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M MaxCyte® MaxCyte Reports Second Quarter and Half - Year 2021 Financial Results Provides Preliminary 2021 Revenue Projections September 13 , 2021 GAITHERSBURG , Md . , Sept. 13 , 2021 ( GLOBE NEWSWIRE ) -- MaxCyte , Inc. , ( NASDAQ : MXCT ; LSE : MXCT , MXCN ) , a leading commercial cell engineering company focused on providing enabling platform technologies to advance innovative cell - based research as well as next - generation cell therapeutic discovery , development and commercialization , today announced its financial results for its second quarter and six months ended June 30 , 2021 . Second Quarter & Recent Highlights ● • Total revenue of $ 7.1 million in the second quarter of 2021 , representing 38 % growth compared to the same period in 2020 Excluding SPL Program - related revenue , revenue from cell therapy customers was $ 4.8 million for the second quarter , an increase of 59 % year - over - year , while revenue from drug discovery customers was $ 1.8 million in the second quarter , an increase of 60 % year - over - year . SPL Program - related revenue was $ 0.5 million in the second quarter , as compared to $ 1.0 million for the same period in 2020 Signed two new SPL agreements with Celularity , Inc. ( Q2 ) and Sana Biotechnology , Inc. ( Q3 ) for the use of MaxCyte's Flow Electroporation® EXPERTTM platform to advance cellular research and development of cell - based therapies • Expanded Board of Directors with the appointment of Ms. Rekha Hemrajani and Dr. Yasir Al - Wakeel • Completed U.S. initial public offering on Nasdaq Global Select Stock Market , raising $ 201.8 million in gross proceeds ● " We are pleased to report strong second quarter and half year results driven by growth in instrument revenue and disposable sales to the cell therapy market as our cell therapy partners continue to progress into and through the clinic . We also saw a resurgence of growth in drug discovery customers as new disposables introduced in 2020 have started to gain traction , driving both instrument and disposable sales growth , " said Doug Doerfler , President and CEO of MaxCyte . " Our customer base is expanding and we continue to increase the number of strategic partnerships . We now have 14 SPL agreements covering over 75 potential clinical programs , which is a testament to MaxCyte's reputation as a leading collaborator for complex cellular engineering . With the proceeds from our IPO in the U.S. , MaxCyte is well - positioned to support growing adoption of the ExpertTM platform technology for cellular - based research and next - generation therapeutic development . " Second Quarter Financial Results Total revenue for the second quarter of 2021 was $ 7.1 million , compared to $ 5.2 million in the second quarter of 2020 , representing year - over - year growth of 38 % . Overall sales to the cell therapy ( up 59 % ) and the drug discovery ( up 60 % ) markets were each sources of strength in the quarter . The Company recognized $ 0.5 million in Program - related revenue in the quarter ( comprised of pre - commercial milestone revenues ) as compared to $ 1.0 million in Program - related revenue in the second quarter of 2020 . Gross profit for the second quarter of 2021 was $ 6.3 million ( 89 % gross margin ) , compared to $ 4.7 million ( 91 % gross margin ) in the same period of the prior year . The slight decline in gross margin was driven by the reduction in SPL Program - related revenues ; excluding SPL Program - related revenues , gross margin was relatively unchanged . Operating expenses for the second quarter of 2021 were $ 10.7 million , compared to operating expenses of $ 7.5 million in the second quarter of 2020 . The overall increase in operating expense was principally driven by a $ 3.3 million increase in compensation expense associated with increased headcount and higher stock - based compensation ( principally due to stock - price appreciation ) , as well as a $ 1.0 million increase in legal and professional service expenses . Partially offsetting this expense growth was a $ 1.9 million decline in CARMA - related expenses compared with the same period last year . As of March 2021 , all pre - clinical and clinical activities related to the CARMA platform were substantially completed . Second quarter 2021 net loss was ( $ 4.4 ) million compared to net loss of ( $ 3.0 ) million for the same period in 2020 . Total cash , cash equivalents and short - term investments was $ 73.4 million as of June 30 , 2021 excluding the $ 201.8 million in gross proceeds from the U.S. IPO that closed in August 2021 . Preliminary 2021 Revenue Following our recent IPO on the Nasdaq , the company is establishing an initial projection of total revenue of approximately $ 30 million for fiscal year 2021 . First Half 2021 Financial Results Total revenue for the first half of 2021 was $ 13.6 million , compared to $ 10.9 million in the first half of 2020 , representing year - over - year growth of 25 % . Overall sales to the cell therapy ( up 53 % ) and the drug discovery ( up 22 % ) markets were each sources of strength in the first half . The Company recognized $ 0.5 million in Program - related revenue in the first half ( comprised of pre - commercial milestone revenues ) as compared to $ 1.8 million in Program - related revenue in the first half of 2020 .