MXCT turns in Q1 beat, expects a lift to its core business in 2H, and announces $10M share repurchase program; we reiterate Neutral

研报英文原文证据摘录

MXCT turns in Q1 beat, expects a lift to its core business in 2H, and announces $10M share repurchase program; we reiterate Neutral

ex (VRTX, Not Rated) obtained FDA approval of CASGEVY

for sickle cell disease on 12/8/23 and obtained other related regulatory approvals $2

soon after. MXCT expects revenue from CASGEVY to build in 2026 and beyond and

drop in to MXCT in the form of commercial royalty payments. $1.5

■ MXCT disclosed that 12 of its SPL customers have active programs in the clinic andEQUITY $1

another eight are active preclinically. MXCT expects five clinical programs are set

to enter pivotal studies and could lead to regulatory approvals and launches in $0.5

2027-2028. Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26

MXCT

Base Case Assumptions Source:S&PFactSet500 (rebased)RESEARCH

■ We model for MXCT to return to core organic revenue growth in 2H'2026.

■ We model for accelerating program-related revenue in 2026 and 2027. Company Description

■ We expect MCXT will likely sign a range of ~3-5 new SPLs per year.

MaxCyte manufactures, sells and licenses

cell-engineering technologies to pharma

and biotech companies. In 2000,

MaxCyte developed the GT Scalable

Upside Scenario Transfection System for cell therapy

■ Any improvements to macro trends and the funding environment in biopharma. development and commercialization. In

■ Any quarterly beats, or guiding revenue above consensus expectations. 2003, MXCT began entering into license

■ Milestone payments that exceed our or consensus estimates. agreements with developers of human

■ Royalty payments of approved customer products that exceed our or consensus cell therapies to enable the development

estimates. of novel therapies. MaxCyte's suite of