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Mar 31, 2024
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Maxcyte Q1 2024 Earnings Report
MaxCyte's first quarter performance in 2024 showed revenue growth and strategic platform license program expansion.
Key Takeaways
MaxCyte reported a 32% increase in total revenue, reaching $11.3 million, driven by a 5% increase in core business revenue and a 292% increase in Strategic Platform License (SPL) Program-related revenue. The company signed four new SPL clients year-to-date, bringing the total to 27 SPL partners.
Total revenue increased by 32% to $11.3 million compared to Q1 2023.
Core business revenue grew by 5% to $8.2 million compared to Q1 2023.
SPL Program-related revenue increased by 292% to $3.2 million compared to Q1 2023.
Four new SPL clients were signed year-to-date, expanding the SPL partner network to 27.
Maxcyte
Maxcyte
Maxcyte Revenue by Segment
Revenue by Segment
Instruments Revenue
CapyFin.comPAs and consumables Revenue
CapyFin.comLicenses Revenue
CapyFin.comOther Revenue
CapyFin.comProgram-Related Revenue
CapyFin.com Forward Guidance
MaxCyte affirms 2024 revenue guidance for core business revenue and is increasing SPL Program-related revenue guidance. MaxCyte continues to expect full year 2024 core business revenue to be flat to 5% growth compared to 2023. SPL Program-related revenue is now expected to be approximately $5 million. MaxCyte expects to end 2024 with at least $175 million in total cash, cash equivalents and investments.
Positive Outlook
- Core business revenue is expected to grow flat to 5% compared to 2023.
- SPL Program-related revenue is expected to be approximately $5 million.
- Company anticipates ending 2024 with at least $175 million in total cash, cash equivalents and investments.
- Affirms 2024 revenue guidance for core business revenue.
- Increasing SPL Program-related revenue guidance.
Revenue & Expenses
Visualization of income flow from segment revenue to net income