REG - MaxCyte, Inc. MaxCyte, Inc. - MXCR - Preliminary FY Results & 2024 Guidance

MaxCyteAnnouncement

05/03/2024 07:15

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RNS Number : 5458F  MaxCyte, Inc.  05 March 2024

 

 

 

MaxCyte Initiates Full Year 2024 Guidance and Reaffirms 2023 Preliminary
Results

 

ROCKVILLE, MD, March 5, 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 provided revenue guidance for the full year of 2024 and reaffirmed 2023
preliminary results previously announced in January.

 

2023 Preliminary Results

Total revenue for the fiscal year of 2023 is expected to be between $41.1
million and $41.3 million, compared to $44.3 million for fiscal year 2022.

·    Core revenue is expected to be between $29.6 million and $29.8
million, compared to $39.6 million for fiscal year 2022.

·    SPL Program-related revenue is expected to be approximately $11.4
million, compared to $4.6 million for fiscal year 2022.

 

Total cash, cash equivalents, and investments as of December 31, 2023 is
expected to be approximately $210 million.

 

2024 Guidance

Management is providing initial 2024 revenue guidance for core business
revenue and SPL program-related revenue:

·    Core revenue is expected to be flat to 5% growth compared to 2023.

·    SPL Program-related revenue is expected to be approximately $3
million for the year.

 

Our outlook does not include SPL Program-related revenue from the sale of
Vertex/CRISPR's CASGEVY™.

Management expects to end 2024 with $175 million in total cash, cash
equivalents and investments.

 

"We are looking forward to continuing to execute across our business and
provide best in class support to our customers in 2024 and the years to come.
This year, MaxCyte has already signed three SPLs in which our cell and gene
therapy clients will use our Flow Electroporation® technology and
ExPERT™ platform to further their pre-clinical and clinical programs," said
Maher Masoud, President and Chief Executive Officer at MaxCyte. "As we
continue to expand our SPL portfolio this year, we remain confident in our
ability to support our current and prospective clients as new waves of
next-generation cell therapies come to market."

 

 

Cowen Healthcare Conference

MaxCyte will be presenting at the 44th Annual Cowen Conference at 9:10 a.m.
Eastern Time on Tuesday, March 5, 2024. A live and archived webcast of the
Cowen presentation will be available on the "Event" section of the MaxCyte
investor relations website at https://investors.maxcyte.com/
(https://investors.maxcyte.com/) .

 

Fourth Quarter Earnings Conference Call Details

MaxCyte plans to release final financial results for the fourth quarter and
full year 2023 after the U.S. market close on Tuesday, March 12, 2024. Company
management will host a conference call to discuss financial results that day
at 4:30 p.m. Eastern Time on Tuesday, March 12, 2024.

 

Investors interested in listening to the conference call are required to
register
(https://register.vevent.com/register/BI5e17563854b245ca9427ab0d91938acb)
(https://register.vevent.com/register/BI5e17563854b245ca9427ab0d91938acb)
online
(https://register.vevent.com/register/BI5e17563854b245ca9427ab0d91938acb) . It
is recommended to register at least a day in advance. 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 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
(https://maxcyte.com/) and follow us on Twitter
(https://twitter.com/i/flow/login?redirect_after_login=%2FMaxCyte_info) and
LinkedIn (https://www.linkedin.com/company/maxcyte-inc-/) .

 

 

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
preliminary results of operations, including fourth quarter and 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 potential
payments we may receive pursuant to our SPLs; 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; the market
acceptance and demand for our technology and products, including in the cell
therapeutics and bioprocessing application markets; the expected future growth
of our manufacturing capabilities and sales, support and marketing
capabilities; our ability to expand our customer base and enter into
additional SPL partnerships; our ability to accurately forecast and
manufacture appropriate quantities of our products to meet clinical or
commercial demand; our expectations regarding development of the cell therapy
market, including projected growth in adoption of non-viral delivery
approaches and gene editing manipulation technologies; our expectation that
our partners will have access to capital markets to develop and commercialize
their cell therapy programs; our ability to maintain our FDA Master File and
Master and Technical Files in other countries and expand Master and Technical
Files into additional countries; our research and development for any future
products, including our intention to introduce new instruments and processing
assemblies and move into new applications; the development, regulatory
approval, and commercialization of competing products and our ability to
compete with the companies that develop and sell such products; risks
associated with our management transition and our ability to retain and hire
senior management and key personnel; regulatory developments in the United
States and foreign countries; our expectations regarding the period during
which we qualify as an emerging growth company under the JOBS Act; our ability
to develop and maintain our corporate infrastructure, including our internal
controls; our financial performance and capital requirements; the adequacy of
our cash resources and availability of financing on commercially reasonable
terms; our expectations regarding our ability to obtain and maintain
intellectual property protection for our products, as well as our ability to
operate our business without infringing the intellectual property rights of
others; general market and economic conditions that may impact investor
confidence in the biopharmaceutical industry and affect the amount of capital
such investors provide to our current and potential partners; and our use of
available capital 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, 2022, filed with
the Securities and Exchange Commission on March 15, 2023, as well as in
discussions of potential risks, uncertainties, and other important factors in
our quarterly reports on Form 10-Q and 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. 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.  Given these uncertainties, you should not place undue
reliance on our forward-looking statements.

 

 

MaxCyte Contacts:

 

 US IR Adviser                                    +1 415-937-5400

 Gilmartin Group                                  ir@maxcyte.com (about:blank)

 David Deuchler, CFA
 US Media Relations                               +1 408-497-8568

 Seismic

 Valerie Enes

 Nominated Adviser and Joint Corporate Broker     +44 (0)20 7886 2500

 Panmure Gordon

 Emma Earl / Freddy Crossley

 Corporate Broking

 Rupert Dearden

 UK IR Adviser

 ICR Consilium                                    +44 (0)203 709 5700

 Mary-Jane Elliott                                maxcyte@consilium-comms.com (about:blank)

 Chris Welsh

 

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