TIDMMXCT TIDMTTM
RNS Number : 8601K
MaxCyte, Inc.
10 May 2022
MaxCyte Reports First Quarter Financial Results
MaxCyte Increases 2022 Core Revenue Growth Guidance to be at
least 25% and Reiterates Milestone Revenue Guidance of $4
million
GAITHERSBURG, MD, May 10, 2022 - 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(TM) 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(TM)
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(R) platform, which facilitates complex engineering
of a wide variety of cells. Our ExPERT(TM) 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(TM), STx(TM) GTx(TM)
and VLx(TM); 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(TM) 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
Valerie Enes
Seismic
Nominated Adviser and Joint Corporate Broker +1 408-497-8568
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden +44 (0)20 7886 2500
UK IR Adviser
Consilium Strategic Communications +44 (0)203 709 5700
Mary-Jane Elliott maxcyte@consilium-comms.com
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)
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