Releases Details
MaxCyte Reports Third Quarter Financial Results
MaxCyte Reports Third Quarter 2022 Financial Results
22% Year-Over-Year Core Business Revenue Growth in Third Quarter 2022
Reiterates 2022 Revenue Guidance
Third Quarter Highlights
· Total revenue of
· Core business revenues grew 22% led by revenue from cell therapy customers which increased 27%, with drug discovery revenues growing by 4%.
· Reiterating 2022 guidance for core business revenue growth to be approximately 30%.
· Expecting SPL Program-related revenue to be approximately
· Total cash, cash equivalents and short-term investments were
"We reported another strong quarter, with 22% year-over-year core business revenue growth, highlighted by 27% growth in revenues from cell therapy customers. We continue to make ongoing investments in the company to drive revenue growth and are focused on increasing customer adoption of our ExPERT™ platform in the industry, to enable a broad range of cell types and target a wide array of indications. Our strong business performance continues to validate our technology and our market leading position in cell engineering, therapeutic discovery and development and commercialization," said
"Overall, our SPL pipeline continues to be robust and we are confident in the potential of our customers to develop into future SPL partners with therapeutic programs to generate revenue in clinical and commercial settings. With the expansion into our new headquarters and manufacturing facility, we have increased our in-house manufacturing and process development capabilities to further support our partners as they move forward in clinical development towards potential commercialization."
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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2022 |
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2021 |
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% |
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(in thousands, except percentages) |
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Cell therapy |
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$ |
7,898 |
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$ |
6,226 |
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27% |
Drug discovery |
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1,991 |
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1,909 |
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4% |
Program-related |
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754 |
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2,004 |
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(62%) |
Total revenue |
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$ |
10,643 |
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$ |
10,139 |
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5% |
Third Quarter 2022 Financial Results
Total revenue for the third 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 third quarter of 2022 was
Operating expenses for the third quarter of 2022 were
Third quarter 2022 net loss was
Total cash, cash equivalents and short-term investments were
2022 Revenue Guidance
We expect core business revenue in 2022 to grow approximately 30% compared to 2021. We continue to expect SPL Program-related revenue to be 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, tax, 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 our revenue guidance for the year ending
MaxCyte Contacts:
US IR Adviser
+1 415-937-5400
US Media Relations
Seismic Collaborative, A
Valerie Enes
+1 408-497-8568
Nominated Adviser and Joint Corporate Broker
Panmure Gordon
Corporate Broking
+44 (0)20 7886 2500
+44 (0)203 709 5700
Unaudited 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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$ |
43,020,300 |
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$ |
47,782,400 |
Short-term investments, at amortized cost |
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189,865,300 |
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207,261,400 |
Accounts receivable |
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7,433,800 |
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6,877,000 |
Accounts receivable - TIA* |
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775,000 |
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- |
Inventory |
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7,911,600 |
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5,204,600 |
Prepaid expenses and other current assets |
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3,275,600 |
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3,307,400 |
Total current assets |
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252,281,600 |
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270,432,800 |
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Property and equipment, net |
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22,988,200 |
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7,681,200 |
Right of use asset - operating leases |
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9,952,300 |
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5,689,300 |
Other assets |
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1,189,800 |
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316,700 |
Total assets |
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$ |
286,411,900 |
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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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$ |
2,086,900 |
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$ |
1,820,300 |
Accrued expenses and other |
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8,232,400 |
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6,523,500 |
Operating lease liability, current |
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152,200 |
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527,200 |
Deferred revenue, current portion |
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6,291,800 |
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6,746,800 |
Total current liabilities |
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16,763,300 |
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15,617,800 |
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Operating lease liability, net of current portion |
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14,871,800 |
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5,154,900 |
Deferred revenue, net of current portion |
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344,600 |
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450,200 |
Total liabilities |
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31,979,700 |
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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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1,019,000 |
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1,012,000 |
Additional paid-in capital |
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386,478,900 |
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376,189,600 |
Accumulated deficit |
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(133,065,700) |
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(114,304,500) |
Total stockholders' equity |
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254,432,200 |
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262,897,100 |
Total liabilities and stockholders' equity |
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$ |
286,411,900 |
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$ |
284,120,000 |
* Tenant improvement allowance ("TIA")
Unaudited Consolidated Statements of Operations
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Three Months Ended |
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Nine Months 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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$ |
10,642,800 |
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$ |
10,139,100 |
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$ |
31,837,900 |
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$ |
23,742,100 |
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Cost of goods sold |
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1,368,900 |
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943,800 |
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3,551,900 |
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2,421,500 |
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Gross profit |
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9,273,900 |
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9,195,300 |
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28,286,000 |
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21,320,600 |
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Operating expenses: |
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Research and development |
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5,325,100 |
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2,746,900 |
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13,786,400 |
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12,027,200 |
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Sales and marketing |
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4,506,700 |
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3,211,500 |
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13,276,000 |
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8,913,500 |
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General and administrative |
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6,444,400 |
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5,346,700 |
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20,179,600 |
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12,645,800 |
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Depreciation and amortization |
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709,800 |
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333,100 |
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1,654,300 |
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967,500 |
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Total operating expenses |
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16,986,000 |
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11,638,200 |
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48,896,300 |
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34,554,000 |
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Operating loss |
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(7,712,100) |
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(2,442,900) |
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(20,610,300) |
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(13,233,400) |
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Other income (expense): |
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Interest and other expense |
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(116,000) |
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(289,000) |
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(116,000) |
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(1,044,400) |
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Interest income |
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1,394,400 |
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51,500 |
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1,964,900 |
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70,000 |
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Total other income (expense) |
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1,278,400 |
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(237,500) |
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1,848,900 |
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(974,400) |
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Net loss |
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$ |
(6,433,700) |
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$ |
(2,680,400) |
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$ |
(18,761,400) |
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$ |
(14,207,800) |
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Basic and diluted net loss per share |
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$ |
(0.06) |
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$ |
(0.03) |
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$ |
(0.18) |
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$ |
(0.16) |
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Weighted average shares outstanding, basic and diluted |
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101,806,173 |
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95,662,968 |
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101,555,065 |
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87,178,217 |
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Unaudited Consolidated Statements of Cash Flows
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Nine Months 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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$ |
(18,761,400) |
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$ |
(14,207,800) |
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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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1,778,300 |
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1,007,400 |
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Net book value of consigned equipment sold |
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61,900 |
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39,200 |
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Loss on disposal of fixed assets |
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128,600 |
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18,500 |
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Fair value adjustment of liability classified warrant |
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- |
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645,400 |
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Stock-based compensation |
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8,633,800 |
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5,510,400 |
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Amortization of discounts on short-term investments |
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(1,158,400) |
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(39,500) |
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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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(556,800) |
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(786,200) |
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Accounts receivable - TIA |
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(775,000) |
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- |
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Inventory |
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(2,880,700) |
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(300,200) |
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Prepaid expense and other current assets |
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31,800 |
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(2,538,900) |
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Right of use asset - operating leases |
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(4,263,000) |
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858,000 |
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Right of use asset - finance lease |
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- |
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63,500 |
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Other assets |
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(873,100) |
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(284,200) |
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Accounts payable, accrued expenses and other |
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1,156,100 |
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(431,350) |
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Operating lease liability |
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9,341,900 |
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(734,700) |
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Deferred revenue |
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(455,000) |
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1,482,800 |
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Other liabilities |
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(105,600) |
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(27,100) |
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Net cash used in operating activities |
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(8,696,600) |
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(9,719,350) |
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Cash flows from investing activities: |
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Purchases of short-term investments |
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(213,541,400) |
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(202,867,700) |
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Maturities of short-term investments |
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232,096,000 |
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22,000,000 |
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Purchases of property and equipment |
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(16,282,600) |
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(2,712,050) |
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Proceeds from sale of equipment |
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- |
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4,600 |
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Net cash provided by (used in) investing activities |
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2,272,000 |
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(183,575,150) |
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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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236,077,300 |
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Principal payments on notes payable |
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- |
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(4,922,400) |
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Proceeds from exercise of stock options |
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1,662,500 |
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2,424,000 |
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Principal payments on finance leases |
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- |
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(66,100) |
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Net cash provided by financing activities |
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1,662,500 |
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233,512,800 |
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Net increase in cash and cash equivalents |
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(4,762,100) |
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40,218,300 |
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Cash and cash equivalents, beginning of period |
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47,782,400 |
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18,755,200 |
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Cash and cash equivalents, end of period |
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$ |
43,020,300 |
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$ |
58,973,500 |
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Unaudited Reconciliation of Net Loss to EBITDA
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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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 |
$ |
(6,434) |
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$ |
(2,680) |
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$ |
(18,761) |
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$ |
(14,208) |
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Depreciation and amortization expense |
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743 |
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366 |
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1,778 |
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|
1,007 |
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Interest (income) expense, net |
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(1,394) |
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(52) |
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(1,965) |
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|
329 |
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Income taxes |
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- |
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- |
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- |
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- |
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EBITDA |
$ |
(7,085) |
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$ |
(2,366) |
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$ |
(18,948) |
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$ |
(12,871) |
|
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