12th Mar 2025 07:23
(Alliance News) - MaxCyte Inc on Tuesday said its annual loss widened amid higher costs and falling revenue, but it remains optimistic about growth prospects for 2025.
The Rockville, Maryland-based cell engineering technology company said its net loss widened to USD41.1 million in 2024 from USD37.9 million a year prior.
Diluted net loss per share was USD0.39, worsening from USD0.37.
Revenue fell 6.4% to USD38.6 million from USD41.3 million as the cost of goods sold increased 50% to USD7.1 million from USD4.7 million.
Research & development expenses were cut by 6.7% to USD22.2 million from USD23.8 million, sales & marketing expenses fell 1.2% to USD26.7 million from USD27.0 million, and general & administrative expenses declined 1.2% to USD29.7 million from USD30.1 million.
MaxCyte's holdings of cash and cash equivalents reduced by 40% to USD27.9 million from USD46.5 million while total current liabilities fell 12% to USD15.8 million from USD17.9 million.
In the fourth quarter ended December 31 alone, net loss widened to USD10.6 million from USD5.3 million as revenue fell 45% to USD8.7 million from USD15.7 million.
Chief Executive Officer Maher Masoud said: "We signed a record six [strategic platform licences] in 2024 and continue to see momentum in the SPL pipeline with the addition of TG Therapeutics early in 2025. We also implemented a more disciplined capital and operational approach at MaxCyte, which has already enabled new strategic initiatives, and a more efficient and streamlined business, underpinning our commitment to long-term value creation for our shareholders."
Looking ahead, MaxCyte said it expects to grow core revenue by 8% to 15% in 2025.
"In 2025, we will continue to drive strong commercial execution, support the progression of SPL programs through the clinic, and make disciplined investments to position MaxCyte as a premier cell engineering solutions provider, including the integration and growth of SeQure Dx," CEO Masoud added.
MaxCyte shares closed 1.5% higher at USD3.47 each in New York on Tuesday before falling 10% to USD3.11 after hours.
By Elijah Dale, Alliance News reporter
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