MaxCyte Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Full Year 2025 Guidance

Core Insights - MaxCyte reported strong financial results for 2024, highlighting a return to core revenue growth and disciplined cash management, with a focus on long-term value creation for shareholders [3][5][12] - The company signed a record six Strategic Platform Licenses (SPLs) in 2024 and anticipates continued momentum in the SPL pipeline [3][5] - MaxCyte aims to position itself as a premier cell engineering solutions provider through strategic initiatives and investments, including the integration of SeQure Dx [3][16] Financial Performance - Total revenue for Q4 2024 was $8.7 million, a decrease of 45% compared to Q4 2023, primarily due to one-time approval milestones in the previous year [5][7] - Core business revenue for Q4 2024 was $8.6 million, an increase of 20% year-over-year [5][8] - For the full year 2024, total revenue was $38.6 million, down 6% from 2023, while core business revenue increased by 9% to $32.5 million [12][14] Revenue Breakdown - SPL Program-related revenue for Q4 2024 was $0.1 million, significantly lower than $8.5 million in Q4 2023 [5][8] - For the full year 2024, SPL Program-related revenue was $6.1 million, down from $11.5 million in 2023 [12][14] - The company ended 2024 with 28 active SPL agreements, including 18 active clinical programs [5][6] Profitability Metrics - Gross profit for Q4 2024 was $6.4 million, with a gross margin of 74%, compared to a gross margin of 90% in Q4 2023 [9][11] - For the full year 2024, gross profit was $31.5 million, yielding an 82% gross margin, down from 89% in 2023 [13][14] - Operating expenses for Q4 2024 were $19.3 million, a decrease from $22.2 million in Q4 2023 [10][11] Cash Position - As of December 31, 2024, total cash, cash equivalents, and investments were $190.3 million, down from $211.2 million at the end of 2023 [15][16] - The company expects to end 2025 with $160 million in total cash, cash equivalents, and investments [16][22] 2025 Guidance - MaxCyte anticipates core revenue growth of 8% to 15% compared to 2024, including revenue from SeQure Dx [22] - SPL Program-related revenue is projected to be approximately $5 million for 2025 [22]