MaxCyte (MXCT) Q2 2024 earnings summary

Executive summary

• Q2 2024 revenue reached $10.4 million, up 15% year-over-year, with core revenue at $7.6 million and SPL program-related revenue at $2.9 million; H1 2024 revenue was $21.8 million, up 24% year-over-year.

• Net loss for Q2 2024 was $9.4 million, improved from $10.5 million in Q2 2023; EBITDA loss improved to $10.9 million.

• Five new SPLs were signed in 2024, including Legend Biotech, Be Biopharma, Lion TCR, Imugene, and Wugen, bringing the total to 28 SPLs.

• Gross margin rose to 86% in Q2 2024 from 85% in Q2 2023, reflecting a favorable revenue mix.

• Cash, cash equivalents, and investments totaled $199.8 million as of June 30, 2024, with no debt.

Financial highlights

• Q2 2024 total revenue increased 15% year-over-year to $10.4 million; H1 2024 revenue was $21.8 million, up 24% year-over-year.

• Core revenue declined 9% year-over-year to $7.6 million in Q2; cell therapy revenue was $6.2 million (down 6%), drug discovery revenue was $1.4 million (down 18%).

• SPL program-related revenue rose to $2.9 million in Q2 2024, up 279% year-over-year; 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.

• Net loss for H1 2024 was $18.9 million, improved from $21.4 million in the prior year period.

Outlook and guidance

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

• Core revenue guidance for 2024 reiterated at flat to 5% growth versus 2023.

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

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

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