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MaxCyte Inc. (MXCT) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, showing total revenue of $38.6 million, a decrease from $41.3 million in the previous year. The decrease was primarily due to a reduction in program-related revenue.
Core revenue, which includes sales of instruments, processing assemblies (PAs), consumables, and license revenue, increased by 9% to $32.5 million. This was driven by a 36% increase in PA and consumable sales.
Instrument revenue decreased by 15% to $7.1 million, while license revenue remained stable at $10.3 million.
Cost of goods sold increased by 50% to $7.1 million, primarily due to higher PA and consumable sales and an increase in the inventory reserve.
Operating expenses totaled $82.7 million, a slight decrease from $84.8 million in the previous year. Research and development expenses decreased by 7% to $22.2 million.
Sales and marketing expenses were $26.7 million, a decrease of 1%, while general and administrative expenses also decreased by 1% to $29.7 million.
MaxCyte reported a net loss of $41.1 million for the year, compared to a net loss of $37.9 million in the previous year.
The company ended the year with $154.5 million in cash, cash equivalents, and short-term investments, down from $168.7 million at the end of 2023.
MaxCyte's installed base of instruments grew to 760, with 29 Strategic Platform License (SPL) agreements in place. The company anticipates continued revenue growth as these agreements progress.
MaxCyte continues to focus on expanding its ExPERT platform and increasing its market share in the cell therapy sector, with ongoing investments in research and development and sales and marketing efforts.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the MaxCyte Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.