(Alliance News) - MaxCyte Inc on Monday said it expects improved fourth-quarter and full-year revenue due to "significant" organic growth in its core business.
The Maryland, US-based biotechnology company expects fourth-quarter revenue to amount to more than USD10.0 million.
This would represent an 18% increase from fourth-quarter revenue of USD8.5 million a year before.
MaxCyte attributed this to significant organic growth in its core business and noted that revenue for its fourth quarter was derived solely from there.
The core business focuses on the sale of single-use disposables, consumables and leases of instruments to cell therapy and drug discovery markets.
The company's full-year 2021 revenue is expected to total more than USD33.7 million, up at least 29% from revenue of USD26.2 million generated the year before.
This includes programme-related revenue from strategic platform license agreements.
The biotechnology firm ended 2021 with 15 strategic platform license agreements and added four of these during the year.
Nonetheless, it only generated around USD2.5 million of programme-related revenue during 2021, a 24% decrease from program-related revenue of USD3.3 the year before.
"We are proud of our performance in the fourth quarter as well as the full year, which has been a year of key achievements for the company," Chief Executive Doug Doerfler said.
"This includes raising USD257.2 million in gross equity proceeds, the completion of an initial public offering in the US and commencement of trading in our common stock on the Nasdaq, continuing significant organic growth in our core business, and our ongoing success in signing Strategic Platform License agreements with innovative cell therapy developers."
Shares were flat at 500.00 pence each on Monday afternoon in London.
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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MaxCyte (MXCT)