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- Fourth-quarter 2021 revenue expected to exceed $10 million
- Full-year 2021 revenue expected to exceed $33.7 million
- Installed base of over 500 instruments
- 15 SPLs covering more than 95 projects, of which more than 15% have entered the clinic
- Pre-commercial milestone revenue potential of our SPL program exceeds $1.25 billion
GATHERSBURG, Md., Jan. 23, 2022 (GLOBE NEWSWIRE) — MaxCyte, Inc., (NASDAQ:MXCT, LSE: MXCT, MXCN)), a leading commercial cell engineering company focused on providing enabling platform technologies to advance innovative cell-based research and the discovery, development and commercialization of next-generation cell therapies, provided an initial revenue update today Fourth quarter and full year 2021 results.
Preliminary Unaudited Fourth Quarter and Full Year 2021 Revenue
Management expects total revenue to exceed $10 million in the fourth quarter of 2021, up from $8.5 million in the fourth quarter of 2020, reflecting at least a 17% increase in total revenue and at least a 37% increase in core business revenue.
MaxCyte’s fourth-quarter 2021 revenue was derived from its core business, which is defined as the sale or lease of instruments, the sale of disposables, and the sale of consumables (buffers) to the cell therapy and drug discovery markets.
MaxCyte also generates revenue, such as pre-commercial milestone payments, under a strategic platform license agreement (SPL) with cell therapy developers. These incomes are classified as program-related income and are not included in core business income.
Preliminary revenue for the full year ended December 31, 2021 is expected to exceed $33.7 million, up from $26.2 million for the full year of 2020, reflecting a growth of at least 28% in total revenue and at least 36% in core business revenue. Revenue for the full year ended December 31, 2021 included program-related revenue of $2.5 million compared to program-related revenue of $3.3 million in 2020.
MaxCyte ended the year with 15 SPLs, including four added in 2021: Nkarta, Inc., Myeloid Therapeutics, Celularity, Inc., and Sana Biotechnology, Inc.
MaxCyte President and CEO Doug Doerfler said: “We are proud of our fourth-quarter and full-year results, a year of key accomplishments for the company. This included raising $257.2 million in gross equity gains, closing a U.S. IPO and starting trading on the Nasdaq The continued significant organic growth of our common stock, our core business, and the continued success of our SPL signing with an innovative cell therapy developer. We are also pleased to confirm our ExPERT™ VLx instrument at the end of December.”
“We remain optimistic about our SPL’s potential to generate significant revenue over the next 12 to 18 months and beyond. Our partners continue to achieve clinical success — particularly in incorporating their next-generation product candidates into pivotal trials. We also see potential to submit several IND applications for our SPL clients in vitro Engineered Cell Therapy of the Year.Finally, we will continue to benefit from in vitro Engineering Cell Therapy Space. Therefore, we believe our SPL pipeline is still…
The full story is available on Benzinga.com
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