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ROCKVILLE, MD - MaxCyte, Inc. (NASDAQ:MXCT) reported fourth quarter earnings that beat analyst expectations, but saw revenue plummet 45% YoY, sending shares down 10.4% in after-hours trading.
The cell engineering technology company posted Q4 revenue of $8.7 million, surpassing the consensus estimate of $7.76 million but falling sharply from $15.7 million in the same quarter last year. The decline was primarily due to multiple one-time approval milestones recorded in Q4 2023. Adjusted earnings per share came in at -$0.10, better than the -$0.12 analysts expected.
MaxCyte’s core business revenue, which excludes Strategic Platform License (SPL) Program-related revenue, grew 20% YoY to $8.6 million. However, SPL Program-related revenue plummeted 99% to just $83,000 compared to $8.5 million in Q4 2023.
"We are pleased to report strong financial results in 2024, including a return to core revenue growth and disciplined cash management, driven by the execution of our team," said CEO Maher Masoud.
For the full year 2024, MaxCyte reported total revenue of $38.6 million, down 6% from 2023. The company ended the year with $190.3 million in cash and investments.
Looking ahead, MaxCyte expects core revenue growth of 8% to 15% in 2025 compared to 2024, including revenue from its SeQure Dx acquisition. SPL Program-related revenue is projected at approximately $5 million for 2025.
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