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MI

MAXCYTE, INC. (MXCT)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 delivered a clean revenue beat with total revenue of $10.4M vs S&P Global consensus of $9.05M; EPS was roughly in line-to-slightly better at -$0.10 vs -$0.1025, and EBITDA loss improved vs consensus, aided by strong PA consumables and stable licenses while instruments remained pressured; guidance was reiterated across metrics, reducing estimate risk .
  • Core revenue rose 1% YoY to $8.2M with PAs +13% YoY, while SPL program-related revenue fell to $2.1M given lumpiness of milestones; gross margin sustained at 86% GAAP and 83% non-GAAP adjusted, and operating expenses decreased YoY, reflecting disciplined cost controls .
  • Management highlighted limited U.S. tariff impact (manufacturing in the U.S., >2/3 revenue U.S.), cautious end-market capex, and smooth SeQure Dx integration; SPL portfolio expanded to 29, with CASGEVY royalties beginning to contribute and patient throughput ramping at Vertex centers—an emerging medium-term royalty catalyst .
  • Guidance maintained: FY2025 core revenue growth of 8%–15% (incl. SeQure Dx), SPL program-related revenue ~$5M, and year-end cash ~$160M—anchoring the outlook and supporting estimate stability; management continues to work toward AIM delisting and operational streamlining .
  • Near-term stock catalysts: sustained consumables strength, incremental instruments later in the year per pipeline visibility, SeQure Dx revenue weighted to 2H25, and CASGEVY adoption trajectory supporting royalty visibility; watch for macro/capex sensitivity and SPL milestone timing .

What Went Well and What Went Wrong

What Went Well

  • PAs and consumables grew 13% YoY (to $3.9M), supporting core revenue resilience despite instrument pressure; licenses remained stable, indicating clinical progression of SPLs .
  • Gross margin held at 86% GAAP; non-GAAP adjusted gross margin steady at 83% YoY—pricing intact and product mix manageable per management commentary .
  • Management quote: “MaxCyte has had a good start to 2025, with core revenue growth in the first quarter driven by continued strength in PAs… the integration of SeQure Dx is going smoothly” — Maher Masoud, CEO .

What Went Wrong

  • SPL program-related revenue fell to $2.1M from $3.2M YoY due to milestone lumpiness; total revenue declined 8% YoY despite the consumables strength .
  • Instruments declined 25% YoY to $1.4M amid cautious customer capex, consistent with management’s macro commentary on capital spending hesitancy .
  • Net loss widened modestly YoY to $10.3M, reflecting operating loss persistence despite lower opex; GAAP operating loss remained elevated even as EBITDA loss was flat YoY .

Financial Results

Multi-Period Comparison (oldest → newest)

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD Millions)$8.164 $8.693 $10.390
Core Revenue ($USD Millions)$8.140 $8.610 $8.243
SPL Program-related Revenue ($USD Millions)$0.024 $0.083 $2.147
Gross Margin % (GAAP)76% 74% 86%
Non-GAAP Adjusted Gross Margin %85% 84% 83%
Operating Expenses ($USD Millions)$20.289 $19.313 $21.188
Operating Loss ($USD Millions)$(14.053) $(12.901) $(12.295)
Net Loss ($USD Millions)$(11.557) $(10.597) $(10.261)
Diluted EPS ($USD)$(0.11) $(0.10) $(0.10)
EBITDA ($USD Millions)$(12.987) $(11.844) $(11.199)

Segment Breakdown

Segment ($USD Millions)Q1 2024Q1 2025
Instrument$1.928 $1.444
PAs and consumables$3.432 $3.871
Licenses$2.604 $2.531
Assay service$0.000 $0.142
Other$0.224 $0.255
Total Core Revenue$8.188 $8.243
SPL Program-related Revenue$3.154 $2.147
Total Revenue$11.342 $10.390

KPIs

KPIQ3 2024Q4 2024Q1 2025
Installed base of instruments (sold or leased)739 760 787
Core Revenue from SPL Clients (% of Core)53% 55% 57%
Total Cash, Cash Equivalents & Investments ($USD Millions)$196.6 $190.3 $174.7

Actuals vs Wall Street Consensus (S&P Global) – Q1 2025

MetricConsensus Q1 2025Actual Q1 2025
Revenue ($USD)$9,051,400*$10,390,000
Primary EPS ($USD)-0.1025*-0.10
EBITDA ($USD)-11,900,000*-11,199,000
EPS – # of Estimates4*—
Revenue – # of Estimates5*—

Values retrieved from S&P Global.*

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Core Revenue Growth vs 2024FY 20258%–15% 8%–15% Maintained
SPL Program-related RevenueFY 2025~$5M ~$5M Maintained
Year-end Cash, Equivalents & InvestmentsFY 2025~$160M ~$160M Maintained

Earnings Call Themes & Trends

TopicPrevious Mentions (Q3 2024 and Q4 2024)Current Period (Q1 2025)Trend
Macro/capexStrong core recovery in 2024; considering single Nasdaq listing to improve liquidity and reduce admin costs ; initial 2025 guidance introduced .Limited U.S. tariff impact; cautious customer capex; pipeline visibility for instruments later in year .Neutral-to-cautious near term; improvement weighted to 2H via pipeline execution.
Regulatory/legalNo specific change flagged; SPL momentum continued .FDA leadership changes noted; management not seeing regulatory hurdles or program slowdowns .Stable; supportive regulatory tone for CGT per management view.
Product performancePAs strength +54% YoY in Q3; licenses stable .PAs +13% YoY; licenses stable; instruments down on capex caution .Consumables resilient; instruments pressured near term.
SPL pipeline & royaltiesRecord SPL signing pace in 2024; one commercial program (CASGEVY) .29 active SPLs; CASGEVY royalties contributing; Vertex patient throughput expanding (90 cell collections; >180 referrals; 8 infusions) .Positive medium-term royalty visibility.
SeQure Dx integrationNot applicable (closed Jan 2025).Integration smooth; at least $2M revenue in 2025, weighted to 2H; expands in vivo reach (AAV/LNP) .Positive synergy and TAM expansion.
Listing strategyConsidering AIM cancellation to focus on Nasdaq .Seeking shareholder approval to delist AIM; AGM June 18 .Execution underway.

Management Commentary

  • “MaxCyte has had a good start to 2025, with core revenue growth in the first quarter driven by continued strength in PAs… the integration of SeQure Dx is going smoothly” — Maher Masoud, CEO .
  • “Total revenue in the first quarter of 2025 was $10.4 million… core revenue of $8.2 million… instrument revenue was $1.4 million… PA revenue was $3.9 million… license revenue $2.5 million” — Douglas Swirsky, CFO .
  • “As to the new tariff policies, as it stands today, we see limited impact on our gross margins in U.S. revenue… All of our manufacturing is in the U.S. and more than 2/3 of our revenue is from the U.S.” — Maher Masoud .
  • “Vertex indicated eight patients have received an infusion of CASGEVY edited cells in Q1… 90 patients completed cell collection… more than 180 referred to activate treatment centers” — Maher Masoud .

Q&A Highlights

  • Regulatory backdrop: Management sees no incremental regulatory risk despite FDA leadership/personnel changes; expects continued focus on cures/rare disease pathways and sustained CGT momentum .
  • Capex/price dynamics: Customers cautious on larger capex; product mix effects acknowledged; pricing holding with non-GAAP margin stable at 83% .
  • SeQure Dx strategy: Integration opens in vivo (AAV/LNP) safety assessment TAM; complements ex vivo electroporation workflows and could cross-sell across delivery modalities .
  • Revenue cadence: Sequential core growth modeled toward back-half on identified instrument pipeline opportunities and sales initiatives; leases consistent, PAs modeled via pull-through .
  • AIM delisting: Cost savings of several hundred thousand dollars annually; focus on single Nasdaq listing and shareholder engagement .

Estimates Context

  • Q1 2025 beats/misses: Revenue beat (+$1.34M; +14.8% vs consensus), EPS beat by ~$0.003, EBITDA loss better than consensus by ~$0.7M; reflects consumables strength and milestone timing despite instrument softness .
  • Consensus detail: Revenue $9,051,400*, EPS -0.1025*, EBITDA -$11,900,000*, with 4 EPS estimates and 5 revenue estimates; guidance reiteration should anchor models while SeQure Dx revenue is back-half weighted.*
  • Where estimates may adjust: Raise near-term revenue and EBITDA on consumables strength and royalty visibility; instrument forecasts likely remain conservative until evidence of capex recovery; SPL milestone timing remains a swing factor .

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • The quarter was de-risking: guidance reiterated across core, SPL, and cash, with a clear revenue beat and stable margins; model confidence should improve .
  • Focus on consumables and licenses: These drove resilience and margin stability; maintain emphasis on pull-through while tracking instrument pipeline conversion cadence .
  • SPL/royalty optionality: CASGEVY adoption ramp offers medium-term royalty tailwinds; monitor Vertex throughput and additional SPL clinical progress .
  • SeQure Dx broadens TAM: 2H-weighted revenue and entry into in vivo safety assessments (AAV/LNP) support top-line and strategic positioning .
  • Macro sensitivity: Expect continued capex caution; instruments likely back-half weighted; maintain conservative assumptions for milestone timing .
  • Liquidity and runway: ~$174.7M cash/investments and no debt at quarter-end; year-end target ~$160M supports path to profitability without near-term financing .
  • Near-term trading setup: Bias positive on consumables strength and reiterated guide; catalyst path includes instrument conversions, SeQure Dx 2H ramp, and royalty visibility; watch for headlines on AIM delisting and macro/capex developments .