to begin the Q&A session.

我現在將電話轉回接線生，開始問答環節。

(Operator Instructions) Matt Stanton, Jefferies.

（操作員指示）馬特·斯坦頓，傑富瑞。

Hey, thanks. Maybe just to go back to the guidance philosophy. It sounds like you're still taking a closer look at the forecasting process. On one hand, you're pulling the '25 guide at the same time you're talking about cost actions and pointing to positive adjusted EBITDA, free cash from the back half of '26. So I guess how should we think about how you're feeling about the visibility, especially around the latter with the '26 targets?

嘿，謝謝。也許只是為了回歸指導理念。聽起來您仍在仔細研究預測過程。一方面，你在談論成本行動的同時引用了 25 年的指南，並指出了 26 年下半年的正調整後 EBITDA 和自由現金。所以我想我們應該如何看待您對可見性的感受，尤其是後者的「26 個目標」？

And then you're just giving us a midway through 3Q here. Was there any thought to potentially shifting to some form of order to quarter guidance in the near term? Thank you.

然後您就給我們提供了第三季中期的情況。是否有考慮過在短期內轉向某種形式的訂單到季度指引？謝謝。

Hey, Matt. This is Bernd. Let me make a few comments on that and then I'll see if Raj has anything to add to it, First and foremost, I think we've been on board now for -- me less than a couple months here and our primary focus has been getting cost under control in this business. It was just something that was an obvious issue we had.

嘿，馬特。這是伯恩德。讓我對此發表一些評論，然後看看 Raj 是否還有什麼要補充的，首先，我認為我們加入這個團隊還不到幾個月，我們的主要重點是控制這項業務的成本。這只是我們遇到的一個明顯問題。

We had to deal with that. That meant some changes to the commercial organization. Add to that, the announcements last week from Kennedy on some of the mRNA funding here. It's just important for us that we really get our arms around this and bring confidence back to the Street on the numbers that we share. Are there any specific red flags that we see that say, well, guidance that's been given, is the amount correct? That's not it at all. It's just us having the right amount of time. Did we really get our arms around this?

我們必須處理這個問題。這意味著商業組織將會發生一些變化。除此之外，甘迺迪上週也宣布了部分 mRNA 資金的公告。對我們來說，重要的是我們真正掌握了這一點，並讓華爾街重新對我們分享的數字充滿信心。我們是否看到任何具體的危險信號，表明給出的指導金額正確嗎？根本不是那樣。只是我們有足夠的時間。我們真的掌握了這一點嗎？

Now, as far as running this company, in a positive growth on a free cash and EBITDA point of view, regardless of where these revenue numbers sit, we're going to run that in a positive way. I think we've taken some great steps to the right amount of cost out of this business.

現在，就經營這家公司而言，從自由現金和 EBITDA 的正面成長角度來看，無論這些收入數字位於何處，我們都會以積極的方式經營。我認為我們已經採取了一些重大措施來降低這項業務的成本。

Last Friday, we took those first steps by reorganizing the organization. But one way or another, wherever revenue lands, if that means that there's additional things that have to happen, we'll take care of that, although we have no indication that that's -- that it needs to be done at this point.

上週五，我們透過重組組織邁出了第一步。但無論如何，無論收入落在哪裡，如果這意味著需要做更多的事情，我們都會處理，儘管我們目前還沒有跡象表明需要這樣做。

So I think this is just a result of us just needing a little bit more time. The interesting part of Maravai, it's a fairly lumpy business, unlike the traditional life sciences tools, and certainly even Maravai before COVID, very much a run rate business.

所以我認為這只是因為我們需要多一點時間。Maravai 有趣的地方在於，它是一個相當不穩定的業務，與傳統的生命科學工具不同，甚至與 COVID 之前的 Maravai 一樣，它也是一個運作率很高的業務。

If you look at the business today, average order sizes are materially greater than what a run rate business would be. That means just have a little bit more susceptibility to performance by quarter, and we just got to get our arms around that. It's nothing more than that. Raj, anything else?

如果你看一下今天的業務，你會發現平均訂單規模遠大於營運率業務的規模。這意味著對季度業績的敏感度會更高一些，我們只需要掌握這一點。僅此而已。Raj，還有什麼嗎？

Yeah. I think I just reemphasize that Bernd and I are both committed to operating the business with the expense profile that can achieve positive EBITDA by the second half of 2026. As Bernd mentioned with the restructuring, we also had to change -- we had to change out on our sales leadership side which also impacts how we think about guidance.

是的。我想我只是再次強調，Bernd 和我都致力於以能夠在 2026 年下半年實現正 EBITDA 的費用狀況來經營業務。正如伯恩德在重組時提到的那樣，我們也必須做出改變——我們必須改變我們的銷售領導層，這也會影響我們對指導的看法。

And then, Matt, your final question was around quarter-to-quarter guidance. We're not going to do that, again, until we have our arms around the whole business. We're not going to provide that quarter-to-quarter guidance for now.

然後，馬特，你的最後一個問題是關於季度指導。在我們掌握整個事情的底細之前，我們不會再這麼做。我們目前不會提供季度指引。

Thanks. That's helpful. And then maybe just on 2Q, BST nice quarter. I think typically 1Q seasonally stronger there but that exclude 1Q the last year. I think 2Q is the highest dollars in that business going back to the back half of '22 if my math is right.

謝謝。這很有幫助。然後也許就在第二季度，BST 不錯的季度。我認為通常第一季的季節性表現會更加強勁，但不包括去年第一季。如果我的計算正確的話，我認為第二季度是自 22 年下半年以來該業務的最高收入季度。

So can you just talk about the durability of the improvement in solid trends you saw here in 2Q? And then, can you just clarify that you are not seeing any pull forward dynamics out of China or Asia in that business in 2Q? I know some other folks in the bioprocessing chain have pulled that out, just level of visibility to no pull forward dynamics with that 2Q number. Thank you.

那麼，您能否談談您在第二季度看到的穩固趨勢改善的持久性？然後，您能否澄清一下，您沒有看到第二季度中國或亞洲對該業務有任何拉動？我知道生物加工鏈中的其他一些人已經將其撤出，只是第二季度數據的可見度水平沒有向前推動的動態。謝謝。

Sure. I'll take that. So you're right. On the BST side, if you look at the different parts of the portfolio, so like on our host cell protein kits, which is basically our gold standard, those kits grew by 7% in the quarter, which again demonstrates our position that customers are remaining loyal even in this market uncertainty. MockV, that's been a great story.

當然。我會接受的。所以你是對的。在 BST 方面，如果你看一下產品組合的不同部分，例如我們的宿主細胞蛋白試劑盒（基本上是我們的黃金標準），這些試劑盒在本季度增長了 7%，這再次證明了我們的立場，即即使在這個市場不確定的情況下，客戶仍然忠誠。MockV，這是一個很棒的故事。

So that portfolio continues to grow at a super rapid rate. The adoption is really strong and there's a lot of confidence in that product's performance. Likewise, on qualification services, it continues to grow. We've got many, many repeat customers there. And our focus on tactical programs to engage on new accounts is also starting to work well.

因此該投資組合繼續以超快​​的速度成長。採用率確實很高，人們對該產品的性能充滿信心。同樣，在資格認證服務方面，它也在持續成長。我們在那裡有很多回頭客。我們專注於吸引新客戶的戰術計劃也開始發揮良好作用。

To your question around pull forward, we did have a little bit of that in China, but nothing too material. So right now, I think as far as the Cygnus business goes, it's very healthy and showing a good growth rate.

關於你提出的關於向前推進的問題，我們在中國確實做了一些這方面的工作，但並不是太實質。所以現在，我認為就 Cygnus 業務而言，它非常健康並且顯示出良好的成長率。

That said, though, I think 10% is incredible quarter. I don't think if you model that in, right, I think this business should be mid-single-digit top line grower for the moment, and we'll continue to optimize this business as well.

儘管如此，我認為 10% 是一個令人難以置信的季度。我不認為如果你把它模型化，那麼我認為這項業務目前應該實現中等個位數的營收成長，我們也將繼續優化這項業務。

Appreciate it. Thank you.

非常感謝。謝謝。

Matt Hewitt, Craig-Hallum.

馬特休伊特、克雷格哈勒姆。

Good afternoon. Thanks for taking the questions. Maybe first up, regarding China, with the easing that we're seeing between the US and China, do you anticipate that, that could become a growth driver? Do you think that, that's a region that could start to scale as we get into '26?

午安.感謝您回答這些問題。首先，關於中國，我們看到美國和中國之間的關係正在緩和，您是否預期這會成為成長動力？您是否認為，當我們進入 26 年時，這個地區會開始擴大規模？

Yeah. I think so. I guess in one word, the answer is yes. We would expect that to be a good growth lever.

是的。我認為是的。我想，用一個字來概括，答案是肯定的。我們預計這將會成為一個良好的成長槓桿。

Great. And then maybe a follow up -- go ahead.

偉大的。然後也許進行後續行動——繼續。

I'm sorry, I think just in general, right, if you look at the global markets, not just for biosafety, but just the Maravai product lines, the US is going to see some, obviously, retraction given the defocus on mRNA. I think you're going to see continued increased investments in the non-US regions, and we're well positioned to take advantage of those. That includes China, but I think other non-US regions as well.

抱歉，我認為總體而言，如果你看看全球市場，不僅僅是生物安全，而且只是 Maravai 產品線，美國顯然會看到一些回縮，因為不再關注 mRNA。我認為你會看到對美國以外地區的投資持續增加，我們已準備好利用這些投資。其中包括中國，但我認為也包括其他非美國地區。

Excellent. And then maybe a follow-up question and a little bit different here. But regarding the CDMO business, how do the prospects or the potential for tariffs on imported drugs, how does that affect your business? Does that create incremental opportunity? And have you seen that in your pipeline? Or is everyone sitting on their hands waiting to see what's going to happen there? Thank you.

出色的。然後也許有一個後續問題，這裡略有不同。但是對於CDMO業務，進口藥品的關稅前景或潛力如何，這對您的業務有何影響？這是否會創造增量機會？您在管道中看到過這種情況嗎？還是每個人都袖手旁觀，等著看會發生什麼事？謝謝。

I think it's more of the second at the moment. We haven't seen a whole lot move from there yet. Is there certainly an opportunity that if tariffs really settle in on this and make it economically beneficial for some of the non-US manufacturers to move production to the US? For sure, discussions we've had, I don't think it's anything we've actively seen.

我認為目前更多的是第二種情況。我們還沒有看到那裡發生太多變化。如果關稅真的落地，並讓一些非美國製造商將生產轉移到美國並從中受益，這是否真的是一個機會？當然，我們已經進行過討論，但我認為這不是我們積極看到的事情。

But in the event that were to happen, our facility expansions that have happened here over the last years position us incredibly well to take advantage of that.

但如果發生這種情況，我們過去幾年在這裡進行的設施擴建將使我們非常有機會利用這一點。

That's great. Thank you.

那太棒了。謝謝。

Subbu Nambi, Guggenheim Securities.

Subbu Nambi，古根漢證券。

Hey, guys. Thank you for taking my question. As you were reviewing different aspects of the business, were there things that you were positively surprised by, and then similarly, anything that you didn't anticipate would be very challenging but was challenging?

嘿，大家好。感謝您回答我的問題。當您審查業務的不同方面時，是否有讓您感到驚喜的事情，同樣，任何您沒有預料到的、但又極具挑戰性的事情？

Well, that's a good question. I think any time you come into a new organization, as much diligence as you do, you will find surprises in the end. And I think if I reflect for myself here, and I'll let Raj make some of his comments, I'll lead us off with, again, saying it's fairly early days. Quite surprised by the amount of expenditure that's happened in this organization. It was really scaled for an organization so much bigger than we are.

嗯，這是個好問題。我認為，無論何時你進入一個新的組織，只要你夠勤奮，最終你就會發現驚喜。我想，如果我在這裡反思一下，並讓 Raj 發表一些評論，我會再次說現在還為時過早。這個組織的支出金額確實令人吃驚。對於一個比我們大得多的組織來說，它的規模確實很大。

And I think that was a much greater extent than we even anticipated. The numbers that we are taking out of this business, and we feel we'll have fairly limited impact, if any, on our day-to-day operations shows you how heavy this organization was layered.

我認為這比我們預期的要大得多。我們從這項業務中獲得的數字，以及我們感覺對我們的日常運營產生的影響（如果有的話）相當有限，這表明這個組織的層級有多繁重。

Certainly, a big surprise there. I think on the positive front, I think if you look at the customer profile we are working with here, particularly in the preclinical through Phase III, there's a ton of activity going on there. We talk a lot about COVID vaccines and the impact of capping and how that grew this business, and that's really at zero this year.

確實，這是一個很大的驚喜。我認為從積極的方面來看，如果你看看我們在這裡合作的客戶資料，特別是在臨床前到第三階段，你會發現那裡正在進行大量的活動。我們談論了很多關於 COVID 疫苗、限制的影響以及它如何促進這項業務的成長，而今年這項業務的成長實際上為零。

But the fact that there is still so much activity going on with customers for that same portfolio, but again, primarily focused on oncology, autoimmune, rare disease solutions, really positions the company incredibly well for, I think, where mRNA will go in the future.

但事實上，針對同一產品組合，我們仍在與客戶進行大量活動，而且主要集中於腫瘤學、自體免疫和罕見疾病解決方案，我認為，這確實為公司在未來 mRNA 發展中提供了極好的位置。

So that, I think, was an incredibly positive direction. And then you've heard us talk about our biosafety business in Cygnus. I think that organization has struggled a little bit in the past. You're starting to see that come around.

所以我認為這是一個非常積極的方向。然後您聽到我們談論 Cygnus 的生物安全業務。我認為該組織過去曾遇到過一些困難。你開始看到這種情況發生。

There's some great innovation happening there, certainly a great brand around the world. We talked Asia a little bit ago. I think there's huge upside in that region for this portfolio. So I think lots of good movement happening for the portfolio at large. We just now have to get to the part where those all come to fruition, and we execute on those.

那裡正在發生一些偉大的創新，當然也有一個世界級的偉大品牌。我們剛才談到了亞洲。我認為該地區的投資組合具有巨大的上漲空間。因此我認為整個投資組合中將出現許多好的動向。我們現在只需要讓這些都實現，然後我們就可以執行它們了。

Thank you for that and thank you for the thoughtful response, too. I know you said there's a lot of focus on CleanCap, but could I just, if possible, add one. You said you had encouraging conversations with a customer for a shipment in early 2026. Could you provide some more color here? Like just confirming you're defining high-volume CleanCap the same way as before?

謝謝你，也謝謝你的深思熟慮的回覆。我知道您說過 CleanCap 備受關注，但如果可能的話，我可以補充一點嗎？您說過，您與一位客戶就 2026 年初的一批貨物進行了令人鼓舞的交談。您能在這裡提供更多顏色嗎？就像確認您以與以前相同的方式定義大容量 CleanCap 一樣？

Yeah. I'll take that one. So yeah, we do have an indication and a binding order for high-volume CleanCap in '26. We're not going to give you the name of the customer or any additional color yet until we've got things sorted out. But I think it's an encouraging sign. We don't expect high-volume CleanCap to return to the 2024 levels.

是的。我要那個。是的，我們確實有在 26 年推出大批量 CleanCap 的指示和具有約束力的命令。在我們把事情理清之前，我們不會向您透露客戶的姓名或任何其他顏色。但我認為這是一個令人鼓舞的跡象。我們預計高容量 CleanCap 不會回到 2024 年的水準。

But having said that, this is at least a step in the right direction. We are basically going to run our business just like we have done this year in thinking that anything that we get from high-volume CleanCap is really going to be more upside. All of our business is going to be managed as if we had no CleanCap in our model. So to the extent that these orders come in, there will be a nice incremental goodness to the business, but we're not counting on it.

但話雖如此，這至少是朝著正確方向邁出的一步。我們基本上會像今年一樣經營我們的業務，認為從大批量 CleanCap 獲得的任何東西都會帶來更多好處。我們所有的業務都將被管理，就好像我們的模型中沒有 CleanCap 一樣。因此，只要這些訂單到位，就會為業務帶來不錯的增量效益，但我們並不指望它。

But maybe use this opportunity to set the stage of how we label things. So high-volume CleanCap really is COVID CleanCap, right? Let's call it that. We're going to get away from that terminology. High-volume CleanCap in the end, hopefully, will be many other therapeutics that go to commercialization, and we'll use our caps and other consumables to manufacture those therapeutics.

但也許可以利用這個機會來為我們如何標記事物奠定基礎。那麼大容量 CleanCap 真的就是 COVID CleanCap，對嗎？我們就這麼稱呼它吧。我們將不再使用這個術語。希望最終大容量的 CleanCap 能夠將許多其他療法推向商業化，我們將使用我們的瓶蓋和其他消耗品來生產這些療法。

So high-volume CleanCap and this question is exactly how you would have thought about it in the past. As we progress, assume that will be labeled differently, but that's just setting the stage for the future here.

因此，高容量 CleanCap 和這個問題正是您過去所想的那樣。隨著我們的進步，假設它會被標記為不同的，但這只是為未來奠定基礎。

Thank you for that, guys. Good luck. Bye.

謝謝你們，夥計們。祝你好運。再見。

Kyle Crews, UBS.

瑞銀集團的凱爾克魯斯（Kyle Crews）。

Hey. Thank you for taking questions. Some peers have talked about multiyear headwinds in scientific R&D spend going forward. You've achieved mid-single-digit base business growth. Not commenting on the current guidance, but looking forward, how should we think about the business over the midterm and how it should -- and how your growth outlook of the business is? Thank you.

嘿。謝謝您的提問。一些同行談到了未來幾年科學研發支出面臨的阻力。你們已經實現了中等個位數的基礎業務成長。不對當前的指導進行評論，但展望未來，我們應該如何看待中期業務以及應該如何——以及您對業務的成長前景如何？謝謝。

I'll take a couple of comments here, and then I'll hand it to Raj. I mean, clearly, you can't feel great about the U. funding environment in research, specifically in mRNA. Now our business exposure today is not that significant there. We get most of our revenues from other parts of the business, including GMP and CDMO at this point, certainly from biosafety.

我會在這裡發表一些評論，然後將其交給 Raj。我的意思是，顯然，你對美國的研究資助環境，特別是 mRNA 的資助環境，不會感到太好。目前，我們的業務曝光度在那裡還不是那麼大。我們的大部分收入來自業務的其他部分，包括 GMP 和 CDMO，當然還有生物安全。

But I think at a much broader picture for the US markets, we're going to continue to see material research investments outside of the US. And that wouldn't be great to see where that leads for this country in the future as it relates to new therapeutics coming to market with this technology. So I think our business directly won't have material impacts, but it would be a shame to see for this market locally here not to start coming back into mRNA research in the long term.

但我認為，從更廣泛的美國市場來看，我們將繼續看到美國以外的材料研究投資。這對於這個國家未來將會帶來什麼影響，以及它與利用該技術上市的新療法的關係，這可不是什麼好消息。因此我認為我們的業務不會直接產生實質影響，但如果本地市場長期不開始重新進行 mRNA 研究，那將是一種遺憾。

Yeah. I think the only thing I'll add is, again, our Q2 base revenue growth was around 5%, and we are looking to accelerate that. Although like Bernd mentioned, there is variability quarter-to-quarter. But as we look at what our peers are saying, the long-term growth of this business is mid-single to high single digits, whether it's Danaher at 7% to 9%, we've heard Thermo citing market growth at about 6%, Sartorius at 8% to 12%, and Lonza at 8% to maybe 10%. So that's where we see this business heading.

是的。我想我要補充的是，我們的第二季基本營收成長率約為 5%，我們希望加快這一速度。儘管如 Bernd 所提到的，每個季度之間都存在差異。但是，當我們看看同行們的說法時，我們發現這項業務的長期增長率是中個位數到高個位數，無論是丹納赫的 7% 到 9%，我們都聽說賽默飛世爾的市場增長率約為 6%，賽多利斯的增長率為 8% 到 12%，龍沙的增長率為 8% 到 10%。這就是我們所看到的這個業務的發展方向。

Great. Thank you.

偉大的。謝謝。

I think the key takeaway guys here is when it relates to GMP and CDMO, I think the markets will continue to be healthy here. There's a lot of programs out there where we are involved with. And I think there's a high level of confidence that will help us out. I think our emphasis to continue to focus on some of the non-US markets in research has become ever more important with the recent news that has happened.

我認為這裡的關鍵點是，當涉及 GMP 和 CDMO 時，我認為市場將繼續保持健康。我們參與了很多專案。我認為高度的信心會幫助我們。我認為，根據最近發生的新聞，我們在研究中繼續關註一些非美國市場的重點變得越來越重要。

So can we go to the next question, please?

那我們可以進入下一個問題嗎？

Brandon Coulliard, Wells Fargo.

布蘭登·庫利亞德（Brandon Coulliard），富國銀行。

Hey. Thanks, guys. Good afternoon. Bernd, you talked a lot about e-commerce in your prepared remarks as part of the strategic review. It's not been a topic that's, I think, come up much in the past. Do you think you were missing out on revenues before? How much of the revenue base is currently e-commerce today? And where should that be over time? And what investment do you need to make there? Thanks.

嘿。謝謝大家。午安.伯恩德，在策略評估的準備發言中，您談了很多關於電子商務的問題。我認為，這個話題在過去並不常見。您認為您之前是否曾損失過收入？目前，電子商務的營收基礎有多少？那麼隨著時間的推移，它應該在哪裡呢？您需要在那裡進行什麼投資？謝謝。

Yeah. It's a great question. I mean, for starters, do I think it's important? Yes, right? Today's revenue in Maravai is not very significant in the research world.

是的。這是一個很好的問題。我的意思是，首先，我認為這很重要嗎？是的，對吧？如今，馬拉威的收入在研究界並不算多。

And I think that's really where e-commerce helps you out. It's not that economically viable to put a large team of salespeople in the field for fairly small average order size opportunities, particularly with a fairly narrow portfolio that we have here. So it is very important.

我認為這正是電子商務能夠提供幫助的地方。為了獲得平均訂單規模較小的機會而派遣一支龐大的銷售團隊到現場，在經濟上並不可行，尤其是考慮到我們目前的投資組合相當狹窄。所以這非常重要。

As you know, we bought Officinae earlier this year. They really have a really nice AI engine that will help design custom RNA for research customers. We just brought that live on site, I think, last week in a beta version. We expect that to go primetime later in the year.

如您所知，我們今年稍早收購了 Officinae。他們確實有一個非常好的人工智慧引擎，可以幫助研究客戶設計客製化 RNA。我認為，我們上週剛剛在網站上發布了測試版本。我們預計該劇將於今年稍晚在黃金時段播出。

And that, I think, will be a big driver in the uptick of research consumables, specifically custom mRNA and associated consumables for the business. So critical, yes. At the moment, still a fairly small portion.

我認為這將成為研究耗材上漲的一大推動力，特別是客製化 mRNA 和相關業務耗材。是的，非常關鍵。目前，這一比例仍然很小。

In my personal background, I come out of large life sciences tools companies with much higher number of order volumes a day, much broader portfolios. I think it's even more critical there than our world. But for us, I think creating this custom mRNA world in an e-commerce fashion without any really sales involvement will become very valuable in the long term for the business.

就我的個人背景而言，我來自大型生命科學工具公司，這些公司的每日訂單量更高，投資組合更廣泛。我認為它在那裡比在我們的世界更為重要。但對我們來說，我認為以電子商務的方式創建這個客製化的 mRNA 世界而無需任何真正的銷售參與，從長遠來看對企業來說將非常有價值。

And today, you asked a question, I don't have these numbers offhand, but do we have what the total revenue coming in from e-commerce is today? It's a fairly small percentage.

今天，您問了一個問題，我沒有這些現成的數字，但是我們知道今天電子商務的總收入是多少嗎？這是一個相當小的比例。

It's very small.

它非常小。

Yeah. It's single digits is my guess.

是的。我猜是個位數。

Okay. And then just one clarification. Based on your comments about the strategic review, it sounds as if you're pretty committed to keeping the BST business in the portfolio. I just want to make sure that it'd be safe to conclude that based on your initial assessment. Thanks.

好的。然後只需澄清一點。根據您對策略評估的評論，聽起來您非常致力於將 BST 業務保留在投資組合中。我只是想確保根據您的初步評估可以安全地得出結論。謝謝。

Yeah. Listen, our goal as a leadership team is to create value for our shareholders. And so what that means then in the long term, whether that is selling assets or buying assets or organically investing, we're not ready to make any comments on that.

是的。聽著，身為領導團隊，我們的目標是為股東創造價值。那麼從長遠來看這意味著什麼，無論是出售資產、購買資產還是進行有機投資，我們還沒有準備好對此發表任何評論。

Yeah. What I would add is just basically us focusing on restructuring the company, making it profitable, just gives us so much optionality and flexibility. So all these decisions will be a lot easier once you have that optionality. So right now we are focused on growth, and that's what will deliver value to the shareholders. So stay tuned on that.

是的。我想補充的是，我們基本上專注於重組公司，使其獲利，這給了我們很多選擇和靈活性。因此，一旦您擁有了這種選擇權，所有這些決定都會變得容易得多。因此，現在我們專注於成長，這將為股東帶來價值。請繼續關注。

Catherine Schulte, Baird.

凱瑟琳舒爾特，貝爾德。

Hey, guys. Thanks for the questions. Maybe first, just to understand the need to take a fresh look at forecasting and budgeting. But is there anything you can talk to about near-term trends? There have been so many policy headlines in mRNA and cell and gene therapy that it could just be helpful to hear what you've been seeing in July and August and maybe how your customers are responding to some of those.

嘿，大家好。感謝您的提問。也許首先，只是為了了解重新檢視預測和預算的必要性。但是您能談談近期趨勢嗎？mRNA、細胞和基因治療領域出現瞭如此多的政策頭條，因此了解您在 7 月和 8 月看到的情況以及您的客戶對其中一些政策的反應可能會有所幫助。

Raj, would you like to take a first stab at that.

Raj，你願意先試試看嗎？

I think trends right now are fairly positive. We are -- again, like I think we mentioned a little while ago, like some of the CDMO business is lumpy. So we are -- again with new KPIs around trying to look at customer detail, regional details, price/volume, all those KPIs and metrics are what we're diving into. But overall, it's a reasonably positive trend that we are seeing.

我認為目前的趨勢相當正面。我們 — — 再說一次，就像我們剛才提到的那樣，一些 CDMO 業務並不平穩。因此，我們再次使用新的 KPI 來嘗試查看客戶詳細資訊、區域詳細資訊、價格/數量，所有這些 KPI 和指標都是我們正在深入研究的。但總體而言，我們看到的是一個相當積極的趨勢。

Yeah. And again, you got to keep in mind here, a lot of the news that's coming through on funding is heavily tied to research, right? And we just don't have a big exposure there. During COVID, we can debate right or wrong, but during the COVID years, this company was focusing purely on CleanCap business for COVID vaccine manufacturing. And a lot of the emphasis on that research was taken away during those years.

是的。再說一次，你必須記住，許多有關資金的消息都與研究密切相關，對嗎？但我們在那裡的曝光度並不高。在新冠疫情期間，我們可以爭論對錯，但在新冠疫情期間，這家公司專注於 CleanCap 業務，用於新冠疫苗的生產。在那些年裡，對這類研究的重視程度大大降低。

We're rebuilding that up, and it's just not a big part of our base anymore. I think if we got in a world where a lot of our revenue was tied to academic research, we probably would have a different position. But we haven't heard much from customers. There's been one or two customers that I think we've heard from that may have a little bit of a funding issue, but nothing material to the business.

我們正在重建它，它不再是我們基地的重要組成部分了。我認為，如果我們的許多收入都與學術研究掛鉤，我們的地位可能會有所不同。但我們並沒有收到太多客戶的消息。我記得我們聽說過有一兩個客戶可能遇到了一些資金問題，但對業務來說並不重要。

All right. Great. And then you're taking steps to right-size the organization. If we look back at Maravai pre-COVID, the company had north of 40% EBITDA margins. There's obviously been a lot of capacity expansion and investment since then, plus some public company costs.

好的。偉大的。然後你採取措施來調整組織規模。如果我們回顧新冠疫情之前的 Maravai，該公司的 EBITDA 利潤率超過 40%。顯然，自那時以來，已經有了大量的產能擴張和投資，加上一些上市公司的成本。

But just as we think about longer term, is this still a business that can support those types of margins? Or should we think about it as structurally different today?

但從長遠來看，這是否仍然是一個能夠支持此類利潤的業務？或者我們今天應該認為它在結構上有所不同嗎？

Well, I think it's too early for us to answer that question. I mean, for starters, for sure, we'd like to think we can get this business back to volume and profitability where it should be. I think for us, step one is to get free cash flow positive direction in our business and EBITDA growth.

嗯，我認為現在回答這個問題還為時過早。我的意思是，首先，我們當然希望能夠讓這項業務的產量和獲利能力恢復到應有的水準。我認為對我們來說，第一步是讓自由現金流朝著正面的方向發展，並實現 EBITDA 成長。

So let's take that step first, and then we'll go from there. Somebody asked me a question earlier here about some of the surprises of what I have seen coming in here in these first couple of months.

因此，讓我們先踏出這一步，然後再從那裡開始。之前有人在這裡問了我一個問題，關於這幾個月來我看到的一些令人驚訝的事情。

And early indication for me was, well, prior to COVID, there was a certain cost base, and that is materially higher today. I do think that a lot of that cost is coming out. That's good. But you also have to keep in mind that we do have GMP manufacturing capabilities today that inherently are a little more expensive. They will have a little more cost basis, but it also sets you up for some really, really large deal opportunities and some high-margin consumables.

對我來說，早期跡象表明，在 COVID 之前，存在一定的成本基礎，而今天的成本基礎要高得多。我確實認為其中很大一部分成本已經產生。那挺好的。但您還必須記住，我們今天確實擁有 GMP 製造能力，但本質上成本要高一些。他們的成本基礎會稍微高一點，但這也為你帶來了一些非常大的交易機會和一些高利潤的消耗品。

So lumpiness we've been talking about. I think we are rightsized. I think we are playing with a portfolio that is incredibly well positioned for new mRNA therapeutics coming out in the future. How that will play out over the short term, I think that's what we're getting our arms around. First and foremost, again, getting this business back to profitability versus what we've seen in the last six months here is our first and foremost priority.

我們一直在談論腫塊。我認為我們的規模合適。我認為我們正在開發的產品組合對於未來新出現的 mRNA 療法具有極其有利的地位。我認為，短期內這種情況會如何發展，這正是我們關注的問題。首先，再次強調，與過去六個月的情況相比，讓這項業務恢復獲利是我們的首要任務。

Doug Schenkel, Wolfe Research.

道格‧申克爾，沃爾夫研究中心。

Hi, this is Madeline Mollman on for Doug. egarding the risk, which is always a difficult decision in process, can you break down where the cuts were being made and also where you didn't make cuts? We just want to better understand how you're balancing cuts versus working to reinvigorate growth. And then building off of that, regarding the eliminating the CCO position, what does that mean for changes in commercial strategy?

大家好，我是 Madeline Mollman，代替 Doug 發言。關於風險，這在過程中始終是一個艱難的決定，您能否詳細說明哪些地方進行了削減，哪些地方沒有削減？我們只是想更了解您如何在削減開支和努力刺激成長之間取得平衡。然後在此基礎上，關於取消 CCO 職位，這對商業策略的變化意味著什麼？

All right. Let me take a couple pieces here. Did you say Chief Technology Officer or Chief Commercial Officer?

好的。讓我在這裡拿幾件。您說的是技術長還是首席商務官？

Chief Commercial Officer.

首席商務官。

Yeah. So on the -- and I'm sorry, the first part of the question --

是的。所以——抱歉，關於問題的第一部分--

I'll take that one.

我要那個。

So on the Chief Commercial Officer side, we have a very, very large commercial organization that simply needed to be scaled back to where I think the focus should lie. Given the number of larger opportunities that exist, having a very strong field sales organization is critical.

因此，在首席商務官方面，我們有一個非常非常大的商業組織，只需要縮減到我認為應該關注的重點。考慮到存在的較大機會的數量，擁有非常強大的現場銷售組織至關重要。

So we have hired a new EVP of Sales, who will be responsible for selling all of our larger GMP manufactured products, CDMO products around the world. I think that is a specific skillset required. Secondarily, having a Chief Marketing Officer, who will take the lead in this e-commerce world that was brought up earlier becomes equally critical.

因此，我們聘請了一位新的銷售執行副總裁，負責在全球範圍內銷售我們所有大型 GMP 生產產品和 CDMO 產品。我認為這是需要一套特定的技能。其次，擁有一位首席行銷官，在前面提到的電子商務世界中發揮領導作用，也同樣重要。

I think those are two very, very different skillsets. A company our size, you just need to separate that out and focus on those separately. So this is nothing more than just some organizational realignment, focus on sales for larger deals, focus on e-commerce for some of this research business and executing on that. I will also say that's primarily tied to TriLink and not to our Cygnus business.

我認為這是兩種非常不同的技能。對於我們這種規模的公司，你只需要將其分開並分別關注它們。因此，這只不過是一些組織調整，專注於較大交易的銷售，專注於部分研究業務的電子商務並執行。我還要說的是，這主要與 TriLink 有關，而與我們的 Cygnus 業務無關。

I think the other question -- the other part of your question was around where this is -- where the reductions are coming from. So if you think about the $50 million, half of that is going to be 50% from G&A, you've got about 20% to 30% on sales and marketing, and then about 10% to 20% from R&D.

我認為另一個問題——你的問題的另一部分是關於這個情況——減少的來源在哪裡。因此，如果您考慮 5000 萬美元，其中 50% 將來自 G&A，大約 20% 到 30% 用於銷售和行銷，然後大約 10% 到 20% 來自研發。

So a little bit more color around -- we've consolidated these executive roles like Bernd mentioned, removed layers in the organization and centralized it to a functional alignment to improve how we work and strengthen the company's financial health. So these actions basically will streamline our decision-making, remove duplication of efforts that we've seen and just foster greater accountability as we execute and move forward.

所以更詳細一點來說——我們已經合併了這些執行角色，就像 Bernd 提到的那樣，刪除了組織中的層級，並將其集中到功能協調中，以改善我們的工作方式並增強公司的財務健康狀況。因此，這些行動基本上將簡化我們的決策過程，消除我們所看到的重複工作，並在我們執行和前進的過程中培養更大的責任感。

Does that answer your question?

這回答了你的問題嗎？

Yeah. Great. That was really helpful. And then just one more regarding the high-volume CleanCap order you think that might come in 2026, do you need that order or other high-volume CleanCap orders in 2026 to meet your goal of being EBITDA and free cash flow positive in H2 2026?

是的。偉大的。這真的很有幫助。然後，關於您認為可能在 2026 年達成的大批量 CleanCap 訂單，您是否需要該訂單或 2026 年的其他大批量 CleanCap 訂單來實現 2026 年下半年 EBITDA 和自由現金流為正的目標？

No, no, I made that clear. We are operating this business like we had no CleanCap. And anything that we get is going to be upside to what we are planning.

不不不，我已經說得很清楚了。我們經營這項業務的方式就像我們沒有 CleanCap 一樣。我們得到的任何東西都會對我們的計劃產生積極的影響。

Great. Thank you.

偉大的。謝謝。

Matt Larew, William Blair.

馬特拉魯、威廉布萊爾。

Good afternoon. Thanks for taking my question. You mentioned a couple of times throughout the call, you highlighted the standalone value of BST and also referenced working to create a vision for what an attractive life science tools asset would be. If we think back to how Maravai was created by aggregating four independent assets in different parts of the country, some of them fitted products like HCP, some of them large fixed cost reagents offerings like the NAP business in San Diego. It was sort of, as you referenced, built to be a bigger diversified company.

午安.感謝您回答我的問題。在整個通話過程中，您多次提到，您強調了 BST 的獨立價值，並提到努力為有吸引力的生命科學工具資產創造願景。如果我們回想一下 Maravai 是如何透過聚合位於全國不同地區的四個獨立資產而創建的，其中一些資產適合 HCP 等產品，一些資產提供大型固定成本試劑，如聖地亞哥的 NAP 業務。正如您所說，它的目標是成為一家更大的多元化公司。

Some of that you've pared off over the years like the protein business. Now as you think for the future, how do you think about rightsizing, which you're doing from an operational standpoint, but then rescaling, to your point, that attractive life science tools would be, do you think, building around customers as you did before, around capabilities, around geographies?

這些年來，您已經削減了一些業務，例如蛋白質業務。現在，當您考慮未來時，您如何看待從營運角度進行的適當規模調整，但隨後重新調整，按照您的觀點，您是否認為有吸引力的生命科學工具將像以前一樣圍繞客戶、能力和地理進行構建？

I understand that it's early, but as you got together with the Board and you each accepted these jobs, what was the vision here?

我知道現在還為時過早，但是當你們與董事會聚在一起並各自接受這些工作時，你們的願景是什麼？

For starters, I think it's a really good question. If you look at Maravai when it started, honestly, I think it was a little bit more of a holding company setup at buying good assets at good valuations and trying to optimize those accordingly. I'm not 100% sure that had a really well-thought-out exit strategy at the time, but this is 2018 or whatever, maybe even earlier, so some time ago. Why did we call out biosafety in our earnings call, I think, 2 or 3 times. I think it's just a reality.

首先，我認為這是一個非常好的問題。如果你回顧 Maravai 的起步階段，老實說，我認為它更像是一家控股公司，以合理的估值購買優質資產，並嘗試進行相應的優化。我不能 100% 確定當時是否有一個真正深思熟慮的退出策略，但那是 2018 年或更早的時候，也就是一段時間以前。為什麼我們在收益電話會議上提到生物安全問題，我想，有兩三次了。我認為這只是現實。

If you look at Maravai today and where it trades, that business is incredibly valuable as an asset. And 99% of the discussion we're having are on our TriLink business. So we were just trying to call that out as an asset that we shouldn't overlook. We must understand the value that, that brings. And whether we are going to sell that asset or not, as I said earlier and Raj responded to, we're here to create ultimately shareholder value.

如果你看看今天的 Maravai 及其交易場所，你會發現這項業務是一項極其寶貴的資產。我們 99% 的討論都與 TriLink 業務有關。所以我們只是想將其視為一項不容忽視的資產。我們必須了解它所帶來的價值。無論我們是否出售該資產，正如我之前所說以及 Raj 回應的那樣，我們最終都是為了創造股東價值。

And the decisions we're going to make, whether we divest or whether we acquire other assets and leveraging our capabilities to put those together, well, that will happen. We will think about after we stabilize this organization, how can we add new assets into the business to make these assets stronger, and we'll think about whether or not some fit or not. But we are by no means ready to make those decisions today.

我們將要做出的決定，無論是剝離資產還是收購其他資產並利用我們的能力將它們整合在一起，嗯，這都會發生。我們會考慮在穩定這個組織之後，如何將新的資產添加到業務中以使這些資產更加強大，我們會考慮是否有些資產適合。但我們今天還沒準備好做出這些決定。

Understood. You referenced obviously the time line for the operational changes in terms of most of them occurring by calendar year-end. It's more challenging to put time lines on strategic reviews. I get that. But there's obviously an element of an overhang, be it on employee turnover or customer conversations with this out there.

明白了。您顯然提到了營運變化的時間表，其中大多數變化將在日曆年末發生。為策略評估設定時間表更具挑戰性。我明白。但顯然仍存在一些懸而未決的因素，無論是員工流動率還是顧客對話。

Do you have any sense for a time line you'd like to hold yourself to emerge on the other end of the strategic review?

您是否對自己希望在策略評估的另一端出現的時間表有任何想法？

Yeah. Well, for starters, I think we've been here for less than two months, and you've seen the massive overhaul we've done in a very quick period of time. So we are not a management team that sits on its hands very long and makes no decision.

是的。嗯，首先，我想我們來這裡還不到兩個月，但您已經看到我們在很短的時間內完成了大規模的改革。因此，我們並不是長時間袖手旁觀、不做任何決定的管理團隊。

So you can safely assume that as we put these first steps behind us in rightsizing the organization to start thinking about and executing on what is the strategic plan moving forward beyond that will come rather sooner than later.

因此，您可以放心地認為，當我們在調整組織規模方面邁出第一步時，我們就會開始思考和執行未來的策略計劃，而這一切很快就會實現。

Okay. Thank you.

好的。謝謝。

Dan Arias, Stifel.

丹·阿里亞斯（Dan Arias），Stifel。

Afternoon, guys. Thank you. I was going to ask a question about M&A there, but I think you covered that. So maybe I'll just ask one. On the fixed cost base of the company, that's been a bit of an issue for margins at times when the top line view changes.

下午好，各位。謝謝。我本來想問一個關於併購的問題，但我認為你已經涉及了這個問題。所以也許我只會問一個。在公司的固定成本基礎上，當營收觀點改變時，這對利潤率來說是一個問題。

Do you see it as possible that the company can come to better absorb deviations at the revenue line? Is that something that you think can evolve? Or is it just the nature of the business such that you're beholden to the way fixed costs are set up for the company?

您是否認為公司能夠更好地吸收收入方面的偏差？您認為這是可以進化的東西嗎？或者這只是業務性質使然，以至於您必須遵守公司固定成本的設定方式？

I'll take a macro look at this. This is may be something we need to have as a follow-up call to get exact numbers to you. But, obviously, this business has built a ton of infrastructure over the last years, and that does give you a bit of a hangover when your revenue materially changes.

我會宏觀地看一下這個問題。這可能是我們需要的後續電話，以便向您提供準確的數字。但顯然，這項業務在過去幾年中已經建立了大量的基礎設施，當你的收入發生重大變化時，這確實會給你帶來一些影響。

When we look at our cost savings, our old corporate offices in San Diego that has not been used now for some time, that leases up, I think, in September next year, so that'll fall away. We have some other facilities.

當我們考慮成本節約時，我們位於聖地牙哥的舊公司辦公室已經有一段時間沒有使用了，我想明年 9 月就會租出去，所以這個成本就會減少。我們還有一些其他設施。

We're looking at potential other opportunities to work with. But rightsizing that part, although it's not the largest part of our restructuring, I think it's partially decided on in other areas we may think a little bit longer about. Somebody asked a minute ago about are there potentially European or Asian pharmaceutical companies that need some US footprint. We have some facility space here that we could use for that.

我們正在尋找其他潛在的合作機會。但是，雖然這不是我們重組的最大部分，但我認為在其他領域我們可能需要再考慮一段時間才能做出決定。剛才有人問，是否有潛在的歐洲或亞洲製藥公司需要在美國開展業務。我們這裡有一些設施空間可以用於此。

So instead of actively getting out of that type of infrastructure, you want to breathe a little bit to see what happens in the next 6 months or so. But I think in general, we feel good about sizing the organization right with our infrastructure over the next six months.

因此，您不需要主動擺脫這種基礎設施，而是需要稍微喘口氣，看看未來 6 個月左右會發生什麼。但我認為，總的來說，我們對未來六個月內根據我們的基礎設施調整組織規模感到滿意。

Yeah, which will give us more flexibility on gross margin, for sure, and operating margin.

是的，這肯定會為我們的毛利率和營業利潤率帶來更大的靈活性。

Okay. Thank you.

好的。謝謝。

Matthew Parisi, KeyBanc Capital Markets.

馬修·帕里西 (Matthew Parisi)，KeyBanc 資本市場。

Hi. Yes. This is Matt Parisi on for Paul Knight at KeyBanc. I was wondering if you could go into more detail on the expanded CDMO enablement strategy that you mentioned in your press release regarding the new license and supply agreement for CleanCap with Thermo Fisher.

你好。是的。我是 KeyBanc 的 Paul Knight 的 Matt Parisi。我想知道您是否可以更詳細地介紹您在新聞稿中提到的有關 CleanCap 與賽默飛世爾科技達成的新許可和供應協議的擴展 CDMO 支援策略。

Raj, I'm not sure what was his question. CDMO and licensing on CleanCap? That's specifically the Thermo one. Listen, I think that's just another example of CleanCap being used not just by our own CDMO capabilities, but broader CDMO as well as pharmaceutical manufacturing.

Raj，我不確定他的問題是什麼。CleanCap 上的 CDMO 和授權？這具體是 Thermo 型號。聽著，我認為這只是 CleanCap 不僅被我們自己的 CDMO 能力使用，還被更廣泛的 CDMO 以及製藥製造使用的另一個例子。

Clearly, that's one of our -- if you look at our consumable space, our GMP consumable space, I think as many targets out there, whether they are manufactured by a pharmaceutical company or whether they're manufactured by a CDMO, ours or somebody else's, we want CleanCap to be used as much as possible.

顯然，這是我們的目標之一——如果你看看我們的消耗品空間、我們的 GMP 消耗品空間，我認為那裡有許多目標，無論它們是由製藥公司生產的，還是由 CDMO 生產的，無論是我們的還是其他人的，我們都希望盡可能多地使用 CleanCap。

And this agreement was just another licensing agreement with Thermo, and that will hopefully lead into a number of opportunities beyond what we have today.

這項協議只是與 Thermo 達成的另一項授權協議，希望它能為我們帶來更多目前所擁有的機會。

Okay. Oh, thank you.

好的。噢，謝謝。

Justin Bowers, Deutsche Bank.

德意志銀行的賈斯汀·鮑爾斯。

Hi. Good afternoon, everyone. Just a two-parter for me. You talked about the preclinical market earlier in the prepared remarks. Can you discuss some of the trends that you're seeing in either the order book or the RFP volume over the last, call it, 6 to 12 months?

你好。大家下午好。對我來說只是兩個部分。您之前在準備好的演講中談到了臨床前市場。您能否討論一下過去 6 到 12 個月內訂單簿或 RFP 量中看到的一些趨勢？

And then part two would just be on the broader commentary on mRNA. Are you starting to see opportunities ex-US as a result of some of the announcements in the policy and regulatory environment since last November?

第二部分將對 mRNA 進行更廣泛的評論。自去年 11 月以來，由於政策和監管環境方面的一些變化，您是否開始看到美國以外的機會？

Yeah. I'll give you more of a macro answer and then maybe, Raj, you have more some specifics. I'm not sure what we have in front of us here. But I think if you look at the broader market, there's no question that the number of targets that are out there that are appearing in preclinical moving their way through Phase I, II, III, is a solid number. When you look, for instance, at our Q2 numbers, although still in research, it's mainly GMP consumables that are picking up there.

是的。我會給你一個更宏觀的答案，然後也許，Raj，你還有一些更具體的內容。我不確定我們面前的是什麼。但我認為，如果你看一下更廣闊的市場，毫無疑問，在臨床前階段進入 I、II、III 期的標靶數量是相當可觀的。例如，當您查看我們的第二季度數據時，儘管仍處於研究階段，但主要是 GMP 消耗品正在興起。

So I think there's good activity there. Much of it still sits in the US, quite frankly. But as we look at our funnels outside of that, I don't know the exact numbers here, but we're seeing great growth as it relates to GMP manufactured consumables, which all sits in clinical trial stages. If I recall, in Q2, our research growth primarily came from GMP consumables.

所以我認為那裡的活動很好。坦白說，其中大部分仍然在美國。但是，當我們觀察我們的漏斗之外的情況時，我不知道確切的數字，但我們看到了與 GMP 製造的消耗品相關的巨大增長，這些消耗品都處於臨床試驗階段。如果我沒記錯的話，在第二季度，我們的研究成長主要來自 GMP 耗材。

Right.

正確的。

Thank you. And gentlemen, it appears we have no further questions this afternoon. Mr. Brust, I'd like to turn things back to you, sir, for any closing comments.

謝謝。先生們，看來我們今天下午沒有其他問題了。布魯斯特先生，先生，我想把話題轉回給您，請您做最後的評論。

Thank you. Again, thank you everybody for joining us today, for my and Raj's first conference call since joining Maravai. As we outlined in the prepared remarks, there's much work to do, but we're well underway. Through organizational restructuring, cost reduction initiatives, we are focused on driving speed, accountability, and operational excellence across the portfolio to fundamentally transform our business model.

謝謝。再次感謝大家今天參加我們今天的會議，這是我和 Raj 加入 Maravai 以來的第一次電話會議。正如我們在準備好的演講中所概述的那樣，還有很多工作要做，但我們已經進展順利。透過組織重組和成本削減舉措，我們專注於推動整個投資組合的速度、責任和卓越運營，從根本上轉變我們的業務模式。

These are structural host cell changes to how Maravai operates from headcount and organization designed to cost base and accountability. The unique value we offer in our portfolio of our brand to provide our customers with life-changing development of the next gen medicines and diagnostics is unmatched, and we will focus on areas where we see the highest returns to drive growth and diversify the business.

這些是 Maravai 運作方式的結構性宿主細胞變化，從員工人數和組織設計到成本基礎和問責制。我們透過品牌組合為客戶提供改變生活的下一代藥物和診斷技術開發，其獨特價值是無與倫比的，我們將專注於獲得最高回報的領域，以推動業務成長和多元化。

I believe we can build a stronger, more focused company for long-term sustainable growth, beginning with a return to positive adjusted EBITDA and free cash flow in 2026. Thank you, again, for all your questions and your time and the interest in Maravai. Take care, everybody.

我相信，我們可以建立一家更強大、更專注的公司，實現長期可持續成長，首先是在 2026 年恢復正調整後 EBITDA 和自由現金流。再次感謝您提出的所有問題、所花的時間以及對 Maravai 的關注。大家保重。

Thank you, Mr. Brust. Again, ladies and gentlemen, that will conclude today's Maravai LifeSciences second-quarter earnings call. Again, thanks so much for joining us, everyone. We wish you all a great evening. Goodbye.

謝謝你，布魯斯特先生。女士們、先生們，今天的 Maravai LifeSciences 第二季度收益電話會議就到此結束。再次感謝大家的參與。祝大家有個愉快的夜晚。再見。