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MaxCyte annual revenue seen rising 21%; beating expectations
StockMarketWire.com
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Cell-based therapy company MaxCyte said it had performed ahead of market expectations in 2020, with revenue expected to rise 21%.
Revenue for the year through December would be around $26.2 million, up from $21.6 million in 2019.
'While Covid-19 had some negative impact, revenue growth continued in the second half, increasing approximately 15%' year-on-year, the company said.
'This growth reflects the increasing adoption and use of the company's products and technologies and was buoyed by the launch of an expanded ExPERT range of disposables in 2020, which broadens applications available to customers.'
Looking forward, MaxCyte said it expected to deliver accelerating revenue growth in 2021.
'Management expects this growth to be supported by both the continued advancement of MaxCyte's current partners' cell therapy programs into clinical development and the subsequent realization of associated pre-commercial milestone payments, as well as by the addition of new customers via the conversion of a burgeoning partnership pipeline,' it added.
At 10:00am: (LON:MXCT) Maxcyte INC share price was 0p at 444p
Story provided by StockMarketWire.com
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