Matt Stanton's questions to MARAVAI LIFESCIENCES HOLDINGS (MRVI) leadership • Q2 2025
Question
Matt Stanton of Jefferies inquired about Maravai's guidance philosophy, questioning the withdrawal of the 2025 forecast while simultaneously targeting positive cash flow in 2026. He also asked about the strong performance and durability of the Biologics Safety Testing (BST) business and whether there were any demand pull-forwards from China.
Answer
CEO Bernd Brust explained that as a new leadership team, they need more time to understand the 'lumpy' business before providing guidance, but are committed to achieving profitability regardless of revenue. CFO Raj Asarpota confirmed a minor, immaterial pull-forward in China for the BST business, attributing its strong 10% growth to demand for host cell protein kits and MOCV products. Brust cautioned that mid-single-digit growth is a more sustainable expectation for BST.