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M MaxCyte® MaxCyte Reports Third Quarter Financial Results November 10 , 2021 GAITHERSBURG , Md . , Nov. 10 , 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 third quarter ended September 30 , 2021 financial results . Third Quarter and Recent Highlights • Total revenue was $ 10.1 million in the third quarter of 2021 , representing 50 % growth compared to the same period in 2020 . • Excluding Strategic Platform License ( SPL ) Program - related revenue , revenue from cell therapy customers was $ 6.2 million for the third quarter , an increase of 38 % compared to the same period in 2020 . • SPL Program - related revenue was $ 2.0 million in the third quarter -- the highest SPL Program - related revenue we have received in any quarter to - date as compared to $ 0.3 million for the same period in 2020 . • Revenue from drug discovery customers was $ 1.9 million in the third quarter , a decrease of 5 % compared to the same period in 2020 , but up sequentially from the second quarter of 2021 . • With the addition of Myeloid Therapeutics , Inc. , Celularity , Inc. , Sana Biotechnology , Inc. , and Nkarta , Inc. signed year - to - date , the total number of SPLs now stands at 15 . -- " We are pleased to report very strong third quarter results driven by ongoing strength in sales to cell therapy customers and robust SPL Program related revenue . " said Doug Doerfler , President and CEO of MaxCyte . " We continue to expand our customer base and increase the number of strategic partnerships , now with 15 SPL agreements in place following the announcement of our agreement with Nkarta in early November . The vast majority of our SPL agreements enable MaxCyte to participate in pre - commercial milestones and post - commercial sales - based payments on SPL - related Programs . We remain bullish around the potential for our SPL partnerships to generate meaningful revenue for the business over the next 12 to 18 months and beyond as our partners continue to see clinical success . We are also making important and strategic investments in our business , expanding our marketing , R & D and product development capabilities , launching innovative solutions to drive future growth , bolstering our leading internal and field - based cell engineering expertise , expanding our manufacturing capabilities as our customers move closer to commercialization , and adding strong talent across all facets of our business . " " Overall , MaxCyte remains well - positioned to support growing adoption of the ExPERTTM platform technology for cellular - based research and next - generation therapeutic development . " Third Quarter Financial Results Total revenue for the third quarter f 2021 was $ 10.1 million , compared to $ 6.8 million in the third quarter of 2020 , representing growth of 50 % . Sales to cell therapy customers , across both instruments and single use disposables , were collectively up 38 % compared to the same period last year . Success in recognizing revenue from our SPL Programs was also a primary source of strength in the quarter . The Company recognized $ 2.0 million in SPL Program - related revenue in the quarter ( comprised of pre - commercial milestone revenues ) as compared to $ 0.3 million in SPL Program - related revenue in the third quarter of 2020 . Gross profit for the third quarter of 2021 was $ 9.2 million ( 91 % gross margin ) , compared to $ 6.0 million ( 89 % gross margin ) in the same period of the prior year . The increase in gross margin was driven by the higher SPL Program - related revenues ; excluding SPL Program - related revenues , gross margin was relatively unchanged . Operating expenses for the third quarter of 2021 were $ 11.6 million , compared to operating expenses of $ 8.9 million in the third quarter of 2020. The overall increase in operating expense was principally driven by a $ 3.4 million increase in compensation expense associated with increased headcount and higher stock - based compensation ( principally due to stock - price appreciation ) , as well as a $ 1.2 million increase in legal , public company and professional service expenses . Partially offsetting this expense growth was a $ 2.5 million decline in CARMATM - related expenses compared with the same period last year . As of March 2021 , all pre - clinical and clinical activities related to the CARMA ™ M platform were substantially completed . Third quarter 2021 net loss was ( $ 2.7 ) million compared to net loss of ( $ 3.1 ) million for the same period in 2020 . Total cash , cash equivalents and short - term investments were $ 255.9 million as of September 30 , 2021 . Preliminary 2021 Revenue We are updating our revenue projection for fiscal year 2021. We now expect to achieve at least $ 33.0 million in revenue for fiscal year 2021 , up from our prior guidance of greater than $ 30 million in revenue for the year . Executive Leadership Addition