FY19 results crown a breakthrough year

Lighthouse | 21 April 2020

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  • MaxCyte has achieved a 29.7% increase in FY19 revenues to $21.6m (FY18: $16.7m), driven by a +36% increase in H219 to $13.2m. The five-year revenue CAGR is now 25%. Importantly, the better than expected results saw underlying EBITDA (ex-CARMA) post a maiden profit of $1.3m. The CARMA investment of $11.2m (up from $6.5m in FY18) meant the Group loss widened to $12.9m (FY18: $8.9m).
  • The operating cash outflow, including CARMA spend, was $8.8m (against $10.5m for FY18). Cash and equivalents at end-December 2019 were $16.7m, from $14.4m, boosted by a $10m equity raise in March 2019.
  • FY19 saw a further five clinical/commercial licenses signed, which together with the Allogene Therapeutics collaboration in March 2020, brings the total to nine. The result is that the value of the potential pre-commercial milestones rises from >$250m a year ago to >$800m now.
  • There are now more than 100 cell therapy programmes licensed, of which 70+ are for clinical use. To date, MaxCyte’s technology has enabled more than 15 clinical cell therapy programmes. Last year’s launch of the upgraded ExPERT instrument range, with enhanced utility and functionality, has been well received. All the top ten pharmaceutical companies are now clients, as are the leading players in the cell therapy and gene therapy field.
  • The Phase I dose-escalation trial of MCY-M11 is progressing well; the fourth dosing cohort started in March 2020. This is the lead programme using CARMA, MaxCyte’s novel mRNA mediated CAR technology, and addresses relapsed/refractory ovarian cancer and peritoneal mesothelioma. CARMA is now a wholly owned subsidiary and is planned to become self-funded by 2021. Locust Walk, a specialist life sciences transaction firm, has been appointed to find independent financing and/or partners to achieve this goal. The potential impact of the COVID-19 pandemic may affect timings.
  • COVID-19 may also impact the Phase I timings for the CARMA clinical programmes as typically such early studies require access to intensive care facilities in case of unexpected events. Other limitations, as with most businesses, centre on marketing and distribution activities.

Trinity Delta view: MaxCyte is clearly consolidating and expanding its position as the leading partner for non-viral cell transfection, a key enabling technology, in the rapidly growing fields of gene editing and cell therapy. These new therapies are truly transformative, and MaxCyte’s flow electroporation platforms lie at the heart of most of these next-generation treatments. The FY19 results confirm our view that MaxCyte is well placed to benefit from the clinical advances being achieved, with the magnitude of the opportunities set to become increasingly visible over the next 18 months. We aim to update our forecasts and valuation to reflect these results as soon as practicable. For context, our prior valuation was £195m, or 341p/share, with the core business excluding CARMA worth £111m.


21 April 2020

Market Cap£77.5m
Primary exchangeAIM London
Company Code
Corporate clientYes

Company description

MaxCyte uses its patented flow electroporation platform to transfect a wide array of cells. Revenues arise from sale and lease of equipment, disposables and licence fees; with an impressive client list. Additionally, a novel mRNA mediated CAR technology, known as CARMA, is being explored in various cancers, including solid tumours.


Lala Gregorek
+44 (0) 20 3637 5043

Franc Gregori
+44 (0) 20 3637 5041


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