MaxCyte reports solid second-quarter performance

7th Aug 2024 12:36

(Sharecast News) - Cell engineering company MaxCyte reported a robust financial performance for its second quarter on Wednesday, with total revenue reaching $10.4m, a 15% increase compared to the same period in 2023.

The AIM-traded firm said that growth was largely driven by a significant rise in revenue from its strategic platform licence (SPL) programme, which saw a 279% increase, generating $2.9m in the quarter.

However, the company's core business revenue experienced a 9% decline, totaling $7.6m in the second quarter.

Despite that, MaxCyte's SPL programme continued to gain traction, with five new clients added so far in 2024, including notable companies like Legend Biotech and Be Biopharma.

That expansion brought the total number of SPL partners to 28.

As of 30 June, MaxCyte reported strong liquidity with $199.8m in cash, cash equivalents, and investments, positioning the company well to continue advancing its platform technologies and expanding its market presence.

"We are pleased by our second quarter results and our business performance in the first half of 2024 and remain confident we will deliver our full year guidance," said president and chief executive officer Maher Masoud.

"We continue to drive commercial execution in cell therapy and believe that we remain the premier cell engineering platform in the industry.

"Since the beginning of the year, MaxCyte has signed five new SPLs, which includes recently signed Legend Biotech, along with Be Biopharma, in March 2024."

Masoud said the company's total number of SPLs now stood at 28, highlighting the demand for its platform and its expansion into a range of different indications.

"As our clients continue to progress through the clinic, we believe we continue to provide the best electroporation platform with the best support for their programmes.

"We remain excited by continued demand for our platform and our role in enabling a growing set of next-generation cell therapies."

At 1206 BST, shares in MaxCyte were up 2.39% at 343p.

Reporting by Josh White for Sharecast.com.