
Core Insights - MaxCyte reported an 18% year-over-year decline in total revenue for Q2 2025, with GAAP revenue at $8.5 million, missing analyst expectations by approximately $1.1 million [1][2] - The company revised its full-year 2025 guidance, now forecasting core revenue to be flat to down 10%, a significant change from previous expectations of 8% to 15% growth [9][10] Financial Performance - GAAP net losses widened to $12.4 million, compared to the prior-year period, with EPS (GAAP) at $(0.12), a 33.3% increase in losses year-over-year [2][7] - Core revenue increased by 7.9% year-over-year to $8.2 million, despite the overall revenue decline [2][5] - Gross margin decreased from 86% in Q2 2024 to 82% in Q2 2025, reflecting lower SPL revenue [2][7] Business Operations - The installed base of ExPERT instruments grew by 12.6% to 814 units compared to Q2 2024, indicating continued adoption in the cell and gene therapy market [5] - SPL Program-related revenue fell dramatically from $2.9 million in Q2 2024 to $0.3 million in Q2 2025, with only 42% of core revenue coming from SPL clients, down from 51% [5][6] Strategic Focus - Recent strategic priorities include expanding the installed base of ExPERT instruments, signing new SPL agreements, and enhancing gene-editing safety through the SeQure Dx acquisition [4][8] - The company aims to stabilize recurring revenue and support clients in developing therapies through clinical and regulatory pathways [4] Future Outlook - Management expects SPL Program-related revenue to reach approximately $5 million for 2025, requiring significant acceleration in milestone achievements and royalties in the second half of the year [9][10] - Cash reserves stood at $165.2 million, with expectations of at least $155 million in total cash, cash equivalents, and investments by the end of 2025 [10]