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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