TIDMMXCT TIDMTTM
RNS Number : 8908F
MaxCyte, Inc.
10 November 2022
MaxCyte Reports Third Quarter 2022 Financial Results
22% Year-Over-Year Core Business Revenue Growth in Third Quarter
2022
Reiterates 2022 Revenue Guidance
ROCKVILLE, MD, November 10, 2022 - 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 financial results for the third quarter ended September
30, 2022.
Third Quarter Highlights
-- Total revenue of $10.6 million in the third quarter of 2022,
an increase of 5% over the third quarter of 2021.
-- Core business revenues grew 22% led by revenue from cell
therapy customers which increased 27%, with drug discovery revenues
growing by 4%.
-- Reiterating 2022 guidance for core business revenue growth to be approximately 30%.
-- Expecting SPL Program-related revenue to be approximately $4.0 million for the full year.
-- Total cash, cash equivalents and short-term investments were
$232.9 million as of September 30, 2022.
"We reported another strong quarter, with 22% year-over-year
core business revenue growth, highlighted by 27% growth in revenues
from cell therapy customers. We continue to make ongoing
investments in the company to drive revenue growth and are focused
on increasing customer adoption of our ExPERT(TM) platform in the
industry, to enable a broad range of cell types and target a wide
array of indications. Our strong business performance continues to
validate our technology and our market leading position in cell
engineering, therapeutic discovery and development and
commercialization," said Doug Doerfler, President and CEO of
MaxCyte.
"Overall, our SPL pipeline continues to be robust and we are
confident in the potential of our customers to develop into future
SPL partners with therapeutic programs to generate revenue in
clinical and commercial settings. With the expansion into our new
headquarters and manufacturing facility, we have increased our
in-house manufacturing and process development capabilities to
further support our partners as they move forward in clinical
development towards potential commercialization."
The following table provides details regarding the sources of
our revenue for the periods presented.
Three Months Ended
September 30,
---------------------- -----
2022 2021 %
------------ -------- ----
(in thousands, except percentages)
Cell therapy $ 7,898 $ 6,226 27%
Drug discovery 1,991 1,909 4%
Program-related 754 2,004 (62%)
-------- -------
Total revenue $ 10,643 $ 10,139 5%
======== =======
Third Quarter 2022 Financial Results
Total revenue for the third quarter of 2022 was $10.6 million,
compared to $10.1 million in the third quarter of 2021,
representing an increase of 5%.
Core business revenue ( instruments and disposables to cell
therapy and drug discovery customers and excluding program-related
revenue) was $9.9 million, including 27% revenue growth from cell
therapy customers and 4% from drug discovery customers, compared to
core business revenue of $8.1 million in the same period last
year.
Our SPL Program-related revenue was $0.8 million, compared to
$2.0 million in the third quarter of 2021.
Gross profit for the third quarter of 2022 was $9.3 million (87%
gross margin), compared to $9.2 million (91% gross margin) in the
same period of the prior year.
Operating expenses for the third quarter of 2022 were $17.0
million, compared to operating expenses of $11.6 million in the
third quarter of 2021. The overall increase in operating expenses
was primarily driven by increased staff in field sales, field
science, and manufacturing, as well as product development expenses
to support our customers' and partners' growth. The increase also
included additional sales and marketing expenses, stock-based
compensation and occupancy expenses compared with the same period a
year ago.
Third quarter 2022 net loss was $6.4 million compared to net
loss of $2.7 million for the same period in 2021. EBITDA, a
non-GAAP measure, was a loss of $7.1 million for the third quarter
of 2022, compared to a loss of $2.4 million for the third quarter
of the prior year. Stock-based compensation expense was $3.2
million for the third quarter versus $2.3 million for the same
period in the prior year.
Total cash, cash equivalents and short-term investments were
$232.9 million as of September 30, 2022, compared to $255.0 million
at December 31, 2021.
2022 Revenue Guidance
We expect core business revenue in 2022 to grow approximately
30% compared to 2021. We continue to expect SPL Program-related
revenue to be approximately $4.0 million in 2022.
Webcast and Conference Call Details
MaxCyte will host a conference call today, November 9, 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, 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(R) technology, 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(R),
STx(R) GTx(R) and VLx(TM); 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(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 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
David Deuchler, CFA
+1 415-937-5400
jr@maxcyte.com
US Media Relations
Seismic Collaborative, A Spectrum Science Company
Valerie Enes
+1 408-497-8568
valerie@teamseismic.com
Nominated Adviser and Joint Corporate Broker
Panmure Gordon
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR Adviser
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh
+44 (0)203 709 5700
maxcyte@consilium-comms.com
MaxCyte, Inc.
Unaudited Consolidated Balance Sheets
September 30, December 31,
--------------- ---------------
2022 2021
--------------- ---------------
Assets
Current assets:
Cash and cash equivalents $ 43,020,300 $ 47,782,400
Short-term investments, at amortized cost 189,865,300 207,261,400
Accounts receivable 7,433,800 6,877,000
Accounts receivable - TIA* 775,000 -
Inventory 7,911,600 5,204,600
Prepaid expenses and other current assets 3,275,600 3,307,400
-------------- --------------
Total current assets 252,281,600 270,432,800
Property and equipment, net 22,988,200 7,681,200
Right of use asset - operating leases 9,952,300 5,689,300
Other assets 1,189,800 316,700
-------------- --------------
Total assets $ 286,411,900 $ 284,120,000
============== ==============
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $ 2,086,900 $ 1,820,300
Accrued expenses and other 8,232,400 6,523,500
Operating lease liability, current 152,200 527,200
Deferred revenue, current portion 6,291,800 6,746,800
-------------- --------------
Total current liabilities 16,763,300 15,617,800
Operating lease liability, net of current portion 14,871,800 5,154,900
Deferred revenue, net of current portion 344,600 450,200
-------------- --------------
Total liabilities 31,979,700 21,222,900
-------------- --------------
Stockholders' equity
Preferred stock, $0.01 par value; 5,000,000 shares authorized and no shares
issued and outstanding
at September 30, 2022 and December 31, 2021 - -
Common stock, $0.01 par value; 400,000,000 shares authorized, 101,904,313
and 101,202,705
shares issued and outstanding at September 30, 2022 and December 31, 2021,
respectively 1,019,000 1,012,000
Additional paid-in capital 386,478,900 376,189,600
Accumulated deficit (133,065,700) (114,304,500)
-------------- --------------
Total stockholders' equity 254,432,200 262,897,100
-------------- --------------
Total liabilities and stockholders' equity $ 286,411,900 $ 284,120,000
============== ==============
* Tenant improvement allowance ("TIA")
MaxCyte, Inc.
Unaudited Consolidated Statements of Operations
Three Months Ended September 30, Nine Months Ended September 30,
------------------------------------ -----------------------------------
2022 2021 2022 2021
------------------- --------------- ------------------ ---------------
Revenue $ 10,642,800 $ 10,139,100 $ 31,837,900 $ 23,742,100
Cost of goods sold 1,368,900 943,800 3,551,900 2,421,500
--------------- -------------- -------------- --------------
Gross profit 9,273,900 9,195,300 28,286,000 21,320,600
--------------- -------------- -------------- --------------
Operating expenses:
Research and development 5,325,100 2,746,900 13,786,400 12,027,200
Sales and marketing 4,506,700 3,211,500 13,276,000 8,913,500
General and administrative 6,444,400 5,346,700 20,179,600 12,645,800
Depreciation and amortization 709,800 333,100 1,654,300 967,500
--------------- -------------- -------------- --------------
Total operating expenses 16,986,000 11,638,200 48,896,300 34,554,000
--------------- -------------- -------------- --------------
Operating loss (7,712,100) (2,442,900) (20,610,300) (13,233,400)
--------------- -------------- -------------- --------------
Other income (expense):
Interest and other expense (116,000) (289,000) (116,000) (1,044,400)
Interest income 1,394,400 51,500 1,964,900 70,000
--------------- -------------- -------------- --------------
Total other income (expense) 1,278,400 (237,500) 1,848,900 (974,400)
--------------- -------------- -------------- --------------
Net loss $ (6,433,700) $ (2,680,400) $ (18,761,400) $ (14,207,800)
=============== ============== ============== ==============
Basic and diluted net loss
per share $ (0.06) $ (0.03) $ (0.18) $ (0.16)
=============== ============== ============== ==============
Weighted average shares
outstanding, basic and
diluted 101,806,173 95,662,968 101,555,065 87,178,217
=============== ============== ============== ==============
MaxCyte, Inc.
Unaudited Consolidated Statements of Cash Flows
Nine Months Ended September
30,
----------------------------------
2022 2021
--------------- ---------------
Cash flows from operating activities:
Net loss $ (18,761,400) $ (14,207,800)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization 1,778,300 1,007,400
Net book value of consigned equipment sold 61,900 39,200
Loss on disposal of fixed assets 128,600 18,500
Fair value adjustment of liability classified
warrant - 645,400
Stock-based compensation 8,633,800 5,510,400
Amortization of discounts on short-term investments (1,158,400) (39,500)
Non-cash interest expense - 5,400
Changes in operating assets and liabilities:
Accounts receivable (556,800) (786,200)
Accounts receivable - TIA (775,000) -
Inventory (2,880,700) (300,200)
Prepaid expense and other current assets 31,800 (2,538,900)
Right of use asset - operating leases (4,263,000) 858,000
Right of use asset - finance lease - 63,500
Other assets (873,100) (284,200)
Accounts payable, accrued expenses and other 1,156,100 (431,350)
Operating lease liability 9,341,900 (734,700)
Deferred revenue (455,000) 1,482,800
Other liabilities (105,600) (27,100)
-------------- --------------
Net cash used in operating activities (8,696,600) (9,719,350)
-------------- --------------
Cash flows from investing activities:
Purchases of short-term investments (213,541,400) (202,867,700)
Maturities of short-term investments 232,096,000 22,000,000
Purchases of property and equipment (16,282,600) (2,712,050)
Proceeds from sale of equipment - 4,600
-------------- --------------
Net cash provided by (used in) investing
activities 2,272,000 (183,575,150)
-------------- --------------
Cash flows from financing activities:
Net proceeds from issuance of common stock - 236,077,300
Principal payments on notes payable - (4,922,400)
Proceeds from exercise of stock options 1,662,500 2,424,000
Principal payments on finance leases - (66,100)
-------------- --------------
Net cash provided by financing activities 1,662,500 233,512,800
-------------- --------------
Net increase in cash and cash equivalents (4,762,100) 40,218,300
Cash and cash equivalents, beginning of period 47,782,400 18,755,200
-------------- --------------
Cash and cash equivalents, end of period $ 43,020,300 $ 58,973,500
============== ==============
Unaudited Reconciliation of Net Loss to EBITDA
Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ----------------------
2022 2021 2022 2021
--------- --------- ---------- ----------
(in thousands)
Net loss $ (6,434) $ (2,680) $ (18,761) $ (14,208)
Depreciation and amortization expense 743 366 1,778 1,007
Interest (income) expense, net (1,394) (52) (1,965) 329
Income taxes - - - -
-------- -------- --------- ---------
EBITDA $ (7,085) $ (2,366) $ (18,948) $ (12,871)
======== ======== ========= =========
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