MaxCyte’s strong FY20 performance was flagged in February’s trading statement. Revenues were up 21% to $26.2m despite known COVID impacts. EBITDA grew by 121% to $2.9m, before CARMA expenses, driven primarily by lower COVID spend due to pandemic-related restrictions. Potential pre-commercialisation milestones increased from >$800m to >$950m, with 140+ partnered programmes and 100+ covered by clinical licences. This operational momentum is expected to flow into FY21, with sustained revenue growth and new deals. With end-December 2020 cash of $34.8m, plus the $55.3m (gross) raised in February 2021, MaxCyte is well funded to invest in its technologies and processes; particularly scale-up in anticipation of product manufacture. Our £1bn ($1.3bn) valuation (1217p/share) reflects MaxCyte’s strategic importance and the potential value from the partner pipeline.
27 Apr 2021
Catching an unbroken wave
Sign up for free to access
Get access to the latest equity research in real-time from 12 commissioned providers.
Get access to the latest equity research in real-time from 12 commissioned providers.
Catching an unbroken wave
MaxCyte, Inc. (MXCT:LON) | 345 0 0.0% | Mkt Cap: 359.2m
- Published:
27 Apr 2021 -
Author:
Franc Gregori | Lala Gregorek -
Pages:
8
MaxCyte’s strong FY20 performance was flagged in February’s trading statement. Revenues were up 21% to $26.2m despite known COVID impacts. EBITDA grew by 121% to $2.9m, before CARMA expenses, driven primarily by lower COVID spend due to pandemic-related restrictions. Potential pre-commercialisation milestones increased from >$800m to >$950m, with 140+ partnered programmes and 100+ covered by clinical licences. This operational momentum is expected to flow into FY21, with sustained revenue growth and new deals. With end-December 2020 cash of $34.8m, plus the $55.3m (gross) raised in February 2021, MaxCyte is well funded to invest in its technologies and processes; particularly scale-up in anticipation of product manufacture. Our £1bn ($1.3bn) valuation (1217p/share) reflects MaxCyte’s strategic importance and the potential value from the partner pipeline.