Trinity Delta view: The pivotal role of MaxCyte’s ExPERT flow electroporation platform in enabling next-generation cell and gene therapies is becoming more widely recognised, with major licence deals with both leading cell therapy players and cutting-edge start-ups. During FY20 MaxCyte delivered impressive revenue growth despite operational challenges posed by the COVID-19 pandemic. FY21 growth is expected to be stronger as the core business continues to progress and milestone receipts reflect progress in partner pipelines. Industry-wide progress in cell and gene therapy pipelines means increasing visibility on partner assets and promising, albeit early data. The success of even a small portion of programmes under licence would be transformative for MaxCyte. The sizeable private placement boosts end-FY20 cash of £34.8m, providing MaxCyte with ample resources to support its clients and partners, and further external validation of its rising industry-wider reputation from a growing knowledgeable US institutional investor base. In line with our usual practice, we suspend our valuation and forecasts with the aim to re-introduce updated values as soon as practicable.
Lighthouse
5 February 2021
| Price | 870p |
| Market Cap | £673.6m |
| Primary exchange | AIM London |
| Sector | Healthcare |
| Company Code | MXCT MXCL MXCN |
| 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. Key programmes with several clients are gaining greater visibility and approaching material value-inflections points. These will trigger a stream of milestone fees.
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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