In This Article:
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Total Revenue: $10.4 million in Q2 2024, a 15% increase from Q2 2023.
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Core Revenue: $7.6 million, a 9% decline from the prior year quarter.
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SPL Program-related Revenue: $2.9 million in Q2 2024, up from $0.8 million in Q2 2023.
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Cell Therapy Revenue: $6.2 million, a 6% year-over-year decline.
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Drug Discovery Revenue: $1.4 million, an 18% year-over-year decline.
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Instrument Revenue: $1.8 million, compared to $2.1 million in Q2 2023.
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Lease Revenue: $2.6 million, compared to $2.7 million in Q2 2023.
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Processing Assembly (PA) Revenue: $3 million, compared to $3.3 million in Q2 2023.
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Gross Margin: 86% in Q2 2024, slightly higher than 85% in Q2 2023.
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Operating Expenses: $20.9 million in Q2 2024, compared to $20.7 million in Q2 2023.
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Cash, Cash Equivalents, and Investments: $199.8 million at the end of Q2 2024.
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Year-end Cash Expectation: Increased to $180 million from $175 million.
Release Date: August 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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MaxCyte Inc (NASDAQ:MXCT) reported a 15% increase in total revenue for the second quarter of 2024 compared to the same period in 2023.
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The company signed five new Strategic Platform Licenses (SPLs) in 2024, including a significant partnership with Legend Biotech.
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MaxCyte Inc (NASDAQ:MXCT) achieved $6 million in SPL Program-related revenue in the first half of 2024, surpassing initial expectations.
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The company maintains a strong gross margin of 86% in the second quarter of 2024, slightly higher than the previous year.
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MaxCyte Inc (NASDAQ:MXCT) has a robust cash position with $199.8 million in cash, cash equivalents, and investments, and no debt.
Negative Points
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Core revenue declined by 9% year-over-year, with specific declines in cell therapy and drug discovery revenues.
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Instrument revenue continues to be impacted by cautious capital spending from customers, reflecting a challenging market environment.
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The company has moderated its expectations for the VLX product, reducing investment in this area.
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MaxCyte Inc (NASDAQ:MXCT) does not anticipate additional SPL Program-related revenue milestones for the remainder of 2024.
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The funding environment for cell therapy developers remains stable but has not significantly improved, affecting customer spending behavior.
Q & A Highlights
Q: Have you seen any benefit from commercial volumes on the PA or leased instrument side of things? A: Maher Masoud, President and CEO, explained that while they do not break out CASGEVY's impact separately, the commercialization of the product could potentially include incremental lease revenue and PAs used in a commercial setting. However, due to confidentiality and having only one commercial stage partner, they do not provide specific details.