MaxCyte Reports First Quarter 2024 Financial Results and Updates 2024 Guidance

ROCKVILLE - MaxCyte, Inc., (NASDAQ: MXCT; LSE: MXCT), a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development, and commercialization of next-generation cell therapeutics and innovative bioprocessing applications, today announced its first quarter ended March 31, 2024 financial results and updated its 2024 guidance.

First Quarter Highlights

Total revenue of $11.3 million in the first quarter of 2024, an increase of 32% over the first quarter of 2023.

Core business revenue of $8.2 million in the first quarter of 2024, an increase of 5% over the first quarter of 2023.

Strategic Platform License (SPL) Program-related revenue was $3.2 million for the first quarter of 2024, an increase of 292% over the first quarter of 2023.

Four SPL clients signed year-to-date. Be Biopharma signed in April, and Wugen, Imugene, and Lion TCR signed in January. The total number of SPL partners now stands at 27.

Total cash, cash equivalents and investments were $202.5 million as of March 31, 2024.

'We are pleased with our first quarter results across the business, which included strong SPL Program-related revenue and 5% year-over-year core revenue growth driven by commercial execution and growth in sales to cell therapy customers,' said Maher Masoud, President and CEO of MaxCyte.

'MaxCyte has gained momentum since the beginning of the year, with four newly signed SPLs year to date, including the most recent addition of Be Biopharma. We remain excited by demand for our platform and the progress that we continue to see our clients make as they progress through the clinic. We work each day to help drive the cell therapy industry forward by providing our customers with our differentiated electroporation platform and best-in-class scientific and technical support for their programs.'

First Quarter 2024 Financial Results

Total revenue for the first quarter of 2024 was $11.3 million, compared to $8.6 million in the first quarter of 2023, representing growth of 32%.

Core business revenue (sales and leases of instrument and disposables to cell therapy and drug discovery customers, excluding SPL Program-related revenue) for the first quarter of 2024 was $8.2 million, compared to $7.8 million in the first quarter of 2023, representing an increase of 5%.

Cell therapy revenue for the first quarter of 2024 was $6.4 million, compared to $6.0 million in the first quarter of 2023, representing an increase of 7%. Drug discovery revenue for the first quarter of 2024 was $1.8 million, compared to $1.8 million in the first quarter of 2023.

SPL Program-related revenue was $3.2 million in the first quarter of 2024, as compared to $0.8 million in the first quarter of 2023.

Gross profit for the first quarter of 2024 was $9.9 million (88% gross margin), compared to $7.6 million (88% gross margin) in the first quarter of 2023.

Operating expenses for the first quarter of 2024 were $22.2 million, compared to operating expenses of $20.8 million in the first quarter of 2023.

First quarter 2024 net loss was $9.5 million compared to net loss of $10.9 million for the same period in 2023. EBITDA, a non-GAAP measure, was a loss of $11.2 million for the first quarter of 2024, compared to a loss of $12.2 million for the first quarter of 2023; stock-based compensation expense was $3.0 million in the first quarter of 2024 compared to $3.3 million in the first quarter of 2023.

2024 Revenue Guidance

MaxCyte affirms 2024 revenue guidance for core business revenue and is increasing SPL Program-related revenue guidance.

MaxCyte continues to expect full year 2024 core business revenue to be flat to 5% growth compared to 2023. SPL Program-related revenue is now expected to be approximately $5 million. Our outlook for the full year does not include SPL Program-related revenue from Vertex/CRISPR's CASGEVYTM.

MaxCyte expects to end 2024 with at least $175 million in total cash, cash equivalents and investments.

About MaxCyte

At MaxCyte, we pursue cell engineering excellence to maximize the potential of cells to improve patients' lives. We have spent more than 20 years honing our expertise by building best-in-class platforms, perfecting the art of the transfection workflow, and venturing beyond today's processes to innovate tomorrow's solutions. Our ExPERT platform, which is based on our Flow Electroporation technology, has been designed to support the rapidly expanding cell therapy market and can be utilized across the continuum of the high-growth cell therapy sector, from discovery and development through commercialization of next-generation, cell-based medicines. The ExPERT family of products includes: four instruments, the ATx, STx, GTx and VLx; a portfolio of proprietary related processing assemblies or disposables and software protocols, all supported by a robust worldwide intellectual property portfolio. By providing our partners with the right technology, as well as scientific, technical and regulatory support, we aim to guide them on their journey to transform human health.

Forward-Looking Statements

This press release contains 'forward-looking statements' within the meaning of the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. These statements about us and our industry involve substantial known and unknown risks, uncertainties, and assumptions, including those described in Item 1A under the heading 'Risk Factors' and elsewhere in our report on Form 10-K, that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. All statements other than statements of historical facts contained in this press release, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. Forward-looking statements include, but are not limited to, statements about the Company's projected full-year total revenue, core revenue, and SPL program revenue and statements about possible or future results of operations or financial position. In some cases, you can identify forward-looking statements because they contain words such as 'may,' 'might,' 'will,' 'could,' 'would,' 'should,' 'expect,' 'plan,' 'anticipate,' 'intend,' 'believe,' 'expect,' 'estimate,' 'seek,' 'predict,' 'future,' 'project,' 'potential,' 'continue,' 'contemplate,' 'target,' the negative of these words and similar words or expressions. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. The forward-looking statements contained in this press release, include, without limitation, statements concerning the following: our expected future growth and success of our business model; the size and growth potential of the markets for our products, and our ability to serve those markets, increase our market share, and achieve and maintain industry leadership; our ability to expand our customer base and enter into additional SPL partnerships; our expectation that our partners will have access to capital markets to develop and commercialize their cell therapy programs; our financial performance and capital requirements and the amount and adequacy of our cash resources.

These and other risks and uncertainties are described in greater detail in Item 1A, entitled 'Risk Factors,' in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission on or about March 12, 2024, as well as in discussions of potential risks, uncertainties, and other important factors in the other filings that we make with the Securities and Exchange Commission from time to time. These documents are available through the Investor Menu, Financials section, under 'SEC Filings' on the Investors page of our website at http://investors.maxcyte.com. Any forward-looking statements in this press release are based on our current beliefs and opinions on the relevant subject based on information available to us as of the date of such press release, and you should not rely on forward-looking statements as predictions of future events. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.

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