MaxCyte made significant progress in making its flow electroporation technology the preferred transfection methodology for CRISPR therapies in H117. At the same time, MaxCyte has increased its sales and marketing effort, supported by the £20m capital raise in April. So, we forecast that MaxCyte’s sales growth will be 26.1% sales growth in FY17, compared to 13.6% in H117. During the rest of the year, attention to MaxCyte’s CARMA platform (proprietary CAR therapy) should also increase, as it aims to file its IND in the US in H217 and the imminent launch of the first CAR-T therapy. We maintain our valuation at £178m, or 351p/share.
| Year-end: December | 2015 | 2016 | 2017E | 2018E |
| Sales ($m) | 9.3 | 12.3 | 15.5 | 18.5 |
| Adj. PBT ($m) | (1.4) | (3.3) | (11.1) | (13.6) |
| Net Income ($m) | (3.5) | (3.9) | (11.1) | (13.6) |
| Adj. EPS (c) | (186.4) | (10.0) | (22.7) | (26.7) |
| Cash ($m) | 2.4 | 11.7 | 25.0 | 12.4 |
| EBITDA ($m) | (0.7) | (2.6) | (10.4) | (12.8) |
Update
19 September 2017
| Price | 247.5p |
| Market Cap | £126m |
| Enterprise Value | £101m |
| Shares in issue | 50.8m |
| 12 month range | 83.0p-305p |
| Free float | 70% |
| Primary exchange | AIM London |
| Other exchanges | NA |
| Company Code | MXCT.L / MXCR.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 PhD
mcooper@trinitydelta.org
+44 (0) 20 3637 5042
Franc Gregori
fgregori@trinitydelta.org
+44 20 3637 5041
Exhibit 1: Summary of financials
Source: MaxCyte, Trinity Delta Note: Adjusted numbers exclude exceptionals. No commercial licensing deals are included in our forecasts
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