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Sep 30, 2024
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Maxcyte Q3 2024 Earnings Report
MaxCyte's financial performance increased in Q3 2024, driven by strong core revenue growth and increasing demand for its platform.
Key Takeaways
MaxCyte reported a 2% increase in total revenue, reaching $8.2 million in Q3 2024. Core business revenue grew by 23% to $8.1 million, driven by a 39% increase in cell therapy revenue. The company signed six new SPL clients year-to-date, bringing the total to 29. MaxCyte is also evaluating cost reduction opportunities, including a potential cancellation of its AIM listing.
Total revenue increased by 2% to $8.2 million in Q3 2024.
Core business revenue increased by 23% to $8.1 million in Q3 2024.
Cell therapy revenue increased by 39% to $6.5 million in Q3 2024.
Six new SPL clients signed year-to-date, bringing the total to 29.
Maxcyte
Maxcyte
Maxcyte Revenue by Segment
Revenue by Segment
Program-Related Revenue
CapyFin.com Forward Guidance
MaxCyte expects full year 2024 core business revenue to grow at least 5% compared to 2023. SPL Program-related revenue is expected to be approximately $6 million. The company anticipates ending 2024 with approximately $185 million in total cash, cash equivalents and investments.
Positive Outlook
- Full year 2024 core business revenue is expected to grow at least 5% compared to 2023.
- SPL Program-related revenue is expected to be approximately $6 million.
- Company anticipates ending 2024 with approximately $185 million in total cash, cash equivalents and investments.
- Strong core revenue growth driven by commercial execution.
- Increasing demand for the ExPERT platform.
Challenges Ahead
- Full year outlook does not include SPL Program-related revenue from Vertex/CRISPR’s CASGEVYTM.
- Considering the costs and benefits of maintaining dual listings on AIM and Nasdaq.
- Potential cancellation of the admission of its common stock from trading on AIM.
- Gross margin decreased from 90% to 76%.
- Net loss of $11.6 million compared to net loss of $11.3 million for the same period in 2023.