MaxCyte 'exceptionally positive' following strong FY trading performance

(Sharecast News) - Clinical-stage life sciences company MaxCyte told investors on Monday that its board was "exceptionally positive" of the group's future following a stellar year.

MaxCyte's revenues exceeded market expectations in 2019, clocking in at 30% year-on-year growth to approximately $21.6m on the back of accelerated growth in the second half of the year.

Cash and cash equivalents, including short-term investments, at year-end, were approximately $16.7m.

Chief executive Doug Doerfler said: "MaxCyte is well-positioned in the rapidly growing, global gene editing and cell therapy space. We have continued to make impressive progress across all areas of the business and our outlook is exceptionally positive.

"Our financial performance is strong, reflecting the high demand for our instruments and disposables business as well as robust revenue generation from an ever-increasing number of commercial licenses."

As of 1055 GMT, MaxCyte shares had shot up 10.12% to 133.80p.