MaxCyte reports good first quarter revenue growth

Cell engineering technology company MaxCyte reported total first quarter revenue of $11.6m (£9.42m) in an update on Tuesday - an increase of 78% year-on-year.

The AIM-traded firm said the growth was driven by its core business, where revenue grew 48%, consisting of revenue from cell therapy customers rising 57% and drug discovery customers by 23%.

It generated $2m in strategic platform licence (SPL) programme-related revenue in the quarter, compared to “immaterial” revenue from the same source a year ago.

MaxCyte said its 2022 revenue guidance included expectations for core business revenue growth of at least 25%, with SPL programme-related revenue set to be around $4m.

The board noted that, with the addition of Intima Bioscience in February, the total number of SPLs now stood at 16.

“We are pleased with this positive start to 2022 at MaxCyte, with very strong first quarter results,” said president and chief executive officer Doug Doerfler.

“We are encouraged by the continued expansion of our portfolio of SPLs with the addition of Intima Bioscience, our sixteenth SPL, as well as the exciting clinical progress of our existing SPL partners.

“The milestone revenue recorded over the period reflects the progress being made by our partners in early and mid-stage clinical development programmes.”

Doerfler said that, in addition to the progress made by SPL programmes that had entered the clinic, the firm’s SPL partners were using MaxCyte's technology to work on a “broad range” of new cell types, approaches and indications including solid tumours and autoimmune disease.

“Ongoing investments in our field and lab science teams and the progress of our in-house manufacturing initiative leaves us well-positioned to support growing adoption of the ‘ExPERT’ platform technology for cellular-based research and next-generation therapeutic development.”

At 1000 BST, shares in MaxCyte were up 5.73% at 415p.

Reporting by Josh White at Sharecast.com.