Last checked at 
(Alliance News) - MaxCyte Inc on Wednesday reported a jump in its first quarter revenue, which it said was driven by its core business sales.
Shares in MaxCyte were up 9.5% at 317.50 pence each in London on Wednesday morning.
MaxCyte is a Rockville, Maryland-based provider of cell engineering platform technologies developing "next-generation cell therapeutics".
In the three months to March 31, revenue jumped 32% to USD11.3 million from USD8.6 million the year before.
This was largely driven by core business revenue, which stood at USD8.2 million, up 14% from USD7.2 million in the first quarter of 2023.
Net loss narrowed to USD9.5 million from USD10,9 million a year prior, while loss before interest, tax, depreciation and amortisation narrowed to USD11.2 million from USD12.2 million a year ago.
Looking ahead, MaxCyte said that it continues to expect full-year core business revenue growth of between 0% to 5%.
It also expects to end 2024 with at least USD175 million in total cash, cash equivalents and investments.
By Sabrina Penty, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2024 Alliance News Ltd. All Rights Reserved.
