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
innovative bioprocessing applications, today announced financial
results for the third quarter ended September 30, 2023.
Third Quarter and Recent
Highlights
- Total revenue of
$8.0 million in the third quarter of 2023, a decrease of 25%
compared to the third quarter of 2022.
- Core business
revenue of $6.6 million in the third quarter of 2023, a decrease of
33% compared to the third quarter of 2022.
- SPL
Program-related revenue of $1.4 million in the third quarter of
2023, compared to $0.8 million in the third quarter of 2022.
- Gross profit of
$7.2 million (90% gross margin), compared to $9.3 million (87%
gross margin) in the third quarter of 2022.
- Full year 2023
revenue guidance of approximately $34-$36 million total revenue and
approximately $28-$30 million of core revenue, and SPL
Program-related revenue of approximately $6 million, all consistent
with guidance previously provided on October 4th.
- Total cash, cash
equivalents and investments were $208.7 million as of September 30,
2023.
- We continue to
expect to end the year with approximately $200 million in cash,
cash equivalents and investments, which would be unchanged from our
initial outlook at the beginning of the year.
“MaxCyte’s third quarter revenue was at the
higher end of our preliminary revenue range we announced in
October. We continue to evaluate and address the industry
challenges we have seen throughout 2023, with performance in-line
with the revised guidance that we provided last month. Customers,
particularly early-stage customers, continue to reprioritize their
spend and operate with more caution—an operating environment we
expect to persist at least through the remainder of 2023,” said
Doug Doerfler, President and Chief Executive Officer at
MaxCyte.
“Despite these challenges, we believe that the
long-term opportunity for the cell and gene therapy market is
robust and continue to make targeted investments that support the
industry and our partners in their development of high-potential
complex cell therapies through the clinical and commercial stages.
This includes further expansion of gene-editing modalities and
indications such as autoimmune disease, solid tumors, and rare
diseases. We are proud of our partners’ progress and success thus
far and we look forward to cell therapies supported by MaxCyte’s
platform entering the market in the near, medium, and long term.
Importantly, we remain confident in our ability to expand our
partnership portfolio and support the market in enabling a growing
set of next-generation cell therapies. We are also excited about
the prospects of the VLx platform and expanding our market
opportunity into bioprocessing applications including rapid
large-scale transiently expressed protein production for
preclinical and early clinical use.”
The following table provides details regarding the sources of
our revenue for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Nine Months Ended |
|
|
|
|
|
September 30, |
|
|
|
September 30, |
|
|
|
|
|
2023 |
|
2022 |
|
% |
|
2023 |
|
2022 |
|
% |
|
(in thousands, except
percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell therapy |
|
$ |
4,701 |
|
$ |
7,898 |
|
(40 |
%) |
|
$ |
|
17,311 |
|
|
|
23,002 |
|
(25 |
%) |
|
Drug discovery |
|
|
1,900 |
|
|
1,991 |
|
(5 |
%) |
|
|
|
5,350 |
|
|
|
6,074 |
|
(12 |
%) |
|
Program-related |
|
|
1,404 |
|
|
754 |
|
86 |
% |
|
|
|
2,962 |
|
|
|
2,762 |
|
7 |
% |
|
Total revenue |
|
$ |
8,005 |
|
$ |
10,643 |
|
(25 |
%) |
|
|
$ |
25,623 |
|
|
$ |
31,838 |
|
(20 |
%) |
|
Third Quarter 2023 Financial
Results
Total revenue for the third quarter of 2023 was
$8.0 million, compared to $10.6 million in the third quarter of
2022, representing a decline of 25%.
Core business revenue (sales and leases of
instrument and disposables to cell therapy and drug discovery
customers, excluding SPL Program-related revenue) for the third
quarter of 2023 was $6.6 million, compared to $9.9 million in the
third quarter of 2022, representing a decline of 33%.
Cell therapy revenue for the third quarter of
2023 was $4.7 million, compared to $7.9 million in the third
quarter of 2022, representing a decline of 40%. Drug discovery
revenue for the third quarter of 2023 was $1.9 million, compared to
$2.0 million in the third quarter of 2022, representing a decline
of 5%.
Strategic Platform License (SPL) Program-related
revenue was $1.4 million in the third quarter of 2023, as compared
to $0.8 million in the third quarter of 2022.
Gross profit for the third quarter of 2023 was
$7.2 million (90% gross margin), compared to $9.3 million (87%
gross margin) in the third quarter of 2022.
Operating expenses for the third quarter of 2023
were $21.2 million, compared to operating expenses of $17.0 million
in the third quarter of 2022.
Third quarter 2023 net loss was $11.3 million
compared to net loss of $6.4 million for the same period in 2022.
EBITDA, a non-GAAP measure, was a loss of $12.9 million for the
third quarter of 2023, compared to a loss of $7.1 million for the
third quarter of 2022. Stock-based compensation expense was $3.6
million for the third quarter versus $3.2 million for the third
quarter of 2022.
2023 Revenue Guidance
- Total revenue expected to be approximately $34 - 36 million for
the year.
- Core revenue expected to be approximately $28 - 30 million for
the year.
- SPL Program-related revenue expected to be approximately $6
million for the year.
Webcast and Conference Call
Details
MaxCyte will host a conference call today, November 8, 2023, 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
At MaxCyte, we pursue cell engineering
excellence to maximize the potential of cells to improve patients’
lives. We have spent more than 20 years honing our expertise by
building best-in-class platforms, perfecting the art of the
transfection workflow, and venturing beyond today’s processes to
innovate tomorrow’s solutions. 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. By providing our
partners with the right technology platform, as well as scientific,
technical, and regulatory support, we aim to guide them on their
journey to transform human health. Learn more at maxcyte.com and
follow us on Twitter and LinkedIn.
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 expected total revenue, core
business revenue and SPL Program-related revenue for the year
ending December 31, 2023, cash resources and investments at the end
of 2023, reduced spend in the near term from early-stage customers,
longer-term growth of the cell therapy industry, expansion of the
company’s platform into bioprocessing applications, expansion of
and revenue from our SPLs and the progression of our customers’
programs into and through clinical trials and into
commercialization. The words "may," “might,” "will," "could,"
"would," "should," "expect," "plan," "anticipate," "intend,"
"believe," “expect,” "estimate," “seek,” "predict," “future,”
"project," “prospect,” "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 timing and
outcome of our customers’ ongoing and planned clinical trials; the
adequacy of our cash resources and availability of financing on
commercially reasonable terms; general market and economic
conditions that may impact investor confidence in the
biopharmaceutical industry and affect the amount of capital such
investors provide to our current and potential partners; and market
acceptance and demand for our technology and 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, 2022, filed with the
Securities and Exchange Commission on March 15, 2023, as well as in
discussions of potential risks, uncertainties, and other important
factors in our most recent Quarterly report on Form 10-Q and the
other filings that we make with the Securities and Exchange
Commission from time to time. These documents are available through
the Investor Menu, Financials section, under “SEC Filings” on the
Investors page 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 ir@maxcyte.com |
|
|
US Media
RelationsSeismicValerie
EnesNominated Adviser and Joint Corporate
Broker Panmure Gordon Emma Earl
/ Freddy Crossley Corporate Broking Rupert
Dearden |
+1 408-497-8568+44
(0)20 7886 2500 |
UK IR
AdviserICR ConsiliumMary-Jane
ElliottChris Welsh |
+44 (0)203 709
5700maxcyte@consilium-comms.com |
|
|
MaxCyte, Inc.Unaudited Consolidated
Balance Sheets
|
|
September 30, |
|
December 31, |
|
|
2023 |
|
|
2022 |
|
|
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
49,170,300 |
|
|
$ |
11,064,700 |
|
Short-term investments, at
amortized cost |
|
|
141,070,100 |
|
|
|
216,274,900 |
|
Accounts receivable, net |
|
|
8,166,700 |
|
|
|
11,654,600 |
|
Accounts receivable –
TIA* |
|
|
— |
|
|
|
1,912,400 |
|
Inventory |
|
|
12,532,800 |
|
|
|
8,580,800 |
|
Prepaid expenses and other
current assets |
|
|
3,399,500 |
|
|
|
2,778,800 |
|
Total current
assets |
|
|
214,339,400 |
|
|
|
252,266,200 |
|
|
|
|
|
|
|
|
Investments, non-current, at
amortized cost |
|
|
18,428,700 |
|
|
|
— |
|
Property and equipment,
net |
|
|
23,771,800 |
|
|
|
23,724,700 |
|
Right-of-use asset - operating
leases |
|
|
9,567,800 |
|
|
|
9,853,500 |
|
Other assets |
|
|
619,400 |
|
|
|
809,000 |
|
Total
assets |
|
$ |
266,727,100 |
|
|
$ |
286,653,400 |
|
|
|
|
|
|
|
|
Liabilities and
stockholders’ equity |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
446,600 |
|
|
$ |
531,800 |
|
Accrued expenses and
other |
|
|
9,917,600 |
|
|
|
8,025,300 |
|
Operating lease liability,
current |
|
|
698,700 |
|
|
|
156,800 |
|
Deferred revenue, current
portion |
|
|
5,585,900 |
|
|
|
6,712,600 |
|
Total current
liabilities |
|
|
16,648,800 |
|
|
|
15,426,500 |
|
|
|
|
|
|
|
|
Operating lease liability, net
of current portion |
|
|
15,383,400 |
|
|
|
15,938,100 |
|
Other liabilities |
|
|
1,318,400 |
|
|
|
1,321,600 |
|
Total
liabilities |
|
|
33,350,600 |
|
|
|
32,686,200 |
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
Preferred stock, $0.01 par
value; 5,000,000 shares authorized and no shares issued and
outstanding at September 30, 2023 and December 31, 2022 |
|
|
— |
|
|
|
— |
|
Common stock, $0.01 par value;
400,000,000 shares authorized, 103,548,943 and 102,397,913 shares
issued and outstanding at September 30, 2023 and
December 31, 2022, respectively |
|
|
1,035,500 |
|
|
|
1,024,000 |
|
Additional paid-in
capital |
|
|
402,861,500 |
|
|
|
390,818,500 |
|
Accumulated deficit |
|
|
(170,520,500 |
) |
|
|
(137,875,300 |
) |
Total stockholders’
equity |
|
|
233,376,500 |
|
|
|
253,967,200 |
|
Total liabilities and
stockholders’ equity |
|
$ |
266,727,100 |
|
|
$ |
286,653,400 |
|
* Tenant improvement allowance (“TIA”)
MaxCyte, Inc.Unaudited Consolidated
Statements of Operations
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue |
|
$ |
8,004,500 |
|
|
$ |
10,642,800 |
|
|
$ |
25,623,400 |
|
|
$ |
31,837,900 |
|
Cost of goods sold |
|
|
793,400 |
|
|
|
1,368,900 |
|
|
|
3,168,900 |
|
|
|
3,551,900 |
|
Gross
profit |
|
|
7,211,100 |
|
|
|
9,273,900 |
|
|
|
22,454,500 |
|
|
|
28,286,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
6,264,100 |
|
|
|
5,325,100 |
|
|
|
17,974,900 |
|
|
|
13,786,400 |
|
Sales and marketing |
|
|
7,046,900 |
|
|
|
4,506,700 |
|
|
|
19,779,100 |
|
|
|
13,276,000 |
|
General and
administrative |
|
|
6,820,300 |
|
|
|
6,444,400 |
|
|
|
21,981,700 |
|
|
|
20,179,600 |
|
Depreciation and
amortization |
|
|
1,032,500 |
|
|
|
709,800 |
|
|
|
2,922,100 |
|
|
|
1,654,300 |
|
Total operating
expenses |
|
|
21,163,800 |
|
|
|
16,986,000 |
|
|
|
62,657,800 |
|
|
|
48,896,300 |
|
Operating
loss |
|
|
(13,952,700 |
) |
|
|
(7,712,100 |
) |
|
|
(40,203,300 |
) |
|
|
(20,610,300 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
income: |
|
|
|
|
|
|
|
|
|
|
|
|
Other expense |
|
|
— |
|
|
|
(116,000 |
) |
|
|
— |
|
|
|
(116,000 |
) |
Interest income |
|
|
2,700,900 |
|
|
|
1,394,400 |
|
|
|
7,558,100 |
|
|
|
1,964,900 |
|
Total other
income |
|
|
2,700,900 |
|
|
|
1,278,400 |
|
|
|
7,558,100 |
|
|
|
1,848,900 |
|
Net loss |
|
$ |
(11,251,800 |
) |
|
$ |
(6,433,700 |
) |
|
$ |
(32,645,200 |
) |
|
$ |
(18,761,400 |
) |
Basic and diluted net
loss per share |
|
$ |
(0.11 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.32 |
) |
|
$ |
(0.18 |
) |
Weighted average
shares outstanding, basic and
diluted |
|
|
103,449,715 |
|
|
|
101,806,173 |
|
|
|
103,121,997 |
|
|
|
101,555,065 |
|
MaxCyte, Inc.Unaudited Consolidated
Statements of Cash Flows
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(32,645,200 |
) |
|
$ |
(18,761,400 |
) |
|
|
|
|
|
|
|
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and
amortization |
|
|
3,069,300 |
|
|
|
1,778,300 |
|
Net book value of consigned
equipment sold |
|
|
80,000 |
|
|
|
61,900 |
|
Loss on disposal of fixed
assets |
|
|
2,600 |
|
|
|
128,600 |
|
Stock-based compensation |
|
|
10,404,500 |
|
|
|
8,633,800 |
|
Bad debt expense |
|
|
221,000 |
|
|
|
— |
|
Amortization of discounts on
investments |
|
|
(5,123,300 |
) |
|
|
(1,158,400 |
) |
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
3,266,900 |
|
|
|
(556,800 |
) |
Accounts receivable - TIA |
|
|
1,912,400 |
|
|
|
(775,000 |
) |
Inventory |
|
|
(4,087,600 |
) |
|
|
(2,880,700 |
) |
Prepaid expense and other
current assets |
|
|
(620,700 |
) |
|
|
31,800 |
|
Right-of-use asset – operating
leases |
|
|
285,700 |
|
|
|
(4,263,000 |
) |
Other assets |
|
|
189,600 |
|
|
|
(873,100 |
) |
Accounts payable, accrued
expenses and other |
|
|
1,519,800 |
|
|
|
1,156,100 |
|
Operating lease liability |
|
|
(12,800 |
) |
|
|
9,341,900 |
|
Deferred revenue |
|
|
(1,126,700 |
) |
|
|
(455,000 |
) |
Other liabilities |
|
|
(3,200 |
) |
|
|
(105,600 |
) |
Net cash used in operating
activities |
|
|
(22,667,700 |
) |
|
|
(8,696,600 |
) |
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of investments |
|
|
(185,620,600 |
) |
|
|
(213,541,400 |
) |
Maturities of investments |
|
|
247,520,000 |
|
|
|
232,096,000 |
|
Purchases of property and
equipment |
|
|
(2,785,200 |
) |
|
|
(16,282,600 |
) |
Proceeds from sale of
equipment |
|
|
9,100 |
|
|
|
— |
|
Net cash provided by investing
activities |
|
|
59,123,300 |
|
|
|
2,272,000 |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
Proceeds from exercise of
stock options |
|
|
1,650,000 |
|
|
|
1,662,500 |
|
Net cash provided by financing
activities |
|
|
1,650,000 |
|
|
|
1,662,500 |
|
Net increase (decrease) in
cash and cash equivalents |
|
|
38,105,600 |
|
|
|
(4,762,100 |
) |
Cash and cash equivalents,
beginning of period |
|
|
11,064,700 |
|
|
|
47,782,400 |
|
Cash and cash equivalents, end
of period |
|
$ |
49,170,300 |
|
|
$ |
43,020,300 |
|
Unaudited Reconciliation of GAAP Net Loss
to Non-GAAP EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, |
|
September 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss (GAAP) |
$ |
(11,252 |
) |
|
$ |
(6,434 |
) |
|
$ |
(32,645 |
) |
|
$ |
(18,761 |
) |
|
Depreciation and amortization
expense |
|
1,081 |
|
|
|
743 |
|
|
|
3,069 |
|
|
|
1,778 |
|
|
Interest income |
|
(2,701 |
) |
|
|
(1,394 |
) |
|
|
(7,558 |
) |
|
|
(1,965 |
) |
|
Income taxes |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
EBITDA (Non-GAAP) |
$ |
(12,871 |
) |
|
$ |
(7,085 |
) |
|
$ |
(37,134 |
) |
|
$ |
(18,948 |
) |
|
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