Releases Details
Second Quarter and Half-Year Results
MaxCyte Reports Second Quarter and Half-Year 2022 Financial Results
45% Year-Over-Year Core Business Revenue Growth in Second Quarter 2022
Raises 2022 Core Revenue Growth Guidance to Approximately 30%
Second Quarter and Recent Highlights
á Total revenue of
á Raising 2022 revenue guidance for core business revenue growth to approximately 30%.
á Expecting SPL Program-related revenue to be approximately
á Total cash, cash equivalents and short-term investments were
á Signed the Company's 17th SPL agreement in
"We are pleased with these strong second quarter 2022 results, with 45% year-over-year core business revenue growth, highlighted by 61% growth in revenues from
"Overall, our optimism about the potential for the development programs covered by our existing partners to generate growing revenue in both pre-clinical research and clinical progress remains high. Our ExPERT(TM) platform continues to be used to enable a broad range of cell types and approaches targeting a wide array of indications, and its adoption is increasing within the industry. We are making ongoing investments to drive revenue growth, support and expand the widening array of applications for our technology, while also strengthening our team and expanding our ability to support customers through in-house manufacturing and robust infrastructure. These investments should allow us to take advantage of expanding markets and support our partners as they move forward in development and commercialization."
The following table provides details regarding the sources of our revenue for the periods presented.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
Six Months Ended |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2022 |
|
2021 |
|
% |
|
2022 |
|
2021 |
|
% |
|
||||
(in thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cell therapy |
|
$ |
7,688 |
|
$ |
4,766 |
|
61% |
|
$ |
15,104 |
|
$ |
9,494 |
|
59% |
|
Drug discovery |
|
|
1,916 |
|
|
1,838 |
|
4% |
|
|
4,083 |
|
|
3,601 |
|
13% |
|
Program-related |
|
|
4 |
|
|
504 |
|
NM |
|
|
2,008 |
|
|
508 |
|
295% |
|
Total revenue |
|
$ |
9,608 |
|
$ |
7,108 |
|
35% |
|
$ |
21,195 |
|
$ |
13,603 |
|
56% |
|
Second Quarter 2022 Financial Results
Total revenue for the second quarter of 2022 was
Core business revenue was
We did not have any material SPL Program-related revenue in the second quarter of 2022, as compared to
Gross profit for the second quarter of 2022 was
Operating expenses for the second quarter of 2022 were
Second quarter 2022 net loss was
Total cash, cash equivalents and short-term investments were
First Half 2022 Financial Results
Total revenue for the first half of 2022 was
The Company recognized
Gross profit for the first half of 2022 was
Operating expenses for the first half of 2022 were
First half 2022 net loss was
2022 Revenue Guidance
We expect core business revenue (instruments and disposables to cell therapy and drug discovery customers and excluding program-related 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 Valerie Enes
Nominated Adviser and Joint Corporate Broker Panmure Gordon Corporate Broking
|
+1 408-497-8568
+44 (0)20 7886 2500 |
|
|
+44 (0)203 709 5700
|
|
|
|
|
Unaudited Consolidated Balance Sheets
|
|
|
|
|
|
|
||||||
|
|
|
|
|
||||||||
|
|
2022 |
|
2021 |
||||||||
|
|
|
(Unaudited) |
|
|
|
||||||
Assets |
|
|
|
|
|
|
||||||
Current assets: |
|
|
|
|
|
|
||||||
Cash and cash equivalents |
|
$ |
109,168,400 |
|
$ |
47,782,400 |
||||||
Short-term investments, at amortized cost |
|
|
131,719,200 |
|
|
207,261,400 |
||||||
Accounts receivable |
|
|
7,432,900 |
|
|
6,877,000 |
||||||
Accounts receivable - TIA* |
|
|
475,600 |
|
|
- |
||||||
Inventory |
|
|
7,722,000 |
|
|
5,204,600 |
||||||
Prepaid expenses and other current assets |
|
|
1,311,600 |
|
|
3,307,400 |
||||||
Total current assets |
|
|
257,829,700 |
|
|
270,432,800 |
||||||
|
|
|
|
|
|
|
||||||
Property and equipment, net |
|
|
20,596,100 |
|
|
7,681,200 |
||||||
Right of use asset - operating leases |
|
|
10,430,300 |
|
|
5,689,300 |
||||||
Other assets |
|
|
920,500 |
|
|
316,700 |
||||||
Total assets |
|
$ |
289,776,600 |
|
$ |
284,120,000 |
||||||
|
|
|
|
|
|
|
||||||
Liabilities and stockholders' equity |
|
|
|
|
|
|
||||||
Current liabilities: |
|
|
|
|
|
|
||||||
Accounts payable |
|
$ |
|
|
$ |
1,820,300 |
||||||
Accrued expenses and other |
|
|
7,901,800 |
|
|
6,523,500 |
||||||
Operating lease liability, current |
|
|
438,700 |
|
|
527,200 |
||||||
Deferred revenue, current portion |
|
|
7,310,600 |
|
|
6,746,800 |
||||||
Total current liabilities |
|
|
18,107,400 |
|
|
15,617,800 |
||||||
|
|
|
|
|
|
|
||||||
Operating lease liability, net of current portion |
|
|
14,053,300 |
|
|
5,154,900 |
||||||
Other liabilities |
|
|
393,000 |
|
|
450,200 |
||||||
Total liabilities |
|
|
32,553,700 |
|
|
21,222,900 |
||||||
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
||||||
Stockholders' equity |
|
|
|
|
|
|
||||||
Preferred stock, |
|
|
- |
|
|
- |
||||||
Common stock, |
|
|
1,016,600 |
|
|
1,012,000 |
||||||
Additional paid-in capital |
|
|
382,838,300 |
|
|
376,189,600 |
||||||
Accumulated deficit |
|
|
(126,632,000) |
|
|
(114,304,500) |
||||||
Total stockholders' equity |
|
|
257,222,900 |
|
|
262,897,100 |
||||||
Total liabilities and stockholders' equity |
|
$ |
289,776,600 |
|
$ |
284,120,000 |
||||||
* Tenant improvement allowance ("TIA")
Unaudited Consolidated Statements of Operations
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
||||
Revenue |
|
$ |
9,607,800 |
|
$ |
7,108,100 |
|
$ |
21,195,100 |
|
$ |
13,602,900 |
|
Cost of goods sold |
|
|
1,120,400 |
|
|
784,500 |
|
|
2,183,000 |
|
|
1,477,600 |
|
Gross profit |
|
|
8,487,400 |
|
|
6,323,600 |
|
|
19,012,100 |
|
|
12,125,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
|
4,696,000 |
|
|
3,203,900 |
|
|
8,461,200 |
|
|
9,280,300 |
|
Sales and marketing |
|
|
4,930,600 |
|
|
2,912,900 |
|
|
8,769,300 |
|
|
5,702,000 |
|
General and administrative |
|
|
7,102,600 |
|
|
4,301,100 |
|
|
13,735,100 |
|
|
7,298,900 |
|
Depreciation and amortization |
|
|
497,100 |
|
|
322,900 |
|
|
944,500 |
|
|
634,400 |
|
Total operating expenses |
|
|
17,226,300 |
|
|
10,740,800 |
|
|
31,910,100 |
|
|
22,915,600 |
|
Operating loss |
|
|
(8,738,900) |
|
|
(4,417,200) |
|
|
(12,898,000) |
|
|
(10,790,300) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other expense |
|
|
- |
|
|
(13,200) |
|
|
- |
|
|
(755,500) |
|
Interest income |
|
|
478,700 |
|
|
8,600 |
|
|
570,500 |
|
|
18,400 |
|
Total other income (expense) |
|
|
478,700 |
|
|
(4,600) |
|
|
570,500 |
|
|
(737,100) |
|
Net loss |
|
$ |
(8,260,200) |
|
$ |
(4,421,800) |
|
$ |
(12,327,500) |
|
$ |
(11,527,400) |
|
Basic and diluted net loss per share |
|
$ |
(0.08) |
|
$ |
(0.05) |
|
$ |
(0.12) |
|
$ |
(0.14) |
|
Weighted average shares outstanding, basic and diluted |
|
|
101,427,430 |
|
|
84,706,516 |
|
|
101,547,583 |
|
|
82,865,526 |
|
Unaudited Consolidated Statements of Cash Flows
|
|
|
|
|
|
|
|
|
||||||
|
|
Six Months Ended |
||||||||||||
|
|
2022 |
|
2021 |
|
|||||||||
Cash flows from operating activities: |
|
|
|
|
|
|
|
|||||||
Net loss |
|
$ |
(12,327,500) |
|
$ |
(11,527,400) |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|||||||
Depreciation and amortization |
|
|
1,035,000 |
|
|
641,400 |
|
|||||||
Net book value of consigned equipment sold |
|
|
51,400 |
|
|
13,900 |
|
|||||||
Loss on disposal of fixed assets |
|
|
- |
|
|
19,800 |
|
|||||||
Fair value adjustment of liability classified warrant |
|
|
- |
|
|
358,200 |
|
|||||||
Stock-based compensation |
|
|
5,435,200 |
|
|
3,225,000 |
|
|||||||
Amortization of discounts on short-term investments |
|
|
(206,100) |
|
|
1,900 |
|
|||||||
Non-cash interest expense |
|
|
- |
|
|
5,400 |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|||||||
Accounts receivable |
|
|
(555,900) |
|
|
(547,300) |
|
|||||||
Accounts receivable - TIA |
|
|
(475,600) |
|
|
- |
|
|||||||
Inventory |
|
|
(2,639,500) |
|
|
(182,300) |
|
|||||||
Prepaid expense and other current assets |
|
|
1,995,800 |
|
|
(342,700) |
|
|||||||
Right of use asset - operating leases |
|
|
(4,741,000) |
|
|
554,400 |
|
|||||||
Right of use asset - finance lease |
|
|
- |
|
|
47,600 |
|
|||||||
Other assets |
|
|
(603,800) |
|
|
(1,670,200) |
|
|||||||
Accounts payable, accrued expenses and other |
|
|
939,900 |
|
|
(992,400) |
|
|||||||
Operating lease liability |
|
|
8,809,900 |
|
|
(584,000) |
|
|||||||
Deferred revenue |
|
|
563,800 |
|
|
1,911,800 |
|
|||||||
Other liabilities |
|
|
(57,200) |
|
|
38,000 |
|
|||||||
Net cash used in operating activities |
|
|
(2,775,600) |
|
|
(9,028,900) |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Cash flows from investing activities: |
|
|
|
|
|
|
|
|||||||
Purchases of short-term investments |
|
|
(131,547,700) |
|
|
(35,963,100) |
|
|||||||
Maturities of short-term investments |
|
|
207,296,000 |
|
|
16,000,000 |
|
|||||||
Purchases of property and equipment |
|
|
(12,804,800) |
|
|
(1,271,100) |
|
|||||||
Proceeds from sale of equipment |
|
|
- |
|
|
4,600 |
|
|||||||
Net cash provided by (used in) investing activities |
|
|
62,943,500 |
|
|
(21,229,600) |
|
|||||||
|
|
|
|
|
|
|
|
|||||||
Cash flows from financing activities: |
|
|
|
|
|
|
|
|||||||
Net proceeds from issuance of common stock |
|
|
- |
|
|
51,808,900 |
|
|||||||
Principal payments on notes payable |
|
|
- |
|
|
(4,922,400) |
|
|||||||
Proceeds from exercise of stock options |
|
|
1,218,100 |
|
|
2,089,300 |
|
|||||||
Principal payments on finance leases |
|
|
- |
|
|
(49,300) |
|
|||||||
Net cash provided by financing activities |
|
|
1,218,100 |
|
|
48,926,500 |
|
|||||||
Net increase in cash and cash equivalents |
|
|
61,386,000 |
|
|
18,668,000 |
|
|||||||
Cash and cash equivalents, beginning of period |
|
|
47,782,400 |
|
|
18,755,200 |
|
|||||||
Cash and cash equivalents, end of period |
|
$ |
109,168,400 |
|
$ |
37,423,200 |
|
|||||||
Unaudited Reconciliation of Net Loss to EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
||||||||
|
|
|
|
|
||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
||||
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(8,260) |
|
$ |
(4,422) |
|
$ |
(12,328) |
|
$ |
(11,527) |
|
Depreciation and amortization expense |
|
548 |
|
|
333 |
|
|
1,035 |
|
|
641 |
|
Interest (income) expense, net |
|
(479) |
|
|
(6) |
|
|
(571) |
|
|
379 |
|
Income taxes |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
EBITDA |
$ |
(8,191) |
|
$ |
(4,095) |
|
$ |
(11,864) |
|
$ |
(10,507) |
|
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the