Financial Data and Key Metrics Changes - Total revenue for the first quarter of 2025 was $10.4 million, down 8% from $11.3 million in the first quarter of 2024 [20][21] - Core revenue remained stable at $8.2 million, reflecting a slight increase of 1% year-over-year [21] - Gross margin decreased to 86% from 88% year-over-year, while non-GAAP adjusted gross margin remained stable at 83% [23] Business Line Data and Key Metrics Changes - Instrument revenue was $1.4 million, down from $1.9 million in the first quarter of 2024, impacted by cautious capital spending from customers [21][22] - License revenue was stable at $2.5 million, while processing assembly (PA) revenue increased to $3.9 million from $3.4 million year-over-year [21] - SPL program-related revenue was $2.1 million, down from $3.2 million in the first quarter of 2024 [22] Market Data and Key Metrics Changes - 57% of core revenue was derived from SPL customers, up from 53% in the first quarter of 2024, indicating a healthy balance of early-stage to clinical-stage customers [22] - The company noted a cautious environment for capital equipment purchasing decisions among customers, leading to some hesitance in capital expenditures [10][42] Company Strategy and Development Direction - The company is focused on executing its growth plan for 2025 and beyond, despite macro uncertainties [8][10] - MaxSite is committed to enhancing operational efficiency and making targeted investments to drive long-term returns [23][24] - The integration of SecureDx is progressing smoothly, allowing the company to expand its offerings in the cell and gene therapy space [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term health of the business, despite recent regulatory changes at the FDA [31][34] - The company anticipates continued strong demand in the cell and gene therapy market, with a focus on safety assessments [12][34] - Management reiterated guidance for core revenue growth of 8% to 15% for 2025, including at least $2 million from SecureDx [24][25] Other Important Information - The company is seeking shareholder approval to delist from AIM and maintain a single listing on NASDAQ [19] - MaxSite ended the first quarter with $174.7 million in cash equivalents and investments, with no debt [24] Q&A Session Summary Question: Regulatory changes and their impact - Management indicated that it is too early to assess the impact of recent FDA leadership changes, but they do not foresee any regulatory risks affecting their business [30][34] Question: Cost savings from operational review - The company expects to save approximately $100,000 annually from delisting, and has begun realizing savings from personnel reductions [35][36] Question: Changes in customer funding strategies - Management noted some constraints on capital expenditures but remains confident in their guidance for the year [42][43] Question: SecureDx acquisition integration - The integration is going well, with opportunities to expand into in vivo customers and complementary delivery systems [51][52] Question: SPL revenue performance - SPL revenue of $2.1 million exceeded expectations, with confidence in achieving the full-year guidance of $5 million [55][56] Question: Future product launches - The company has a robust product pipeline and plans to launch meaningful products this year [64][65] Question: Pipeline and portfolio management - Management noted a status quo in program rationalization among customers, with no significant expansion observed [71][73] Question: Revenue cadence for the year - Management is comfortable modeling incremental growth, particularly in the latter half of the year, based on identified opportunities [76][77]

Financial Data and Key Metrics Changes - Total revenue for the full year 2024 was $38.6 million, a 6% decline from $41.3 million in 2023 [28] - Total revenue in Q4 2024 was $8.7 million, representing a 45% decline from $15.7 million in Q4 2023 [28] - Core revenue for Q4 2024 was $8.6 million, an increase of 20% compared to $7.2 million in the prior year quarter [28] - Core revenue for the full year 2024 was $32.5 million, up 9% from $29.8 million in 2023 [30] - Gross margin for Q4 2024 was 74%, down from 90% in Q4 2023 [33] Business Line Data and Key Metrics Changes - Instrument revenue for Q4 2024 was $1.6 million, down from $2.3 million in Q4 2023 [29] - License revenue for Q4 2024 was $2.6 million, slightly up from $2.4 million in Q4 2023 [29] - Processing assembly (PA) revenue for Q4 2024 was $4.2 million, a significant increase from $2.2 million in Q4 2023 [29] - For the full year 2024, SPL program-related revenue was $6.1 million, down from $11.5 million in 2023 [32] Market Data and Key Metrics Changes - As of the end of 2024, there were 28 active SPL customers, including 18 active clinical programs [15] - The total pre-commercial milestone potential across SPL agreements is greater than $2 billion [15] - The number of active clinical programs enabled by MaxCyte increased by 50% since the IPO, from 12 to 18 [17] Company Strategy and Development Direction - The acquisition of SeQure Dx is aimed at enhancing safety assessments in cell and gene therapy development [9] - The company plans to continue focusing on organic and inorganic investments that offer the best outcomes for customers [26] - MaxCyte aims to become a premier end-to-end cell and gene engineering platform [12] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the funding environment for customers in 2025 [14] - The company expects Core revenue growth of 8% to 15% in 2025, including at least $2 million from SeQure Dx [35] - Management noted that the operational changes made in 2024 have positioned the company well for future growth [8] Other Important Information - The company ended 2024 with $190.3 million in cash and cash equivalents, with no debt [34] - The integration of SeQure Dx into MaxCyte's commercial team has been completed from day one of the acquisition [113] Q&A Session Summary Question: Guidance for Core business excluding SeQure Dx - Management indicated continued growth across the customer base and expects operational changes to support year-over-year growth [41][42] Question: Revenue track record and business model for SeQure Dx - SeQure Dx is expected to grow modestly in 2025, with a fee-for-service model currently in place [46][48] Question: Integration costs for SeQure Dx - The integration costs are expected to be immaterial due to existing commercial infrastructure [58][60] Question: Exposure to academic markets and NIH spending - The company's exposure to NIH grants is minimal, with only about $200,000 linked to grants [64] Question: SPL environment and customer agreements - Most customer agreements are still at the pre-IND level, with negotiations occurring close to that stage [66] Question: Combined company gross margins and potential upside - Management expects combined gross margins to remain in the low to mid-80s [80] Question: Changes in customer conversations regarding macro environment - Conversations with customers have remained steady, with a stabilization in program prioritization [118][119]