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MaxCyte books loss as expenses offset 21% rise in revenue
StockMarketWire.com
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Cell-based therapies group MaxCyte booked a full-year loss after a rise in revenue was more than offset by R&D and marketing spending.
Net losses for the year through December amounted to $11.8 million, compared to year-on-year losses of $12.9 million.
Revenue rose 21% to $26.2 million, growth the company said was 'fueled by recurring high-margin revenues from both instrument leases and disposable sales in cell therapy'.
'MaxCyte delivered impressive financial and operational results and also secured significant additional funding from a number of notable investors in 2020 and early 2021,' chief executive Doug Doerfler said.
'Importantly, we finished the year with revenues ahead of expectations: expanding our number of partnerships and establishing our largest pipeline of potential partnerships to date, which mirrors the industry's diverse cell therapy pipeline.'
'Our continued steady growth is a testament to our team's innovative approach to serving partners and customers as well as the company's position as a leading provider of cell-engineering platform technologies for next-generation cell-based therapies.'
At 9:42am: (LON:MXCT) Maxcyte INC share price was 0p at 444p
Story provided by StockMarketWire.com
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