Business
MaxCyte Reports Second Quarter and Half-Year 2024 Financial Results and Updates Full Year 2024 Guidance
ROCKVILLE, Md., Aug. 06, 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., Aug. 06, 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 financial results for the second quarter ended June 30, 2024, and updates its 2024 guidance. Second Quarter and Recent Highlights Total revenue of $10.4 million in the second quarter of 2024, an increase of 15% over the second quarter of 2023.Core business revenue of $7.6 million in the second quarter of 2024, a decline of 9% over the second quarter of 2023.Strategic Platform License (SPL) Program-related revenue was $2.9 million for the second quarter of 2024, an increase of 279% over the second quarter of 2023.Five new SPL clients signed year-to-date. Legend Biotech signed in May, Be Biopharma signed in March, and Wugen, Imugene, and Lion TCR signed in January. The total number of SPL partners now stands at 28.Total cash, cash equivalents and investments were $199.8 million as of June 30, 2024. “We are pleased by our second quarter results and our business performance in the first half of 2024 and remain confident we will deliver our full year guidance. We continue to drive commercial execution in cell therapy and believe that we remain the premier cell engineering platform in the industry,” said Maher Masoud, President and CEO at MaxCyte. “Since the beginning of the year, MaxCyte has signed five new SPLs, which includes recently signed Legend Biotech, along with Be Biopharma, in March 2024. Our total number of SPLs now stands at 28, highlighting the demand for our platform and our continued expansion into a range of different indications. As our clients continue to progress through the clinic, we believe we continue to provide the best electroporation platform with the best support for their programs. We remain excited by continued demand for our platform and our role in enabling a growing set of next-generation cell therapies.” The following table provides details regarding the sources of our revenue for the periods presented. Three Months Ended Six Months Ended June 30, June 30, 2024 2023 % 2024 2023 %(in thousands, except percentages) Cell therapy$6,218 $6,637 (6%) $12,633 $12,611 0% Drug di...