Q2 2024 MaxCyte Inc Earnings Call Transcript
Key Points
- MaxCyte Inc (MXCT) reported a 15% increase in total revenue for the second quarter of 2024 compared to the same period in 2023.
- The company signed five new Strategic Platform Licenses (SPLs) in 2024, including a significant partnership with Legend Biotech.
- MaxCyte Inc (MXCT) achieved $6 million in SPL Program-related revenue in the first half of 2024, surpassing initial expectations.
- The company maintains a strong gross margin of 86% in the second quarter of 2024, slightly higher than the previous year.
- MaxCyte Inc (MXCT) has a robust cash position with $199.8 million in cash, cash equivalents, and investments, and no debt.
- Core revenue declined by 9% year-over-year, with specific declines in cell therapy and drug discovery revenues.
- Instrument revenue continues to be impacted by cautious capital spending from customers, reflecting a challenging market environment.
- The company has moderated its expectations for the VLX product, reducing investment in this area.
- MaxCyte Inc (MXCT) does not anticipate additional SPL Program-related revenue milestones for the remainder of 2024.
- The funding environment for cell therapy developers remains stable but has not significantly improved, affecting customer spending behavior.
Ladies and gentlemen, thank you for standing by. Welcome to MaxCyte Second Quarter Earnings Conference Call. (Operator Instructions) Please be advised that todayâs conference is being recorded. I would like now to turn the conference over to Scott Feinberg, Finance, and Investor Relations Associate. Please go ahead.
Good afternoon, everyone. My name is Scott Feinberg and I am responsible for Investor Relations here at MaxCyte. Thank you for participating in todayâs conference call. Joining me on the call from MaxCyte we have Maher Masoud, President, and Chief Executive Officer; and Doug Swirsky, Chief Financial Officer. Earlier today, MaxCyte released financial results for the second quarter ended June 30, 2024. A copy of the press release is available on the companyâs website.
Before we begin, I need to read the following statement. Statements or comments made during this call maybe forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that
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