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 to
support innovative cell-based research, today announced preliminary
revenue results for the fourth quarter and full year 2022 and
provided initial 2023 revenue guidance.
Preliminary Unaudited Fourth Quarter and Full Year 2022
Revenue
Management expects total revenue for the fourth quarter of 2022
to be approximately $12.4 million, up from $10.2 million in the
fourth quarter of 2021, reflecting growth of approximately 22%
including approximately 4% growth in core business revenue. Revenue
for the quarter ended December 31, 2022 includes approximately $1.9
million of Strategic Platform Licenses (“SPLs”) program-related
revenue, compared to immaterial program-related revenue in the
fourth quarter of 2021.
Total revenue for the year ended December 31, 2022 is expected
to be approximately $44.3 million, up from $33.9 million in full
year 2021, reflecting growth of approximately 31% in total revenue
and approximately 26% in core business revenue. Revenue for the
year ended December 31, 2022 includes approximately $4.6 million of
SPL program-related revenue, compared to $2.5 million of
program-related revenue in 2021.
MaxCyte’s revenue is derived from its core business (sales and
leases of instruments and sales of disposables to cell therapy and
drug discovery customers), as well as program-related revenue from
SPL agreements.
MaxCyte ended the year with 18 SPL partnerships, including 3 SPL
partnerships added during 2022 with Intima Bioscience, LG Chem, and
Curamys. MaxCyte signed an SPL partnership agreement with Catamaran
Bio in January 2023, bringing the current total number of SPL
partnerships to 19.
“We delivered strong growth across the business in 2022, giving
us confidence as reflected in our initial 2023 revenue guidance,”
said Doug Doerfler, President and CEO of MaxCyte. “Our diverse and
robust partnership portfolio continues to grow with three new
partnerships added in 2022, in addition to the signing of a
partnership with Vertex Pharmaceuticals following the transfer from
CRISPR Therapeutics for the development of its CRISPR/Cas9-based
gene-edited therapy (exa-cel, formerly known as CTX001™). We were
pleased to announce an additional partnership in January 2023 with
Catamaran Bio to support their CAR-NK cell therapy programs for
solid tumors. We look forward to further expansion of our
partnerships based on a strong pipeline and the continued
progression of our partners’ programs as they move into and through
the clinic towards commercialization.”
In addition to revenue, management regularly reviews key
business metrics to evaluate MaxCyte’s business, measure
performance, identify trends affecting its business, formulate
financial projections and make strategic decisions. As of the dates
presented, these key metrics were as follows:
|
|
As of December 31, |
|
|
2022 |
2021 |
2020* |
Installed base of instruments
(sold or leased) |
|
>600 |
>500 |
>400 |
Number of active SPL
partnerships |
|
18 |
15 |
12 |
Total number of licensed
clinical programs (SPL partnerships only) |
|
>125 |
>95 |
>75 |
Total number of active
licensed clinical programs under SPL partnerships currently in the
clinic** |
|
16 |
15 |
7 |
Total potential pre-commercial
milestones under SPL partnerships |
|
>$1.55 billion |
>$1.25 billion |
>$950 million |
* 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. |
|
|
|
|
|
MaxCyte’s fourth quarter and full year 2022 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 differ from the audited actual results that
will be reflected in MaxCyte’s consolidated financial statements
for the year ended December 31, 2022, which we expect to issue on
March 15, 2023.
2023 Revenue Guidance
Management is providing initial 2023 revenue
guidance for total revenue, core business revenue and SPL
program-related revenue.
Management expects full year 2023 total revenue
growth between 21% and 26% over 2022, including core business
revenue growth between 20% and 25% over 2022, and SPL
program-related revenue of approximately $6 million.
Fourth Quarter and Full Year Financial
Results
MaxCyte will report full 2022 financial results and host a
conference call on March 15, 2023, 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
MaxCyte is a leading, cell-engineering focused
company providing enabling platform technologies to advance the
discovery, development and commercialization of next-generation
cell therapeutics and to support innovative, cell-based research.
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 expected revenue for the quarter and
year ended December 31, 2022, expected total revenue growth, core
business revenue growth and SPL program-related revenue for the
year ending December 31, 2023, 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 timing of our customers'
ongoing and planned clinical trials; the adequacy of our cash
resources and availability of financing on commercially reasonable
terms; 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 demand for our products. 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 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+1 415-937-5400ir@maxcyte.com
US Media RelationsSeismic
Collaborative, A Spectrum Science CompanyValerie Enes+1
408-497-8568valerie@teamseismic.com
Nominated Adviser and Joint Corporate
BrokerPanmure GordonEmma Earl / Freddy
CrossleyCorporate BrokingRupert Dearden+44 (0)20 7886 2500
UK IR AdviserConsilium Strategic
CommunicationsMary-Jane Elliott / Chris Welsh+44 (0)203
709 5700maxcyte@consilium-comms.com
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