MXCT - MaxCyte Initiates Full Year 2024 Guidance and Reaffirms 2023 Preliminary Results | Benzinga
ROCKVILLE, Md., March 04, 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 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 ...