Why Cell Engineering Company MaxCyte Shares Are Up Today

MaxCyte Inc MXCT shares are trading higher by over 9% after the company disclosed strong preliminary Q4 and full-year 2023 revenue results.

Q4: The company projects revenue of $15.5 million - $15.7 million (vs. consensus of $10.74 million), with core revenue of $7.0 million-$7.2 million and Strategic Platform License (SPL) Program-related revenue of around $8.5 million.

FY23: MXCT sees revenue of $41.1 million - $41.3 million vs. consensus of $36.72 million. The company expects Core revenue of $29.6 million-$29.8 million and SPL Program-related revenue of around $11.4 million.

As of December 31, 2023, cash, cash equivalents, and investments stood at around $210 million.

Maher Masoud, President and CEO, said, "MaxCyte reported preliminary revenue above our updated total revenue guidance provided in December. The operating environment in the Cell Therapy industry was challenging in 2023; however, we remain confident in the opportunity that exists for MaxCyte in the years ahead."

The company expects to release Q4 results in March 2024. 

Price Action: MXCT shares are up 8.58% at $4.98 on the last check Tuesday.

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