MaxCyte, Inc. (NASDAQ:MXCT) Q4 2022 Earnings Conference Call March 15, 2023 4:30 PM ET

Company Participants

Sean Menarguez - Investor Relations

Doug Doerfler - President and Chief Executive Officer

Ron Holtz - Interim Chief Financial Officer

Conference Call Participants

Julie Simmonds - Panmure Gordon

Dan Arias - Stifel

Matt Larew - William Blair

Jacob Johnson - Stephens

Vidyun Bais - BTIG

Operator

Good day and thank you for standing by and welcome to MaxCyte’s Fourth Quarter Earnings Conference Call. [Operator Instructions] Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Sean Menarguez of Investor Relations. You may begin.

Sean Menarguez

Thank you, Justin. 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, we have Doug Doerfler, President and Chief Executive Officer and Ron Holtz, Interim Chief Financial Officer. Earlier today, MaxCyte released financial results for the fourth quarter and full year ended December 31, 2022. 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 undertakes 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 and good afternoon and good evening, everyone and thank you for joining MaxCyte’s fourth quarter and full year 2022 earnings call. I will begin with a discussion of our business and operational highlights during the quarter followed by a detailed financial review from Ron. We will then open the call for questions.

2022 was an exciting year for MaxCyte and our team performed excellently in our first full year as a NASDAQ-listed company. Ron will provide more details during the call regarding our financial results, including strong full year revenue, total revenue of $44.3 million representing a year-over-year growth of 31% in 2022. Core business revenue grew 26% in 2022 year-over-year, driven by 33% growth in revenue from cell therapy customers and 8% growth in revenue from drug discovery customers. For the fourth quarter, core revenues increased 4% compared to the fourth quarter of 2021, with revenue from cell therapy and drug discovery customers growing at 4% to 5% year-over-year.