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MaxCyte Inc on Thursday said it expects revenue in the third quarter and for all of 2023 to fall from a year before, citing volatility in customer activity in the life science tools sector. MaxCyte shares were down 19% to 200.00 pence each on Thursday morning in London following the announcement. The intraday low of 170.00p set a new 52-week low for the stock. The Maryland, US-based cell-engineering technology platform said for the third quarter of 2023, it anticipates revenue of between $7.8 million and $8.0 million, down 25% to 27% from $10.6 million a year prior, amid the volatile customer activity. Core business in the third quarter is expected to drop by 33% to 35% to between $6.4 million and $6.6 million, compared to $9.9 million in the third quarter of 2022. For all of 2023, MaxCyte expects revenue between $34 million and $36 million, at least 23% lower than $44.3 million in 2022. Core revenue will be between $28 million and $30 million, down at least 24% from $39.6 million. Chief Executive Doug Doerfler said: ‘While we are disappointed with our 2023 revenues thus far, we remain optimistic about MaxCyte’s long-term prospects, business model and ability to deliver shareholder value as the cell therapy industry grows and we continue to execute on our strategy. We are prudently managing our costs amid the challenging industry environment and still expect to end the year with approximately $200 million in cash, which would be unchanged from our initial outlook at the beginning of the year.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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