REG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - MaxCyte Streamlines Operations and Raises Guidance

MaxCyteAnnouncement

09/12/2024 07:00

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RNS Number : 2493P  MaxCyte, Inc.  09 December 2024

 

MaxCyte Announces Streamlined Operations and Raises 2024 Revenue Guidance

 

ROCKVILLE, MD, December 9, 2024 - MaxCyte, Inc.
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, (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, today announced
the completion of an internal operational review, initiated earlier this year
following the appointment of Maher Masoud as President and Chief Executive
Officer. This "bottom-up" review focused on optimizing new product
development, manufacturing, commercial execution, and capital allocation to
enhance efficiency and align resources with strategic priorities. As part of
an effort to streamline operations, the company made adjustments to its
workforce which affected 21 positions, reflecting approximately 15% of its
personnel globally, including both directly employed individuals and those
engaged through third-party employer-of-record (EOR) arrangements. This
adjustment is designed to improve accountability, better align personnel
resources with the company's goals, and position MaxCyte for long-term growth.

 

Anticipated cost savings in 2025 as a result of this action are expected to be
about $5.8 million. These savings will help accelerate new strategic
initiatives addressing customer needs in cell engineering and manufacturing
adjacent to electroporation in the cell therapy manufacturing process.
Following this adjustment, combined with other personnel decisions made
throughout the year, MaxCyte expects to end the year with 116 employees,
compared with 143 employees at the end of 2023 (in each case, inclusive of
individuals employed through EOR arrangements).

 

Reflecting the company's strengthened operational foundation and continued
strong performance, MaxCyte is raising its full-year 2024 core revenue
guidance to project 6% to 8% growth compared to 2023.

 

"2024 has been a good year for MaxCyte. We signed six SPL agreements, added a
cell therapy industry veteran to the board and outperformed our financial
commitments to the investment community. Throughout the year, we have
implemented a more focused, and accountable, operating philosophy at MaxCyte,
taking important and necessary steps to drive innovation and growth in a
capital efficient manner," said Maher Masoud, President and CEO at MaxCyte. "I
would like to thank the employees impacted by today's announcement for their
contributions to MaxCyte. Core business momentum remains strong as we exit
2024, resulting in an increase to our core revenue growth guidance. I am
incredibly optimistic about the future of MaxCyte and am excited about the
opportunities ahead to drive the cell therapy industry forward."

 

2024 Revenue Guidance

 

MaxCyte increases 2024 revenue guidance for core business revenue and affirms
SPL Program-related revenue guidance.

 

MaxCyte now expects full year 2024 core business revenue of 6% to 8% growth
compared to 2023. SPL Program-related revenue is expected to be approximately
$6 million. The outlook for the full year does not include SPL Program-related
revenue from Vertex/CRISPR's CASGEVY(TM).

 

MaxCyte continues to expect to end 2024 with approximately $185 million in
cash, cash equivalents and investments.

 

About MaxCyte

 

At MaxCyte, we pursue cell engineering excellence to maximize the potential of
cells to improve patients' lives. We have spent more than 25 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
platform, 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
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and follow us on X
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.

 

 

 

MaxCyte Contacts:

 

US IR Adviser

Gilmartin Group

David Deuchler, CFA

+1 415-937-5400

ir@maxcyte.com

 

US Media Relations

Spectrum Science
Jordan Vines
+1 540-629-3137

jvines@spectrumscience.com
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Nominated Adviser and Joint Corporate Broker

Panmure Liberum

Emma Earl / Freddy Crossley

Corporate Broking

Rupert Dearden

+44 (0)20 7886 2500

 

UK IR Adviser

ICR Healthcare

Mary-Jane Elliott

Chris Welsh

+44 (0)203 709 5700

maxcyte@icrhealthcare.com

 

 

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.  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, plans and objectives of
management for future operations, and anticipated benefits of the announced
adjustments to the workforce are forward-looking statements. These statements
are inherently uncertain, and investors are cautioned not to unduly rely on
these statements.

 

Risks and uncertainties related to our business are described in greater
detail in Item 1A  of our Annual Report on Form 10-K for the year ended
December 31, 2023, filed with the Securities and Exchange Commission ("SEC")
on 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, including in
our Form 10-Q for the quarter ended September 30, 2024, filed with the SEC on
November 6, 2024. 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
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. 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.

 

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