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MaxCyte (MXCT) (MXCT)
:MXCT
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MaxCyte
(LSE:MXCT)
42Neutral
Positive Factors
Financial Stability
FY24 cash of $185M provides multi-year support for the company's growth and initiatives.
Revenue Growth
MXCT delivered a record 6 SPL agreements in 2024 and ended 2024 with 28 active SPL agreements, including 18 that are active in the clinic and one that is commercial.
Strategic Initiatives
New product launches represent upside opportunities to organic growth guidance.
Negative Factors
Market Conditions
MXCT views the cell therapy funding market as 'stabilizing', but has not fully improved, and that customers continue to have a cautious capital-spending mindset.
Revenue Guidance
The 2025 revenue guide was lower than expected, particularly for core organic growth.
MaxCyte (MXCT) vs. S&P 500 (SPY)
Market Cap
$289.46M
Dividend YieldN/A
Average Volume (3M)659.33K
Price to Earnings (P/E)―
Beta (1Y)1.64
Revenue Growth-6.45%
EPS Growth-6.56%
CountryUS
Employees114
SectorHealthcare
Sector Strength72
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.39
Shares Outstanding106,027,730
10 Day Avg. Volume585,818
30 Day Avg. Volume659,325
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)8.48
Price to Cash Flow (P/CF)-10.50
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.50Price Target Upside174.73% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
MaxCyte Business Overview & Revenue Model
Company DescriptionMaxCyte, Inc. is a biotechnology company specializing in the development and commercialization of advanced cell engineering technologies. The company's proprietary flow electroporation technology enables the engineering of a wide variety of cells with high efficiency and cell viability. MaxCyte's platforms are utilized across various sectors, including gene editing, immuno-oncology, and regenerative medicine, providing tools for drug discovery and development, as well as for use in biomanufacturing.
How the Company Makes MoneyMaxCyte generates revenue through the sale and licensing of its cell engineering platforms, as well as through strategic partnerships and collaborations with biotechnology and pharmaceutical companies. The company licenses its technology to partners, who use it for research, development, and commercialization of cell-based therapies. MaxCyte also earns money through milestone payments and royalties from its partners' successful development and commercialization of therapies using MaxCyte's technology. Additionally, the company provides services related to its technology, including support and training, which contribute to its revenue streams.
MaxCyte Financial Statement Overview
Summary
MaxCyte faces significant financial challenges, with persistent losses and negative cash flows. The company maintains a strong equity position and low leverage, but its inability to generate positive net income and cash flow raises concerns about sustainability. Improvements in operational efficiency and revenue growth are essential.Income Statement
MaxCyte's income statement reveals a challenging financial situation. The company has consistently reported negative EBIT and net income over the years, indicating ongoing operational losses. The revenue growth has been inconsistent, with a decline in the most recent year. Gross profit margins remain high, suggesting cost management at the gross level is effective, but this does not translate into profitability due to high operational expenses.45
Neutral
Balance Sheet
The balance sheet shows a strong equity base with a high equity ratio, reflecting low leverage. The debt-to-equity ratio is favorable, indicating the company is not heavily reliant on debt. However, the return on equity is negative due to recurring net losses, which is a concern for shareholders.55
Neutral
Cash Flow
Cash flow analysis highlights a negative operating and free cash flow, which has been a consistent trend. The operating cash flow to net income ratio is unfavorable, indicating inefficiencies in converting net income into cash. An increase in financing cash flow shows reliance on external funding to support operations.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 38.63M | 41.29M | 44.26M | 33.89M | 26.17M |
| Gross Profit | ||||
| 31.53M | 36.55M | 39.16M | 30.25M | 23.40M |
| EBIT | ||||
| -51.20M | -48.30M | -27.36M | -18.19M | -11.06M |
| EBITDA | ||||
| -46.41M | -44.13M | -20.87M | -16.76M | -9.94M |
| Net Income Common Stockholders | ||||
| -41.05M | -37.92M | -19.78M | -20.13M | -12.64M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 154.48M | 168.29M | 227.34M | 255.04M | 34.76M |
| Total Assets | ||||
| 239.47M | 268.27M | 286.65M | 284.12M | 51.78M |
| Total Debt | ||||
| 18.03M | 18.74M | 16.09M | 5.68M | 6.97M |
| Net Debt | ||||
| -9.85M | -27.76M | 5.03M | -42.10M | -11.79M |
| Total Liabilities | ||||
| 33.22M | 36.11M | 32.69M | 21.22M | 18.55M |
| Stockholders Equity | ||||
| 206.25M | 232.17M | 253.97M | 262.90M | 33.23M |
| Cash Flow | Free Cash Flow | |||
| -29.26M | -25.39M | -33.26M | -14.51M | -10.85M |
| Operating Cash Flow | ||||
| -27.61M | -21.69M | -14.78M | -10.68M | -8.78M |
| Investing Cash Flow | ||||
| 6.93M | 54.98M | -24.82M | -195.01M | -16.58M |
| Financing Cash Flow | ||||
| 2.06M | 2.14M | 2.89M | 234.72M | 28.90M |
MaxCyte Technical Analysis
Negative
2.73
Price Trends
3.82
Negative
3.89
Negative
4.00
Negative
Market Momentum
-0.27
Positive
27.94
Positive
12.75
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MXCT, the sentiment is Negative. The current price of 2.73 is below the 20-day moving average (MA) of 3.18, below the 50-day MA of 3.82, and below the 200-day MA of 4.00, indicating a bearish trend. The MACD of -0.27 indicates Positive momentum. The RSI at 27.94 is Positive, neither overbought nor oversold. The STOCH value of 12.75 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MXCT.
MaxCyte Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
48 Neutral | $6.84B | 1.02 | -53.11% | 2.50% | 16.84% | 0.92% | |
46 Neutral | $3.17B | ― | -19.20% | ― | -89.95% | -123.71% | |
45 Neutral | $2.22B | ― | -43.94% | ― | -83.18% | -144.95% | |
42 Neutral | $289.46M | ― | -18.51% | ― | -6.45% | -6.56% | |
41 Neutral | $835.39M | ― | -54.00% | ― | 59.55% | 3.09% | |
39 Underperform | $103.72M | ― | -98.10% | ― | -58.64% | -40.05% | |
37 Underperform | $184.26M | ― | -187.83% | ― | -67.20% | 64.66% |
* Healthcare Sector Average
Performance Comparison
MXCT
MaxCyte
2.73
-1.46
-34.84%
SGMO
Sangamo Biosciences
0.66
0.05
8.20%
EDIT
Editas Medicine
1.16
-6.12
-84.07%
NTLA
Intellia Therapeutics
7.11
-20.11
-73.88%
CRSP
Crispr Therapeutics AG
34.03
-34.15
-50.09%
BEAM
Beam Therapeutics
19.53
-13.13
-40.20%
MaxCyte Earnings Call Summary
Earnings Call Date: Mar 11, 2025 | % Change Since: -21.33% | Next Earnings Date: May 13, 2025
Earnings Call Sentiment Neutral
MaxCyte reported significant core revenue growth and strategic expansion with the acquisition of SeQure Dx and the expansion of its SPL portfolio. However, the company faced challenges with overall revenue decline and reduced instrument and SPL program-related revenues. While there were notable achievements, the financial setbacks present a balanced outlook.Highlights
Core Revenue Growth in 2024
MaxCyte reported core business revenue of $32.5 million for the full year 2024, representing a 9% increase from 2023. PA sales showed a very healthy revenue growth of 36% compared to 2023.
Strategic Acquisition of SeQure Dx
MaxCyte acquired SeQure Dx, enhancing its capabilities in safety assessment of cell and gene therapy development. The acquisition provides cross-selling opportunities and has been integrated successfully into MaxCyte's operations.
Expansion of SPL Portfolio
MaxCyte signed six new SPLs in 2024, increasing active SPL customers to 28, with 18 active clinical programs and one commercial program. The total pre-commercial milestone potential from these programs is greater than $220 million.
CASGEVY Progress
CASGEVY secured regulatory approvals in multiple countries and a reimbursement agreement with NHS England, expanding patient access globally. Approximately 50 patients have completed cell collection, up from about 30 in the previous quarter.
Lowlights
Overall Revenue Decline
Total revenue for the full year 2024 was $38.6 million, a 6% decline from $41.3 million in 2023. Total revenue in Q4 2024 was $8.7 million, a 45% decline compared to Q4 2023.
Instrument Revenue Challenges
Instrument revenue for the year was $7.1 million, affected by customer caution on capital expenditure. This was a decrease from $8.3 million in 2023.
SPL Program-Related Revenue Decrease
SPL program-related revenue for 2024 was $6.1 million, down from $11.5 million in 2023. Q4 2024 SPL program-related revenue was only $0.1 million, a sharp decrease from $8.5 million in Q4 2023.
Company Guidance
During the call, MaxCyte provided guidance for 2025, projecting core revenue growth between 8% and 15%, inclusive of at least $2 million from their recent acquisition of SeQure Dx. The company expects SPL (Strategic Platform License) program-related revenue to be approximately $5 million, comprising pre-commercial milestone payments and commercial royalties. They ended 2024 with a total revenue of $38.6 million, marking a 6% decline from 2023, but core revenue increased by 9% to $32.5 million. MaxCyte aims to maintain gross margins in the low to mid-80s percentage range and anticipates ending 2025 with around $160 million in cash, cash equivalents, and investments. Although the macroeconomic environment remains challenging, MaxCyte is cautiously optimistic about potential improvements in the funding environment for their customers in 2025.MaxCyte Corporate Events
Business Operations and StrategyFinancial Disclosures
MaxCyte Reports 2024 Financial Results with Core Growth
Neutral
Mar 11, 2025
On March 11, 2025, MaxCyte announced its financial results for the fourth quarter and full year of 2024, revealing a total revenue of $8.7 million for the fourth quarter, a 45% decrease from the previous year due to one-time milestones in 2023. Despite the overall revenue decline, the company saw a 20% increase in core business revenue, highlighting growth in its main operations. MaxCyte ended 2024 with 28 active Strategic Platform License agreements, and the company remains focused on strategic initiatives and disciplined investments to enhance its position in the cell engineering solutions market.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.