Trinity Delta view: MaxCyte’s H120 trading update underscores its resilient business model, despite challenging times, as well as boding well for its long-term growth prospects. Continued development and futureproofing of its product offering to meet the needs of its customers and partners, will help cement MaxCyte’s position as the clear leader in non-viral cell modification. The growing stable of clinical/commercial deals with well-funded next-generation gene editing and cell therapy companies cover increasing diverse product candidates. This emphasises the versatility of MaxCyte’s enabling technology and increases the likelihood of meaningful future milestone receipts. We currently value MaxCyte at £260m or 340p/share. The core business is valued at £158m or 206p/share (£83m or 108p/share for recurrent revenues; £49m or 64p/share for potential milestones), with CARMA Cell Therapies at £103m (134p/share). We will revisit our valuation assumptions after H120 results are released in September.
Lighthouse
15 July 2020
| Price | 221.0p |
| Market Cap | £169.3m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT MXCL |
| 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
Lala Gregorek
lgregorek@trinitydelta.org
+44 (0) 20 3637 5043
Franc Gregori
fgregori@trinitydelta.org
+44 (0) 20 3637 5041
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