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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% | - |
| 2024 | $39M | $-46M | $-41M | $-29M | -19.9% | -6.4% | - |
| 2023 | $41M | $-44M | $-38M | $-25M | -16.3% | -6.7% | - |
| 2022 | $44M | $-25M | $-24M | $-33M | -9.3% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -27.36 | -48.30 | -51.20 | -45.28 |
| EBITDA | -24.66 | -43.73 | -46.41 | -40.14 |
| EBIT | -27.36 | -48.30 | -51.20 | -45.28 |
| Pretax Income | -23.57 | -37.92 | -41.05 | -44.63 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -23.57 | -37.92 | -41.05 | -44.63 |
| Net Income Common Stockholders | -23.57 | -37.92 | -41.05 | -44.63 |
| Total Expenses | 71.62 | 89.59 | 89.82 | 78.31 |
| Interest Expense | 0.13 | 0 | 0 | 0 |
| Interest Income | 3.92 | 10.38 | 10.14 | 7.27 |
| Research And Development | 19.51 | 23.82 | 22.23 | 20.82 |
| Selling General And Administration | 44.48 | 57.04 | 56.35 | 47.04 |
| Normalized EBITDA | -24.66 | -43.73 | -46.41 | -33.53 |
| Normalized Income | -23.57 | -37.92 | -41.05 | -38.02 |
| Basic EPS | -0.23 | -0.37 | -0.39 | -0.42 |
| Diluted EPS | -0.23 | -0.37 | -0.39 | -0.42 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Total Unusual Items | 0 | 0 | 0 | -6.61 |
| Total Unusual Items Excluding Goodwill | 0 | 0 | 0 | -6.61 |
| Net Income From Continuing Operation Net Minority Interest | -23.57 | -37.92 | -41.05 | -44.63 |
| Reconciled Depreciation | 2.70 | 4.57 | 4.79 | 5.14 |
| Reconciled Cost Of Revenue | 4.93 | 4.16 | 6.45 | 5.31 |
| Net Interest Income | 3.92 | 10.38 | 10.14 | 7.27 |
| Net Income From Continuing And Discontinued Operation | -23.57 | -37.92 | -41.05 | -44.63 |
| Total Operating Income As Reported | -27.36 | -48.30 | -51.20 | -51.90 |
| Diluted Average Shares | 101.70 | 103.27 | 104.85 | 106.43 |
| Basic Average Shares | 101.70 | 103.27 | 104.85 | 106.43 |
| Diluted NI Availto Com Stockholders | -23.57 | -37.92 | -41.05 | -44.63 |
| Net Income Including Noncontrolling Interests | -23.57 | -37.92 | -41.05 | -44.63 |
| Net Income Continuous Operations | -23.57 | -37.92 | -41.05 | -44.63 |
| Other Income Expense | -0.13 | 0 | 0 | -6.61 |
| Other Non Operating Income Expenses | -0.13 | 0 | 0 | 0 |
| Special Income Charges | 0 | 0 | 0 | -6.61 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 3.55 |
| Restructuring And Mergern Acquisition | 0 | 0 | 0 | 3.06 |
| Net Non Operating Interest Income Expense | 3.92 | 10.38 | 10.14 | 7.27 |
| Interest Expense Non Operating | 0.13 | 0 | 0 | 0 |
| Interest Income Non Operating | 3.92 | 10.38 | 10.14 | 7.27 |
| 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 |
| Selling And Marketing Expense | 18.65 | 26.98 | 26.66 | 18.92 |
| General And Administrative Expense | 25.83 | 30.07 | 29.69 | 28.12 |
| Other Gand A | 25.83 | 30.07 | 29.69 | 28.12 |
| Operating Revenue | 43.24 | 40.39 | 37.50 | 31.06 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| MaxCyte, Inc.this co. | MXCT | $87M | - | 0.51 | -26.0% | -0.06 |
| Definitive Healthcare Corp. | DH | $99M | - | 0.35 | -36.7% | 5.27 |
| Health Catalyst, Inc. | HCAT | $93M | - | 0.37 | -72.4% | -32.70 |
| Aldeyra Therapeutics, Inc. | ALDX | $90M | - | 2.04 | -76.5% | -1.02 |
| biote Corp. | BTMD | $83M | 3.00 | -1.16 |
| -53.7% |
| 4.32 |
| Gossamer Bio, Inc. | GOSS | $82M | - | -0.67 | 138.8% | -0.91 |
| Outset Medical, Inc. | OM | $77M | - | 0.60 | -64.3% | -0.14 |
| aTyr Pharma, Inc. | ATYR | $75M | - | 1.11 | -110.2% | -0.11 |
| DocGo Inc. | DCGO | $70M | - | 0.48 | -144.9% | -0.41 |
| Peer Median | - | 3.00 | 0.43 | -68.4% | -0.27 | |