On January 8, 2024 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, reported a preliminary update on financial results for the fourth quarter and full year ended December 31, 2023 (Press release, MaxCyte, JAN 8, 2024, View Source [SID1234639088]).
Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:
Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing
Schedule Your 30 min Free Demo!
Preliminary Unaudited Fourth Quarter and Full Year 2023 Results
Total revenue for the fourth quarter of 2023 is expected to be between $15.5 million and $15.7 million, compared to $12.4 million in the fourth quarter of 2022.
● Core revenue is expected to be between $7.0 million and $7.2 million, compared to $10.6 million in the fourth quarter of 2022.
● Strategic Platform License (SPL) Program-related revenue is expected to be approximately $8.5 million, compared to $1.9 million in the fourth quarter of 2022.
Total revenue for the fiscal year of 2023 is expected to be between $41.1 and $41.3 million, compared to $44.3 million for fiscal year 2022.
● Core revenue is expected to be between $29.6 million and $29.8 million, compared to $39.6 million for fiscal year 2022.
● SPL Program-related revenue is expected to be approximately $11.4 million, compared to $4.6 million for fiscal year 2022.
Total cash, cash equivalents, and investments as of December 31, 2023 is expected to be approximately $210 million.
"MaxCyte reported preliminary revenue above our updated total revenue guidance provided in December. The operating environment in the Cell Therapy industry was challenging in 2023; however, we remain confident in the opportunity that exists for MaxCyte in the years ahead," said Maher Masoud, President and CEO of MaxCyte. "In 2023, we supported our partner, Vertex Pharmaceuticals Inc., in the approval of CASGEVY, the first non-viral cell therapy product approved by the FDA. This milestone ushers in a new era of engineered cell therapies to treat diseases and validates the value of our platform. We are committed to supporting our partners in their commercial journeys and the profound impact they will make in patients’ lives."
MaxCyte’s fourth quarter and full year results are preliminary and unaudited and subject to change in connection with the completion of MaxCyte’s quarterly and year-end closing processes and the preparation of its audited financial statements for the quarter and fiscal year ended December 31, 2023. As a result, these preliminary results may differ from the actual results that will be reflected in MaxCyte’s consolidated financial statements for the quarter and fiscal year ended December 31, 2023, which are expected to be released in March 2024 and will be included in MaxCyte’s Annual Report on Form 10-K.