MaxCyte Reports Third Quarter 2024 Financial Results and Updates Full Year 2024 Guidance
MaxCyte (NASDAQ: MXCT) reported Q3 2024 financial results with total revenue of $8.2 million, up 2% year-over-year. Core business revenue increased 23% to $8.1 million, driven by 39% growth in cell therapy revenue to $6.5 million. The company signed six new Strategic Platform License (SPL) partners year-to-date, bringing total SPL partners to 29. Cash position remained strong at $196.6 million. Updated 2024 guidance projects core business revenue growth of at least 5% and SPL Program-related revenue of approximately $6 million. The company is considering delisting from AIM to focus on NASDAQ listing.
MaxCyte (NASDAQ: MXCT) ha riportato i risultati finanziari del terzo trimestre 2024 con un fatturato totale di 8,2 milioni di dollari, in aumento del 2% rispetto all'anno precedente. Il fatturato del core business è aumentato del 23% raggiungendo 8,1 milioni di dollari, sostenuto da una crescita del 39% nel fatturato della terapia cellulare, che ha raggiunto i 6,5 milioni di dollari. L'azienda ha firmato sei nuovi partner per la Licenza della Piattaforma Strategica (SPL) dall'inizio dell'anno, portando il totale dei partner SPL a 29. La posizione di liquidità rimane solida, con 196,6 milioni di dollari. Le previsioni aggiornate per il 2024 indicano una crescita del fatturato del core business di almeno il 5% e un fatturato di circa 6 milioni di dollari relativo ai programmi SPL. L'azienda sta considerando la possibilità di uscire dall'AIM per concentrarsi sulla quotazione al NASDAQ.
MaxCyte (NASDAQ: MXCT) informó sobre los resultados financieros del tercer trimestre de 2024, con ingresos totales de 8,2 millones de dólares, un aumento del 2% en comparación con el año anterior. Los ingresos del negocio principal crecieron un 23%, alcanzando los 8,1 millones de dólares, impulsados por un crecimiento del 39% en los ingresos de terapia celular, que alcanzaron 6,5 millones de dólares. La compañía firmó seis nuevos socios de Licencia de Plataforma Estratégica (SPL) en lo que va del año, llevando el total de socios SPL a 29. La posición de efectivo se mantiene sólida en 196,6 millones de dólares. Las proyecciones actualizadas para 2024 indican un crecimiento de los ingresos del negocio principal de al menos el 5% y unos ingresos relacionados con el programa SPL de aproximadamente 6 millones de dólares. La empresa está considerando deslistar de AIM para enfocarse en la cotización en NASDAQ.
맥사이치(MaxCyte) (NASDAQ: MXCT)는 2024년 3분기 재무 결과를 보고하며 총 수익이 820만 달러로 전년 대비 2% 증가했다고 발표했습니다. 핵심 사업 수익은 23% 증가하여 810만 달러에 도달했으며, 이는 세포 치료 수익이 39% 성장하여 650만 달러에 이르렀기 때문입니다. 회사는 올해 지금까지 여섯 개의 새로운 전략적 플랫폼 라이센스(SPL) 파트너와 계약을 체결해 총 SPL 파트너 수를 29개로 늘렸습니다. 현금 포지션은 1억 9660만 달러로 강력하게 유지되고 있습니다. 업데이트된 2024년 가이던스는 핵심 사업 수익이 최소 5% 성장하고 SPL 프로그램 관련 수익이 약 600만 달러에 이를 것으로 예상합니다. 회사는 NASDAQ 상장에 집중하기 위해 AIM에서 상장 폐지를 고려하고 있습니다.
MaxCyte (NASDAQ: MXCT) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires total de 8,2 millions de dollars, en hausse de 2 % par rapport à l'année précédente. Le chiffre d'affaires du cœur de métier a augmenté de 23 %, atteignant 8,1 millions de dollars, soutenu par une croissance de 39 % des revenus issus de la thérapie cellulaire, qui se sont élevés à 6,5 millions de dollars. L'entreprise a signé six nouveaux partenaires pour la Licence de Plateforme Stratégique (SPL) depuis le début de l'année, portant le total des partenaires SPL à 29. La position de liquidités reste solide à 196,6 millions de dollars. Les prévisions mises à jour pour 2024 projettent une croissance du chiffre d'affaires du cœur de métier d'au moins 5 % et des revenus liés au programme SPL d'environ 6 millions de dollars. L'entreprise envisage de se retirer de l'AIM pour se concentrer sur la cotation au NASDAQ.
MaxCyte (NASDAQ: MXCT) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Gesamtumsatz von 8,2 Millionen USD, was einem Anstieg von 2% im Vergleich zum Vorjahr entspricht. Der Umsatz des Kerngeschäfts stieg um 23% auf 8,1 Millionen USD, was von einem Wachstum von 39% im Umsatz der Zelltherapie auf 6,5 Millionen USD getrieben wurde. Das Unternehmen hat seit Jahresbeginn sechs neue strategische Plattform-Lizenz (SPL)-Partner unterzeichnet und die Gesamtzahl der SPL-Partner auf 29 erhöht. Die Liquiditätsposition bleibt mit 196,6 Millionen USD stark. Die aktualisierte Prognose für 2024 rechnet mit einem Wachstum des Kerngeschäftsumsatzes von mindestens 5% und einem Umsatz aus dem SPL-Programm von etwa 6 Millionen USD. Das Unternehmen erwägt, sich von AIM abzulisten, um sich auf die NASDAQ-Notierung zu konzentrieren.
- Core business revenue grew 23% YoY to $8.1 million
- Cell therapy revenue increased 39% YoY to $6.5 million
- Added 6 new SPL partners in 2024, reaching 29 total partners
- Strong cash position of $196.6 million
- Installed base of instruments increased to 739 from 664 YoY
- Net loss increased to $11.6 million from $11.3 million YoY
- Gross margin declined to 76% from 90% YoY
- Drug discovery revenue decreased 14% YoY to $1.6 million
- SPL Program-related revenue declined 98% YoY
Insights
MaxCyte's Q3 results show mixed performance with notable strengths in core business growth. The core revenue increase of
However, concerns arise from declining drug discovery revenue (
The updated guidance suggesting at least
ROCKVILLE, Md., Nov. 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, today announced its financial results for the third quarter ended September 30, 2024, and updated its 2024 guidance.
Third Quarter and Recent Highlights
- Total revenue of
$8.2 million in the third quarter of 2024, an increase of2% over the third quarter of 2023. - Core business revenue of
$8.1 million in the third quarter of 2024, an increase of23% over the third quarter of 2023. - No material Strategic Platform License (SPL) Program-related revenue was recorded in the third quarter of 2024, consistent with the Company’s expectations which reflected
$6.0 million in SPL program-related revenue received during the first two quarters of 2024. - Six new SPL clients signed year-to-date. Kamau Therapeutics signed in September, 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 29.
- Total cash, cash equivalents and investments were
$196.6 million as of September 30, 2024.
“I am pleased with MaxCyte’s financial performance in the third quarter, and confident in our outlook for the remainder of 2024. We believe our strong core revenue growth and increasing demand for our platform was driven by exceptional commercial execution, and the value proposition that MaxCyte holds within the cell therapy industry. Coming out of a difficult 2023, this year we have consistently delivered with three strong quarters of core revenue, along with disciplined operational execution allowing us to maintain our healthy cash balance sheet,” said Maher Masoud, President and CEO at MaxCyte.
“So far in 2024, we have signed 6 new SPLs, which represents a record number of new SPL clients in a single year for MaxCyte. Our most recently signed SPL, Kamau Therapeutics, brings our total number of SPLs to 29. We are very excited by our customers’ progress on their programs and remain focused on providing them with the best support possible in their development efforts. As we expand our technology to more customers and programs, the ExPERT Platform supports a growing number of technologies requiring multiple edits and steps, as well as therapies in a range of new indications.”
In addition to growing revenue, MaxCyte continues to prioritize its investments towards those that it believes will provide the best return on investment and long-term growth. The Company is also continuously evaluating and executing on opportunities to reduce its cost structure and improve operational focus and efficiency. As part of these efforts, the Company is considering the costs and benefits of maintaining dual listings on AIM and Nasdaq. A potential cancellation of the admission of its common stock from trading on AIM would allow the Company to concentrate its efforts exclusively on the NASDAQ exchange, where the vast majority of its trading volume now occurs. Concentrating trading on a single exchange is expected to improve liquidity and reduce the administrative costs associated with maintaining dual listings. The Board is contemplating requesting shareholder approval to implement this strategy at the 2025 Annual Meeting of Shareholders, although no decision has been taken by the Board at this time in respect of any such cancellation from admission to trading on AIM. The Company anticipates that the 2025 Annual Meeting will be held between May and July 2025, subject to the filing of a proxy statement with the Securities and Exchange Commission.
The following table provides details regarding the sources of the Company’s revenue for the periods presented.
| Three Months Ended | |||||||
| September 30, (Unaudited) | |||||||
| 2024 | 2023 | % | |||||
| (in thousands, except percentages) | |||||||
| Cell therapy | $ | 6,511 | $ | 4,700 | |||
| Drug discovery | 1,629 | 1,900 | ( | ||||
| Program-related | 24 | 1,404 | ( | ||||
| Total revenue | $ | 8,164 | $ | 8,004 | |||
| Three Months Ended | |||||||
| September 30 (Unaudited) | |||||||
| 2024 | 2023 | % | |||||
| (in thousands, except percentages) | |||||||
| Instrument | $ | 1,764 | $ | 1,672 | |||
| PAs | 3,432 | 2,226 | |||||
| Lease | 2,528 | 2,444 | |||||
| Other | 416 | 258 | |||||
| Total Core Revenue | $ | 8,140 | $ | 6,600 | |||
In addition to revenue, management regularly reviews key business metrics to evaluate the business, measure performance, identify trends affecting the business, formulate financial projections and make strategic decisions. As of the dates presented, some key metrics were as follows:
| Three Months Ended September 30, | ||||
| 2024 | 2023 | |||
| Installed base of instruments (sold or leased) | 739 | 664 | ||
| Core Revenue Generated by SPL Clients as a % of Core Revenue | ||||
Third Quarter 2024 Financial Results
Total revenue for the third quarter of 2024 was
Core business revenue (sales and leases of instrument and disposables to cell therapy and drug discovery customers, excluding SPL Program-related revenue) for the third quarter of 2024 was
Cell therapy revenue for the third quarter of 2024 was
SPL Program-related revenue was immaterial in the third quarter of 2024, as compared to
Gross profit for the third quarter of 2024 was
Gross margin for the third quarter of 2024 was
Operating expenses for the third quarter of 2024 were
Third quarter 2024 net loss was
2024 Revenue Guidance
MaxCyte increases 2024 revenue guidance for core business revenue and affirms SPL Program-related revenue guidance.
MaxCyte now expects full year 2024 core business revenue of at least
MaxCyte now expects to end 2024 with approximately
Webcast and Conference Call Details
MaxCyte will host a conference call today, November 6, 2024, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. 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 X and LinkedIn.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The company’s management uses this non-GAAP measure to compare the company’s performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company’s financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.
This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.
Management does not consider these Non-GAAP financial measures in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of these Non-GAAP financial measures is that they exclude significant revenues and expenses that are required by GAAP to be recorded in the Company’s financial statements. In order to compensate for these limitations, management presents these Non-GAAP financial measures along with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. Reconciliation tables of net loss, the most comparable GAAP financial measure, to EBITDA, and Gross Margin, the most comparable GAAP financial measure, to Non-GAAP Gross Margin, are included at the end of this release. MaxCyte urges investors to review the reconciliation and not to rely on any single financial measure to evaluate the company’s business
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 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 projected 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 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; our ability to expand our customer base and enter into additional SPL partnerships; our expectation that our partners will have access to capital markets to develop and commercialize their cell therapy programs; our financial performance and capital requirements; the amount and adequacy of our cash resources; and our plans with respect to potential cancellation of the admission of our common stock from trading on the AIM exchange.
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, 2023, filed with the Securities and Exchange Commission on or about March 12, 2024, as well as in discussions of potential risks, uncertainties, and other important factors in 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.
MaxCyte Contacts:
US IR Adviser
Gilmartin Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com
US Media Relations
Spectrum Science
Jordan Vines
+1 540-629-3137
jvines@spectrumscience.com
Nominated Adviser and Joint Corporate Broker
Panmure Liberum
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR Adviser
ICR Healthcare
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@icrhealthcare.com
| MaxCyte, Inc. | ||||||||||
| Unaudited Consolidated Balance Sheets | ||||||||||
| (in thousands, except share and per share amounts) | ||||||||||
| As of | ||||||||||
| September 30, 2024 | December 31, 2023 | |||||||||
| Assets | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 36,958 | $ | 46,506 | ||||||
| Short-term investments, at amortized cost | 116,874 | 121,782 | ||||||||
| Accounts receivable, net | 4,560 | 5,778 | ||||||||
| Inventory | 10,393 | 12,229 | ||||||||
| Prepaid expenses and other current assets | 4,124 | 3,899 | ||||||||
| Total current assets | 172,909 | 190,194 | ||||||||
| Investments, non-current, at amortized cost | 42,797 | 42,938 | ||||||||
| Property and equipment, net | 20,967 | 23,513 | ||||||||
| Right-of-use asset - operating leases | 10,888 | 11,241 | ||||||||
| Other assets | 1,051 | 388 | ||||||||
| Total assets | $ | 248,612 | $ | 268,274 | ||||||
| Liabilities and stockholders’ equity | ||||||||||
| Current liabilities: | ||||||||||
| Accounts payable | $ | 1,865 | $ | 743 | ||||||
| Accrued expenses and other | 8,196 | 11,269 | ||||||||
| Operating lease liability, current | 907 | 774 | ||||||||
| Deferred revenue, current portion | 6,653 | 5,069 | ||||||||
| Total current liabilities | 17,621 | 17,855 | ||||||||
| Operating lease liability, net of current portion | 17,412 | 17,969 | ||||||||
| Other liabilities | 277 | 283 | ||||||||
| Total liabilities | 35,310 | 36,107 | ||||||||
| Commitments and contingencies | ||||||||||
| Stockholders’ equity | ||||||||||
| Preferred stock, | — | — | ||||||||
| Common stock, | 1,053 | 1,040 | ||||||||
| Additional paid-in capital | 418,505 | 406,925 | ||||||||
| Accumulated deficit | (206,256 | ) | (175,798 | ) | ||||||
| Total stockholders’ equity | 213,302 | 232,167 | ||||||||
| Total liabilities and stockholders’ equity | $ | 248,612 | $ | 268,274 | ||||||
| MaxCyte, Inc. | |||||||||||||||||
| Unaudited Consolidated Statements of Operations | |||||||||||||||||
| (in thousands, except share and per share amounts) | |||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Revenue | $ | 8,164 | $ | 8,004 | $ | 29,934 | $ | 25,623 | |||||||||
| Cost of goods sold | 1,928 | 793 | 4,819 | 3,169 | |||||||||||||
| Gross profit | 6,236 | 7,211 | 25,115 | 22,454 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 5,316 | 6,264 | 17,613 | 17,975 | |||||||||||||
| Sales and marketing | 6,207 | 7,046 | 20,188 | 19,778 | |||||||||||||
| General and administrative | 7,745 | 6,820 | 22,487 | 21,982 | |||||||||||||
| Depreciation and amortization | 1,021 | 1,033 | 3,123 | 2,922 | |||||||||||||
| Total operating expenses | 20,289 | 21,163 | 63,411 | 62,657 | |||||||||||||
| Operating loss | (14,053 | ) | (13,952 | ) | (38,296 | ) | (40,203 | ) | |||||||||
| Other income: | |||||||||||||||||
| Interest income | 2,496 | 2,701 | 7,838 | 7,558 | |||||||||||||
| Total other income | 2,496 | 2,701 | 7,838 | 7,558 | |||||||||||||
| Net loss | $ | (11,557 | ) | $ | (11,251 | ) | $ | (30,458 | ) | $ | (32,645 | ) | |||||
| Basic and diluted net loss per share | $ | (0.11 | ) | $ | (0.11 | ) | $ | (0.29 | ) | $ | (0.32 | ) | |||||
| Weighted average shares outstanding, basic and diluted | 105,109,603 | 103,449,715 | 104,614,679 | 103,121,997 | |||||||||||||
| MaxCyte, Inc. | ||||||||
| Unaudited Consolidated Statements of Cash Flows | ||||||||
| (in thousands) | ||||||||
| Nine months ended September 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | (30,458 | ) | $ | (32,645 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation and amortization | 3,258 | 3,069 | ||||||
| Non-cash lease expense | 353 | 286 | ||||||
| Net book value of consigned equipment sold | 35 | 80 | ||||||
| Loss on disposal of fixed assets | 462 | 2 | ||||||
| Stock-based compensation | 9,949 | 10,405 | ||||||
| Credit loss (recovery) expense | (130 | ) | 221 | |||||
| Change in excess/obsolete inventory reserve | 834 | — | ||||||
| Amortization of discounts on investments | (5,052 | ) | (5,123 | ) | ||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | 1,348 | 3,571 | ||||||
| Accounts receivable - TIA | — | 1,912 | ||||||
| Inventory | 835 | (4,088 | ) | |||||
| Prepaid expense and other current assets | (225 | ) | (924 | ) | ||||
| Other assets | (732 | ) | 190 | |||||
| Accounts payable, accrued expenses and other | (1,420 | ) | 1,520 | |||||
| Operating lease liability | (424 | ) | (13 | ) | ||||
| Deferred revenue | 1,584 | (1,127 | ) | |||||
| Other liabilities | (6 | ) | (3 | ) | ||||
| Net cash used in operating activities | (19,789 | ) | (22,667 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchases of investments | (118,339 | ) | (185,621 | ) | ||||
| Maturities of investments | 128,440 | 247,520 | ||||||
| Purchases of property and equipment | (1,504 | ) | (2,785 | ) | ||||
| Proceeds from sale of equipment | — | 9 | ||||||
| Net cash provided by investing activities | 8,597 | 59,123 | ||||||
| Cash flows from financing activities: | ||||||||
| Proceeds from exercise of stock options | 1,379 | 1,650 | ||||||
| Proceeds from issuance of common stock under employee stock purchase plan | 265 | — | ||||||
| Net cash provided by financing activities | 1,644 | 1,650 | ||||||
| Net (decrease) increase in cash and cash equivalents | (9,548 | ) | 38,106 | |||||
| Cash and cash equivalents, beginning of period | 46,506 | 11,064 | ||||||
| Cash and cash equivalents, end of period | $ | 36,958 | $ | 49,170 | ||||
| Unaudited Reconciliation of Net Loss to EBITDA | |||||||||||||||
| (in thousands) | |||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (11,557 | ) | $ | (11,251 | ) | $ | (30,458 | ) | $ | (32,645 | ) | |||
| Depreciation and amortization expense | 1,066 | 1,081 | 3,258 | 3,069 | |||||||||||
| Interest income | (2,496 | ) | (2,701 | ) | (7,838 | ) | (7,558 | ) | |||||||
| Income taxes | — | — | — | — | |||||||||||
| EBITDA | $ | (12,987 | ) | $ | (12,871 | ) | $ | (35,038 | ) | $ | (37,134 | ) | |||
| Unaudited Reconciliation of Gross Margin to Non-GAAP Adjusted Gross Margin | ||||||||||||||||||||||||||
| (in thousands, except for percentages) | ||||||||||||||||||||||||||
| Three months ended September 30, 2024 | Three months ended September 30, 2023 | |||||||||||||||||||||||||
| GAAP | Adjustments | Non-GAAP | GAAP | Adjustments | Non-GAAP | |||||||||||||||||||||
| Revenue | $ | 8,164 | $ | (24 | ) | $ | 8,140 | $ | 8,004 | $ | (1,404 | ) | $ | 6,600 | ||||||||||||
| Cost of Goods Sold | 1,928 | (697 | ) | 1,231 | 793 | — | 793 | |||||||||||||||||||
| Gross Margin | $ | 6,236 | $ | 673 | $ | 6,909 | $ | 7,211 | $ | (1,404 | ) | $ | 5,807 | |||||||||||||
| Gross Margin % | 76 | % | 85 | % | 90 | % | 88 | % | ||||||||||||||||||
FAQ
What was MaxCyte's (MXCT) revenue growth in Q3 2024?
How many new SPL partners did MaxCyte (MXCT) sign in 2024?
What is MaxCyte's (MXCT) updated revenue guidance for 2024?
What was MaxCyte's (MXCT) cash position as of Q3 2024?
