MaxCyte (MXCT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue increased 15% year-over-year to $10.4 million, driven by strong SPL program-related revenue and five new SPLs signed, bringing the total to 28.

• Net loss for Q2 2024 was $9.4 million, an improvement from $10.5 million in Q2 2023.

• Gross margin rose to 86% in Q2 2024 from 85% in Q2 2023.

• The company remains optimistic about long-term opportunities in cell therapy, despite a stable but cautious funding environment.

• The company continues to invest in R&D and commercial expansion, expecting ongoing net losses as it grows.

Financial highlights

• Total revenue for the six months ended June 30, 2024 was $21.8 million, up 24% year-over-year.

• Core revenue declined 9% year-over-year in Q2 to $7.6 million; H1 2024 core revenue was $15.8 million, down 2%.

• SPL program-related revenue surged 279% year-over-year in Q2 to $2.9 million; H1 2024 SPL revenue was $6.0 million, up from $1.6 million.

• Operating expenses were $20.9 million in Q2 2024, nearly flat year-over-year.

• Cash, cash equivalents, and investments totaled $199.8 million at quarter-end, with no debt.

Outlook and guidance

• Year-end 2024 cash and investments are expected to be at least $180 million, up from $175 million previously.

• Core revenue for 2024 is expected to be flat to 5% growth versus 2023.

• SPL program-related revenue for 2024 is now expected to be approximately $6 million, with no further milestones anticipated this year.

• No Casgevy-related commercial milestone revenue is included in 2024 guidance.

• Existing cash, equivalents, and investments are expected to fund operations for at least the next 12 months.