13th Jan 2025 10:43
(Alliance News) - MaxCyte Inc on Monday raised its 2024 revenue guidance above initial expectations, and above the updated guide reported in December.
The Rockville, Maryland-based provider of cell engineering platform technologies expects fourth-quarter core revenue between USD8.3 million and USD8.5 million, up from USD7.2 million the year prior.
Full-year core revenue is expected between USD32.2 million and USD32.4 million, compared to USD29.8 million in 2023. This represents a growth rate between 8% and 9%.
The firm increased growth expectations as recently as December, when it raised the guide rate to between 6% and 8%. Previous anticipation was for growth to be between flat and 5%.
Total cash, cash equivalents and investments as of December 31 are expected around USD190 million. This builds on initial guidance for 2024 of USD175 million, and December's updated guide of USD185 million.
Still, the cash expectation for 2024 reflects a decrease from USD211 million reported the previous year.
"The operating environment in the cell therapy industry is improving as we move into 2025," commented Maher Masoud, the company's president and chief executive officer.
Masoud added that streamlining efforts had helped return the company to revenue growth.
"We remain confident in the opportunity that exists for MaxCyte in the years ahead," the CEO added.
The firm expects to publish fourth-quarter and annual results in March.
MaxCyte shares rose 1.7% to 357.00 pence each on Monday morning in London.
By Holly Munks, Alliance News reporter
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