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Investing.com - BTIG downgraded MaxCyte Inc. (NASDAQ:MXCT) from Buy to Neutral on Monday, citing ongoing funding challenges for the company’s cell and gene therapy customers. The stock has declined over 33% in the past week and is currently trading near its 52-week low, according to InvestingPro data.
MaxCyte delivered disappointing second-quarter results and reduced its 2025 revenue guidance by $5 million, representing 14% of its business. The company now expects its core business to decline approximately 5% year-over-year in 2025 at the midpoint. InvestingPro data shows the company’s revenue has already declined by 21% over the last twelve months, while maintaining strong gross margins of nearly 80%.
BTIG noted that while MaxCyte possesses a "best-in-class electroporation platform" with industry-leading 82% gross margins and 31 strategic platform licenses carrying downstream economic opportunities, the constrained funding environment among many of its customers remains problematic.
The research firm expressed "incrementally greater concern" that the funding constraints affecting MaxCyte’s customers may persist "for the foreseeable future," impacting the company’s growth trajectory.
BTIG identified improved customer fundraising capabilities as the primary driver needed for MaxCyte’s business recovery, suggesting this improvement might not materialize until 2026.
In other recent news, MaxCyte Inc. reported its second-quarter 2025 earnings, revealing a revenue miss. The company posted revenue of $8.5 million, which was below the forecasted $9.63 million, marking an 11.73% shortfall. Additionally, MaxCyte’s earnings per share came in at -$0.12, slightly missing the expected -$0.10. This resulted in a 20% negative surprise for investors. Following these results, William Blair downgraded MaxCyte from Outperform to Market Perform, citing the company’s disappointing performance and reduced guidance. MaxCyte’s revised guidance now indicates a decline in core organic revenue by 6%-16% for the year, with an anticipated 20% drop in the second half. These developments come amid an otherwise strong performance in the bioprocessing tools sector.
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