On March 6, 2023 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, reported preliminary revenue results for the fourth quarter and full year 2022 and provided initial 2023 revenue guidance (Press release, MaxCyte, MAR 6, 2023, View Source [SID1234628205]).
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Preliminary Unaudited Fourth Quarter and Full Year 2022 Revenue
Management expects total revenue for the fourth quarter of 2022 to be approximately $12.4 million, up from $10.2 million in the fourth quarter of 2021, reflecting growth of approximately 22% including approximately 4% growth in core business revenue. Revenue for the quarter ended December 31, 2022 includes approximately $1.9 million of Strategic Platform Licenses ("SPLs") program-related revenue, compared to immaterial program-related revenue in the fourth quarter of 2021.
Total revenue for the year ended December 31, 2022 is expected to be approximately $44.3 million, up from $33.9 million in full year 2021, reflecting growth of approximately 31% in total revenue and approximately 26% in core business revenue. Revenue for the year ended December 31, 2022 includes approximately $4.6 million of SPL program-related revenue, compared to $2.5 million of program-related revenue in 2021.
MaxCyte’s revenue is derived from its core business (sales and leases of instruments and sales of disposables to cell therapy and drug discovery customers), as well as program-related revenue from SPL agreements.
MaxCyte ended the year with 18 SPL partnerships, including 3 SPL partnerships added during 2022 with Intima Bioscience, LG Chem, and Curamys. MaxCyte signed an SPL partnership agreement with Catamaran Bio in January 2023, bringing the current total number of SPL partnerships to 19.
"We delivered strong growth across the business in 2022, giving us confidence as reflected in our initial 2023 revenue guidance," said Doug Doerfler, President and CEO of MaxCyte. "Our diverse and robust partnership portfolio continues to grow with three new partnerships added in 2022, in addition to the signing of a partnership with Vertex Pharmaceuticals following the transfer from CRISPR Therapeutics for the development of its CRISPR/Cas9-based gene-edited therapy (exa-cel, formerly known as CTX001). We were pleased to announce an additional partnership in January 2023 with Catamaran Bio to support their CAR-NK cell therapy programs for solid tumors. We look forward to further expansion of our partnerships based on a strong pipeline and the continued progression of our partners’ programs as they move into and through the clinic towards commercialization."
In addition to revenue, management regularly reviews key business metrics to evaluate MaxCyte’s business, measure performance, identify trends affecting its business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:
As of December 31,
2022
2021
2020*
Installed base of instruments (sold or leased)
>600
>500
>400
Number of active SPL partnerships
18
15
12
Total number of licensed clinical programs (SPL partnerships only)
>125
>95
>75
Total number of active licensed clinical programs under SPL partnerships currently in the clinic**
16
15
7
Total potential pre-commercial milestones under SPL partnerships
>$1.55 billion
>$1.25 billion
>$950 million
* Amounts presented as of December 31, 2020, give effect to one SPL entered into and additional INDs cleared in January 2021.
** Number of licensed clinical programs under SPLs are by number of product candidates and not by indication.
MaxCyte’s fourth quarter and full year 2022 financial results presented in this release are preliminary and unaudited and are subject to revision based on the completion of MaxCyte’s normal quarter and year-end process and year-end audit. As a result, these preliminary results may differ from the audited actual results that will be reflected in MaxCyte’s consolidated financial statements for the year ended December 31, 2022, which we expect to issue on March 15, 2023.
2023 Revenue Guidance
Management is providing initial 2023 revenue guidance for total revenue, core business revenue and SPL program-related revenue.
Management expects full year 2023 total revenue growth between 21% and 26% over 2022, including core business revenue growth between 20% and 25% over 2022, and SPL program-related revenue of approximately $6 million.
Fourth Quarter and Full Year Financial Results
MaxCyte will report full 2022 financial results and host a conference call on March 15, 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 View Source