Executive Summary

Q4 2024 total revenue was $8.7M, down 45% YoY on lapping 2023 approval milestones, while core revenue rose 20% YoY to $8.6M; GAAP gross margin was 74% and adjusted gross margin was 84% .
Management initiated 2025 guidance: core revenue growth of 8%–15% (includes SeQure Dx) and ~$5M SPL program-related revenue; year-end 2025 cash expected at ~$160M .
Operating discipline improved: Q4 OpEx fell to $19.3M from $22.2M YoY; cash/investments ended 2024 at $190.3M with no debt, positioning for modest burn in 2025 .
Strategic progress: six SPLs signed in 2024 (28 active year-end; 18 active clinical programs; 1 commercial) and SeQure Dx acquisition expands into gene-editing safety analytics with revenue contribution of at least ~$2M in 2025 per management .
Narrative catalysts: return to core growth, SPL pipeline health, early CASGEVY royalties (small in 2H24), and integration of SeQure Dx; near-term investor focus likely on core growth durability vs instrument softness and visibility on 2025 SPL milestones .

What Went Well and What Went Wrong

What Went Well
- Core revenue growth: Q4 core revenue +20% YoY to $8.6M; PAs surged 93% YoY in Q4, evidencing healthy consumable pull-through and clinical activity .
- SPL portfolio momentum: 28 active SPLs at 2024-end with 18 active clinical programs; management pegs >$220M in pre-commercial milestone potential across active clinical programs (incl. ~$10M already received) .
- Operational discipline: Q4 OpEx reduced to $19.3M from $22.2M YoY; year-end cash/investments $190.3M and no debt support ongoing investments with modest burn .
- Management quote: “We signed a record six SPLs in 2024… and implemented a more disciplined capital and operational approach… underpinning our commitment to long-term value creation” — CEO Maher Masoud .
What Went Wrong
- Headline revenue decline: Q4 total revenue down 45% YoY to $8.7M, driven by lapping one-time approval milestones in Q4 2023; SPL program-related revenue fell to ~$0.1M vs $8.5M in Q4 2023 .
- Margin compression: Q4 GAAP gross margin fell to 74% (from 90% YoY), partly due to mix (minimal SPL revenue) and inventory provisions; adjusted GM was 84% .
- Instruments soft: Q4 instrument revenue declined 30% YoY to $1.6M on continued customer caution around capex; management expects gradual improvement but remains conservative .

Financial Results

Quarterly trend – headline metrics (GAAP unless noted)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenue ($M)	$10.429	$8.164	$8.693
Core Revenue ($M)	$7.575	$8.140	$8.610
SPL Program-Related Revenue ($M)	$2.854	~$0.024	$0.083
GAAP Gross Margin (%)	86%	76%	74%
Adjusted Gross Margin (%)	—	85%	84%
Operating Expenses ($M)	$20.909	$20.289	$19.313
Net Loss ($M)	$(9.375)	$(11.557)	$(10.597)
Diluted EPS ($)	$(0.09)	$(0.11)	$(0.10)

YoY comparison – Q4

Metric	Q4 2023	Q4 2024
Total Revenue ($M)	$15.666	$8.693
Core Revenue ($M)	$7.162	$8.610
SPL Program-Related Revenue ($M)	$8.504	$0.083
GAAP Gross Margin (%)	90%	74%
Adjusted Gross Margin (%)	86%	84%
Operating Expenses ($M)	$22.188	$19.313
Net Loss ($M)	$(5.277)	$(10.597)
Diluted EPS ($)	$(0.05)	$(0.10)

Revenue mix (Q4 2024 vs Q4 2023)

Component ($000s)	Q4 2023	Q4 2024
Instrument	$2,330	$1,629
PAs & Consumables	$2,163	$4,169
Licenses	$2,406	$2,554
Other	$263	$258
Total Core Revenue	$7,162	$8,610
SPL Program-Related	$8,504	$83
Total Revenue	$15,666	$8,693

Key performance indicators

KPI	2022	2023	2024
Installed base of instruments (sold/licensed)	616	683	760
Core revenue from SPL clients (% of Core)	42%	48%	55%
Active SPLs	18	23	28
Active licensed clinical programs	16	16	18
Active commercial programs	—	1	1

Non-GAAP adjustments: Adjusted gross margin excludes SPL program-related revenue and inventory reserves; Q4 adjusted GM was 84% vs GAAP 74% (similar methodology applied for full-year) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Core Revenue Growth	FY 2024	Flat to +5% (Aug 6, 2024)	+6% to +8% (Dec 9, 2024)	Raised
SPL Program-Related Revenue	FY 2024	~$6M (Aug 6, 2024)	~$6M (Dec 9, 2024)	Maintained
Ending Cash	FY 2024	≥$180M (Aug 6, 2024)	~$185M (Nov 6, 2024)	Raised
Core Revenue Growth	FY 2025	—	+8% to +15% (incl. SeQure Dx)	Initial
SPL Program-Related Revenue	FY 2025	—	~$5M	Initial
Ending Cash	FY 2025	—	~$160M	Initial

Notes: Management also indicated SeQure Dx revenue of at least ~$2M is embedded in 2025 core growth, without separate quarterly breakdown .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 & Q3 2024)	Current Period (Q4 2024)	Trend
Core revenue trajectory & mix	Q2: Core -9% YoY on instrument/PAs softness; SPL $2.9M strengthened mix . Q3: Core +23% YoY; minimal SPL; PAs +54% YoY .	Q4: Core +20% YoY; PAs +93% YoY; instruments -30% YoY; SPL $0.1M .	Core growth re-accelerating with strong PA pull-through; instrument capex still soft.
SPL pipeline & monetization	28–29 SPLs by mid/late-2024; minimal SPL in Q3; FY24 SPL guide ~$6M .	28 active SPLs; 18 clinical; >$220M in pre-commercial milestone potential; small CASGEVY royalty in 2H24 .	Growing clinical depth; monetization lumpy, but LT optionality improving.
Gross margin profile	Q2 GM 86% ; Q3 GM 76% (Adj 85%) .	Q4 GM 74% (Adj 84%); management targets low-to-mid 80s adj GM including SeQure .	Stable adjusted GM in mid-80s despite mix variability.
Instruments vs. PAs	Q3 instruments +6% YoY; PAs +54% YoY .	Q4 instruments -30% YoY; PAs +93% YoY; expect gradual instrument recovery; conservative outlook .	PA strength offsets instrument variability.
Macro/funding environment	2024 guidance cautious on capex; cash discipline .	Environment stabilized; guidance assumes no change in macro; NIH exposure minimal .	Neutral/stabilizing, embedded in 2025 plan.
Strategic expansion	Q2/Q3: Record SPL signings; considering AIM delisting to cut costs .	Acquired SeQure Dx; integration day-1; at least $2M 2025 revenue; negligible incremental OpEx burden .	Broadens TAM and earlier R&D touchpoints; accretive to growth.

Management Commentary

CEO on 2024 execution and positioning: “We evaluated and implemented new strategic initiatives… increasing capital and operational efficiency… enabled us to grow core revenue in a difficult environment and position us well for 2025” .
On SPL optionality: “Of the 18 active clinical programs… total pre-commercial milestone potential is greater than $220 million, including about $10 million… already received” .
On CASGEVY ramp: Vertex disclosed ~50 patients with completed cell collection; management sees global access and Medicaid models as positive for adoption and future therapies .
CFO on margins and costs: “We’re going to continue to enjoy high margins in the low to mid-80s… even with SeQure… Total operating expenses… $19.3M vs $22.2M… Ended 2024 with $190.3M and no debt” .
2025 outlook tone: “Core revenue growth of 8% to 15%… SPL program-related revenue… ~$5M… expect to end 2025 with approximately $160 million in cash” .

Q&A Highlights

Core growth composition and instruments: Management embeds conservative assumptions; instruments declined in 2024 but see opportunities to build back; PA pull-through modeled on rolling run-rate across installed base .
SeQure Dx revenue and integration: At least ~$2M revenue in 2025; fee-for-service model today with potential subscription elements; sales/marketing integrated day-1; incremental OpEx “immaterial” with scalability upside .
Margins with SeQure: Expect adjusted gross margins to remain low-to-mid 80s near term .
Macro cadence and lumpiness: Guidance assumes “yellow light” macro; licenses stable, PAs modeled on pull-through, instruments most “lumpy”; minimal NIH grant exposure .
SPL trajectory: Still signing at pre-IND stage; on track for 3–5 new SPLs per year (already signed TG Therapeutics in early 2025) .

Estimates Context

We attempted to retrieve S&P Global/Capital IQ consensus for revenue, EPS, and EBITDA for Q4 2024 and prior quarters; however, the data could not be accessed due to request limits at this time. As a result, we cannot provide a definitive beat/miss analysis vs. Street for Q4 2024, Q3 2024, or Q2 2024 in this recap.
Given the company’s mix shift and lumpy SPL milestones, we note analysts have increasingly focused on core revenue and PA trends; nonetheless, please refer to your internal S&P Global access for exact consensus figures to finalize beat/miss assessments.

Key Takeaways for Investors

Core engine is growing despite SPL lumpiness: Q4 core +20% YoY with strong PA pull-through, while instruments remain a watch item; adjusted GM steady ~mid-80s .
SPL portfolio depth is building future optionality: 18 active clinical programs and >$220M in pre-commercial milestone potential; early commercial royalties emerging from CASGEVY (small in 2H24) .
2025 setup is conservative but constructive: Core +8%–15% (incl. SeQure), ~$5M SPL, and ~$160M year-end cash; plan assumes no macro improvement, offering upside if funding conditions ease .
Strategic adjacency (SeQure Dx) broadens TAM and earlier engagement in CGT development, with integrated go-to-market and limited added OpEx; near-term revenue contribution at least ~$2M .
Watch catalysts: Additional SPL signings (target 3–5 in 2025), instrument order recovery, visibility on SPL milestone timing, and CASGEVY uptake metrics from Vertex.
Risk checks: Continued instrument softness or delayed SPL milestones could pressure reported revenue/margins; macro funding setbacks remain an exogenous variable embedded in the low end of guidance .

Appendix: Additional Data Points

Balance sheet snapshot: Total cash, cash equivalents and investments $190.3M at 12/31/24; total assets $239.5M; total liabilities $33.2M; equity $206.3M .
Q4 P&L details: Revenue $8.693M; COGS $2.281M; Gross profit $6.412M; OpEx $19.313M; Net loss $10.597M; EPS $(0.10) .
FY 2024 totals: Revenue $38.627M (Core $32.512M; SPL $6.115M); GAAP GM 82%; adjusted GM 84%; OpEx $82.724M; Net loss $41.055M; EBITDA $(46.882)M; YE cash $190.3M .

Citations: Q4 2024 8-K and press release ; Q4 2024 earnings call transcript -; Q3 2024 press release -; Q2 2024 press release -; Dec 9, 2024 press release -; Jan 13, 2025 preliminary update -; Jan 30, 2025 SeQure Dx acquisition -.

MAXCYTE, INC. (MXCT)·Q4 2024 Earnings Summary