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Jun 30, 2024
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Maxcyte Q2 2024 Earnings Report
Maxcyte's Q2 2024 results showed revenue growth driven by SPL program, offset by core business decline, and affirmed full-year guidance.
Key Takeaways
MaxCyte reported a 15% increase in total revenue for Q2 2024, reaching $10.4 million, driven by a significant 279% increase in Strategic Platform License (SPL) Program-related revenue. However, core business revenue declined by 9%. The company signed five new SPL clients year-to-date and affirmed its full-year 2024 core business revenue guidance while increasing SPL Program-related revenue guidance.
Total revenue increased by 15% to $10.4 million compared to Q2 2023.
Core business revenue decreased by 9% to $7.6 million compared to Q2 2023.
SPL Program-related revenue increased by 279% to $2.9 million compared to Q2 2023.
Five new SPL clients were signed year-to-date, bringing the total number of SPL partners to 28.
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 affirmed its 2024 revenue guidance for core business revenue, expecting flat to 5% growth compared to 2023, and increased its SPL Program-related revenue guidance to approximately $6 million. The outlook does not include SPL Program-related revenue from Vertex/CRISPR’s CASGEVYTM. The company expects to end 2024 with at least $180 million in total cash, cash equivalents, and investments.
Revenue & Expenses
Visualization of income flow from segment revenue to net income