MaxCyte Initiates Full Year 2024 Guidance and Reaffirms 2023
Preliminary Results
ROCKVILLE, MD, March 5, 2024 -
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 provided revenue guidance for the full year of 2024 and
reaffirmed 2023 preliminary results previously announced in
January.
2023 Preliminary Results
Total revenue for the fiscal year of
2023 is expected to be between $41.1 million and $41.3 million,
compared to $44.3 million for fiscal year 2022.
·
Core revenue is expected to be between $29.6
million and $29.8 million, compared to $39.6 million for fiscal
year 2022.
·
SPL Program-related revenue is expected to be
approximately $11.4 million, compared to $4.6 million for fiscal
year 2022.
Total cash, cash equivalents, and
investments as of December 31, 2023 is expected to be approximately
$210 million.
2024 Guidance
Management is providing initial 2024
revenue guidance for core business revenue and SPL program-related
revenue:
·
Core revenue is expected to be flat to 5% growth
compared to 2023.
·
SPL Program-related revenue is expected to be
approximately $3 million for the year.
Our outlook does not include SPL
Program-related revenue from the sale of Vertex/CRISPR's
CASGEVY™.
Management expects to end 2024 with
$175 million in total cash, cash
equivalents and investments.
"We are looking forward to
continuing to execute across our business and provide best in class
support to our customers in 2024 and the years to come. This year,
MaxCyte has already signed three SPLs in which our cell and gene
therapy clients will use our Flow
Electroporation® technology and ExPERT™ platform to further their pre-clinical and clinical programs,"
said Maher Masoud, President and
Chief Executive Officer at MaxCyte. "As we continue to
expand our SPL portfolio this year, we remain confident in our
ability to support our current and prospective clients as new waves
of next-generation cell therapies come to market."
Cowen Healthcare Conference
MaxCyte will be presenting at the
44th Annual Cowen Conference at 9:10 a.m. Eastern Time on Tuesday,
March 5, 2024. A live and archived webcast of the Cowen
presentation will be available on the "Event" section of the
MaxCyte investor relations website at https://investors.maxcyte.com/.
Fourth Quarter Earnings Conference Call
Details
MaxCyte plans to release final
financial results for the fourth quarter and full year 2023 after
the U.S. market close on Tuesday, March 12, 2024. Company
management will host a conference call to discuss financial results
that day at 4:30 p.m. Eastern Time on Tuesday, March 12,
2024.
Investors interested in listening to
the conference call are required to
register online.
It is recommended to register at least a day in advance. A live and
archived webcast of the event will be available on the "Events"
section of the MaxCyte website at https://investors.maxcyte.com/.
About
MaxCyte
At MaxCyte, we pursue cell
engineering excellence to maximize the potential of cells to
improve patients' lives. We have spent more than 20 years honing
our expertise by building best-in-class platforms, perfecting the
art of the transfection workflow, and venturing beyond today's
processes to innovate tomorrow's solutions. Our ExPERT™ platform,
which is based on our Flow Electroporation® technology, has been
designed to support the rapidly expanding cell therapy market and
can be utilized across the continuum of the high-growth cell
therapy sector, from discovery and development through
commercialization of next-generation, cell-based medicines. The
ExPERT family of products includes: four instruments, the ATx™,
STx™, GTx™ and VLx™; a portfolio of proprietary related processing
assemblies or disposables; and software protocols, all supported by
a robust worldwide intellectual property portfolio.
By providing our partners
with the right technology platform, as well as scientific,
technical, and regulatory support, we aim to guide them on their
journey to transform human health. Learn more
at maxcyte.com and
follow us on
Twitter and LinkedIn.
Forward-Looking Statements
This press release contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. These statements about us and our industry involve
substantial known and unknown risks, uncertainties, and
assumptions, including those described in Item 1A under the heading
"Risk Factors" and elsewhere in our report on Form 10-K, that may
cause our actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. All statements other than statements of
historical facts contained in this press release, including
statements regarding our future results of operations or financial condition,
business strategy and plans and objectives of management for future
operations, are forward-looking statements. Forward-looking
statements include, but are not limited to, statements about the
Company's preliminary results of operations, including fourth
quarter and full year total revenue, core revenue, and SPL program
revenue and statements about possible or future results of
operations or financial position. In some cases, you can identify
forward-looking statements because they contain words such as
"may," "might," "will," "could," "would," "should," "expect,"
"plan," "anticipate," "intend," "believe," "expect," "estimate,"
"seek," "predict," "future," "project," "potential," "continue,"
"contemplate," "target," the negative of these words and similar
words or expressions. These statements are inherently
uncertain, and investors are cautioned not to unduly rely on these
statements. The forward-looking statements contained in this press
release, include, without limitation, statements concerning the
following: our expected future growth and success of our
business model; the potential payments we may receive pursuant to
our SPLs; the size and growth potential of the markets for our
products, and our ability to serve those markets, increase our
market share, and achieve and maintain industry leadership; the
market acceptance and demand for our technology and products,
including in the cell therapeutics and bioprocessing application
markets; the expected future growth of our manufacturing
capabilities and sales, support and marketing capabilities; our
ability to expand our customer base and enter into additional SPL
partnerships; our ability to accurately forecast and manufacture
appropriate quantities of our products to meet clinical or
commercial demand; our expectations regarding development of the
cell therapy market, including projected growth in adoption of
non-viral delivery approaches and gene editing manipulation
technologies; our expectation that our partners will have access to
capital markets to develop and commercialize their cell therapy
programs; our ability to maintain our FDA Master File and Master
and Technical Files in other countries and expand Master and
Technical Files into additional countries; our research and
development for any future products, including our intention to
introduce new instruments and processing assemblies and move into
new applications; the development, regulatory approval, and
commercialization of competing products and our ability to compete
with the companies that develop and sell such products; risks
associated with our management transition and our ability to retain
and hire senior management and key personnel; regulatory
developments in the United States and foreign countries; our
expectations regarding the period during which we qualify as an
emerging growth company under the JOBS Act; our ability to develop
and maintain our corporate infrastructure, including our internal
controls; our financial performance and capital requirements; the
adequacy of our cash resources and availability of financing on
commercially reasonable terms; our expectations regarding our
ability to obtain and maintain intellectual property protection for
our products, as well as our ability to operate our business
without infringing the intellectual property rights of others;
general market and economic conditions that may impact investor
confidence in the biopharmaceutical industry and affect the amount
of capital such investors provide to our current and potential
partners; and our use of available capital resources. These and
other risks and uncertainties are described in greater detail in
Item 1A , entitled "Risk Factors," in our Annual Report on Form
10-K for the year ended December 31, 2022, filed with the
Securities and Exchange Commission on March 15, 2023, as well as in
discussions of potential risks, uncertainties, and other important
factors in our quarterly reports on Form 10-Q and the other filings
that we make with the Securities and Exchange Commission from time
to time. These documents are available through the Investor Menu,
Financials section, under "SEC Filings" on the Investors page of
our website at http://investors.maxcyte.com. Any
forward-looking statements in this press release are based on our
current beliefs and opinions on the relevant subject based on
information available to us as of the date of such press release,
and you should not rely on forward-looking statements as
predictions of future events. We undertake no obligation to update
any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law. Given these
uncertainties, you should not place undue reliance on our
forward-looking statements.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler,
CFA
|
+1 415-937-5400
ir@maxcyte.com
|
US Media Relations
Seismic
Valerie Enes
Nominated Adviser and Joint
Corporate Broker
Panmure Gordon
Emma Earl / Freddy
Crossley
Corporate Broking
Rupert Dearden
|
+1 408-497-8568
+44 (0)20 7886
2500
|
UK IR
Adviser
ICR
Consilium
Mary-Jane Elliott
Chris Welsh
|
+44 (0)203 709 5700
maxcyte@consilium-comms.com
|
|
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