MaxCyte flags 2022 revenue growth, sets new guidance

7th Mar 2023 09:32

(Sharecast News) - Cell engineering technology company MaxCyte said in an update on Tuesday that it was expecting full-year 2022 total revenue of $44.3m, which would represent growth of 31% over 2021.

The AIM-traded firm said its fourth quarter total revenue was expected to total $12.4m, making for year-on-year growth of 22%.

It said its installed base at the end of 2022 was higher than 600 instruments, compared to over 500 instruments at the end of the prior year.

The company's total SPL partnerships of 18 at year-end, including three added in 2022 itself, were described as "instrumental" in driving growth.

In January, MaxCyte announced an additional SPL partnership with Catamaran Bio, which it said would further expand the company's market reach.

MaxCyte laid out its initial 2023 guidance for total revenue growth of between 21% and 26% over 2022, including core revenue growth of 20% to 25%, and SPL programme-related revenue of around $6m.

"We delivered strong growth across the business in 2022, giving us confidence as reflected in our initial 2023 revenue guidance," said president and chief executive officer Doug Doerfler.

"Our diverse and robust partnership portfolio continues to grow with three new partnerships added in 2022, in addition to the signing of a partnership with Vertex Pharmaceuticals following the transfer from CRISPR Therapeutics for the development of its CRISPR/Cas9-based gene-edited therapy.

"We look forward to further expansion of our partnerships based on a strong pipeline and the continued progression of our partners' programs as they move into and through the clinic towards commercialisation."

At 1100 GMT, shares in MaxCyte were flat at 390p.

Reporting by Josh White for Sharecast.com.