Business
MaxCyte Reports Third Quarter 2022 Financial Results
22% Year-Over-Year Core Business Revenue Growth in Third Quarter 2022 Reiterates 2022 Revenue Guidance ROCKVILLE, Md., Nov. 09, 2022 (GLOBE NEWSWIRE) --
About this update from Maxcyte, Inc.
[{"type":"text","content":"22% Year-Over-Year Core Business Revenue Growth in Third Quarter 2022 Reiterates 2022 Revenue Guidance ROCKVILLE, Md., Nov. 09, 2022 (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 to support innovative, cell-based research, today announced financial results for the third quarter ended September 30, 2022. Third Quarter Highlights Total revenue of $10.6 million in the third quarter of 2022, an increase of 5% over the third quarter of 2021.Core business revenues grew 22% led by revenue from cell therapy customers which increased 27%, with drug discovery revenues growing by 4%.Reiterating 2022 guidance for core business revenue growth to be approximately 30%.Expecting SPL Program-related revenue to be approximately $4.0 million for the full year.Total cash, cash equivalents and short-term investments were $232.9 million as of September 30, 2022. “We reported another strong quarter, with 22% year-over-year core business revenue growth, highlighted by 27% growth in revenues from cell therapy customers. 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,” said Doug Doerfler, President and CEO of MaxCyte. “Overall, our SPL pipeline continues to be robust and we are confident in the potential of our customers to develop into future SPL partners with therapeutic programs 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 commercialization.” The following table provides details regarding the sources of our revenue for the periods presented. Three Months Ended September 30, 2022 2021 % (in thousands, except percentages) Ce...