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MaxCyte, Inc., a life sciences company, discovers, develops, and commercializes cell therapeutics in the United States and internationally. The company's products consists of ExPERT ATx, a static electroporation instrument for small to medium scale transfection; ExPERT STx, a flow electroporation for protein production and drug development, as well as expression of therapeutic targets for cell-based assays; ExPERT GTx, a flow electroporation for large scale transfection in therapeutic applications; and ExPERT VLx for very large volume cell-engineering. It also provides disposable processing assemblies (PAs) to process and electroporate cells; and accessories supporting PAs, such as electroporation buffer solution and software protocols. The company licenses and sells its instruments and technology; and sells its consumables to developers of cell therapies, as well as to pharmaceutical and biotechnology companies for use in drug discovery and development, and bio-manufacturing. MaxCyte, Inc. was incorporated in 1998 and is headquartered in Rockville, Maryland.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $33M | $-40M | $-45M | $-36M | -26.0% | -14.5% | 8.7% |
| 2024 | $39M | $-46M | $-41M | $-29M | -19.9% | -6.4% | 8.3% |
| 2023 | $41M | $-44M | $-38M | $-25M | -16.3% | -6.7% | 60.9% |
| 2022 | $44M | $-25M | $-24M | $-33M | -9.3% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 44.26 | 41.29 | 38.63 | 33.03 |
| Operating Revenue | - | 44.26 | 41.29 | 38.63 | 33.03 |
| Cost Of Revenue | - | 5.10 | 4.74 | 7.10 | 6.22 |
| Gross Profit | - | 39.16 | 36.55 | 31.53 | 26.80 |
| Operating Expense | - | 66.52 | 84.84 | 82.72 | 72.09 |
| Research And Development | - | 19.51 | 23.82 | 22.23 | 20.82 |
| Selling General And Administration | - | 44.48 | 57.04 | 56.35 | 47.04 |
| Total Expenses | - | 71.62 | 89.59 | 89.82 | 78.31 |
| Operating Income | - | -27.36 | -48.30 | -51.20 | -45.28 |
| Total Operating Income As Reported | - | -27.36 | -48.30 | -51.20 | -51.90 |
| EBITDA | - | -24.66 | -43.73 | -46.41 | -40.14 |
| Normalized EBITDA | - | -24.66 | -43.73 | -46.41 | -33.53 |
| EBIT | - | -27.36 | -48.30 | -51.20 | -45.28 |
| Interest Income | - | 3.92 | 10.38 | 10.14 | 7.27 |
| Interest Expense | 1.04 | 0.13 | - | - | - |
| Net Interest Income | - | 3.92 | 10.38 | 10.14 | 7.27 |
| Other Non Operating Income Expenses | - | -0.13 | - | - | - |
| Other Income Expense | - | -0.13 | - | - | -6.61 |
| Interest Income Non Operating | - | 3.92 | 10.38 | 10.14 | 7.27 |
| Interest Expense Non Operating | 1.04 | 0.13 | - | - | - |
| Net Non Operating Interest Income Expense | - | 3.92 | 10.38 | 10.14 | 7.27 |
| Pretax Income | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Tax Provision | - | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Net Income From Continuing And Discontinued Operation | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Net Income From Continuing Operation Net Minority Interest | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Net Income | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Net Income Common Stockholders | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Net Income Including Noncontrolling Interests | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Normalized Income | - | -23.57 | -37.92 | -41.06 | -38.02 |
| Diluted NI Availto Com Stockholders | - | -23.57 | -37.92 | -41.06 | -44.63 |
| Basic Average Shares | - | 101.70 | 103.27 | 104.85 | 106.43 |
| Diluted Average Shares | - | 101.70 | 103.27 | 104.85 | 106.43 |
| Reconciled Depreciation | - | 2.70 | 4.57 | 4.79 | 5.14 |
| Reconciled Cost Of Revenue | - | 4.93 | 4.16 | 6.45 | 5.31 |
| Total Unusual Items | - | - | - | 0 | -6.61 |
| Total Unusual Items Excluding Goodwill | - | - | - | 0 | -6.61 |
| Special Income Charges | - | - | - | 0 | -6.61 |
| Impairment Of Capital Assets | - | - | - | 0 | 3.55 |
| Restructuring And Mergern Acquisition | - | - | - | 0 | 3.06 |
| Depreciation Amortization Depletion Income Statement | - | 2.53 | 3.98 | 4.14 | 4.23 |
| Depreciation And Amortization In Income Statement | - | 2.53 | 3.98 | 4.14 | 4.23 |
| General And Administrative Expense | - | 25.83 | 30.07 | 29.69 | 28.12 |
| Other Gand A | - | 25.83 | 30.07 | 29.69 | 28.12 |
| Selling And Marketing Expense | - | 18.65 | 26.98 | 26.66 | 18.92 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MaxCyte, Inc.this co. | MXCT | $132M | -2.95 | 0.77 | -26.0% | -3.23 |
| CVRx, Inc. | CVRX | $156M | - | 3.97 | -135.6% | - |
| Nano-X Imaging Ltd. | NNOX | $144M | -1.92 | 1.03 | -53.7% | -2.10 |
| Health Catalyst, Inc. | HCAT | $143M | -0.81 | 0.58 | -72.4% | -2.57 |
| TuHURA Biosciences, Inc. | HURA | $139M | -4.64 | 6.75 |
| - |
| - |
| - |
| - |
| -145.5% |
| -4.65 |
| AVITA Medical, Inc. | RCEL | $134M | -2.76 | -8.06 | 291.8% | -4.12 |
| SANUWAVE Health, Inc. | SNWV | $132M | 11.20 | 81.74 | 729.6% | 7.38 |
| The Joint Corp. | JYNT | $117M | 40.32 | 7.80 | 19.3% | 118.19 |
| Aldeyra Therapeutics, Inc. | ALDX | $106M | -3.14 | 2.40 | -76.5% | -1.63 |
| Peer Median | - | -1.92 | 3.18 | -63.0% | -2.10 | |