MaxCyte Reports Second Quarter 2025 Financial Results and Updates Full Year 2025 Guidance

Core Insights - MaxCyte, Inc. reported a total revenue of $8.5 million for Q2 2025, a decrease of 18% compared to $10.4 million in Q2 2024, primarily due to changes in the operating environment and customer inventory management [7][5][3] - Core business revenue increased by 8% to $8.2 million in Q2 2025 from $7.6 million in Q2 2024, driven by sales of instruments and consumables [5][7] - The company has lowered its 2025 guidance, expecting core revenue to be flat to a 10% decline compared to 2024, and SPL Program-related revenue to be approximately $5 million for the year [11][14] Financial Performance - Gross profit for Q2 2025 was $7.0 million, representing an 82% gross margin, down from $8.9 million and 86% gross margin in Q2 2024 [8][7] - Operating expenses increased to $21.2 million in Q2 2025 from $20.9 million in Q2 2024, contributing to a net loss of $12.4 million compared to a net loss of $9.4 million in the same period last year [10][9] - The installed base of instruments grew to 814 units in Q2 2025, up from 723 units in Q2 2024 [6] Strategic Developments - MaxCyte added two new Strategic Platform License (SPL) clients, Adicet Bio and Anocca AB, bringing the total number of SPL agreements to 31 [5][3] - The company remains focused on enhancing operational efficiencies and investing in product improvements, including SeQure Dx, to support its position in the cell and gene therapy industry [3][5] Cash Position - As of June 30, 2025, total cash, cash equivalents, and investments were $165.2 million, reflecting a decrease due to acquisition-related costs [5][11] - The company expects to end 2025 with at least $155 million in total cash, cash equivalents, and investments [11]