MaxCyte reports strong fourth quarter as full-year revenues fall

Cell engineering technology specialist MaxCyte reported total fourth quarter revenue of $15.7m on Wednesday, up 26% on the same period in 2022.

The AIM-traded company said strategic platform licence (SPL) programme-related revenue surged 359% to $8.5m in the quarter, although core business revenue declined 32% to $7.2m.

For the entire 2023 financial year, MaxCyte reported total revenue of $41.3m, reflecting a moderate decrease of 7% compared to 2022.

Core business revenue amounted to $29.8m, down 25%, while SPL programme-related revenue jumped 148% to $11.5m.

MaxCyte ended the year with 23 active SPL agreements, paving the way for over 160 potential programmes.

Among those, 16 were active programmes in clinical stages, while one was already in the commercial phase.

Notably, the company signed three additional SPLs in 2024, bringing the total to 26 active agreements.

As of 31 December, MaxCyte maintained a robust financial position with total cash, cash equivalents, and investments amounting to $211.2m.

“In 2023, we navigated a challenging operating environment in our industry, that included increased capital conservatism and pipeline portfolio reevaluation among our customers,” said president and chief executive officer Maher Masoud.

“Our team adapted well to the changing environment last year, and I am confident in our ability to execute across the business this year.

“We are pleased with our accomplishments and progress in 2023, which included supporting the recent FDA approval of CASGEVY by our client, Vertex Pharmaceuticals.”

Masoud noted that MaxCyte signed five new SPLs in 2023, and hd seen continued momentum with three additional SPLs signed in January.

“Our pipeline of potential clients remains robust, and we look forward to further expanding our portfolio of SPLs in 2024.

“The opportunity in front of us in the cell therapy industry continues to strengthen, and we will focus on executing in 2024 on our goal of being the industry's premier non-viral cell therapy platform.”

At 1031 GMT, shares in MaxCyte were up 0.16% at 315.5p.

Reporting by Josh White for Sharecast.com.