Q1 2024 MaxCyte Inc Earnings Call Transcript
Key Points
- MaxCyte Inc (MXCT) reported a total revenue of $11.3 million for Q1 2024, a 32% increase year-over-year.
- The company saw a return to growth in its cell therapy business and stable performance in drug discovery revenue.
- MaxCyte Inc (MXCT) achieved a significant regulatory pivotal milestone, leading to an increase in SPL program related revenue guidance for 2024.
- The installed base of instruments expanded to 708, with successful execution against pipeline instrument opportunities.
- MaxCyte Inc (MXCT) signed four new SPLs in early 2024, demonstrating continued trust and expansion in its partnership base.
- Instrument revenue decreased to $1.9 million from $2.2 million in the first quarter of 2023.
- Lease revenue also saw a decline to $2.6 million from $2.8 million in the same period last year.
- Despite positive developments, the company maintains a cautious outlook for the year, reflecting uncertainty in market conditions.
- Operating expenses increased to $22.2 million from $20.8 million year-over-year, driven by growth in sales and marketing and R&D expenses.
- The company noted that demand for processing assemblies (PAs) can be lumpy and unpredictable, which may affect revenue stability quarter-to-quarter.
Good day and thank you for standing by, and welcome to the MaxCyte first quarter of 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Eric Abdo, Investor Relations. Please go ahead.
Good afternoon, everyone. Thank you for participating in today's conference call. On the call from MaxCyte, we have Maher Masoud, President and Chief Executive Officer; and Douglas Swirsky, Chief Financial Officer. Earlier today, Maxim released financial results for the first quarter ended March 31, 2024 a copy of the press release is available on the company's website.
Before we begin, I need to read the following statement. Statements or comments made during this call may be forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements and actual
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