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MaxCyte
(MXCT)
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Rating:53Neutral
Price Target:
$1.50
Action:Reiterated
Date:06/18/26
The score is held down primarily by weak financial performance (persistent losses and cash burn despite strong gross margins and low leverage). Offsetting factors include improving technical momentum and a cautiously constructive earnings outlook supported by strong cash and reduced operating expenses, while valuation remains challenged due to unprofitability and corporate events are mixed but slightly supportive after regaining Nasdaq compliance.
Positive Factors
Strong liquidity and low leverage
Q1 cash of $147.7M and no debt provide a multi‑quarter runway to fund operations, product launches and the $10M buyback without immediate financing. This durable liquidity and low leverage materially reduce near‑term funding risk and support strategic execution.
Negative Factors
Persistent negative operating and free cash flow
Consistent negative operating and free cash flow, with TTM burn near -$28M to -$30M, signals structural cash consumption. Even with ample cash today, sustained negative FCF raises the odds of future dilution, limits reinvestment capacity, and constrains long‑term strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong liquidity and low leverage
Q1 cash of $147.7M and no debt provide a multi‑quarter runway to fund operations, product launches and the $10M buyback without immediate financing. This durable liquidity and low leverage materially reduce near‑term funding risk and support strategic execution.
Read all positive factors
MaxCyte (MXCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$132.83M
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
Employees91
SectorHealthcare
Sector Strength45
IndustryBiotechnology
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 Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$4.00Price Target Upside― Downside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-0.26
Revenue Forecast (FY)$31.08M
MaxCyte Business Overview & Revenue Model
Company Description
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 scal...
How the Company Makes Money
MaxCyte primarily makes money by selling and supporting its cell engineering platform and by entering licensing-style collaborations with therapeutic developers that use MaxCyte’s technology in their programs.
Key revenue streams include:
1) Plat...
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 | -34.64M | -39.49M | -36.27M | -33.75M | -20.75M | -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
Executive/Board ChangesShareholder Meetings
MaxCyte Shareholders Reelect Directors and Ratify Auditor
Positive
Jun 17, 2026
At its annual meeting of stockholders held on June 17, 2026, MaxCyte, Inc. reported that shareholders approved the election of three Class II directors. Patrick Balthrop, Cynthia Collins and Stanley Erck all received sufficient support to continue...
Delistings and Listing ChangesRegulatory Filings and Compliance
MaxCyte Regains Nasdaq Compliance After Bid Price Recovery
Positive
Jun 16, 2026
On March 16, 2026, MaxCyte received notice from Nasdaq that its common stock had closed below $1.00 per share for 30 consecutive trading days, putting the company out of compliance with the Nasdaq Global Select Market’s minimum bid price req...
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...
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
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