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MaxCyte Inc on Thursday reported an increased loss in the first half of 2023, as revenue fell while costs increased. The Maryland, US-based cell-engineering technology platform said in the second quarter to June 30, net loss widened 27% to $10.5 million from $8.3 million. Revenue declined 5.9% to $9.04 million from $9.6 million. Cost of sales increased 23% to $1.4 million from $1.1 million. In the first half of 2023, net loss widened to $21.4 million from $12.3 million, while revenue plummeted 74% to $17.6 million from $21.2 million. Cost of sales increased 8.8% to $2.4 million from $2.2 million. Chief Executive Officer Doug Doerfler said: ‘2023 has been a challenging year across the life sciences industry. An evolving funding environment continues to result in the prioritisation of internal pipeline assets by companies, impacting the timing of research and early clinical development projects.’ He added that the company remained positive on delivering long-term financial and strategic goals. Looking ahead, CEO Doerfler said: ‘We will continue to make the necessary investments into key aspects of our technology and support offering, including our applications lab, and process development capabilities, which we believe enable us to provide invaluable support to our partners as they advance through the clinic and towards commercialisation.’ MaxCyte shares were 5.9% lower at 320.00 pence each in London on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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