REG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - First Quarter Results
08/05/2024 07:00
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240508:nRSH5074Na&default-theme=true
RNS Number : 5074N MaxCyte, Inc. 08 May 2024
MaxCyte Reports First Quarter 2024 Financial Results and Updates 2024 Guidance
ROCKVILLE, MD, May 8, 2024 - MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a
leading, cell-engineering focused company providing enabling platform
technologies to advance the discovery, development, and commercialization of
next-generation cell therapeutics and innovative bioprocessing applications,
today announced its first quarter ended March 31, 2024 financial results and
updated its 2024 guidance.
First Quarter Highlights
· Total revenue of $11.3 million in the first quarter of 2024, an
increase of 32% over the first quarter of 2023.
· Core business revenue of $8.2 million in the first quarter of 2024,
an increase of 5% over the first quarter of 2023.
· Strategic Platform License (SPL) Program-related revenue was $3.2
million for the first quarter of 2024, an increase of 292% over the first
quarter of 2023.
· Four SPL clients signed year-to-date. Be Biopharma signed in April,
and Wugen, Imugene, and Lion TCR signed in January. The total number of SPL
partners now stands at 27.
· Total cash, cash equivalents and investments were $202.5 million as
of March 31, 2024.
"We are pleased with our first quarter results across the business, which
included strong SPL Program-related revenue and 5% year-over-year core revenue
growth driven by commercial execution and growth in sales to cell therapy
customers," said Maher Masoud, President and CEO of MaxCyte.
"MaxCyte has gained momentum since the beginning of the year, with four newly
signed SPLs year to date, including the most recent addition of Be Biopharma.
We remain excited by demand for our platform and the progress that we continue
to see our clients make as they progress through the clinic. We work each day
to help drive the cell therapy industry forward by providing our customers
with our differentiated electroporation platform and best-in-class scientific
and technical support for their programs."
The following tables provide details regarding the sources of our revenue for
the periods presented.
Three Months Ended
March 31,
(Unaudited)
2024 2023 %
(in thousands, except percentages)
Cell therapy $ 6,415 $ 5,975 7%
Drug discovery 1,773 1,797 (1%)
Program-related 3,154 804 292%
Total revenue $ 11,342 $ 8,576 32%
Three Months Ended
March 31,
(Unaudited)
2024 2023 %
(in thousands, except percentages)
Instrument $ 1,928 $ 2,189 (12%)
PAs 3,432 2,600 32%
Lease 2,604 2,809 (7%)
Other 224 174 29%
Total Core Revenue $ 8,188 $ 7,772 5%
In addition to revenue, management regularly reviews key business metrics to
evaluate our business, measure performance, identify trends affecting our
business, formulate financial projections and make strategic decisions. As of
the dates presented, these key metrics were as follows:
Three Months Ended March 31,
2024 2023
Installed base of instruments (sold or leased) 708 633
Core Revenue Generated by SPL Clients as a % of Core Revenue 53% 52%
First Quarter 2024 Financial Results
Total revenue for the first quarter of 2024 was $11.3 million, compared to
$8.6 million in the first quarter of 2023, representing growth of 32%.
Core business revenue (sales and leases of instrument and disposables to cell
therapy and drug discovery customers, excluding SPL Program-related revenue)
for the first quarter of 2024 was $8.2 million, compared to $7.8 million in
the first quarter of 2023, representing an increase of 5%.
Cell therapy revenue for the first quarter of 2024 was $6.4 million, compared
to $6.0 million in the first quarter of 2023, representing an increase of 7%.
Drug discovery revenue for the first quarter of 2024 was $1.8 million,
compared to $1.8 million in the first quarter of 2023.
SPL Program-related revenue was $3.2 million in the first quarter of 2024, as
compared to $0.8 million in the first quarter of 2023.
Gross profit for the first quarter of 2024 was $9.9 million (88% gross
margin), compared to $7.6 million (88% gross margin) in the first quarter of
2023.
Operating expenses for the first quarter of 2024 were $22.2 million, compared
to operating expenses of $20.8 million in the first quarter of 2023.
First quarter 2024 net loss was $9.5 million compared to net loss of $10.9
million for the same period in 2023. EBITDA, a non-GAAP measure, was a loss of
$11.2 million for the first quarter of 2024, compared to a loss of $12.2
million for the first quarter of 2023; stock-based compensation expense was
$3.0 million in the first quarter of 2024 compared to $3.3 million in the
first quarter of 2023.
2024 Revenue Guidance
MaxCyte affirms 2024 revenue guidance for core business revenue and is
increasing SPL Program-related revenue guidance.
MaxCyte continues to expect full year 2024 core business revenue to be flat to
5% growth compared to 2023. SPL Program-related revenue is now expected to be
approximately $5 million. Our outlook for the full year does not include SPL
Program-related revenue from Vertex/CRISPR's CASGEVY(TM).
MaxCyte expects to end 2024 with at least $175 million in total cash, cash
equivalents and investments.
Webcast and Conference Call Details
MaxCyte will host a conference call today, May 7, 2024, at 4:30 p.m. Eastern
Time. Investors interested in listening to the conference call are required to
register online
(https://register.vevent.com/register/BI9a1ec8310c754b599d81db9a5b5d74e7) . A
live and archived webcast of the event will be available on the "Events"
section of the MaxCyte website at https://investors.maxcyte.com/
(https://investors.maxcyte.com/) .
About MaxCyte
At MaxCyte, we pursue cell engineering excellence to maximize the potential of
cells to improve patients' lives. We have spent more than 20 years honing our
expertise by building best-in-class platforms, perfecting the art of the
transfection workflow, and venturing beyond today's processes to innovate
tomorrow's solutions. Our ExPERT™ platform, which is based on our Flow
Electroporation® technology, has been designed to support the rapidly
expanding cell therapy market and can be utilized across the continuum of the
high-growth cell therapy sector, from discovery and development through
commercialization of next-generation, cell-based medicines. The ExPERT family
of products includes: four instruments, the ATx™, STx™, GTx™ and VLx™;
a portfolio of proprietary related processing assemblies or disposables; and
software protocols, all supported by a robust worldwide intellectual property
portfolio. By providing our partners with the right technology, as well as
scientific, technical and regulatory support, we aim to guide them on their
journey to transform human health. Learn more at maxcyte.com and follow us on
Twitter and LinkedIn.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as
earnings before interest income and expense, taxes, depreciation and
amortization. MaxCyte believes that EBITDA provides useful information to
management and investors relating to its results of operations. The company's
management uses this non-GAAP measure to compare the company's performance to
that of prior periods for trend analyses, and for budgeting and planning
purposes. The company believes that the use of EBITDA provides an additional
tool for investors to use in evaluating ongoing operating results and trends
and in comparing the company's financial measures with other companies, many
of which present similar non-GAAP financial measures to investors, and that it
allows for greater transparency with respect to key metrics used by management
in its financial and operational decision-making.
Management does not consider EBITDA in isolation or as an alternative to
financial measures determined in accordance with GAAP. The principal
limitation of EBITDA is that it excludes significant expenses that are
required by GAAP to be recorded in the company's financial statements. In
order to compensate for these limitations, management presents EBITDA together
with GAAP results. Non-GAAP measures should be considered in addition to
results prepared in accordance with GAAP, but should not be considered a
substitute for, or superior to, GAAP results. A reconciliation table of net
loss, the most comparable GAAP financial measure, to EBITDA is included at the
end of this release. MaxCyte urges investors to review the reconciliation and
not to rely on any single financial measure to evaluate the company's
business.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of
the "safe harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements about us and our industry involve substantial
known and unknown risks, uncertainties, and assumptions, including those
described in Item 1A under the heading "Risk Factors" and elsewhere in our
report on Form 10-K, that may cause our actual results, performance or
achievements to be materially different from any future results, performance
or achievements expressed or implied by the forward-looking statements. All
statements other than statements of historical facts contained in this press
release, including statements regarding our future results of operations or
financial condition, business strategy and plans and objectives of management
for future operations, are forward-looking statements. Forward-looking
statements include, but are not limited to, statements about the Company's
projected full-year total revenue, core revenue, and SPL program revenue and
statements about possible or future results of operations or financial
position. In some cases, you can identify forward-looking statements because
they contain words such as "may," "might," "will," "could," "would," "should,"
"expect," "plan," "anticipate," "intend," "believe," "expect," "estimate,"
"seek," "predict," "future," "project," "potential," "continue,"
"contemplate," "target," the negative of these words and similar words or
expressions. These statements are inherently uncertain, and investors are
cautioned not to unduly rely on these statements. The forward-looking
statements contained in this press release, include, without limitation,
statements concerning the following: our expected future growth and success
of our business model; the size and growth potential of the markets for our
products, and our ability to serve those markets, increase our market share,
and achieve and maintain industry leadership; our ability to expand our
customer base and enter into additional SPL partnerships; our expectation that
our partners will have access to capital markets to develop and commercialize
their cell therapy programs; our financial performance and capital
requirements; and the amount and adequacy of our cash resources.
These and other risks and uncertainties are described in greater detail in
Item 1A , entitled "Risk Factors," in our Annual Report on Form 10-K for the
year ended December 31, 2023, filed with the Securities and Exchange
Commission on or about March 12, 2024, as well as in discussions of potential
risks, uncertainties, and other important factors in the other filings that we
make with the Securities and Exchange Commission from time to time. These
documents are available through the Investor Menu, Financials section, under
"SEC Filings" on the Investors page of our website at
http://investors.maxcyte.com (http://investors.maxcyte.com) . Any
forward-looking statements in this press release are based on our current
beliefs and opinions on the relevant subject based on information available to
us as of the date of such press release, and you should not rely on
forward-looking statements as predictions of future events. We undertake no
obligation to update any forward-looking statements made in this press release
to reflect events or circumstances after the date of this press release or to
reflect new information or the occurrence of unanticipated events, except as
required by law.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com (mailto:ir@maxcyte.com)
US Media Relations
Spectrum Seismic Collaborative
Valerie Enes
+1 408-497-8568
venes@spectrumscience.com (mailto:venes@spectrumscience.com)
Nominated Adviser and Joint Corporate Broker
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR Adviser
ICR Consilium
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@consilium-comms.com (mailto:maxcyte@consilium-comms.com)
MaxCyte, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands, except share and per share amounts)
March 31, 2024 December 31, 2023
Assets
Current assets:
Cash and cash equivalents $ 22,249 $ 46,506
Short-term investments, at amortized cost 135,264 121,782
Accounts receivable, net 5,991 5,778
Inventory 11,960 12,229
Prepaid expenses and other current assets 3,210 3,899
Total current assets 178,674 190,194
Investments, non-current, at amortized cost 45,031 42,938
Property and equipment, net 22,805 23,513
Right-of-use asset - operating leases 11,125 11,241
Other assets 295 388
Total assets $ 257,930 $ 268,274
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 1,674 $ 743
Accrued expenses and other 6,502 11,269
Operating lease liability, current 825 774
Deferred revenue, current portion 4,476 5,069
Total current liabilities 13,477 17,855
Operating lease liability, net of current portion 17,815 17,969
Other liabilities 279 283
Total liabilities 31,571 36,107
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares - -
issued and outstanding at March 31, 2024 and December 31, 2023
Common stock, $0.01 par value; 400,000,000 shares authorized, 104,405,111 and 1,044 1,040
103,961,670 shares issued and outstanding at March 31, 2024, and December 31,
2023, respectively
Additional paid-in capital 410,639 406,925
Accumulated deficit (185,324) (175,798)
Total stockholders' equity 226,359 232,167
Total liabilities and stockholders' equity $ 257,930 $ 268,274
MaxCyte, Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except share and per share amounts)
For the Three Months Ended March 31,
2024 2023
Revenue $ 11,342 $ 8,576
Cost of goods sold 1,403 1,000
Gross profit 9,939 7,576
Operating expenses:
Research and development 6,678 6,047
Sales and marketing 7,365 6,296
General and administrative 7,103 7,499
Depreciation and amortization 1,068 912
Total operating expenses 22,214 20,754
Operating loss (12,275) (13,178)
Other income:
Interest income 2,749 2,296
Total other income 2,749 2,296
Net loss $ (9,526) $ (10,882)
Basic and diluted net loss per share $ (0.09) $ (0.11)
Weighted average shares outstanding, 104,089,758 102,846,036
basic and diluted
MaxCyte, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Three months ended March 31,
2024 2023
Cash flows from operating activities:
Net loss $ (9,526) $ (10,882)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 1,111 962
Non-cash lease expense 116 96
Net book value of consigned equipment sold 11 17
Stock-based compensation 3,015 3,277
Recoveries of bad debt 130 -
Amortization of discounts on investments (1,983) (1,730)
Changes in operating assets and liabilities:
Accounts receivable (343) 3,399
Accounts receivable - TIA* - 916
Inventory 169 (1,706)
Prepaid expense and other current assets 689 509
Other assets 33 410
Accounts payable, accrued expenses and other (3,286) 1,227
Operating lease liability (103) 157
Deferred revenue (593) (963)
Other liabilities (4) (13)
Net cash used in operating activities (10,564) (4,324)
Cash flows from investing activities:
Purchases of investments (48,042) (57,814)
Maturities of investments 34,450 89,000
Purchases of property and equipment (804) (1,558)
Proceeds from sale of equipment - 9
Net cash (used in) provided by investing activities (14,396) 29,637
Cash flows from financing activities:
Proceeds from exercise of stock options 703 1,456
Net cash provided by financing activities 703 1,456
Net (decrease) increase in cash and cash equivalents (24,257) 26,769
Cash and cash equivalents, beginning of period 46,506 11,064
Cash and cash equivalents, end of period $ 22,249 $ 37,833
*Tenant improvement allowance ("TIA")
Reconciliation of GAAP Net Loss to Non-GAAP EBITDA
(in thousands)
(Unaudited)
Three Months Ended
March 31,
2024 2023
(in thousands)
Net loss $ (9,526) $ (10,882)
Depreciation and amortization expense 1,111 962
Interest income (2,749) (2,296)
Income taxes - -
EBITDA $ (11,164) $ (12,216)
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRFFLFVAEIIDIISRecent news on MaxCyte
See all newsREG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Total Voting Rights
AnnouncementREG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Filing of definitive proxy statement
AnnouncementREG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Holding(s) in Company
AnnouncementREG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Holding(s) in Company
AnnouncementREG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Holding(s) in Company
Announcement