MaxCyte (MXCT) (MXCT)
:MXCT
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MaxCyte
(MXCT)
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Rating:54Neutral
Price Target:
$1.00
Action:Reiterated
Date:05/29/26
The score is held back primarily by persistent losses and ongoing cash burn despite strong gross margins and low leverage. Offsetting factors include improving technical momentum, reaffirmed 2026 guidance alongside materially lower operating expense targets and a strong cash position, while Nasdaq bid-price noncompliance and weak near-term core revenue trends remain notable risks.
Positive Factors
Strong cash position and low leverage
A large cash balance with no debt provides multi-quarter financial flexibility to fund operations, support product launches, and absorb timing of SPL milestones. Over a 2–6 month horizon this materially lowers near-term refinancing risk and enables tactical investments or share repurchases.
Negative Factors
Persistent negative operating and free cash flow
Consistent negative operating and free cash flow indicates the business is consuming cash to sustain operations and growth. Even with a large cash stockpile, ongoing burn increases the likelihood of future financing if milestones or core revenue recovery are delayed, pressuring strategic optionality.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash position and low leverage
A large cash balance with no debt provides multi-quarter financial flexibility to fund operations, support product launches, and absorb timing of SPL milestones. Over a 2–6 month horizon this materially lowers near-term refinancing risk and enables tactical investments or share repurchases.
Read all positive factors
MaxCyte (MXCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$125.33M
Dividend YieldN/A
Average Volume (3M)N/A
Price to Earnings (P/E)―
Beta (1Y)1.11
Revenue Growth-14.30%
EPS Growth7.54%
CountryUS
Employees114
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.37
Shares Outstanding107,121,670
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
Financial Highlights & Ratios
PEG Ratio-0.48
Price to Book (P/B)0.96
Price to Sales (P/S)4.99
P/FCF Ratio-4.56
Enterprise Value/Market Cap1.06
Enterprise Value/Revenue4.11
Enterprise Value/Gross Profit5.09
Enterprise Value/Ebitda-3.68
Forecast
1Y Price Target
$4.00Price Target Upside― Downside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.27
Revenue Forecast (FY)$30.83M
MaxCyte Business Overview & Revenue Model
Company Description
MaxCyte, Inc., a global life sciences company, engages in the discovery, development, and commercialization of next-generation cell therapies. Its products include ExPERT ATx, a static electroporation instrument for small to medium scale transfect...
How the Company Makes Money
MaxCyte makes money primarily by providing its cell-engineering platform to customers through (1) product revenue and (2) partnership-related revenue tied to clinical and commercial progress of customer programs.
1) Platform sales and recurring c...
MaxCyte Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| Next Earnings Date:Aug 12, 2026
Earnings Call Sentiment Neutral
The call balanced clear operational and strategic positives — including a strong cash position, meaningful OpEx reductions, a $3.0M SPL milestone in Q1, early product traction (ExPERT DTX and SeQure), and a $10M share repurchase authorization — against near-term commercial headwinds, notably a 25% decline in core revenue and weaker PA and license receipts driven by customer inventory management and discontinued programs. Management reiterated full-year guidance while taking a conservative stance on additional 2026 milestones; they emphasized stability in the late-stage cell and gene therapy market, confidence in the pipeline, and expectations for core revenue growth later in the year. Overall, the results reflect transitionary near-term pressure but solid financial flexibility and promising product/partner catalysts that could drive recovery and growth over the medium term.Positive Updates
Strong cash position and balance sheet
Ended Q1 2026 with $147.7M in cash and investments and no debt; company expects to end 2026 with at least $136M (excluding repurchases), providing financial flexibility for execution and the $10M share repurchase program authorized by the Board.
Negative Updates
Overall revenue decline
Total revenue for Q1 2026 was $9.7M versus $10.4M in Q1 2025, a 7% decrease, reflecting a weaker core revenue performance despite SPL milestone growth.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong cash position and balance sheet
Ended Q1 2026 with $147.7M in cash and investments and no debt; company expects to end 2026 with at least $136M (excluding repurchases), providing financial flexibility for execution and the $10M share repurchase program authorized by the Board.
Read all positive updates
Company Guidance
MaxCyte reiterated 2026 guidance calling for total revenue of $30–32 million, comprised of $25–27 million of core revenue and $5 million of SPL milestones and royalties (of which $3.0 million milestone was already recognized in Q1 and the remaining ~$2.0 million is forecasted as royalty revenue); Q1 results were $9.7M total revenue ($6.2M core, $3.4M SPL), SeQure generated $0.6M in Q1, and management said core revenue is expected to be weighted to the second half with Q2 core revenue in line with Q1 and overall core growth driven by the instrument funnel and ExPERT DTX adoption. Q1 gross margin was 84% (non‑GAAP adj gross margin 78%), management expects gross margins to trend in the mid‑70s, operating expenses were $14.3M in Q1 with full‑year OpEx targeted around $60M (down from ~$79–80M in 2025) and no meaningful growth from current levels, cash and investments were $147.7M at quarter end with an expected year‑end minimum of $136M (excluding a newly authorized $10M share repurchase) and no debt.MaxCyte Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
70
Positive
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 32.29M | 33.03M | 38.63M | 41.29M | 44.26M | 33.89M |
| Gross Profit | 26.06M | 26.80M | 31.53M | 36.55M | 39.16M | 30.25M |
| EBITDA | -36.02M | -40.14M | -46.41M | -44.13M | -24.66M | -16.61M |
| Net Income | -39.12M | -44.63M | -41.05M | -37.92M | -23.57M | -19.08M |
Balance Sheet | ||||||
| Total Assets | 194.47M | 202.51M | 239.47M | 268.27M | 286.65M | 284.12M |
| Cash, Cash Equivalents and Short-Term Investments | 14.56M | 103.04M | 154.48M | 168.29M | 227.34M | 255.04M |
| Total Debt | 17.49M | 17.94M | 18.03M | 18.74M | 16.09M | 5.68M |
| Total Liabilities | 26.59M | 31.02M | 33.22M | 36.11M | 32.69M | 21.22M |
| Stockholders Equity | 167.89M | 171.49M | 206.25M | 232.17M | 253.97M | 262.90M |
Cash Flow | ||||||
| Free Cash Flow | -29.50M | -36.18M | -29.26M | -25.39M | -33.26M | -14.51M |
| Operating Cash Flow | -28.17M | -34.41M | -27.61M | -21.69M | -14.78M | -10.68M |
| Investing Cash Flow | 19.06M | 25.93M | 6.93M | 54.98M | -24.82M | -195.01M |
| Financing Cash Flow | 278.00K | 656.00K | 2.06M | 2.14M | 2.89M | 234.72M |
MaxCyte Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
* Healthcare Sector Average
Performance Comparison
MaxCyte Corporate Events
Business Operations and StrategyStock BuybackFinancial Disclosures
MaxCyte Reports Q1 2026 Results, Launches Share Buyback
Neutral
May 12, 2026
On May 12, 2026, MaxCyte reported first-quarter 2026 revenue of $9.7 million, down 7% year on year, with core business revenue falling 25% to $6.2 million while SPL Program-related revenue rose to $3.4 million from $2.1 million. Gross profit slipp...
Business Operations and StrategyExecutive/Board Changes
MaxCyte Appoints New Chief Financial Officer Ahuja
Positive
Mar 27, 2026
On March 23, 2026, MaxCyte announced the appointment of Parmeet Ahuja as Chief Financial Officer and principal accounting officer, effective March 30, 2026, succeeding outgoing CFO Douglas Swirsky as part of a previously disclosed transition. Ahuj...
Business Operations and StrategyFinancial Disclosures
MaxCyte Reports Lower 2025 Revenue, Provides 2026 Outlook
Negative
Mar 24, 2026
On March 24, 2026, MaxCyte reported fourth-quarter 2025 revenue of $7.3 million, down 16% year-on-year, and full-year 2025 revenue of $33.0 million, a 15% decline, mainly due to headwinds from select SPL customers, including a 15% reduction in pur...
Delistings and Listing ChangesRegulatory Filings and Compliance
MaxCyte Faces Nasdaq Noncompliance Over Minimum Bid Price
Negative
Mar 20, 2026
On March 16, 2026, MaxCyte, Inc. disclosed it had received notice from Nasdaq that its common stock failed to meet the $1.00 minimum bid price requirement for 30 consecutive trading days, putting it out of compliance with Nasdaq Global Select Mark...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.