MaxCyte revenue up as growth expected in 2023; net loss widens

(Alliance News) - MaxCyte Inc on Thursday said revenue was up by a third in 2022, as it expects further growth in 2023.

The Maryland, US-based cell-engineering focused company reported 2022 revenue of USD44.3 million, increasing 31% from USD33.9 million in 2021. Revenue in the fourth quarter of 2022 was GBP12.4 million, up 22% from USD10.2 million.

MaxCyte noted that program-related revenue surged 83% in 2022, rising to USD4.6 million from USD2.5 million, while cell therapy revenue also grew by 33% to USD30.5 million, from USD23.0 million a year ago.

The company said net loss was USD23.6 million, widening from USD19.1 million the year prior, while fourth quarter net loss was USD4.8 million, narrowing from a net loss of USD4.9 million.

The firm noted that operating expenses increased to USD66.5 million, 37% higher than USD48.4 million in 2021, as a result of an increase in research & development, sales, marketing headcount and occupancy expenses.

MaxCyte said it expects 2023 revenue growth of between 21% and 26%, including core business growth of between 20% and 25%. It added that SPL program related revenue is expected to be around USD6 million.

Chief Executive Officer Doug Doerfler said: "We are pleased with our strong progress and performance in 2022 and look forward to continuing this positive momentum into 2023. Over the course of the year, we have made significant investments in our people, manufacturing capacity, and R&D infrastructure, which positions us well for our next stage of growth.

"Our partnership pipeline remains robust and growing as we begin 2023 and we are excited to see our partners achieve upcoming milestones and move the cell therapy industry forward."

MaxCyte shares rose 4.3% to 365.00 pence each in London on Thursday afternoon.

By Harvey Dorset, Alliance News reporter

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