MaxCyte reports Q3 EPS (11c), consensus (10c)

Reports Q3 revenue $8.01M, consensus $9.77M. Total cash, cash equivalents and investments were $208.7M as of September 30 . We continue to expect to end the year with approximately $200M 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.”