MaxCyte revenues improve in third quarter

Cell engineering technology specialist MaxCyte reported total third-quarter revenue of $10.6m on Thursday, making for an increase of 5% year-on-year.

The AIM-traded company said core business revenues grew 22%m, led by revenue from cell therapy customers which increased 27%, with drug discovery revenues growing by 4%.

Its board reiterated its 2022 guidance for core business revenue growth to total around 30%.

MaxCyte said it expected SPL programme-related revenue to be about $4m for the full year, adding that total cash, cash equivalents and short-term investments were $232.9m at the end of the third quarter on 30 September.

“We reported another strong quarter, with 22% year-over-year core business revenue growth, highlighted by 27% growth in revenues from cell therapy customers,” said president and chief executive officer Doug Doerfler.

“We continue to make ongoing investments in the company to drive revenue growth and are focused on increasing customer adoption of our ‘ExPERT’ platform in the industry, to enable a broad range of cell types and target a wide array of indications.

“Our strong business performance continues to validate our technology and our market leading position in cell engineering, therapeutic discovery and development and commercialization.”

Overall, Doerfler said the firm’s SPL pipeline was “robust”, with the board confident in the potential of its customers to develop into future SPL partners with therapeutic programmes, to generate revenue in clinical and commercial settings.

“With the expansion into our new headquarters and manufacturing facility, we have increased our in-house manufacturing and process development capabilities to further support our partners as they move forward in clinical development towards potential commercialisation.”

At 0912 GMT, shares in MaxCyte were down 4.07% at 542p.

Reporting by Josh White for Sharecast.com.