MaxCyte
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.

www.maxcyte.com

Investment Perspective

MaxCyte’s H122 total revenue of $21.2m grew 56% year-on-year, with core Cell Therapy and Drug Discovery revenues up 46.5% to $19.2m, prompting management to increase FY22 guidance to c 30% core business revenue growth. Guidance for the inherently lumpier programme-related revenues from Strategic Platform Licences (SPLs) remains at c $4m for FY22. First regulatory filings for the most advanced SPL asset, CRISPR Therapeutics’ exa-cel (CTX001) should occur in Q422, meaning a first approval decision could come as early as 2023. With the prospect of future commercial launches, a growing number of SPL partners (now 17) and clinical progress across the SPL stable, MaxCyte is investing in people, processes, products, and infrastructure to support this, to further consolidate its leading position in non-viral cell delivery and engineering, and to expand into new markets. Our updated valuation is £980m ($1.27bn) or 964p/$12.53 per share.

Market information

SymbolPrimary exchange
MXCT/MXCT.LNASDAQ/AIM London

Research

Strategic investments to support partners & future growth
Update | 06 Sep 2022
Robust Cell Therapy performance lifts FY22 guidance
Lighthouse | 23 May 2022
Sustained FY21 growth with significantly more potential
Update | 06 Apr 2022

Recent News

New Maryland headquarters
21 Sep 2022
Q222 results
10 Aug 2022
Strategic platform license
12 Jul 2022
Q122 results
09 May 2022