MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), 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 announced financial results for the first
quarter ended March 31, 2022 and increased full year 2022 revenue
guidance.
First Quarter Highlights
- Total revenue of $11.6 million in
the first quarter of 2022, an increase of 78% over the first
quarter of 2021 driven by strong growth in the core business; core
business revenues grew 48% consisting of revenue from cell therapy
customers increasing by 57% and drug discovery customers by
23%.
- Generated a total of $2.0 million
in Strategic Platform License (SPL) Program-related revenue in the
first quarter of 2022, compared to immaterial SPL Program-related
revenue in the first quarter of 2021.
- 2022 revenue guidance includes
expectations for core business revenue growth to be at least 25%
and expected SPL Program-related revenue of approximately $4
million.
- With the addition of Intima
Bioscience in February 2022, the total number of SPLs now stands at
16.
“We are pleased with this positive start to 2022
at MaxCyte, with very strong first quarter results, including 48%
year-over-year core business revenue growth driven by ongoing
significant growth in sales to cell therapy customers. We are
encouraged by the continued expansion of our portfolio of SPLs with
the addition of Intima Bioscience, our sixteenth SPL, as well as
the exciting clinical progress of our existing SPL partners. The
milestone revenue recorded over the period reflects the progress
being made by our partners in early and mid-stage clinical
development programs,” said Doug Doerfler, President and CEO of
MaxCyte.
“I am proud of our continued support for the
clinical progress of our partners and the success of our growing
global commercial team.
“In addition to the progress made by SPL
programs that have entered the clinic, our SPL partners are using
MaxCyte’s technology to work on a broad range of new cell types,
approaches and indications including solid tumors and autoimmune
disease, which also demonstrates the depth and breadth of our
ExPERT™ platform. Ongoing investments in our field and lab science
teams and the progress of our in-house manufacturing initiative
leaves us well-positioned to support growing adoption of the
ExPERT™ platform technology for cellular-based research and
next-generation therapeutic development.”
The following table provides details regarding
the sources of our revenue for the periods presented.
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
March 31, (Unaudited) |
|
|
|
2022 |
|
2021 |
|
% |
(in thousands, except
percentages) |
|
|
|
|
|
|
|
Cell therapy |
$ |
7,416 |
|
$ |
4,729 |
|
57 |
% |
Drug discovery |
|
2,167 |
|
|
1,762 |
|
23 |
% |
Program-related |
|
2,004 |
|
|
4 |
|
NM |
Total revenue |
$ |
11,587 |
|
$ |
6,495 |
|
78 |
% |
First Quarter 2022 Financial
Results
Total revenue for the first quarter of 2022 was
$11.6 million, compared to $6.5 million in the first quarter of
2021, representing growth of 78%.
Core business revenue was $9.6 million,
including revenue growth from cell therapy customers of 57% and
from drug discovery customers of 23%, compared to core business
revenue of $6.5 million in the same period last year.
Our SPL Program-related revenue was $2.0
million, compared to immaterial SPL Program-related revenue in the
first quarter of 2021.
Gross profit for the first quarter of 2022 was
$10.5 million (91% gross margin), compared to $5.8 million (89%
gross margin) in the same period of the prior year. The increase in
gross margin was driven by the higher SPL Program-related revenues;
excluding SPL Program-related revenues, gross margin was relatively
unchanged.
Operating expenses for the first quarter of 2022
were $14.7 million, compared to operating expenses of $12.2 million
in the first quarter of 2021. The prior year operating expenses
included $3.9 million of CARMA-related expenses that did not recur
in 2022, as we have ceased developing the CARMA platform. The
overall increase in operating expenses was primarily driven by
increased headcount to support growth in field sales and science,
manufacturing and lab teams. Growth in public company-related and
stock-based compensation expense also contributed to the higher
level of expenses compared with the same period a year ago.
First quarter 2022 net loss was $4.1 million
compared to net loss of $7.1 million for the same period in 2021;
EBITDA, a non-GAAP measure, was a loss of $3.7 million for the
first quarter of 2022, compared to a loss of $6.4 million for the
first quarter of the prior year; stock-based compensation expense
was $2.5 million versus $1.3 million for the same period in the
prior year.
Total cash, cash equivalents and short-term
investments were $246.3 million as of March 31, 2022.
2022 Revenue Guidance
Management is increasing 2022 revenue guidance
based on our expectations for the core business.
We expect core business revenue (instruments and
disposables to cell therapy and drug discovery customers and
excluding program-related revenue) to grow at least 25% compared to
2021 core business revenue. We also continue to expect SPL
Program-related revenue to be approximately $4 million in 2022.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, May
9, 2022, at 4:30 p.m. Eastern Time. Interested parties may access
the live teleconference by dialing (844) 679-0933 for domestic
callers, (918) 922-6914 for international callers, for 0203 1070
289 U.K domestic callers, or for 0800 0288 438 U.K. international
callers followed by Conference ID: 1953037. A live and archived
webcast of the event will be available on the “Events” section of
the MaxCyte website at https://investors.maxcyte.com/.
Non-GAAP Financial Measures
This press release contains EBITDA, which is a
non-GAAP measure defined as earnings, before interest, tax,
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.
Management does not consider EBITDA in isolation
or as an alternative to financial measures determined in accordance
with GAAP. The principal limitation of EBITDA is that it excludes
significant expenses that are required by GAAP to be recorded in
the company’s financial statements. In order to compensate for
these limitations, management presents EBITDA together 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. A
reconciliation table of net loss, the most comparable GAAP
financial measure, to EBITDA is 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.
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. 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.
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 revenue guidance for the
year ending December 31, 2022, and expectations regarding adoption
of the ExPERT™ platform, expansion of and revenue from our SPL
Programs 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 Annual Report on Form 10-K for the
year ended December 31, 2021, filed with the Securities and
Exchange Commission on March 22, 2022, 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 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 Adviser Gilmartin
Group David Deuchler, CFA |
+1
415-937-5400 ir@maxcyte.com |
|
|
US Media
RelationsValerie EnesSeismic |
+1 408-497-8568 |
|
|
Nominated Adviser and
Joint Corporate Broker Panmure Gordon Emma Earl
/ Freddy Crossley Corporate Broking Rupert
Dearden |
+44 (0)20 7886
2500 |
|
|
UK IR
AdviserConsilium Strategic
CommunicationsMary-Jane ElliottChris Welsh |
+44 (0)203 709
5700maxcyte@consilium-comms.com |
|
|
MaxCyte, Inc.Unaudited Consolidated
Balance Sheets
|
|
|
|
|
March 31, |
|
December 31, |
|
2022 |
|
2021 |
|
|
|
|
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
239,777,300 |
|
|
$ |
47,782,400 |
|
Short-term
investments, at amortized cost |
|
6,498,600 |
|
|
|
207,261,400 |
|
Accounts
receivable |
|
8,627,800 |
|
|
|
6,877,000 |
|
Accounts
receivable - TIA |
|
2,119,200 |
|
|
|
— |
|
Inventory |
|
6,581,600 |
|
|
|
5,204,600 |
|
Prepaid expenses
and other current assets |
|
2,190,200 |
|
|
|
3,307,400 |
|
Total
current assets |
|
265,794,700 |
|
|
|
270,432,800 |
|
|
|
|
|
|
|
Property and
equipment, net |
|
13,203,700 |
|
|
|
7,681,200 |
|
Right of use asset
- operating leases |
|
10,901,900 |
|
|
|
5,689,300 |
|
Other assets |
|
1,054,900 |
|
|
|
316,700 |
|
Total
assets |
$ |
290,955,200 |
|
|
$ |
284,120,000 |
|
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
Accounts
payable |
$ |
4,365,700 |
|
|
$ |
1,820,300 |
|
Accrued expenses
and other |
|
3,870,800 |
|
|
|
6,523,500 |
|
Operating lease
liability, current |
|
480,200 |
|
|
|
527,200 |
|
Deferred revenue,
current portion |
|
6,831,700 |
|
|
|
6,746,800 |
|
Total
current liabilities |
|
15,548,400 |
|
|
|
15,617,800 |
|
|
|
|
|
|
|
Operating lease
liability, net of current portion |
|
12,770,900 |
|
|
|
5,154,900 |
|
Other
liabilities |
|
451,100 |
|
|
|
450,200 |
|
Total
liabilities |
|
28,770,400 |
|
|
|
21,222,900 |
|
|
|
|
|
|
|
Commitments and contingencies (Note 8) |
|
|
|
|
|
Stockholders’ equity |
|
|
|
|
|
Preferred stock,
$0.01 par value; 5,000,000 shares authorized and no shares issued
and outstanding at March 31, 2022 and December 31, 2021 |
|
— |
|
|
|
— |
|
Common stock,
$0.01 par value; 400,000,000 shares authorized, 101,509,892 and
101,202,705 shares issued and outstanding at
March 31, 2022 and December 31, 2021,
respectively |
|
1,015,100 |
|
|
|
1,012,000 |
|
Additional paid-in
capital |
|
379,541,500 |
|
|
|
376,189,600 |
|
Accumulated
deficit |
|
(118,371,800 |
) |
|
|
(114,304,500 |
) |
Total
stockholders’ equity |
|
262,184,800 |
|
|
|
262,897,100 |
|
Total
liabilities and stockholders’ equity |
$ |
290,955,200 |
|
|
$ |
284,120,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MaxCyte, Inc.Unaudited Consolidated
Statements of Operations
|
|
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Revenue |
$ |
11,587,300 |
|
|
$ |
6,494,900 |
|
Cost of goods
sold |
|
1,062,600 |
|
|
|
693,100 |
|
Gross
profit |
|
10,524,700 |
|
|
|
5,801,800 |
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
Research and
development |
|
3,765,300 |
|
|
|
6,076,300 |
|
Sales and
marketing |
|
3,838,700 |
|
|
|
2,789,100 |
|
General and
administrative |
|
6,632,500 |
|
|
|
2,997,900 |
|
Depreciation and
amortization |
|
447,300 |
|
|
|
311,600 |
|
Total
operating expenses |
|
14,683,800 |
|
|
|
12,174,900 |
|
Operating
loss |
|
(4,159,100 |
) |
|
|
(6,373,100 |
) |
|
|
|
|
|
|
Other
income (expense): |
|
|
|
|
|
Interest and other
expense |
|
— |
|
|
|
(742,300 |
) |
Interest
income |
|
91,800 |
|
|
|
9,800 |
|
Total
other income (expense) |
|
91,800 |
|
|
|
(732,500 |
) |
Net
loss |
$ |
(4,067,300 |
) |
|
$ |
(7,105,600 |
) |
Basic and
diluted net loss per share |
$ |
(0.04 |
) |
|
$ |
(0.09 |
) |
Weighted
average shares outstanding, basic and diluted |
|
101,305,943 |
|
|
|
81,004,081 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MaxCyte, Inc.Unaudited Consolidated
Statements of Cash Flows
|
|
|
Three Months Ended March 31, |
|
2022 |
|
2021 |
Cash flows
from operating activities: |
|
|
|
|
|
Net loss |
$ |
(4,067,300 |
) |
|
$ |
(7,105,600 |
) |
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
Depreciation and amortization |
|
487,400 |
|
|
|
315,900 |
|
Net book value of consigned equipment sold |
|
32,800 |
|
|
|
1,600 |
|
Loss on disposal of fixed assets |
|
— |
|
|
|
6,100 |
|
Fair value adjustment of liability classified warrant |
|
— |
|
|
|
347,900 |
|
Stock-based compensation |
|
2,462,400 |
|
|
|
1,319,800 |
|
Amortization of discounts on short-term investments |
|
(33,200 |
) |
|
|
7,500 |
|
Non-cash interest expense |
|
— |
|
|
|
5,400 |
|
|
|
|
|
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(1,750,800 |
) |
|
|
877,600 |
|
Accounts receivable - TIA |
|
(2,119,200 |
) |
|
|
— |
|
Inventory |
|
(1,377,000 |
) |
|
|
(287,900 |
) |
Other current assets |
|
1,117,200 |
|
|
|
17,700 |
|
Right of use asset – operating leases |
|
(5,212,600 |
) |
|
|
137,300 |
|
Right of use asset – finance lease |
|
— |
|
|
|
23,800 |
|
Other assets |
|
(738,200 |
) |
|
|
(49,100 |
) |
Accounts payable, accrued expenses and other |
|
(150,500 |
) |
|
|
(1,420,300 |
) |
Operating lease liability |
|
7,569,000 |
|
|
|
(137,600 |
) |
Deferred revenue |
|
84,900 |
|
|
|
1,224,400 |
|
Other liabilities |
|
900 |
|
|
|
73,400 |
|
Net cash used in
operating activities |
|
(3,694,200 |
) |
|
|
(4,642,100 |
) |
|
|
|
|
|
|
Cash flows
from investing activities: |
|
|
|
|
|
Maturities of
short-term investments |
|
200,796,000 |
|
|
|
16,000,000 |
|
Purchases of
property and equipment |
|
(5,999,500 |
) |
|
|
(308,500 |
) |
Net cash provided by investing activities |
|
194,796,500 |
|
|
|
15,691,500 |
|
|
|
|
|
|
|
Cash flows
from financing activities: |
|
|
|
|
|
Net proceeds from
issuance of common stock |
|
— |
|
|
|
51,808,900 |
|
Principal payments
on notes payable |
|
— |
|
|
|
(4,922,400 |
) |
Proceeds from
exercise of stock options |
|
892,600 |
|
|
|
2,037,100 |
|
Principal payments
on finance leases |
|
— |
|
|
|
(24,500 |
) |
Net cash provided by financing activities |
|
892,600 |
|
|
|
48,899,100 |
|
Net increase in
cash and cash equivalents |
|
191,994,900 |
|
|
|
59,948,500 |
|
Cash and cash
equivalents, beginning of period |
|
47,782,400 |
|
|
|
18,755,200 |
|
Cash and cash
equivalents, end of period |
$ |
239,777,300 |
|
|
$ |
78,703,700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited Reconciliation of Net Loss to
EBITDA
|
|
|
Three Months Ended |
|
March 31, |
|
2022 |
|
2021 |
(in thousands) |
|
|
|
|
|
Net loss |
$ |
(4,067 |
) |
|
$ |
(7,106 |
) |
Depreciation and amortization
expense |
|
487 |
|
|
|
316 |
|
Interest expense, net |
|
(92 |
) |
|
|
385 |
|
Income taxes |
|
— |
|
|
|
— |
|
EBITDA |
$ |
(3,672 |
) |
|
$ |
(6,405 |
) |
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