Business
MaxCyte Reports Fourth Quarter and Full Year 2023 Financial Results and Reiterates 2024 Guidance
ROCKVILLE, Md., March 12, 2024 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling
About this update from Maxcyte, Inc.
[{"type":"text","content":"ROCKVILLE, Md., March 12, 2024 (GLOBE NEWSWIRE) -- 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 announced its fourth quarter and full year ended December 31, 2023 financial results and reiterated its 2024 guidance. Fourth Quarter and Full Year Highlights Total revenue of $15.7 million in the fourth quarter of 2023, an increase of 26% over the fourth quarter of 2022.Core business revenue of $7.2 million in the fourth quarter of 2023, a decline of 32% over the fourth quarter of 2022.Strategic Platform License (SPL) Program-related revenue was $8.5 million for the fourth quarter of 2023, an increase of 359% over the fourth quarter of 2022.Total revenue of $41.3 million for the full year 2023, a decline of 7% over the full year 2022.Core business revenue of $29.8 million for the full year 2023, a decrease of 25% over the full year 2022.SPL Program-related revenue was $11.5 million for the full year 2023, an increase of 148% over the full year 2022.Ended the year with 23 active SPL agreements that allowed for over 160 potential programs, 16 of which were active programs currently in the clinic (defined as programs with at least a cleared IND or equivalent) and 1 of which was an active program currently commercial. With the addition of three SPLs signed in 2024, the total number of SPLs now stands at 26.Total cash, cash equivalents and investments were $211.2 million as of December 31, 2023. “In 2023, we navigated a challenging operating environment in our industry, that included increased capital conservatism and pipeline portfolio reevaluation among our customers. Our team adapted well to the changing environment last year, and I am confident in our ability to execute across the business this year,” said Maher Masoud, President and CEO of MaxCyte. “We are pleased with our accomplishments and progress in 2023, which included supporting the recent FDA approval of CASGEVYTM by our client, Vertex Pharmaceuticals. MaxCyte signed five new SPLs in 2023 and we have seen continued momentum with three additional SPLs signed in January 2024. Our pipeline of potential clients remains robust, and we look forward to furth...