MaxCyte reports strong first quarter

8th May 2024 12:45

(Sharecast News) - MaxCyte reported total first-quarter revenue of $11.3m in an update on Wednesday, making for a 32% increase compared to the same period in 2023.

The AIM-traded firm said core business revenue reached $8.2m, reflecting 5% growth year-on-year.

It said strategic platform licence (SPL) programme-related revenue surged to $3.2m in the quarter, up 292% over the same period in 2023.

The company put that growth down to the addition of four SPL clients in the year-to-date, including Be Biopharma in April, and Wugen, Imugene, and Lion TCR in January.

MaxCyte's SPL partner network now encompassed 27 entities.

As of 31 March, MaxCyte had total cash, cash equivalents, and investments of $202.5m.

"We are pleased with our first quarter results across the business, which included strong SPL programme-related revenue and 5% year-over-year core revenue growth driven by commercial execution and growth in sales to cell therapy customers," said president and chief executive officer Maher Masoud.

"MaxCyte has gained momentum since the beginning of the year, with four newly signed SPLs year to date, including the most recent addition of Be Biopharma."

Masoud said the company was "excited" by demand for its platform and the progress it was seeing its clients make as they progressed through the clinic.

"We work each day to help drive the cell therapy industry forward by providing our customers with our differentiated electroporation platform and best-in-class scientific and technical support for their programmes."

At 0941 BST, shares in MaxCyte were up 9.31% at 317p.

Reporting by Josh White for Sharecast.com.