MaxCyte, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing a modest increase in revenue but continued net losses. For the third quarter of 2024, total revenue reached $8.164 million, a 2% increase from $8.004 million in the same period of 2023. Core revenue for the quarter was $8.140 million, reflecting a significant 23% increase compared to $6.600 million in the prior year. This growth was driven primarily by a 39% increase in cell therapy revenue, which totaled $6.511 million, and a 54% rise in disposables revenue, amounting to $3.432 million. However, program-related revenues decreased by $1.4 million due to variability in clinical and regulatory milestones.
For the nine months ended September 30, 2024, total revenue was $29.934 million, up 17% from $25.623 million in the same period of 2023. Gross profit for the nine-month period increased to $25.115 million from $22.454 million, although the gross margin declined to 84% from 88% due to a 52% rise in the cost of goods sold, which was attributed to higher disposable sales and increased inventory reserves.
Operating expenses for the third quarter decreased to $20.289 million from $21.163 million in 2023, while total operating expenses for the nine months rose slightly to $63.411 million from $62.657 million. The company reported an operating loss of $(14.053) million for the third quarter, compared to $(13.952) million in the same period last year, and a nine-month operating loss of $(38.296) million, an improvement from $(40.203) million in 2023.
Net loss for the third quarter of 2024 was $(11.557) million, compared to $(11.251) million in the prior year, while the nine-month net loss improved to $(30.458) million from $(32.645) million in 2023. The accumulated deficit as of September 30, 2024, stood at $(206.256) million.
MaxCyte's cash and cash equivalents decreased to $36.958 million as of September 30, 2024, down from $46.506 million at the end of 2023. The company continues to focus on expanding its commercial sales and enhancing its research and development efforts, with expectations of ongoing net losses as it invests in growth initiatives. The company signed six new strategic partnership agreements during the first three quarters of 2024, indicating a commitment to expanding its market presence.
About MAXCYTE INC
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