MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT, MXCN), a leading
commercial cell-engineering company focused on providing enabling
platform technologies to advance innovative cell-based research as
well as next-generation cell therapeutic discovery, development and
commercialization, today provides a preliminary update on revenue
results for the fourth quarter and full year 2021.
Preliminary Unaudited Fourth Quarter 2021 and Full Year
Revenue
Management expects total revenue for the fourth quarter of 2021
to be more than $10.0 million, up from $8.5 million of total
revenue in the fourth quarter of 2020, reflecting growth of at
least 17% in total revenue and at least 37% in core business
revenue.
MaxCyte’s revenue for the fourth quarter of 2021 was derived
from its core business, which is defined as sales or leases of
instruments, sales of single-use disposables, and sales of
consumables (buffer) to the cell therapy and drug discovery
markets.
MaxCyte also generates revenue under Strategic Platform License
agreements (SPLs) with cell therapy developers, such as
precommercial milestone payments. These revenues are categorized as
program-related revenue and are excluded from core business
revenue.
Preliminary revenue for the full year ended December 31, 2021 is
expected to be more than $33.7 million, up from $26.2 million in
full year 2020, reflecting growth of at least 28% in total revenue
and at least 36% in core business revenue. Revenue for the full
year ended December 31, 2021 includes $2.5 million of
program-related revenue, compared to $3.3 million of
program-related revenue in 2020.
MaxCyte ended the year with 15 SPLs, including 4 SPLs added
during 2021: Nkarta, Inc., Myeloid Therapeutics, Celularity, Inc.
and Sana Biotechnology, Inc.
Doug Doerfler, President and CEO of MaxCyte
said: “We are proud of our performance in the fourth
quarter as well as the full year, which has been a year of key
achievements for the company. This includes raising $257.2 million
in gross equity proceeds, the completion of an IPO in the United
States and commencement of trading in our common stock on the
Nasdaq, continuing significant organic growth in our core business,
and our ongoing success in signing SPLs with innovative cell
therapy developers. We are also excited to confirm that our ExPERT™
VLx instrument became available for sale at the end of
December.”
“We remain optimistic about the potential for our SPLs to
generate meaningful revenue over the next 12 to 18 months and
beyond. Our partners continue to achieve clinical success –
particularly in moving their next-generation product candidates
into pivotal trials. We also see the potential for several IND
filings by our SPL customers for novel ex vivo engineered cell
therapies this year. Finally, we continue to benefit from the
ongoing investment in the ex vivo engineered cell therapy space. As
a result, we believe our SPL pipeline remains as robust and diverse
as ever. We look forward to a strong 2022.”
MaxCyte’s fourth quarter and full year 2021 financial results
presented in this release are preliminary and unaudited and are
subject to revision based on the completion of MaxCyte’s normal
quarter and year-end process and year-end audit. As a result, these
preliminary results may be different from the actual results that
will be reflected in MaxCyte’s consolidated financial statements
for the quarter and year ended December 31, 2021, which are
expected to be released by the end of March 2022.
In addition to revenue, management regularly reviews key
business metrics to evaluate MaxCyte’s business, measure our
performance, identify trends affecting our business, formulate
financial projections and make strategic decisions. As of the dates
presented, these key metrics were as follows:
|
As of December 31, |
|
2019 |
|
2020* |
|
2021 |
Installed base of instruments
(sold or leased) |
>320 |
|
>400 |
|
>500 |
Number of SPLs |
8 |
|
12 |
|
15 |
Total number of licensed
clinical programs (SPLs only) |
>55 |
|
>75 |
|
>95 |
Total number of licensed
clinical programs under SPLs that have entered the clinic ** |
>5% |
|
>15% |
|
>15% |
Total potential pre-commercial
milestones under SPLs |
>$650 million |
|
>$950 million |
|
>$1.25 billion |
|
|
|
|
|
|
* Amounts
presented as of December 31, 2020 give effect to one SPL entered
into and additional INDs cleared in January 2021.** Number of
licensed clinical programs under SPLs are by number of product
candidates and not by indication. |
|
About MaxCyte
MaxCyte is a leading commercial cell-engineering company focused
on providing enabling platform technologies to advance innovative
cell-based research as well as next-generation cell therapeutic
discovery, development and commercialization. Over the past 20
years, we have developed and commercialized our proprietary Flow
Electroporation® platform, which facilitates complex engineering of
a wide variety of cells. 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. With the addition of the
VLx™, the ExPERT platform now includes: four instruments, the ATx™,
STx™, GTx™, and VLx™; and proprietary processing assemblies or
disposables, and software protocols – all supported by a
robust global intellectual property portfolio and clinical support
via our FDA Master File/Technical Files.
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, including but not limited
to, statements regarding our expected revenue for the quarter and
year ended December 31, 2021, expansion of and revenue from our
SPLs and the progression of our customers' programs into and
through clinical trials. The words "may," "might," "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," "expect," "estimate," "seek," "predict," "future,"
"project," "potential," "continue," "target" and similar words or
expressions are intended to identify forward-looking statements,
although not all forward-looking statements contain these
identifying words. Any forward-looking statements in this press
release are based on management's current expectations and beliefs
and are subject to a number of risks, uncertainties and important
factors that may cause actual events or results to differ
materially from those expressed or implied by any forward-looking
statements contained in this press release, including, without
limitation, risks associated with the impact of COVID-19 on our
operations; the timing of our customers' ongoing and planned
clinical trials; the adequacy of our cash resources and
availability of financing on commercially reasonable terms; and
general market and economic conditions. These and other risks and
uncertainties are described in greater detail in the section
entitled "Risk Factors" in our final prospectus dated July 29,
2021, filed with the Securities and Exchange Commission on July 30,
2021, as well as 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 under the "SEC filings" page of the
Investors section of our website at http://investors.maxcyte.com.
Any forward-looking statements represent our views only as of the
date of this press release and should not be relied upon as
representing our views as of any subsequent date. We explicitly
disclaim any obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
No representations or warranties (expressed or implied) are made
about the accuracy of any such forward-looking statements.
MaxCyte Contacts:
US IR
AdviserGilmartin GroupDavid Deuchler,
CFA |
+1
415-937-5400 ir@maxcyte.com |
Nominated Adviser and
Joint Corporate BrokerPanmure GordonEmma Earl / Freddy
CrossleyCorporate BrokingRupert Dearden |
+44 (0)20 7886 2500 |
UK IR
AdviserConsilium Strategic
CommunicationsMary-Jane ElliottChris Welsh |
+44 (0)203 709
5700maxcyte@consilium-comms.com |
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