Maravai LifeSciences Q2 Earnings Call Highlights

Maravai LifeSciences NASDAQ: MRVI reported second-quarter 2026 revenue growth and a sharp improvement in adjusted profitability, while maintaining its full-year revenue outlook and raising its adjusted EBITDA forecast. Revenue for the quarter was $51.4 million, up 9% from the prior-year period. CEO Bernd Brust said the performance extended momentum established in the first quarter, led by demand in TriLink Biotechnologies’ mRNA-related products and continued growth at Cygnus Technologies. TriLink revenue increased 12% year over year, while Cygnus revenue rose 3%, its fifth consecutive quarter of growth, according to the company. TriLink accounted for 67% of total revenue during the quarter, and Cygnus represented the remaining 33%.

Within TriLink, discovery mRNA revenue increased 17% year over year, supported by demand from larger preclinical programs. GMP consumables revenue rose 55%, driven by large CleanCap clinical orders and the company’s first GMP enzyme order. Maravai said it recorded no COVID-related GMP revenue in the second quarter. Brust said the company views its discovery mRNA business as an early indicator of future clinical-grade demand, because customers may progress from research and preclinical work into clinical development and subsequently require GMP materials. TriLink added 67 new discovery mRNA customers during the quarter, a record for the company, while its e-commerce platform generated record quarterly revenue. Management said the online channel has supported customer acquisition and ordering automation, particularly among earlier-stage research customers. The company also said four new customers transitioned to GMP products in the second quarter, bringing the total to six for the year. Management continues to expect nine customer transitions to GMP during 2026, while noting there could be upside depending on customer timing. Maravai introduced a GMP-grade enzyme portfolio during the quarter and shipped its first enzyme order. It also plans to launch GMP-grade ModTail later in 2026, though Brust said the company does not expect orders for that product until 2027. More than 125 customers were actively using ModTail one year after its commercial launch, the company said.

Cygnus generated $11.4 million in adjusted EBITDA during the quarter, representing a 68% margin. The business benefited from demand for host cell protein, or HCP, and ELISA kits, as well as distributor-order timing in China, CFO Raj Asarpota said. Cygnus also launched a residual protein A Mix-N-Go kit and continued investing in mass spectrometry analytical services. Management said the services business has a longer sales cycle but is seeing growing customer engagement and repeat business.