Gaithersburg, United States

MaxCyte has a patented flow electroporation platform, which can transfect a wide array of cells. It generates revenues from the sale and lease of equipment, disposables and licence fees from an impressive client list. Key programmes with several clients are gaining greater visibility and approaching material value-inflection points. These will trigger a stream of milestone fees.

Investment Perspective

FY21 revenues were up 30% to $33.9m, demonstrating continued robust growth in MaxCyte’s core Cell Therapy and Drug Discovery businesses (+37% to $31.4m), with management guiding to 22-25% core business revenue growth for FY22. Programme-related revenues from Strategic Platform Licences (SPLs) are inherently lumpier ($2.5m received in FY21; c $4m expected for FY22) but should begin to smooth as the frequency and size of milestone receipts increase as the underlying programmes progress through the clinic, driving more significant potential revenue growth from 2023+. End-December 2021 cash of $255m provides ample resources for investment in consolidating and expanding MaxCyte’s leading position in non-viral cell delivery and engineering. Our valuation is £1.06bn ($1.39bn) or 1,050p/$13.64 per share.

Market information

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Robust Cell Therapy performance lifts FY22 guidance
Lighthouse | 23 May 2022
Sustained FY21 growth with significantly more potential
Update | 06 Apr 2022
Opening the next chapter
Outlook | 09 Mar 2022

Recent News

Strategic platform license
12 Jul 2022
Q122 results
09 May 2022
CFO departure and preliminary Q122 revenue
13 Apr 2022
Q421 and FY21 financial results
22 Mar 2022