LONDON (ShareCast) - (Sharecast News) - Cell engineering technology specialist MaxCyte announced upgraded revenue guidance on Monday, following an operational review under its new chief executive officer Maher Masoud.
The AIM-traded firm said the review, which focussed on optimising product development, manufacturing and resource allocation, led to a workforce reduction of 21 positions - approximately 15% of its global headcount, including those employed through third-party arrangements.

It said the restructuring was designed to improve efficiency, enhance accountability, and support long-term growth.

The company said it anticipated annual cost savings of $5.8m from the adjustments, which would fund strategic initiatives in cell engineering and manufacturing, specifically in areas adjacent to electroporation technology.

Following the changes, MaxCyte projected its year-end workforce to total 116 employees, down from 143 at the end of 2023.

In light of its improved operational foundation and strong performance, MaxCyte raised its core revenue guidance for 2024, now forecasting growth of 6% to 8% over 2023.

The firm maintained its projection of $6m in revenue from strategic platform licence (SPL) programmes, excluding contributions from Vertex/CRISPR's CASGEVY.

MaxCyte said it also expected to close the year with around $185m in cash, cash equivalents, and investments.

"2024 has been a good year for MaxCyte - we signed six SPL agreements, added a cell therapy industry veteran to the board and outperformed our financial commitments to the investment community," said president and chief executive officer Maher Masoud.

"Throughout the year, we have implemented a more focused, and accountable, operating philosophy at MaxCyte, taking important and necessary steps to drive innovation and growth in a capital efficient manner.

"Core business momentum remains strong as we exit 2024, resulting in an increase to our core revenue growth guidance."

At 0823 GMT, shares in MaxCyte were up 1.08% at 282p.

Reporting by Josh White for Sharecast.com.

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