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Mar 31, 2023
Maxcyte Q1 2023 Earnings Report
MaxCyte's first quarter results were announced, showing a decrease in revenue compared to the same period last year, but the company is pleased with progress on strategic initiatives and updated 2023 revenue guidance.
Key Takeaways
MaxCyte reported a 26% decrease in total revenue for Q1 2023, amounting to $8.6 million, compared to $11.6 million in Q1 2022. Despite the revenue decline, the company highlighted the addition of two new SPL partnerships and progress towards potential commercial approval of a product enabled by their platform.
Total revenue for Q1 2023 was $8.6 million, a 26% decrease compared to Q1 2022.
Core business revenue was $7.8 million, a 19% decrease compared to Q1 2022.
Two SPL partnerships were signed year-to-date, bringing the total number of SPL partners to 20.
Total cash, cash equivalents, and short-term investments were $224.7 million as of March 31, 2023.
Maxcyte
Maxcyte
Maxcyte Revenue by Segment
Revenue by Segment
Program-Related Revenue
CapyFin.com Forward Guidance
MaxCyte expects total revenue for 2023 to grow between 8% and 12% compared to 2022, with core revenue growth of 5% to 10%. SPL program-related revenue expectations remain at approximately $6 million for the year.