5th Oct 2023 10:08
(Alliance News) - MaxCyte Inc on Thursday said it expects revenue in the third quarter and for all of 2023 to fall from a year before, citing volatility in customer activity in the life science tools sector.
MaxCyte shares were down 19% to 200.00 pence each on Thursday morning in London following the announcement. The intraday low of 170.00p set a new 52-week low for the stock.
The Maryland, US-based cell-engineering technology platform said for the third quarter of 2023, it anticipates revenue of between USD7.8 million and USD8.0 million, down 25% to 27% from USD10.6 million a year prior, amid the volatile customer activity.
Core business in the third quarter is expected to drop by 33% to 35% to between USD6.4 million and USD6.6 million, compared to USD9.9 million in the third quarter of 2022.
For all of 2023, MaxCyte expects revenue between USD34 million and USD36 million, at least 23% lower than USD44.3 million in 2022. Core revenue will be between USD28 million and USD30 million, down at least 24% from USD39.6 million.
Chief Executive Doug Doerfler said: "While we are disappointed with our 2023 revenues thus far, we remain optimistic about MaxCyte's long-term prospects, business model and ability to deliver shareholder value as the cell therapy industry grows and we continue to execute on our strategy. We are prudently managing our costs amid the challenging industry environment and still expect to end the year with approximately USD200 million in cash, which would be unchanged from our initial outlook at the beginning of the year."
By Tom Budszus, Alliance News reporter
Comments and questions to [email protected]
Copyright 2023 Alliance News Ltd. All Rights Reserved.
Related Shares:
MaxCyte