MaxCyte's Preliminary 2024 Results: Mixed Financial Picture

MaxCyte, Inc. (Nasdaq: MXCT; LSE: MXCT), a leading cell-engineering focused company, has provided preliminary unaudited financial results for the fourth quarter and full year 2024. The company's financial performance reveals a mixed picture, with modest revenue growth and a significant reduction in cash position.

Core revenue for the full year 2024 is expected to be between $32.2 million and $32.4 million, representing an 8 to 9% growth compared to $29.8 million in 2023. This modest expansion falls short of the broader biotech sector's growth rates and the performance of some industry peers. For instance, bluebird bio (NASDAQ: BLUE) reported a revenue growth of 11% in 2021 compared to 2020, while CRISPR Therapeutics (NASDAQ: CRSP) reported a revenue growth of 14% in 2021 compared to 2020. This suggests that MaxCyte may be facing challenges in market penetration or customer adoption rates.