The following is a summary of the MaxCyte, Inc. (MXCT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• MaxCyte reported a full year revenue of $41.3 million in 2023, down 7% from 2022. However, Q4 2023 revenue increased by 26% to $15.7 million, compared to Q4 2022.

• Their Q4 2023 core revenue was down by 32% at $7.2 million due to a decline in revenue from cell therapy and drug discovery customers.

• Gross margin for Q4 2023 was at 90%, an increase from 88% in Q4 2022.

• The company closed the year with an impressive $211 million in cash and no outstanding debt.

• The company's SPL program-related revenue experienced significant growth in Q4 2023, making $8.5 million as opposed to $1.9 million in Q4 2022.

Business Progress:

• MaxCyte's ExPERT platform became the only electroporation platform to have supported a non-viral therapy through FDA approval in 2023.

• The company managed to expand its instrument installed base from 616 in 2022 to 683 in 2023.

• MaxCyte signed 5 new Strategic Platform License Agreements (SPLs) in 2023, taking the total to 23 at the end of the year. This subsequently increased to 26 contracts in 2024.

• As part of their 2024 strategic plan, MaxCyte aims to enhance its electroporation system to sell into new applications for electroporation.

• The company is currently developing the VLx technology, which is expected to enable rapid production of transiently expressed proteins for preclinical and early clinical use.

More details: MaxCyte IR

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