MaxCyte flags lower 2023 revenue, flat 2024 growth

Cell engineering technology specialist MaxCyte said in an update on Tuesday that it expected total 2023 revenue of between $41.1m and $41.3m, down from $44.3m in 2022.

The AIM-traded firm said core revenue was expected to fall between $29.6m and $29.8m, compared to $39.6m a year earlier, while strategic platform licence (SPL) programme-related revenue was anticipated to reach $11.4m, up from $4.6m.

It said it expected to have $210m in cash, cash equivalents and investments as of 31 December.

Looking ahead to 2024, MaxCyte's projected flat to 5% growth in core revenue compared to 2023 figures.

SPL programme-related revenue for the year was expected to be $3m.

That outlook notably excluded SPL programme-related revenue from the sale of Vertex and CRISPR's ‘CASGEVY’.

MaxCyte said it expected to end 2024 with $175m in total cash, cash equivalents, and investments.

Maher Masoud, president and chief executive of MaxCyte, was upbeat about the company's trajectory.

“This year, MaxCyte has already signed three SPLs in which our cell and gene therapy clients will use our ‘Flow Electroporation’ technology and ‘ExPERT’ platform to further their pre-clinical and clinical programmes.

“As we continue to expand our SPL portfolio this year, we remain confident in our ability to support our current and prospective clients as new waves of next-generation cell therapies come to market.”

At 0809 GMT, shares in MaxCyte were down 4.05% at 355p.

Reporting by Josh White for Sharecast.com.