(Alliance News) - MaxCyte Inc on Thursday reported an increased loss in the first half of 2023, as revenue fell while costs increased.
The Maryland, US-based cell-engineering technology platform said in the second quarter to June 30, net loss widened 27% to USD10.5 million from USD8.3 million. Revenue declined 5.9% to USD9.04 million from USD9.6 million. Cost of sales increased 23% to USD1.4 million from USD1.1 million.
In the first half of 2023, net loss widened to USD21.4 million from USD12.3 million, while revenue plummeted 74% to USD17.6 million from USD21.2 million. Cost of sales increased 8.8% to USD2.4 million from USD2.2 million.
Chief Executive Officer Doug Doerfler said: "2023 has been a challenging year across the life sciences industry. An evolving funding environment continues to result in the prioritisation of
internal pipeline assets by companies, impacting the timing of research and early clinical
development projects." He added that the company remained positive on delivering long-term financial and strategic goals.
Looking ahead, CEO Doerfler said: "We will continue to make the necessary investments into key aspects of our technology and support offering, including our applications lab, and process development capabilities, which we believe enable us to provide invaluable support to our partners as they advance through the clinic and towards commercialisation."
MaxCyte shares were 5.9% lower at 320.00 pence each in London on Thursday morning.
By Tom Budszus, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2023 Alliance News Ltd. All Rights Reserved.
MaxCyte (MXCT)