Business
MaxCyte Reports Second Quarter and Half-Year 2023 Financial Results and Updates Full Year 2023 Guidance
ROCKVILLE, Md., Aug. 09, 2023 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading commercial cell-engineering company focused on providing
About this update from Maxcyte, Inc.
[{"type":"text","content":"ROCKVILLE, Md., Aug. 09, 2023 (GLOBE NEWSWIRE) -- MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading commercial cell-engineering company focused on providing enabling platform technologies to advance innovative cell-based research as well as next-generation cell therapeutic discovery, development and commercialization, today announced financial results for the second quarter and six months ended June 30, 2023. Second Quarter and Recent Highlights Total revenue of $9.0 million in the second quarter of 2023, a decrease of 6% compared to the second quarter of 2022.Core business revenue of $8.3 million in the second quarter of 2023, a decrease of 14% compared to the second quarter of 2022.We now expect core revenue for 2023 to be comparable to 2022 and Strategic Platform License (“SPL”) program-related revenue expectations remain unchanged at approximately $6 million for the year.Five SPL partnerships signed year-to-date. Lyell Immunopharma and ViTToria Biotherapeutics announced in July, and Prime Medicine announced in August. The total number of SPL partnerships now stands at 23.Total cash, cash equivalents and short-term investments were $216.1 million as of June 30, 2023. “2023 has been a challenging year across the life sciences industry. An evolving funding environment continues to result in the prioritization of internal pipeline assets by companies, impacting the timing of research and early clinical development projects. Despite this, we remain positive on our ability to successfully deliver on our long-term financial and strategic goals and are encouraged by our continued momentum in signing new clinical partnerships. We believe these partnerships reflect the value of MaxCyte’s premier cell engineering technology and support, underlining the key role we play in enabling a growing set of next-generation cell therapies,” said Doug Doerfler, President and Chief Executive Officer at MaxCyte. “So far this year MaxCyte has signed five strategic partnerships, bringing the total number to 23. Our most recently signed partnerships highlight our expansion into autologous modalities across a range of indications including genetic diseases, lymphoma, and solid tumors. Moving forward, we will continue to make the necessary investments into key aspects of our technology and support offering, including our applications lab, and process d...