ROCKVILLE, Md., Aug. 06, 2025 (GLOBE NEWSWIRE) -- MaxCyte, Inc., $(MXCT)$, a leading, cell-engineering focused company providing enabling platform technologies to advance the discovery, development and commercialization of next-generation cell therapeutics, today announced its second quarter ended June 30, 2025 financial results and updated its 2025 guidance.

Second Quarter and Recent Highlights

   -- Core business revenue of $8.2 million in the second quarter of 2025, an 
      increase of 8% over the second quarter of 2024. 
 
   -- Strategic Platform License SPL Program-related revenue was $0.3 million 
      for the second quarter of 2025, compared to $2.9 million in the second 
      quarter of 2024, reflecting the timing variability of SPL Program-related 
      revenue milestones and royalties. 
 
   -- Total revenue of $8.5 million in the second quarter of 2025, a decrease 
      of 18% over the second quarter of 2024. 
 
   -- MaxCyte added two new SPL clients, Adicet Bio and Anocca AB, in July. 
      Including TG Therapeutics signed in the first quarter, the total number 
      of SPLs agreements stands at 31. 
 
   -- Total cash, cash equivalents and investments were $165.2 million as of 
      June 30, 2025. The decrease in cash, cash equivalents and investments 
      since the beginning of the year includes approximately $7.0 million of 
      purchase, transaction, and one-time costs to acquire SeQure Dx. 

"Despite solid growth in the first half of 2025, the operating environment has evolved since the beginning of the year, impacting our expectations for the second half of 2025. We are lowering our 2025 guidance to account for customer inventory management, as well as some reprioritization and consolidation of customer pipelines. While disappointed with the short-term headwinds, we continue to remain focused on executing in this environment, supporting customers with excellent technology and service," said Maher Masoud, President and CEO of MaxCyte. "Our pipeline of potential SPLs remains strong, demonstrated by the two new SPLs that we recently announced, Adicet Bio and Anocca AB, bringing our total number of SPL agreements to 31. We continue to be confident about the opportunity in the cell and gene therapy industry and our position in it, remaining committed to spending prudently, and investing in product enhancements and SeQure Dx. We are confident that with improving operational efficiencies, multiple product offerings, and maturing clinical programs of our customers, we will achieve profitability with our existing capital."

The following tables provide details regarding the sources of the Company's revenue for the periods presented.

 
 
                                       Three Months Ended 
                                            June 30 
                                           (Unaudited) 
                                     ----------------------  -------- 
                                        2025        2024     % Change 
                                     -----------  ---------  -------- 
(in thousands, except percentages) 
Instruments                           $    2,141  $   1,762       22% 
PAs and consumables                        3,128      2,974        5% 
Licenses                                   2,619      2,610        0% 
Assay services                                51         --        -- 
Other                                        259        229       13% 
                                         -------   -------- 
Total Core Revenue                    $    8,198  $   7,575        8% 
                                         -------   -------- 
Program-Related                              309      2,854     (89%) 
                                         -------   -------- 
Total Revenue                         $    8,507  $  10,429     (18%) 
                                         =======   ======== 
 
 
 

In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:

 
 
                                              Three Months Ended June 30, 
                                           --------------------------------- 
                                              2025             2024 
                                           ----------  ---- 
Installed base of instruments (sold or 
 leased)                                          814              723 
Core Revenue Generated by SPL Clients as 
 a % of Core Revenue                               42%              51% 
 
 

Second Quarter 2025 Financial Results

Total revenue for the second quarter of 2025 was $8.5 million, compared to $10.4 million in the second quarter of 2024, representing a decrease of 18%.

Core business revenue (sales of instruments, PAs and consumables, assay services, and licenses to customers, excluding SPL Program-related revenue) for the second quarter of 2025 was $8.2 million, compared to $7.6 million in the second quarter of 2024, representing an increase of 8%.

SPL Program-related revenue was $0.3 million in the second quarter of 2025, as compared to $2.9 million in the second quarter of 2024.

Gross profit for the second quarter of 2025 was $7.0 million (82% gross margin), compared to $8.9 million (86% gross margin) in the second quarter of 2024. Non-GAAP adjusted gross margin was 83% excluding SPL Program-related revenue and reserves for excess and obsolete inventory, compared to non-GAAP adjusted gross margin of 82% in the second quarter of 2024.

Operating expenses for the second quarter of 2025 were $21.2 million, compared to operating expenses of $20.9 million in the second quarter of 2024.

Second quarter 2025 net loss was $12.4 million compared to net loss of $9.4 million for the same period in 2024. EBITDA, a non-GAAP measure, was a loss of $13.1 million for the second quarter of 2025, compared to a loss of $10.9 million for the second quarter of 2024; stock-based compensation expense was $3.5 million in the second quarter of 2025 compared to $3.6 million in the second quarter of 2024.

2025 Guidance

MaxCyte updates 2025 revenue guidance for core business revenue and SPL Program-related revenue:

   -- Core revenue is expected to be flat to a 10% decline compared to 2024, 
      inclusive of revenue from SeQure Dx. 
 
   -- SPL Program-related revenue is expected to be approximately $5 million 
      for the year. SPL-program related revenue guidance includes both expected 
      revenue from pre-commercial milestone payments and commercial 
      royalties/sales-based payments. 

MaxCyte now expects to end 2025 with at least $155 million in total cash, cash equivalents and investments.

Webcast and Conference Call Details

MaxCyte will host a conference call today, August 6, 2025, at 4:30 p.m. Eastern Time. Investors interested in listening to the conference call are required to register online. A live and archived webcast of the event will be available on the "Events" section of the MaxCyte website at https://investors.maxcyte.com/.

About MaxCyte

At MaxCyte$(R)$ , we are committed to building better cells together. As a leading cell-engineering company, we are driving the discovery, development and commercialization of next-generation cell therapies. Our best-in-class Flow Electroporation(R) technology and SeQure DX$(TM)$ gene editing risk assessment services enable precise, efficient and scalable cell engineering. Supported by expert scientific, technical and regulatory guidance, our platform empowers researchers from around the world to engineer diverse cell types and payloads, accelerating the development of safe and effective treatments for human health. For more than 25 years, we've been advancing cell engineering, shaping the future of medicine. Learn more at maxcyte.com and follow us on X and LinkedIn.

Non-GAAP Financial Measures

This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization. MaxCyte believes that EBITDA provides useful information to management and investors relating to its results of operations. The company's management uses this non-GAAP measure to compare the company's performance to that of prior periods for trend analyses, and for budgeting and planning purposes. The company believes that the use of EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing the company's financial measures with other companies, many of which present similar non-GAAP financial measures to investors, and that it allows for greater transparency with respect to key metrics used by management in its financial and operational decision-making.

This press release also contains Non-GAAP Gross Margin, which we define as Gross Margin when excluding SPL program related revenue and reserves for excess and obsolete inventory. The Company believes that the use of Non-GAAP Gross Margin provides an additional tool to investors because it provides consistency and comparability with past financial performance, as Non-GAAP Gross Margin excludes non-core revenues and inventory reserves, which can vary significantly between periods and thus affect comparability.

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August 06, 2025 16:05 ET (20:05 GMT)