Releases Details
2022 Full Year Results
MaxCyte Reports Fourth Quarter and Full Year 2022 Financial Results
31% Total Revenue Growth for Full Year 2022 including 26% Core Business Revenue Growth and
Fourth Quarter and Full Year Highlights
· Total revenue of
· Core business revenues grew 4% in the fourth quarter of 2022, with revenue growth from cell therapy customers growing 4% and revenue from drug discovery customers growing by 5%, over the fourth quarter of 2021.
· Total revenue of
· Full year 2022 core business revenues grew 26%, led by cell therapy revenue growth of 33%, and revenue from drug discovery growing 8%.
· Initial 2023 guidance for total revenue growth of 21% to 26% over 2022, including core revenue growth of 20% to 25% over 2022, and Strategic Platform License (SPL) program-related revenue of approximately
· Total cash, cash equivalents and short-term investments were
"We are pleased with our strong progress and performance in 2022 and look forward to continuing this positive momentum into 2023. Over the course of the year, we have made significant investments in our people, manufacturing capacity, and R&D infrastructure, which positions us well for our next stage of growth," said
"Our portfolio of partnerships continued to grow throughout 2022, having announced three new SPL partnerships as well as the recent addition of Catamaran Bio as a partner in early 2023. We also entered into a partnership with Vertex following the transfer of the exa-cel program from CRISPR. The partnership maintains our role in this program, for which Vertex is currently seeking regulatory marketing approval in
The following table provides details regarding the sources of our revenue for the periods presented.
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Three Months Ended |
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Year Ended |
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(Unaudited) |
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(Unaudited) |
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2022 |
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2021 |
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% |
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2022 |
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2021 |
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% |
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(in thousands, except percentages) |
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Cell therapy |
$ |
7,544 |
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$ |
7,264 |
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4% |
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$ |
30,546 |
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$ |
22,984 |
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33% |
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Drug discovery |
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3,026 |
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2,885 |
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5% |
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9,100 |
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8,395 |
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8% |
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Program-related |
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1,854 |
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3 |
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NM* |
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4,616 |
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2,515 |
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83% |
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Total revenue |
$ |
12,424 |
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$ |
10,152 |
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22% |
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$ |
44,262 |
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$ |
33,894 |
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31% |
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* Not Meaningful (NM)
Operational Highlights
· Ended the year with 18 SPL partnerships, with the addition of partnerships with Intima Bioscience, LG Chem, and Curamys in 2022. With the addition of an SPL partnership with Catamaran Bio in early 2023, the total number of partnerships now stands at 19. Vertex Pharmaceuticals will use
· As of
· As of
· Launched the ExPERT branded VLx™, our large-scale Flow Electroporation platform.
· Completed and occupied our new, 67,000 square foot, state of the art headquarters in
· Appointed
In addition to revenue, management regularly reviews key business metrics to evaluate our business, measure performance, identify trends affecting our business, formulate financial projections and make strategic decisions. As of the dates presented, these key metrics were as follows:
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As of |
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2022 |
2021 |
2020* |
Installed base of instruments (sold or leased) |
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>600 |
>500 |
>400 |
Number of active SPL partnerships |
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18 |
15 |
12 |
Total number of licensed clinical programs (SPL partnerships only) |
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>125 |
>95 |
>75 |
Total number of active licensed clinical programs under SPL partnerships currently in the clinic ** |
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16 |
15 |
7 |
Total potential pre-commercial milestones under SPL partnerships |
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> |
> |
> |
* Amounts presented as of
** Number of licensed clinical programs under SPLs are by number of product candidates and not by indication.
Fourth Quarter 2022 Financial Results
Total revenue for the fourth quarter of 2022 was
Core business revenue (instruments and disposables to cell therapy and drug discovery customers and excluding program-related revenue) was
Our SPL program-related revenue was
Gross profit for the fourth quarter of 2022 was
Operating expenses for the fourth quarter of 2022 were
Net loss for the fourth quarter of 2022 was
Full Year 2022 Financial Results
Total revenue for 2022 was
Core business revenue for 2022 was
Our SPL program-related revenue for 2022 was
Gross profit for 2022 was
Operating expenses for 2022 were
Full year 2022 net loss was
Total cash, cash equivalents and short-term investments were
2023 Revenue Guidance
Management is providing initial 2023 revenue guidance for total revenue, core business revenue and SPL program-related revenue.
Management expects full year 2023 total revenue growth of between 21% and 26% over 2022 including core business revenue growth of between 20% and 25% over 2022, and SPL program-related revenue of approximately
Webcast and Conference Call Details
About
Non-GAAP Financial Measures
This press release contains EBITDA, which is a non-GAAP measure defined as earnings before interest income and expense, taxes, depreciation and amortization.
Management does not consider EBITDA in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of EBITDA is that it excludes significant expenses that are required by GAAP to be recorded in the company's financial statements. In order to compensate for these limitations, management presents EBITDA together with GAAP results. Non-GAAP measures should be considered in addition to results prepared in accordance with GAAP, but should not be considered a substitute for, or superior to, GAAP results. A reconciliation table of net loss, the most comparable GAAP financial measure, to EBITDA is included at the end of this release.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding expected total revenue growth, core business revenue growth and SPL program-related revenue for the year ending
MaxCyte Contacts:
US IR Adviser
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+1 408-497-8568
Nominated Adviser and Joint Corporate Broker
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Corporate Broking
+44 (0)20 7886 2500
+44 (0)203 709 5700
Consolidated Balance Sheets
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2022 |
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2021 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
11,064,700 |
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$ |
47,782,400 |
Short-term investments, at amortized cost |
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216,274,900 |
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207,261,400 |
Accounts receivable |
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11,654,600 |
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6,877,000 |
Accounts receivable - TIA |
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1,912,400 |
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- |
Inventory |
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8,580,800 |
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5,204,600 |
Prepaid expenses and other current assets |
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2,778,800 |
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3,307,400 |
Total current assets |
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252,266,200 |
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270,432,800 |
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Property and equipment, net |
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23,724,700 |
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7,681,200 |
Right-of-use asset - operating leases |
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9,853,500 |
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5,689,300 |
Other assets |
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809,000 |
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316,700 |
Total assets |
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$ |
286,653,400 |
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$ |
284,120,000 |
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Liabilities and stockholders' equity |
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Current liabilities: |
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Accounts payable |
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$ |
531,800 |
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$ |
1,820,300 |
Accrued expenses and other |
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8,025,300 |
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6,523,500 |
Operating lease liability, current |
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156,800 |
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527,200 |
Deferred revenue, current portion |
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6,712,600 |
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6,746,800 |
Total current liabilities |
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15,426,500 |
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15,617,800 |
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Operating lease liability, net of current portion |
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15,938,100 |
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5,154,900 |
Other liabilities |
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1,321,600 |
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450,200 |
Total liabilities |
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32,686,200 |
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21,222,900 |
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Stockholders' equity |
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Preferred stock, |
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- |
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- |
Common stock, |
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1,024,000 |
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1,012,000 |
Additional paid-in capital |
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390,818,500 |
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376,189,600 |
Accumulated deficit |
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(137,875,300) |
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(114,304,500) |
Total stockholders' equity |
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253,967,200 |
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262,897,100 |
Total liabilities and stockholders' equity |
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$ |
286,653,400 |
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$ |
284,120,000 |
* Tenant improvement allowance ("TIA")
Consolidated Statements of Operations
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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$ |
12,423,600 |
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$ |
10,152,000 |
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$ |
44,261,500 |
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$ |
33,894,100 |
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Cost of goods sold |
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1,546,500 |
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1,225,900 |
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5,098,400 |
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3,647,400 |
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Gross profit |
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10,877,100 |
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8,926,100 |
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39,163,100 |
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30,246,700 |
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Operating expenses: |
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Research and development |
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5,728,000 |
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3,381,000 |
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19,514,400 |
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15,407,300 |
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Sales and marketing |
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5,376,900 |
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4,089,400 |
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18,652,900 |
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13,002,900 |
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General and administrative |
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5,649,100 |
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5,969,000 |
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25,828,700 |
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18,676,000 |
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Depreciation and amortization |
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873,300 |
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441,900 |
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2,527,600 |
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1,349,100 |
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Total operating expenses |
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17,627,300 |
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13,881,300 |
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66,523,600 |
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48,435,300 |
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Operating loss |
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(6,750,200) |
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(4,955,200) |
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(27,360,500) |
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(18,188,600) |
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Other income (expense): |
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Interest and other expense |
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(10,900) |
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- |
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(126,900) |
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(1,044,400) |
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Interest income |
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1,951,700 |
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80,800 |
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3,916,600 |
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150,800 |
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Total other income (expense) |
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1,940,800 |
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80,800 |
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3,789,700 |
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(893,600) |
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Net loss |
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$ |
(4,809,400) |
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$ |
(4,874,400) |
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$ |
(23,570,800) |
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$ |
(19,082,200) |
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Basic and diluted net loss per share |
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$ |
(0.05) |
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$ |
(0.05) |
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$ |
(0.23) |
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$ |
(0.21) |
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Weighted average shares outstanding, basic and diluted |
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102,120,812 |
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100,829,377 |
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101,702,664 |
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90,619,057 |
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Consolidated Statements of Cash Flows
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Year Ended |
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2022 |
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2021 |
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Cash flows from operating activities: |
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Net loss |
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$ |
(23,570,800) |
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$ |
(19,082,200) |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
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2,697,900 |
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1,423,900 |
Net book value of consigned equipment sold |
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76,400 |
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51,600 |
Loss on disposal of fixed assets |
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139,500 |
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32,500 |
Fair value adjustment of liability classified warrant |
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- |
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645,400 |
Stock-based compensation |
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11,752,400 |
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7,958,800 |
Amortization of discounts on short-term investments |
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(2,667,400) |
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(70,300) |
Non-cash interest expense |
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- |
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5,400 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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(4,777,600) |
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(1,705,100) |
Accounts receivable - TIA |
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(1,912,400) |
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- |
Inventory |
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(3,493,300) |
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(1,405,800) |
Prepaid expense and other current assets |
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528,600 |
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(2,304,400) |
Right of use asset - operating leases |
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(4,164,200) |
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(3,806,200) |
Right of use asset - finance lease |
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- |
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63,500 |
Other assets |
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(492,300) |
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(282,800) |
Accounts payable, accrued expenses and other |
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(149,700) |
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2,090,900 |
Operating lease liability |
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10,412,800 |
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3,874,900 |
Deferred revenue |
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(34,200) |
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1,903,800 |
Other liabilities |
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871,400 |
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(73,500) |
Net cash used in operating activities |
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(14,782,900) |
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(10,679,600) |
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Cash flows from investing activities: |
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Purchases of short-term investments |
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(290,942,100) |
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(268,683,600) |
Maturities of short-term investments |
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284,596,000 |
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77,500,000 |
Purchases of property and equipment |
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(18,477,200) |
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(3,834,200) |
Proceeds from sale of equipment |
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- |
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4,600 |
Net cash used in investing activities |
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(24,823,300) |
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(195,013,200) |
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Cash flows from financing activities: |
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Net proceeds from issuance of common stock |
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- |
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51,808,900 |
Net proceeds from issuance of common stock upon initial public offering |
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- |
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184,268,400 |
Principal payments on notes payable |
|
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- |
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(4,922,400) |
Proceeds from exercise of stock options |
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2,888,500 |
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3,631,200 |
Principal payments on finance leases |
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- |
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(66,100) |
Net cash provided by financing activities |
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2,888,500 |
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234,720,000 |
Net (decrease) increase in cash and cash equivalents |
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(36,717,700) |
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29,027,200 |
Cash and cash equivalents, beginning of year |
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47,782,400 |
|
|
18,755,200 |
Cash and cash equivalents, end of year |
|
$ |
11,064,700 |
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$ |
47,782,400 |
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Unaudited Reconciliation of Net Loss to EBITDA
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Three Months Ended |
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Year Ended |
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2022 |
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2021 |
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2022 |
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2021 |
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(in thousands) |
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Net loss |
$ |
(4,809) |
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$ |
(4,874) |
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$ |
(23,571) |
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$ |
(19,082) |
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Depreciation and amortization expense |
|
920 |
|
|
417 |
|
|
2,698 |
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|
1,424 |
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Interest (income) expense, net |
|
(1,952) |
|
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(81) |
|
|
(3,917) |
|
|
239 |
|
Income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
EBITDA |
$ |
(5,842) |
|
$ |
(4,538) |
|
$ |
(24,789) |
|
$ |
(17,419) |
|
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