ROCKVILLE, MD - MaxCyte, Inc. (Nasdaq: MXCT; LSE: MXCT), a cell-engineering company, announced its preliminary unaudited financial results for the fourth quarter and the full year ended December 31, 2024. The company expects core revenue for the fourth quarter to be between $8.3 million and $8.5 million, marking an increase from $7.2 million in the same period of 2023. For the full year, MaxCyte anticipates core revenue to range between $32.2 million and $32.4 million, up 8 to 9% from $29.8 million in the previous year.
The company's total cash, cash equivalents, and investments as of December 31, 2024, are expected to be around $190 million. This exceeds the initial guidance of $175 million and the updated December guidance of $185 million, though it is a decrease from the $211 million reported at the end of 2023.
MaxCyte's President and CEO, Maher Masoud, commented on the performance, stating that the company's preliminary core revenue for 2024 aligns with the higher end of the updated guidance range. Masoud expressed confidence in the improving operating environment within the cell therapy industry and the company's future prospects. He highlighted MaxCyte's success in adding six new SPL customers, supporting the commercial launch of the first FDA-approved non-viral gene-edited cell therapy product, and achieving healthy revenue growth while streamlining operations.
The results are preliminary and unaudited, and may be subject to adjustments during the company's year-end closing processes. The finalized financial statements for the quarter and fiscal year ended December 31, 2024, are expected to be released in March 2025 and will be included in MaxCyte's Annual Report on Form 10-K.
MaxCyte specializes in cell engineering technologies that support the development of cell-based therapies. Its ExPERT platform is designed to cater to the cell therapy market, from research to commercialization. The company's product line includes various instruments, disposables, and software protocols, supported by a robust intellectual property portfolio.
This financial update is based on a press release statement and the final results will be available in the company's forthcoming annual report.
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