MaxCyte Announces Streamlined
Operations and Raises 2024 Revenue Guidance
ROCKVILLE,
MD, December 9,
2024 -
MaxCyte, Inc., (Nasdaq: MXCT; LSE:
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 the completion of an internal
operational review, initiated earlier this year following the
appointment of Maher Masoud as President and Chief Executive
Officer. This "bottom-up" review focused on optimizing new product
development, manufacturing, commercial execution, and capital
allocation to enhance efficiency and align resources with strategic
priorities. As part of an effort to streamline operations, the
company made adjustments to its workforce which affected 21
positions, reflecting approximately 15% of its personnel globally,
including both directly employed individuals and those engaged
through third-party employer-of-record (EOR) arrangements. This
adjustment is designed to improve accountability, better align
personnel resources with the company's goals, and position MaxCyte
for long-term growth.
Anticipated cost savings in 2025 as
a result of this action are expected to be about $5.8 million.
These savings will help accelerate new strategic initiatives
addressing customer needs in cell engineering and manufacturing
adjacent to electroporation in the cell therapy manufacturing
process. Following this adjustment, combined with other personnel
decisions made throughout the year, MaxCyte expects to end the year
with 116 employees, compared with 143 employees at the end of 2023
(in each case, inclusive of individuals employed through EOR
arrangements).
Reflecting the company's
strengthened operational foundation and continued strong
performance, MaxCyte is raising its full-year 2024 core revenue
guidance to project 6% to 8% growth compared to 2023.
"2024 has been a good year for MaxCyte. We signed six
SPL agreements, added a cell therapy industry veteran to the board
and outperformed our financial commitments to the investment
community. Throughout the year, we have implemented a more focused,
and accountable, operating philosophy at MaxCyte, taking important
and necessary steps to drive innovation and growth in a capital
efficient manner," said Maher Masoud,
President and CEO at MaxCyte. "I would like to thank the employees
impacted by today's announcement for their contributions to
MaxCyte. Core business momentum remains strong as we exit 2024,
resulting in an increase to our core revenue growth guidance. I am
incredibly optimistic about the future of MaxCyte and am excited
about the opportunities ahead to drive the cell therapy industry
forward."
2024 Revenue Guidance
MaxCyte increases 2024 revenue
guidance for core business revenue and affirms SPL Program-related
revenue guidance.
MaxCyte now expects full year 2024
core business revenue of 6% to 8% growth compared to 2023. SPL
Program-related revenue is expected to be approximately $6 million.
The outlook for the full year does not include SPL Program-related
revenue from Vertex/CRISPR's CASGEVYTM.
MaxCyte continues to expect to end
2024 with approximately $185 million in cash, cash equivalents and
investments.
About
MaxCyte
At MaxCyte, we pursue cell
engineering excellence to maximize the potential of cells to
improve patients' lives. We have spent more than 25 years honing
our expertise by building best-in-class platforms, perfecting the
art of the transfection workflow, and venturing beyond today's
processes to innovate tomorrow's solutions. Our ExPERT™ platform,
which is based on our Flow Electroporation® technology, has been designed to support
the rapidly expanding cell therapy market and can be utilized
across the continuum of the high-growth cell therapy sector, from
discovery and development through commercialization of
next-generation, cell-based medicines. The ExPERT family of
products includes: four instruments, the ATx™, STx™, GTx™ and VLx
™; a portfolio of proprietary related processing assemblies or
disposables; and software protocols, all supported by a robust
worldwide intellectual property portfolio. By providing our
partners with the right technology platform, as well as scientific,
technical and regulatory support, we aim to guide them on their
journey to transform human health. Learn more at
maxcyte.com and follow us on
X and
LinkedIn.
MaxCyte
Contacts:
US IR
Adviser
Gilmartin
Group
David Deuchler, CFA
+1 415-937-5400
ir@maxcyte.com
US Media
Relations
Spectrum Science
Jordan Vines
+1 540-629-3137
jvines@spectrumscience.com
Nominated
Adviser and Joint Corporate Broker
Panmure Liberum
Emma Earl / Freddy Crossley
Corporate Broking
Rupert Dearden
+44 (0)20 7886 2500
UK IR
Adviser
ICR
Healthcare
Mary-Jane Elliott
Chris Welsh
+44 (0)203 709 5700
maxcyte@icrhealthcare.com
Forward-Looking
Statements
This press release contains
"forward-looking statements" within the meaning of the "safe
harbor" provisions of the Private Securities Litigation Reform Act
of 1995. All statements other than statements of historical
facts contained in this press release, including statements
regarding our future results of operations or financial condition,
business strategy, plans and objectives of management for future
operations, and anticipated benefits of the announced adjustments
to the workforce are forward-looking statements. These statements
are inherently uncertain, and investors are cautioned not to unduly
rely on these statements.
Risks and uncertainties related to
our business are described in greater detail in Item 1A of
our Annual Report on Form 10-K for the year ended December 31,
2023, filed with the Securities and Exchange Commission ("SEC") on
March 12, 2024, as well as in discussions of potential risks,
uncertainties, and other important factors in the other filings
that we make with the Securities and Exchange Commission from time
to time, including in our Form 10-Q for the quarter ended September
30, 2024, filed with the SEC on November 6, 2024. These documents
are available through the Investor Menu, Financials section, under
"SEC Filings" on the Investors page of our website at
http://investors.maxcyte.com. Any
forward-looking statements in this press release are based on our
current beliefs and opinions on the relevant subject based on
information available to us as of the date of such press release,
and you should not rely on forward-looking statements as
predictions of future events. We undertake no obligation to update
any forward-looking statements made in this press release to
reflect events or circumstances after the date of this press
release or to reflect new information or the occurrence of
unanticipated events, except as required by law.