MaxCyte, Inc. Q4 FY2025 earnings call

2025 was challenging but had progress like signing new SPLs, acquiring SecureDX and integrating, making operational changes. Launched ExpertDTX, a modular 96-well electroporation platform. Discussed financial results, SecureDX integration, cost restructuring, and upcoming CFO change.

Full year 2025 total revenue was $33 million, including $29.6 million core revenue and $3.4 million SPL program-related revenue. Instrument install base grew to 857. Fourth quarter 2025 total revenue was $7.3 million. Core revenue in Q4 was $6.8 million, down from $8.6 million in prior year. Full year core revenue was $29.6 million, down from $32.5 million in 2024. SPL program-related revenue in Q4 2025 was $0.5 million, full year was $3.4 million. SecureDX had $1.1 million revenue in 2025. 47% of core business revenue was from SPL customers in 2025 compared to 55% in 2024.

2026 total revenue expected $30 - $32 million, core revenue $25 - $27 million, SPL program-related revenue $5 million. Q1 core revenue light, back half weighted. Headwinds include $4 million from SPL customers, some lost programs. Expect SPL programs to progress, SecureDX to grow. Restructuring led to reduced cash burn, strong balance sheet.

Headwinds from SPL customer program rationalization, inventory management, and capital conservation in cell therapy space. Risk of individual SPL programs not progressing, but multiple programs mitigate some risk.

Q: Dan Arias asked about core revenue decline and growth prospects.

A: $4 million headwind from lost customers, ExpertDTX launch and SPL programs bode well.

Q: Matt Hewitt asked about DTX pipeline.

A: Tricking into revenue in second half, beta users and traction.

Q: Matt LaRue asked about SPL cadence.

A: Expect to sign 3 - 5 SPLs in 2026, timing issue.

Q: Mark Massaro asked about SecureDX contribution and royalty.

A: SecureDX to grow, royalty from commercial product expected.

Q: Follow-up on macro environment and demand.

A: Core revenue guide not contingent on industry demand, base built.

Q: Chad Watroski asked about DTX customer mix.

A: Mix of current and new customers, prospecting for future.