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    MXCT
    Earnings call· Jun 2026(Q2 FY26)

    MAXCYTE Q2 FY26 earnings call MXCT

    Aug 12, 2026 Source

    Executive summary

    MaxCyte Q2 FY26 — Genentech Partnership and Return to Growth

    MaxCyte reported Q2 FY26 results ahead of expectations, demonstrating revenue stabilization and sequential growth driven by instrument placements. The company secured a significant multi-platform partnership with Genentech, marking an evolution in its commercial strategy to include enterprise-level agreements alongside traditional SPLs. Despite year-over-year revenue declines and gross margin pressure from product mix, disciplined cost management and share repurchases underscore a focus on financial health, with management confident in a return to revenue growth in the second half of the year.

    Highlights

    5

    • Total revenue of $7.3 million was ahead of expectations, reflecting stabilization.

    • Achieved sequential revenue growth in Q2 compared to Q1, primarily driven by instrument placements.

    • Delivered a meaningful reduction in net loss year-over-year, with operating expenses decreasing 25% to $15.8 million.

    • Announced a multi-platform technology license partnership with Genentech, establishing an enterprise-level commercial framework.

    • Repurchased approximately $5.5 million of stock from a $10 million authorization, demonstrating capital return.

    Concerns

    3

    • Total revenue decreased 15% year-over-year to $7.3 million.

    • Core revenue decreased 21% year-over-year to $6.5 million, impacted by discontinued partner programs.

    • Gross margin declined to 77% in Q2 FY26 from 82% in Q2 FY25, primarily due to product mix with higher instrument revenue.

    Guidance & targets

    7
    CategoryTargetConfidence
    Total Revenue
    $30 million to $32 million
    high materiality
    High
    Core Revenue
    $25 million to $27 million
    medium materiality
    High
    SPL Milestones and Royalties Revenue
    $5 million
    medium materiality
    High
    Total Revenue Growth
    low single-digit year-over-year growth
    medium materiality
    High
    SPL Milestone Revenue
    $3 million
    medium materiality
    High
    SPL Royalty Revenue
    $2 million
    medium materiality
    High
    Cash, Cash Equivalents, and Investments
    at least $130.5 million
    high materiality
    High

    Operational metrics

    18
    Total Revenue
    $7.3 milliondecreased 15% YoY from $8.5 million
    Q2 FY26

    MaxSight reported $7.3 million of total revenue in the second quarter, including $6.5 million of core revenue and $0.8 million of SPL program-related revenue

    Core Revenue
    $6.5 milliondecreased 21% YoY from $8.2 million
    Q2 FY26

    We reported core revenue of 6.5 million compared to 8.2 million in the comparable prior year quarter representing a 21% decrease.

    Instrument Revenue
    $1.8 millioncompared to $2.1 million in Q2 FY25
    Q2 FY26

    WITHIN CORE REVENUE, INSTRUMENT REVENUE WAS 1.8 MILLION COMPARED TO 2.1 MILLION IN THE SECOND QUARTER OF 2025.

    License Revenue
    $1.8 millioncompared to $2.6 million in Q2 FY25
    Q2 FY26

    License revenue was $1.8 million compared to $2.6 million in the second quarter of 2025

    Processing Assembly (PA) Revenue
    $2.3 millioncompared to $3.1 million in Q2 FY25
    Q2 FY26

    processing assembly, or PA revenue, was $2.3 million compared to $3.1 million.

    SPL Program-Related Revenue
    $0.8 millioncompared to $0.3 million in Q2 FY25
    Q2 FY26

    SPL program-related revenue in the second quarter was $0.8 million, consisting almost entirely of royalty revenue, compared to $0.3 million of SPL program-related revenue in the second quarter of 2025.

    Secure Total Revenue
    $0.5 millionpositive year-over-year momentum
    Q2 FY26

    Secure saw continued positive year-over-year momentum in the quarter, with total revenue of $0.5 million, which includes both license and services revenue.

    Gross Margin
    77%compared to 82% in Q2 FY25
    Q2 FY26

    gross margin was 77% in the second quarter of 2026 compared to 82% in the second quarter of 2025.

    Non-GAAP Adjusted Gross Margin
    77%compared to 83% in Q2 FY25
    Q2 FY26

    Excluding inventory provisions and SPL program-related revenue, non-GAAP adjusted gross margin was 77% in the second quarter of 2026 compared to non-GAAP adjusted gross margin of 83% in the second quarter of 2025.

    Total Operating Expenses
    $15.8 milliondecreased 25% from $21.2 million in Q2 FY25
    Q2 FY26

    Total operating expenses for the second quarter of 2026 were $15.8 million compared to $21.2 million in the second quarter of 2025, a decrease of approximately $5 million or 25%.

    Cash, Cash Equivalents, and Investments
    $141.9 million
    Q2 FY26

    We ended the second quarter with combined total cash, cash equivalents, and investments of $141.9 million and no debt.

    Share Repurchase Program Executed
    $5.5 millionfrom $10 million authorization
    YTD

    Since the authorization, we have repurchased approximately $5.5 million of MaxSight stock as of today.

    Total Licensed Partnerships
    30
    Q2 FY26

    We have 30 total licensed partnerships, which includes 29 SPL partners and our recently announced multi-platform enterprise partnership with Genentech.

    Partner Programs with Commercial Launch Potential
    5
    Future

    Importantly, we have five partner programs with the potential to begin commercial launches in the next couple of years, including as early as next year.

    Clinical Stage Programs
    14
    Q2 FY26

    these 14 clinical programs we have now

    Casgevy Patient Initiations
    >100
    Q2 FY26

    more than 100 patients initiated their treatment journey for CasGevvy during the second quarter, which marked the third consecutive quarter with more than 100 patient initiations.

    Casgevy Infusions
    more in H1 2026than in all of 2025
    H1 2026

    Vertex noted that more cash-heavy infusions were completed in the first half of 2026 than in all of 2025.

    Vertex Casgevy Revenue
    $76 millionapproximately 75% sequential growth versus Q1 2026 and 150% year over year growth
    Q2 FY26

    EarthEx reported approximately 76 million of cash chevy revenue for the second quarter of 2026, reflecting approximately 75% sequential growth versus Q1, 2026 and 150% year over year growth.

    Industry KPIs

    3
    MetricValueDetails
    Revenue EPS guidanceFY26 Total Revenue: $30M-$32M; Core Revenue: $25M-$27M; SPL Milestones & Royalties: $5MUSD
    China revenue exposuregrowing
    Instruments vs consumables services mixInstrument revenue: $1.8M; License revenue: $1.8M; Processing Assembly revenue: $2.3MUSD

    Deals & partnerships

    1
    GenentechMulti-platform technology license partnership providing access to Expert DTX platform and additional platform technologies (electroporation and analytical assessment capabilities) across research, clinical development, and manufacturing workflows.

    Enterprise-level relationship supporting multiple cell therapy programs, shifting value capture earlier in the customer life cycle.

    Risks & headwinds

    4
    Inventory drawdown by largest customerfirst half of 2026

    significant portion now behind us

    Mitigation: largely subsided, stable processing assembly demand expected

    Discontinuation of partner clinical programslast year, impacting H1 2026

    impacted license revenue

    Mitigation: largely subsided, stable license revenue expected

    Product mix impact on gross marginQ2 FY26, expected to continue in back half of year

    Gross margin was 77% in Q2 FY26 compared to 82% in Q2 FY25

    Mitigation: expect gross margins in the mid-70s

    Cell therapy funding environment not as robust as broader biotech or 2020/2021 levelsongoing

    not a return back to your 2020, 2021 years

    Mitigation: diversifying revenue model, launching new products, working with large pharma, leaning into the space without needing prior funding levels

    What to watch in Q3 FY26

    5

    Return to year-over-year revenue growth

    H2 2026
    CurrentQ2 FY26 total revenue decreased 15% YoY; core revenue decreased 21% YoY
    Targetlow single-digit year-over-year revenue growth

    Why it matters

    Management's key objective for the year is to return to growth in the second half, signaling market stabilization and execution.

    Our objective was clear, stabilize revenue in the first half and return to growth in the second half. results reflects the stabilization where both our Q1 and Q2 revenues were ahead of our expectations and we remain confident in our ability to achieve our goal of returning to growth in the back half of the year.

    Q&A highlights

    6

    Asked for details on the source of instrument revenue growth and clarification on why non-core revenue guidance wasn't raised given strong Casgevy performance.

    Instrument revenue growth was broad-based across research, process development, and clinical, with early DTX traction. Management acknowledged Casgevy's strong performance but maintained royalty guidance due to potential quarter-to-quarter variability and a policy of not commenting on partner programs.

    “The instrument side, Julie was across the board. We saw it in research, process development, and clinical as well.”

    asked by Julie Simmonds · answered by Maher Masoud

    2 min read5 chapters

    Detailed Narrative

    01

    Strategic Partnership with Genentech

    MaxCyte announced a multi-platform technology license partnership with Genentech, marking an evolution in its commercial strategy. This enterprise-level agreement supports multiple cell therapy programs across research, clinical development, and manufacturing, providing durable recurring license and platform access revenue, complemented by milestone-based opportunities. This model aims to shift value capture earlier in the customer life cycle and diversify revenue streams beyond single-program SPLs.

    02

    Return to Growth and Operational Discipline

    The company achieved sequential revenue growth in Q2 FY26, driven by instrument placements, and remains confident in returning to year-over-year growth in the second half. This stabilization follows headwinds from inventory drawdown and discontinued clinical programs. Disciplined execution led to a meaningful reduction in net loss year-over-year, with operating expenses decreasing by 25% due to prior restructuring efforts.

    03

    Instrument Adoption and Platform Expansion

    Expert DTX adoption continues to build, showing encouraging early traction in discovery and optimization workflows for both ex vivo and in vivo cell and gene therapy. The DTX platform offers a seamless path to scale for CGMP manufacturing using STX and GTX instruments. Investments in R&D priorities like DTX, SECURE, and strategic collaborations are designed to broaden customer engagement and strengthen long-term growth opportunities.

    04

    SPL Portfolio and Commercial Trajectory

    MaxCyte maintains 30 total licensed partnerships, including 29 SPL partners. The SPL portfolio remains a key driver of long-term value, with five partner programs potentially launching commercially in the next couple of years. The company continues to see strong commercial trajectory for Casgevy, with Vertex reporting $76 million in Q2 FY26 revenue, reflecting 75% sequential growth, and over 100 patient initiations for the third consecutive quarter.

    05

    Market Environment and Competitive Positioning

    Management noted a stabilization in the cell therapy funding environment, distinct from the broader biotech funding recovery, and stated they don't require a return to 2020-2021 levels for growth. MaxCyte believes its platform is best-in-class, displacing competitors in both academic and industry settings, and is not seeing new competition. The company is actively expanding its presence in Asia-Pacific to capitalize on growing cell therapy investments in regions like China, Japan, and Korea.

    AI-generated summary of the company’s earnings call. Not investment advice.