MaxCyte Announces Preliminary
Unaudited Fourth Quarter and Full Year 2024 Financial
Results
ROCKVILLE,
MD, January 13,
2025 -
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, today provided a preliminary update on financial
results for the fourth quarter and full year ended December 31,
2024.
Preliminary
Unaudited Fourth Quarter and Full Year 2024 Results
·
Core revenue in the fourth quarter is expected to
be between $8.3 million and $8.5 million, compared to $7.2 million
in the fourth quarter of 2023
·
Core revenue for the full year is expected to be
between $32.2 million and $32.4 million compared to $29.8 million
for fiscal year 2023, representing 8 to 9% growth
·
SPL program-related revenue and Total Revenue for
the fourth quarter and full year 2024 is expected to be reported in
March 2025
Total cash, cash equivalents, and investments as of
December 31, 2024, is expected to be approximately $190 million,
compared to initial guidance and updated guidance in December of
$175 million and $185 million, respectively, and compared to
December 31, 2023 total cash, cash equivalents, and investments of
$211 million.
"MaxCyte reported preliminary core revenue for 2024
at the high end of the updated guidance range provided. The
operating environment in the cell therapy industry is improving as
we move into 2025; and we remain confident in the opportunity that
exists for MaxCyte in the years ahead," said Maher Masoud, President and CEO of
MaxCyte. "In 2024, we increased the number of SPL customers
by six, supported the commercial launch of the first non-viral gene
edited cell therapy product approved by the FDA, and returned to
healthy revenue growth while streamlining operations."
MaxCyte's fourth quarter and full year results are
preliminary and unaudited and subject to change in connection with
the completion of MaxCyte's quarterly and year-end closing
processes and the preparation of its audited financial statements
for the quarter and fiscal year ended December 31, 2024. As a
result, these preliminary results may differ from the actual
results that will be reflected in MaxCyte's consolidated financial
statements for the quarter and fiscal year ended December 31, 2024,
which are expected to be released in March 2025 and will be
included in MaxCyte's Annual Report on Form 10-K.
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 and follow us on
X and
LinkedIn.
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
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
about the Company's preliminary results of operations, including
fourth quarter and full year 2024 total revenue, core revenue, and
SPL program revenue and statements about possible or assumed future
results of operations or financial position., 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. 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.