Cell Engineering MaxCyte Faces Challenge, Analysts Express Concerns Over Near-Term Prospects Amid Revenue Decline
Portfolio Pulse from Vandana Singh
MaxCyte Inc (NASDAQ:MXCT) shares dropped after the company reported a 25-27% Y/Y decrease in preliminary Q3 revenue, attributed to reduced customer activity. The company also lowered its FY23 sales and core revenue forecasts. Analysts from William Blair noted that the company's underperformance in Processing Assembly sales had a cascading effect on Q3's Cell Therapy and Drug Discovery results. Despite the decline, lease revenue remained steady.
October 05, 2023 | 6:35 pm
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MaxCyte's shares dropped due to a decrease in Q3 revenue and lowered FY23 forecasts. The company's underperformance in Processing Assembly sales affected other areas of the business.
The company's shares dropped due to a decrease in Q3 revenue and lowered FY23 forecasts. This is likely to negatively impact the company's stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100