45% Year-Over-Year Core Business Revenue Growth in Second
Quarter 2022
Raises 2022 Core Revenue Growth Guidance to Approximately
30%
ROCKVILLE, Md., Aug. 10,
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
second quarter and six months ended June 30,
2022.
Second Quarter and Recent Highlights
- Total revenue of $9.6 million in
the second quarter of 2022, an increase of 35% over the second
quarter of 2021 driven by strong growth in the cell therapy market;
core business revenues grew 45% led by revenue from cell therapy
customers which increased 61%, with drug discovery revenues growing
by 4%.
- Raising 2022 revenue guidance for core business revenue growth
to approximately 30%.
- Expecting SPL Program-related revenue to be approximately
$4 million for the full year.
- Total cash, cash equivalents and short-term investments were
$240.9 million as of June 30, 2022.
- Signed the Company's 17th SPL agreement in
July 2022; LG Chem licensed the use
of MaxCyte's Flow Electroporation® ExPERT™ platform to advance
cellular research and development of engineered cell-based
therapies.
"We are pleased with these strong second quarter 2022 results,
with 45% year-over-year core business revenue growth, highlighted
by 61% growth in revenues from Cell Therapy customers. We remain
encouraged by the ongoing growth of our SPL portfolio with the
addition of LG Chem, our 17th SPL partner, and
second SPL agreement signed in 2022, as well as the continued
progress of our existing partnerships. Importantly, our LG Chem
partnership broadens the reach of our SPL portfolio into
Asia," said Doug Doerfler, President and CEO of MaxCyte.
"Overall, our optimism about the potential for the development
programs covered by our existing partners to generate growing
revenue in both pre-clinical research and clinical progress remains
high. Our ExPERT™ platform continues to be used to enable a
broad range of cell types and approaches targeting a wide array of
indications, and its adoption is increasing within the industry. We
are making ongoing investments to drive revenue growth, support and
expand the widening array of applications for our technology, while
also strengthening our team and expanding our ability to support
customers through in-house manufacturing and robust infrastructure.
These investments should allow us to take advantage of expanding
markets and support our partners as they move forward in
development and commercialization."
The following table provides details regarding the sources of
our revenue for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
Six Months
Ended
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
|
|
2022
|
|
2021
|
|
%
|
|
2022
|
|
2021
|
|
%
|
|
(in thousands, except
percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell therapy
|
|
$
|
7,688
|
|
$
|
4,766
|
|
61 %
|
|
$
|
15,104
|
|
$
|
9,494
|
|
59 %
|
|
Drug
discovery
|
|
|
1,916
|
|
|
1,838
|
|
4 %
|
|
|
4,083
|
|
|
3,601
|
|
13 %
|
|
Program-related
|
|
|
4
|
|
|
504
|
|
NM
|
|
|
2,008
|
|
|
508
|
|
295 %
|
|
Total
revenue
|
|
$
|
9,608
|
|
$
|
7,108
|
|
35 %
|
|
$
|
21,195
|
|
$
|
13,603
|
|
56 %
|
|
Second Quarter 2022 Financial Results
Total revenue for the second quarter of 2022 was $9.6 million, compared to $7.1 million in the second quarter of 2021,
representing growth of 35%.
Core business revenue was $9.6
million, including 61% revenue growth from cell therapy
customers and 4% from drug discovery customers, compared to core
business revenue of $6.6 million in
the same period last year.
We did not have any material SPL Program-related revenue in the
second quarter of 2022, as compared to $0.5
million in the second quarter of 2021.
Gross profit for the second quarter of 2022 was $8.5 million (88% gross margin), compared to
$6.3 million (89% gross margin) in
the same period of the prior year.
Operating expenses for the second quarter of 2022 were
$17.2 million, compared to operating
expenses of $10.7 million in the
second quarter of 2021. The overall increase in operating expenses
was primarily driven by increased staff in field sales and science,
manufacturing, and lab teams to support our customers' and
partners' growth. The increase also included additional public
company-related, stock-based compensation, and marketing expenses
compared with the same period a year ago.
Second quarter 2022 net loss was $8.3
million compared to net loss of $4.4
million for the same period in 2021. EBITDA, a non-GAAP
measure, was a loss of $8.2 million
for the second quarter of 2022, compared to a loss of $4.1 million for the second quarter of the prior
year. Stock-based compensation expense was $3.0 million for the second quarter versus
$1.9 million for the same period in
the prior year.
Total cash, cash equivalents and short-term investments were
$240.9 million as of June 30, 2022.
First Half 2022 Financial Results
Total revenue for the first half of 2022 was $21.2 million, compared to $13.6 million in the first half of 2021,
representing growth of 56%. Overall sales to the cell therapy (up
59%) and the drug discovery (up 13%) markets were sources of
strength in the first half.
The Company recognized $2.0
million of program-related revenue in the first half of
2022, as compared to $0.5 million in
program-related revenue in the first half of 2021.
Gross profit for the first half of 2022 was $19.0 million (90% gross margin), compared to
$12.1 million (89% gross margin) in
the same period of the prior year.
Operating expenses for the first half of 2022 were $31.9 million, compared to operating expenses of
$22.9 million in the first half of
2021. The overall increase in operating expenses was primarily
driven by increased staff in field sales and science,
manufacturing, and lab teams to support our customers' and
partners' growth. The increase also included additional stock-based
compensation, public company-related, and marketing expenses
compared with the same period a year ago.
First half 2022 net loss was $12.3
million compared to net loss of $11.5
million for the same period in 2021. EBITDA was a loss of
$11.9 million for the first half of
2022, compared to a loss of $10.5
million for the same period of the prior year. Stock-based
compensation expense was $5.4 million
for the first half of 2022 versus $3.2
million for the same period in the prior year.
2022 Revenue Guidance
We expect core business revenue (instruments and disposables to
cell therapy and drug discovery customers and excluding
program-related revenue) in 2022 to grow approximately 30%
compared to 2021. We 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, August 10, 2022, 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 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® technology, 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.
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.
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 may impact
investor confidence in the biopharmaceutical industry affecting the
amount of capital such investors provide to our current and
potential partners resulting in decreased 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 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
|
+1
415-937-5400
|
David Deuchler,
CFA
|
ir@maxcyte.com
|
|
|
|
|
US Media
Relations
|
+1
408-497-8568
|
Seismic
|
|
Valerie Enes
|
|
|
|
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
|
|
|
|
June 30,
|
|
December 31,
|
|
|
2022
|
|
2021
|
|
|
|
(Unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
109,168,400
|
|
$
|
47,782,400
|
Short-term investments,
at amortized cost
|
|
|
131,719,200
|
|
|
207,261,400
|
Accounts
receivable
|
|
|
7,432,900
|
|
|
6,877,000
|
Accounts receivable –
TIA*
|
|
|
475,600
|
|
|
—
|
Inventory
|
|
|
7,722,000
|
|
|
5,204,600
|
Prepaid expenses and
other current assets
|
|
|
1,311,600
|
|
|
3,307,400
|
Total current
assets
|
|
|
257,829,700
|
|
|
270,432,800
|
|
|
|
|
|
|
|
Property and equipment,
net
|
|
|
20,596,100
|
|
|
7,681,200
|
Right of use asset -
operating leases
|
|
|
10,430,300
|
|
|
5,689,300
|
Other assets
|
|
|
920,500
|
|
|
316,700
|
Total
assets
|
|
$
|
289,776,600
|
|
$
|
284,120,000
|
|
|
|
|
|
|
|
Liabilities and
stockholders' equity
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
$2,456,300
|
|
$
|
1,820,300
|
Accrued expenses and
other
|
|
|
7,901,800
|
|
|
6,523,500
|
Operating lease
liability, current
|
|
|
438,700
|
|
|
527,200
|
Deferred revenue,
current portion
|
|
|
7,310,600
|
|
|
6,746,800
|
Total current
liabilities
|
|
|
18,107,400
|
|
|
15,617,800
|
|
|
|
|
|
|
|
Operating lease
liability, net of current portion
|
|
|
14,053,300
|
|
|
5,154,900
|
Other
liabilities
|
|
|
393,000
|
|
|
450,200
|
Total
liabilities
|
|
|
32,553,700
|
|
|
21,222,900
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
equity
|
|
|
|
|
|
|
Preferred stock, $0.01
par value; 5,000,000 shares authorized and no shares issued
and outstanding at June 30, 2022 and December 31,
2021
|
|
|
—
|
|
|
—
|
Common stock, $0.01 par
value; 400,000,000 shares authorized, 101,661,288 and
101,202,705 shares issued and outstanding at June 30, 2022
and December 31, 2021,
respectively
|
|
|
1,016,600
|
|
|
1,012,000
|
Additional paid-in
capital
|
|
|
382,838,300
|
|
|
376,189,600
|
Accumulated
deficit
|
|
|
(126,632,000)
|
|
|
(114,304,500)
|
Total stockholders'
equity
|
|
|
257,222,900
|
|
|
262,897,100
|
Total liabilities
and stockholders' equity
|
|
$
|
289,776,600
|
|
$
|
284,120,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Tenant improvement allowance ("TIA")
MaxCyte, Inc.
|
|
Unaudited
Consolidated Statements of Operations
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
Revenue
|
|
$
|
9,607,800
|
|
$
|
7,108,100
|
|
$
|
21,195,100
|
|
$
|
13,602,900
|
|
Cost of goods
sold
|
|
|
1,120,400
|
|
|
784,500
|
|
|
2,183,000
|
|
|
1,477,600
|
|
Gross
profit
|
|
|
8,487,400
|
|
|
6,323,600
|
|
|
19,012,100
|
|
|
12,125,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
|
4,696,000
|
|
|
3,203,900
|
|
|
8,461,200
|
|
|
9,280,300
|
|
Sales and
marketing
|
|
|
4,930,600
|
|
|
2,912,900
|
|
|
8,769,300
|
|
|
5,702,000
|
|
General and
administrative
|
|
|
7,102,600
|
|
|
4,301,100
|
|
|
13,735,100
|
|
|
7,298,900
|
|
Depreciation and
amortization
|
|
|
497,100
|
|
|
322,900
|
|
|
944,500
|
|
|
634,400
|
|
Total operating
expenses
|
|
|
17,226,300
|
|
|
10,740,800
|
|
|
31,910,100
|
|
|
22,915,600
|
|
Operating
loss
|
|
|
(8,738,900)
|
|
|
(4,417,200)
|
|
|
(12,898,000)
|
|
|
(10,790,300)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income
(expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense
|
|
|
—
|
|
|
(13,200)
|
|
|
—
|
|
|
(755,500)
|
|
Interest
income
|
|
|
478,700
|
|
|
8,600
|
|
|
570,500
|
|
|
18,400
|
|
Total other income
(expense)
|
|
|
478,700
|
|
|
(4,600)
|
|
|
570,500
|
|
|
(737,100)
|
|
Net
loss
|
|
$
|
(8,260,200)
|
|
$
|
(4,421,800)
|
|
$
|
(12,327,500)
|
|
$
|
(11,527,400)
|
|
Basic and diluted
net loss per share
|
|
$
|
(0.08)
|
|
$
|
(0.05)
|
|
$
|
(0.12)
|
|
$
|
(0.14)
|
|
Weighted average
shares outstanding, basic and diluted
|
|
|
101,427,430
|
|
|
84,706,516
|
|
|
101,547,583
|
|
|
82,865,526
|
|
|
MaxCyte, Inc.
|
Unaudited
Consolidated Statements of Cash Flows
|
|
|
|
Six Months Ended
June 30,
|
|
|
2022
|
|
2021
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
Net loss
|
|
$
|
(12,327,500)
|
|
$
|
(11,527,400)
|
|
|
|
|
|
|
|
|
|
Adjustments to
reconcile net loss to net cash used in operating
activities:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
1,035,000
|
|
|
641,400
|
|
Net book value of
consigned equipment sold
|
|
|
51,400
|
|
|
13,900
|
|
Loss on disposal of
fixed assets
|
|
|
—
|
|
|
19,800
|
|
Fair value adjustment
of liability classified warrant
|
|
|
—
|
|
|
358,200
|
|
Stock-based
compensation
|
|
|
5,435,200
|
|
|
3,225,000
|
|
Amortization of
discounts on short-term investments
|
|
|
(206,100)
|
|
|
1,900
|
|
Non-cash interest
expense
|
|
|
—
|
|
|
5,400
|
|
|
|
|
|
|
|
|
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
Accounts
receivable
|
|
|
(555,900)
|
|
|
(547,300)
|
|
Accounts receivable -
TIA
|
|
|
(475,600)
|
|
|
—
|
|
Inventory
|
|
|
(2,639,500)
|
|
|
(182,300)
|
|
Prepaid expense and
other current assets
|
|
|
1,995,800
|
|
|
(342,700)
|
|
Right of use
asset – operating leases
|
|
|
(4,741,000)
|
|
|
554,400
|
|
Right of use
asset – finance lease
|
|
|
—
|
|
|
47,600
|
|
Other assets
|
|
|
(603,800)
|
|
|
(1,670,200)
|
|
Accounts payable,
accrued expenses and other
|
|
|
939,900
|
|
|
(992,400)
|
|
Operating lease
liability
|
|
|
8,809,900
|
|
|
(584,000)
|
|
Deferred
revenue
|
|
|
563,800
|
|
|
1,911,800
|
|
Other
liabilities
|
|
|
(57,200)
|
|
|
38,000
|
|
Net cash used in
operating activities
|
|
|
(2,775,600)
|
|
|
(9,028,900)
|
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
Purchases of short-term
investments
|
|
|
(131,547,700)
|
|
|
(35,963,100)
|
|
Maturities of
short-term investments
|
|
|
207,296,000
|
|
|
16,000,000
|
|
Purchases of property
and equipment
|
|
|
(12,804,800)
|
|
|
(1,271,100)
|
|
Proceeds from sale of
equipment
|
|
|
—
|
|
|
4,600
|
|
Net cash provided by
(used in) investing activities
|
|
|
62,943,500
|
|
|
(21,229,600)
|
|
|
|
|
|
|
|
|
|
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
|
|
|
1,218,100
|
|
|
2,089,300
|
|
Principal payments on
finance leases
|
|
|
—
|
|
|
(49,300)
|
|
Net cash provided by
financing activities
|
|
|
1,218,100
|
|
|
48,926,500
|
|
Net increase in cash
and cash equivalents
|
|
|
61,386,000
|
|
|
18,668,000
|
|
Cash and cash
equivalents, beginning of period
|
|
|
47,782,400
|
|
|
18,755,200
|
|
Cash and cash
equivalents, end of period
|
|
$
|
109,168,400
|
|
$
|
37,423,200
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unaudited
Reconciliation of Net Loss to EBITDA
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
June 30,
|
|
June 30,
|
|
|
2022
|
|
2021
|
|
2022
|
|
2021
|
|
(in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
$
|
(8,260)
|
|
$
|
(4,422)
|
|
$
|
(12,328)
|
|
$
|
(11,527)
|
|
Depreciation and
amortization expense
|
|
548
|
|
|
333
|
|
|
1,035
|
|
|
641
|
|
Interest (income)
expense, net
|
|
(479)
|
|
|
(6)
|
|
|
(571)
|
|
|
379
|
|
Income taxes
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
EBITDA
|
$
|
(8,191)
|
|
$
|
(4,095)
|
|
$
|
(11,864)
|
|
$
|
(10,507)
|
|