MAXCYTE, INC. Q1 FY2025 earnings call

• Macro Environment: Macro backdrop is dynamic, but limited tariff impact on US gross margins; adapting to uncertainties. - First Quarter Results: Total revenue $10.4M, core revenue $8.2M, SPL program revenue $2.1M; strong core revenue, instrument installed base at 787, license revenue stable, PA revenue up 13% YOY, SeQure DX showing initial traction. - Integration of SeQure DX: Going smoothly, customers receptive, synergies in sales/marketing, added talent; provides ex vivo and in vivo solutions for cell and gene therapy customers. - SPLs: Supported existing clients, signed TG Therapeutics and acquired license to AsiaCell from Precision Biosciences, active SPLs at 29, expect 3-5 SPL signings in 2025. - Delisting: Seeking shareholder approval to delist from AIM and maintain NASDAQ listing; savings from delisting would be several hundred thousand dollars annually.

Total revenue in the first quarter of 2025 was $10.4 million. Core revenue was $8.2 million, which included instrument revenue of $1.4 million (13.5% of core revenue), license revenue of $2.5 million (24.0% of core revenue), PA revenue of $3.9 million (37.1% of core revenue), assay service revenue (including SeQure DX) of $0.142 million (1.7% of core revenue), and other revenue of $0.3 million (2.9% of core revenue). SPL program-related revenue was $2.1 million. Core revenue excluding rounding was approximately 1% higher than the prior year quarter. Instrument revenue was down due to customer capital spending caution, while PA revenue showed strength. 57% of core revenue was from SPL customers in Q1 2025 compared to 53% in Q1 2024.

• Core revenue growth: Reiterates 8% to 15% growth compared to 2024, inclusive of SeQure DX revenue at least $2M for the year, weighted more to second half. - SPL program-related revenue: Expected to be approximately $5M in 2025, risk-adjusted forecast. - Cash position: Remains in strong financial position, expects to end 2025 with approximately $160 million in cash equivalents and investments, incorporating SeQure DX cash paid and transaction-related expenses.

• Macro uncertainties: Could affect business, potential greater tariff exposure in Europe and Asia. - Customer capital spending: Customers hesitant in capital equipment purchases, reallocating R&D spend.

Q: Thoughts on regulatory changes at FDA and impact on customers?

A: Early to tell, not hearing from customers of impact; FDA Commissioner focused on cures and rare disease pathways, aligns with cell and gene therapy space.

Q: Cost savings from RF and operational review and delisting?

A: Delisting savings several hundred thousand annually; cost savings from review begun, personnel costs recognized sooner.

Q: SPL revenue timing and consumables growth?

A: SPL revenue $2.1M for quarter, SeQure DX added to revenue line items; PA revenue expected to have low double-digit growth, but specific breakdown not given.

Q: New products and future of MaxCyte?

A: Working on new products this year complementary to electroporation tech, looking for inorganic growth opportunities like SeQure DX to expand TAM.

Q: Portfolio narrowing and revenue cadence?

A: Saw some rationalization last year, not seeing much more; revenue modeling based on specific opportunities, weekly calls with commercial team to track opportunities for incremental growth later in the year