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    Julie Simmonds • Panmure Liberum

    Julie Simmonds is Managing Director at Panmure Liberum, specializing in equity research across healthcare sectors including biotechnology, medical devices, digital health, and healthcare services, with a focus on both UK and continental European companies. She has covered a range of notable healthcare firms, earning the No.1 Extel rating in 2018 and being named Analyst of the Year in 2022 by the Small Cap Network Awards, reflecting a strong performance track record in small and mid-cap stocks. With over 25 years of industry experience, Julie began her career at Nomura International, then served as Senior Research Analyst at Piper Jaffray, and later moved to Canaccord Genuity before joining Panmure Gordon (now Panmure Liberum) in 2015. Holding a PhD in Microbiology from the University of Kent, she is also a panel chair for NIHR i4i Connect, guiding innovation in early-stage medical technologies.

    Julie Simmonds's questions to MaxCyte Inc (MXCT) leadership

    Julie Simmonds's questions to MaxCyte Inc (MXCT) leadership • Q1 2025

    Question

    Julie Simmonds asked about the general operating environment, specifically regarding customer funding or strategy changes, and whether this was creating any pricing pressure on instruments or SPL negotiations.

    Answer

    CEO Maher Masoud acknowledged some customer hesitation in capital equipment spending, which was anticipated in the full-year guidance. He noted one SPL client rationalized a program but stated this is not a widespread trend. He also confirmed that pricing has held firm, as reflected in stable non-GAAP adjusted gross margins of 83%, although product mix has been affected.

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    Julie Simmonds's questions to MaxCyte Inc (MXCT) leadership • Q4 2024

    Question

    Julie Simmonds inquired about the cost of integrating SeQure Dx into MaxCyte's operations. She also asked about the company's exposure to academic markets and NIH spending, and whether the environment for signing new Strategic Platform Licenses (SPLs) has changed in terms of customer timing.

    Answer

    Executive Maher Masoud stated that SeQure Dx integration costs are immaterial as it leverages MaxCyte's existing infrastructure. Both Masoud and Executive Douglas Swirsky confirmed that exposure to NIH grants is minimal and insignificant. Regarding SPLs, Masoud affirmed that customers still typically sign agreements at the pre-IND stage and the company remains confident in its guidance of signing 3 to 5 new SPLs in 2025.

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    Julie Simmonds's questions to MaxCyte Inc (MXCT) leadership • Q3 2024

    Question

    Julie Simmonds asked if deferred income remains a reliable leading indicator, whether the annual SPL signing forecast should be raised from the historical 3-5 range after a strong year, and if lower CapEx reflects a new, more moderate spending approach.

    Answer

    CFO Doug Swirsky stated that deferred income, related to stable lease revenue, is just one of many indicators and not a primary focus. CEO Maher Masoud reaffirmed the 3-5 annual SPL guidance as a sign of a healthy, differentiated company, viewing the 6 signed in 2024 as a result of long-term relationships maturing concurrently. Doug Swirsky confirmed that lower spending reflects a disciplined approach under the new CEO, leading to an increased year-end cash forecast.

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