MaxCyte is consolidating and expanding its position as a leading partner for enabling technologies, particularly in the rapidly growing gene editing and cell therapy space. It made several major advances during 2019. These include delivering revenue growth above market expectations, creation of a separate entity for the CARMA business, and, importantly for future prospects, securing five non-exclusive multi-product licences for varied approaches to gene-editing of cell therapies. These increase the number of clinical/commercial cell therapy deals to eight and associated potential pre-commercial milestones from >$250m a year ago to >$650m now. MaxCyte’s revenue opportunity will be expanded by this substantial new revenue stream, beyond the growing demand for its instruments and disposables.
| Year-end: December 31 | 2017 | 2018 | 2019E | 2020E |
| Sales (US$m) | 14.0 | 16.7 | 20.9 | 25.2 |
| Adj. PBT (US$m) | (9.9) | (8.9) | (16.6) | (16.2) |
| Net Income (US$m) | (9.9) | (8.9) | (16.6) | (16.2) |
| EPS (USc) | (20.4) | (17.3) | (29.5) | (28.3) |
| Cash (US$m) | 25.3 | 14.4 | 13.3 | 4.0 |
| EBITDA (US$m) | (9.1) | (8.1) | (15.4) | (14.8) |
Update
20 January 2020
| Price | 121.5p |
| Market Cap | £69.7m |
| Enterprise Value | £56.9m |
| Shares in issue | 57.4m |
| 12 month range | 95.0-197.4p |
| Free float | 70% |
| Primary exchange | AIM |
| Other exchanges | NA |
| Sector | Healthcare |
| Company Code | MXCT.L MXCS.L |
| Corporate client | Yes |
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.
Analysts
Mick Cooper
mcooper@trinitydelta.org
+44 (0) 20 3637 5042
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5041
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