TIDMMXCT TIDMTTM
RNS Number : 0139Z
MaxCyte, Inc.
09 January 2024
MaxCyte Announces Preliminary Unaudited Fourth Quarter and Full
Year 2023 Financial Results
ROCKVILLE, MD, January 9, 2024 - 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 and innovative bioprocessing applications, today
provided a preliminary update on financial results for the fourth
quarter and full year ended December 31, 2023.
Preliminary Unaudited Fourth Quarter and Full Year 2023
Results
Total revenue for the fourth quarter of 2023 is expected to be
between $15.5 million and $15.7 million, compared to $12.4 million
in the fourth quarter of 2022.
-- Core revenue is expected to be between $7.0 million and $7.2
million, compared to $10.6 million in the fourth quarter of
2022.
-- Strategic Platform License (SPL) Program-related revenue is
expected to be approximately $8.5 million, compared to $1.9 million
in the fourth quarter of 2022.
Total revenue for the fiscal year of 2023 is expected to be
between $41.1 and $41.3 million, compared to $44.3 million for
fiscal year 2022.
-- Core revenue is expected to be between $29.6 million and
$29.8 million, compared to $39.6 million for fiscal year 2022.
-- SPL Program-related revenue is expected to be approximately
$11.4 million, compared to $4.6 million for fiscal year 2022.
Total cash, cash equivalents, and investments as of December 31,
2023 is expected to be approximately $210 million.
"MaxCyte reported preliminary revenue above our updated total
revenue guidance provided in December. The operating environment in
the Cell Therapy industry was challenging in 2023; however, we
remain confident in the opportunity that exists for MaxCyte in the
years ahead," said Maher Masoud, President and CEO of MaxCyte. "In
2023, we supported our partner , Vertex Pharmaceuticals Inc., in
the approval of CASGEVY(TM), the first non-viral cell therapy
product approved by the FDA. This milestone ushers in a new era of
engineered cell therapies to treat diseases and validates the value
of our platform. We are committed to supporting our partners in
their commercial journeys and the profound impact they will make in
patients' lives."
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, 2023. 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, 2023, which are expected
to be released in March 2024 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 20 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(TM) platform, which is based on our Flow
Electroporation(R) 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(TM), STx(TM), GTx(TM)
and VLx(TM); 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 Twitter and LinkedIn .
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, including but not limited
to, statements regarding the leadership transition and statements
regarding expected core business revenue and SPL Program-related
revenue for the year ending December 31, 2023. The words "may,"
"might," "will," "could," "would," "should," "expect," "plan,"
"anticipate," "intend," "believe," "expect," "estimate," "seek,"
"predict," "future," "project," "prospect," "potential,"
"continue," "target" and similar words or expressions are intended
to identify forward-looking statements, although not all
forward-looking statements contain these identifying words.
Forward-looking statements include, but are not limited to,
statements about the Company's preliminary results of operations,
including fourth quarter and full year 2023 total revenue, core
revenue, and SPL program revenue and statements about possible or
assumed future results of operations or financial position. Any
forward-looking statements in this press release are based on
management's current expectations and beliefs and are subject to a
number of risks, uncertainties and important factors that may cause
actual events or results to differ materially from those expressed
or implied by any forward-looking statements contained in this
press release, including, without limitation, risks associated with
the management transition, the timing and outcome of our customers'
ongoing and planned clinical trials; the adequacy of our cash
resources and availability of financing on commercially reasonable
terms; general market and economic conditions that may impact
investor confidence in the biopharmaceutical industry and affect
the amount of capital such investors provide to our current and
potential partners; and market acceptance and demand for our
technology and products. These and other risks and uncertainties
are described in greater detail in the section entitled "Risk
Factors" in our Annual Report on Form 10-K for the year ended
December 31, 2022, filed with the Securities and Exchange
Commission on March 15, 2023, as well as in discussions of
potential risks, uncertainties, and other important factors in our
most recent Quarterly report on Form 10-Q and the other filings
that we make with the Securities and Exchange Commission from time
to time. 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 represent our views only as of the date of this press
release and should not be relied upon as representing our views as
of any subsequent date. We explicitly disclaim any obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise. No representations or
warranties (expressed or implied) are made about the accuracy of
any such forward-looking statements.
MaxCyte Contacts:
US IR Adviser +1 415-937-5400
Gilmartin Group ir@maxcyte.com
David Deuchler, CFA
US Media Relations
Seismic
Valerie Enes
Nominated Adviser and Joint Corporate Broker +1 408-497-8568
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden +44 (0)20 7886 2500
UK IR Adviser
ICR Consilium +44 (0)203 709 5700
Mary-Jane Elliott maxcyte@consilium-comms.com
Chris Welsh
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DOCDZGGMRRDGDZM
(END) Dow Jones Newswires
January 09, 2024 02:00 ET (07:00 GMT)
Maxcyte (LSE:MXCT)
Historical Stock Chart
Von Mai 2024 bis Jun 2024
Maxcyte (LSE:MXCT)
Historical Stock Chart
Von Jun 2023 bis Jun 2024