MaxCyte Inc on Thursday said profit fell in the third quarter despite revenue growth, as costs increase more than 80%.
The Rockville, Maryland-based provider of cell engineering platform technologies said revenue for the third quarter was $8.2 million, up 2.5% from $8.0 million last year.
However, gross profit for the quarter fell 15% to $6.2 million from $7.2 million, as cost of goods sold increased 82% to $1.9 million from $793,000.
Third-quarter core business revenue was $8.1 million, up from $6.6 million year-on-year, and strategic platform license revenue was ‘immaterial’, compared to $1.4 million in the third quarter last year.
Revenue for the nine months that ended September 30 was up 15% to $29.9 million from $25.6 million, and gross profit rose 11% to $25.1 million from $22.5 million.
Chief Executive Officer Maher Masoud said: ‘I am pleased with MaxCyte’s financial performance in the third quarter, and confident in our outlook for the remainder of 2024. We believe our strong core revenue growth and increasing demand for our platform was driven by exceptional commercial execution, and the value proposition that MaxCyte holds within the cell therapy industry.
‘Coming out of a difficult 2023, this year we have consistently delivered with three strong quarters of core revenue, along with disciplined operational execution allowing us to maintain our healthy cash balance sheet.
‘So far in 2024, we have signed six new SPLs, which represents a record number of new SPL clients in a single year for MaxCyte. Our most recently signed SPL, Kamau Therapeutics, brings our total number of SPLs to 29. We are very excited by our customers’ progress on their programs and remain focused on providing them with the best support possible in their development efforts.’
MaxCyte now expects full-year core business revenue of at least 5% growth from 2023’s figure of $29.8 million. It also expects SPL program-related revenue to be around $6 million, which would represent a 63% fall from $11.5 million.
Shares in MaxCyte were down 4.7% at 266.00 pence each in London on Friday afternoon.
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