MaxCyte Increases 2022 Core Revenue Growth Guidance to be at
least 25% and Reiterates Milestone Revenue Guidance of $4 million
GAITHERSBURG, Md., May 9, 2022 /PRNewswire/ -- 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
|
+1
415-937-5400
|
Gilmartin
Group
|
ir@maxcyte.com
|
David Deuchler,
CFA
|
|
|
|
US Media
Relations
|
+1
408-497-8568
|
Valerie
Enes
|
|
Seismic
|
|
|
|
Nominated
Adviser and Joint Corporate Broker
|
+44 (0)20 7886
2500
|
Panmure
Gordon
|
|
Emma Earl / Freddy
Crossley
|
|
Corporate
Broking
|
|
Rupert
Dearden
|
|
|
|
UK IR
Adviser
|
+44 (0)203 709
5700
|
Consilium
Strategic Communications
|
maxcyte@consilium-comms.com
|
Mary-Jane
Elliott
|
|
Chris
Welsh
|
|
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)
|
|
|
|
|
|
|
|
|