MaxCyte flags uptick in total fourth-quarter revenue

9th Jan 2024 08:55

(Sharecast News) - Cell engineering company MaxCyte said on Tuesday that total fourth-quarter revenue was expected to be between $15.5m and $15.7m.

The AIM-traded firm said that would mark a significant increase from the $12.4m reported in the same quarter in 2022.

It partly attributed the revenue growth to its strategic platform licence (SPL) programme, which was anticipated to generate about $8.5m, a substantial rise from $1.9m a year earlier.

However, core revenue was projected to decline, with estimates between $7m and $7.2m, compared to $10.6m year-on-year.

Looking at the full year, MaxCyte said its total revenue was expected to be in the range of $41.1m to $41.3m, down from $44.3m in 2022.

The company's core revenue for the year was also projected to drop, with expectations between $29.6m and $29.8m, down from $39.6m.

However, SPL programme-related revenue showed a positive trend, expected to be around $11.4m, more than doubling the $4.6m recorded a year earlier.

As of 31 December, MaxCyte estimated that total cash, cash equivalents, and investments was approximately $210m, positioning it for future growth and development in the cell therapeutics and bioprocessing applications sector.

"MaxCyte reported preliminary revenue above our updated total revenue guidance provided in December," said president and chief executive officer Maher Masoud.

"The operating environment in the cell therapy industry was challenging in 2023; however, we remain confident in the opportunity that exists for MaxCyte in the years ahead.

"In 2023, we supported our partner Vertex Pharmaceuticals in the approval of Casgevy, the first non-viral cell therapy product approved by the FDA."

Masoud said the milestone ushered in "a new era" of engineered cell therapies to treat diseases, and validated the value of the firm's platform.

"We are committed to supporting our partners in their commercial journeys and the profound impact they will make in patients' lives."

At 1051 GMT, shares in MaxCyte were up 6.55% at 378.25p.

Reporting by Josh White for Sharecast.com.