Maravai LifeSciences Holdings, Inc. (NASDAQ:MRVI) Q1 2023 Earnings Conference Call May 8, 2023 5:00 PM ET

Company Participants

Deb Hart - Head of Investor Relations

Carl Hull - Chairman of the Board and Interim CEO

Kevin Herde - Chief Financial Officer

Becky Buzzeo - Chief Commercial Officer

Trey Martin - President Biologics Safety Testing

Conference Call Participants

Conor McNamara - RBC Capital Markets

Catherine Schulte - Baird

Matt Sykes - Goldman Sachs

Dan Leonard - Credit Suisse

Dan Arias - Stifel

John Sourbeer - UBS

Tejas Savant - Morgan Stanley

Operator

Good afternoon. My name is Rob, and I will be your conference operator today. At this time, I would like to welcome everyone to the Maravai LifeSciences First Quarter 2023 Earnings Conference Call. [Operator Instructions]

Deb Hart, Head of Investor Relations, you may begin your conference.

Deb Hart

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

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

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

Now I'll turn the call over to Carl.

Carl Hull

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

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