MaxCyte, Inc. (NASDAQ:MXCT) Q2 2023 Earnings Conference Call August 9, 2023 4:30 PM ET

Company Participants

Sean Menarguez - Head-IR

Doug Doerfler - President and CEO

Douglas Swirsky - CFO

Conference Call Participants

Julie Simmonds - Panmure Gordon

Dan Arias - Stiefel

Jacob Johnson - Stephens

Madeline Mollman - William Blair

Vidyun Bais - BTIG

Steven Mah - TD Cowen

Operator

Thank you for standing by, and welcome to MaxCyte's Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the call over to the Head of Investor Relations, Sean Menarguez. Please go ahead.

Sean Menarguez

Thank you, [Ottis], and good afternoon, everyone. My name is Sean Menarguez and I am the Head of Investor Relations here at MaxCyte. Thank you all for participating in today’s conference call.

On the call from MaxCyte is Doug Doerfler, President and Chief Executive Officer; and Douglas J. Swirsky, Chief Financial Officer.

Earlier today, MaxCyte released financial results for the second quarter ended June 30, 2023. A copy of the press release is available on the company's website.

Before we begin, I need to read the following statement. Statements or comments made during this call maybe forward-looking statements within the meaning of federal securities laws. Any statements contained in this call that relate to expectations or predictions of future events, results or performance are forward-looking statements. Actual results may differ materially from those expressed or implied in any forward-looking statements due to a variety of factors which are discussed in detail in our SEC filings. The company has no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise.

Now with that, I will turn the call over to Doug.

Doug Doerfler

Thank you, Sean. Good afternoon everyone and thank you for joining MaxCyte's second quarter 2023 earnings call. I will begin with a discussion of our business and operational highlights during the quarter, followed by a detailed financial review from DJ, our Chief Financial Officer. We will then open up the call for questions.

MaxCyte reported $9 million of revenue in the second quarter as we experienced softness in the cell therapy industry. The cell therapy industry has prioritized pipeline programs which has resulted in nominal growth in R&D spending. Less R&D spending in the industry, we believe has resulted from a challenging and evolving macroeconomic environment. Despite this, we are confident in our updated annual outlook for 2023 and continue to be excited about the health of our long term business.