MaxCyte Q3 Earnings Call Highlights

Key Points

• MaxCyte agreed to acquire Akron Bio for $151.8 million in cash, stock and deferred payments. The deal is expected to nearly double revenue, broaden commercial exposure, and add about $28 million in revenue and $7 million to $8 million in EBITDA in 2026.
• Third-quarter revenue rose 49% to $10.2 million, led by instrument sales, which doubled to $2.8 million. Gross margin improved to 83%, operating expenses fell 25%, and the year-to-date net loss narrowed to about $18 million.
• MaxCyte raised its standalone 2026 revenue outlook to at least $34.5 million, excluding Akron. It also secured a credit facility of up to $75 million to help finance the acquisition.

MaxCyte NASDAQ: MXCT reported 49% third-quarter revenue growth and raised its 2026 revenue outlook, while announcing an agreement to acquire cell therapy materials supplier Akron Bio for $151.8 million.

The transaction, which has not yet closed, is expected to nearly double MaxCyte’s revenue base and accelerate its path to profitability, executives said on the company’s third-quarter earnings call. Akron is expected to generate $28 million in revenue and $7 million to $8 million in EBITDA in 2026.

Akron Deal Expands Commercial Exposure

MaxCyte agreed to buy Akron from Arcline Investment Management for $105 million in cash, approximately $26.8 million in MaxCyte common stock and $20 million in guaranteed deferred payments. The deferred amount is payable in $10 million installments in 2028 and 2029.

Akron supplies manufacturing materials used in cell therapies, including cytokines, growth factors, cell culture media and cryopreservation products. Chief Executive Officer Maher Masoud said Akron’s products support manufacturing steps around MaxCyte’s cell-engineering technology and are used in both viral and non-viral therapies.

Akron’s products are specified for use in four commercially approved therapies and four additional programs with registrational pathways, Masoud said. He said the combined company would support five approved therapies and be embedded in more than 95 clinical-stage programs, including more than 85 from Akron.

Approximately 30% of the combined company’s revenue is expected to come from commercial-stage customers, while its largest customer would represent about 14% of revenue, compared with 27% for MaxCyte on a standalone basis, Masoud said. He estimated current customer overlap at about 10%, presenting an opportunity to cross-sell products.

Chief Financial Officer Parmeet Ahuja said Akron generated approximately $23 million in revenue in 2025 and had delivered low- to mid-teens annualized revenue growth since 2018. He said MaxCyte expects that growth trend to continue in 2027 and sees approximately $3 million to $4 million in potential cost efficiencies from integrating the businesses.

Instrument Sales Lift Third-Quarter Results

MaxCyte’s total revenue rose to $10.2 million for the quarter ended Sept. 30, 2026, from $6.8 million a year earlier. Core revenue increased 27% to $8.2 million, led by instrument sales, which doubled to $2.8 million from $1.4 million.

Some instrument purchases by a partner occurred in the third quarter rather than the fourth, executives said. Masoud added that demand across the broader customer base grew at a double-digit rate even excluding that customer.

Processing assembly revenue rose to $3.1 million from $2.6 million a year earlier, while license revenue increased to $2 million from $1.8 million. Ahuja said earlier inventory drawdowns and partner program challenges were behind the company and that he expected processing assembly revenue to grow from a stable base.

Strategic platform license, or SPL, program-related revenue rose to $2 million from $400,000. The latest quarter included a $1 million milestone tied to dosing in a partner’s pivotal trial and approximately $1 million in royalties. Ahuja attributed the year-over-year increase partly to higher royalty revenue from continued adoption of Casgevy.

Gross margin increased to 83% from 77%, while operating expenses fell 25% to $14.5 million, reflecting restructuring and efficiency measures taken in 2025. MaxCyte’s year-to-date net loss narrowed to approximately $18 million from about $35 million in the comparable period of 2025.

Higher Outlook and Acquisition Financing

For standalone MaxCyte, the company now expects at least $34.5 million in 2026 revenue, up from approximately $34 million in its October outlook. The updated forecast comprises approximately $28 million in core revenue and at least $6.5 million in SPL milestones and royalties. It excludes any contribution from Akron.

MaxCyte ended the third quarter with $132.7 million in cash, equivalents and investments and no debt. To help fund the acquisition and preserve liquidity, it entered into a credit facility of up to $75 million with MidCap Financial. At closing, the company expects to draw $20 million under a term loan and $2 million under a revolving facility.

Ahuja said MaxCyte expects to have $40 million to $45 million in cash upon the acquisition’s close. The combined company’s annual cash burn is expected to be less than $10 million in 2027, including reduced interest income and interest expense associated with the debt facility.

MaxCyte also projected at least $133 million in year-end cash, equivalents and investments on a pro forma basis that excludes acquisition consideration and related costs, as well as any further capital deployed toward share repurchases. Ahuja cautioned that the figure is intended for comparison with the September balance and should not be viewed as a forecast of actual year-end cash.

About MaxCyte (NASDAQ:MXCT)

MaxCyte, Inc. NASDAQ: MXCT is a life sciences company that develops technologies for engineering cells used in biopharmaceutical research and the development of cell-based therapies. Its platform is designed to help researchers modify cells efficiently for applications including cell therapy, gene editing, immuno-oncology and other advanced biological treatments. The company's primary offering is the ExPERT platform, which combines Flow Electroporation technology with specialized instruments, single-use processing assemblies, software and related support services.

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