MaxCyte(US:MXCT)2025-03-11 23:52Financial 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]