7th Aug 2024 14:10
(Alliance News) - MaxCyte Inc on Wednesday said loss narrowed in the first half amid growing revenue and the signing of new partnership agreements.
The Rockville, Maryland-based provider of cell engineering platform technologies said in the first half that ended June 30, net loss narrowed to USD18.9 million from USD21.4 million the previous year.
Total revenue increased 24% to USD21.8 million from USD17.6 million, while core revenue fell 1.9% to USD15.8 million from USD16.1 million.
Cost of sales rose 22% to USD2.9 million from USD2.4 million.
Total operating expenses grew 3.9% to USD43.1 million from USD41.5 million with the company spending greater sums on marketing, administration, and research and development.
Since the beginning of the year, MaxCyte has signed five new strategic platform licences, including those with Legend Biotech Corp and Be Biopharma Inc in March.
Chief Executive Officer Maher Masoud said: "Our total number of SPLs now stands at 28, highlighting the demand for our platform and our continued expansion into a range of different indications. As our clients continue to progress through the clinic, we believe we continue to provide the best electroporation platform with the best support for their programs."
In the half, Cell Therapy revenue growth was flat year-on-year at USD12.6 million, whereas Drug Discovery revenue declined 11% to USD3.1 million from USD3.5 million.
The company continues to expect core business revenue growth to be flat to 5% for the full year.
End of year cash, cash equivalents and investments is forecast to be at least USD180 million, up from previous guidance of USD175 million.
MaxCyte shares were up 2.4% to 343.00 pence each in London on Wednesday afternoon.
By Elijah Dale, Alliance News reporter
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