MaxCyte (MXCT) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue was $10.4 million, down 8% year-over-year, with core revenue stable at $8.2 million and SPL program-related revenue at $2.1 million.

• Net loss for Q1 2025 was $10.3 million, with an accumulated deficit of $227.1 million as of March 31, 2025.

• Integration of SecureDX/SeQure Dx is progressing well, expanding offerings in gene therapy safety assessments.

• Added new SPL client TG Therapeutics, bringing total active SPLs to 29.

• Ended Q1 2025 with $174.7 million in cash, cash equivalents, and investments.

Financial highlights

• Core revenue was $8.2 million, flat or up 1% year-over-year; SPL program-related revenue was $2.1 million, down 32% from Q1 2024.

• Gross margin was 86% (non-GAAP adjusted: 83%), down from 88% in Q1 2024.

• Operating expenses decreased to $21.2 million from $22.2 million year-over-year.

• Net loss widened to $10.3 million from $9.5 million in Q1 2024; operating loss was $12.3 million, nearly flat year-over-year.

• Cash, equivalents, and investments totaled $174.7 million at quarter-end.

Outlook and guidance

• Reiterated 2025 core revenue growth guidance of 8%-15% over 2024, including at least $2 million from SecureDX/SeQure Dx.

• SPL program-related revenue expected to be approximately $5 million for 2025.

• Anticipates ending 2025 with about $160 million in cash and investments.

• Guidance assumes no material change in customer operating environment.

• Management expects continued revenue growth but ongoing near-term operating losses.