By Kailyn Rhone
Shares of MaxCyte jumped after the company raised its revenue-growth guidance and said it cut about 15% of its workforce.
The commercial cell-engineering company's stock was up 20% at $4.33 in afternoon trading Monday. For the year, shares are down 8%.
The Rockville, Md., company said Monday it expects full-year core business revenue to grow by 6% to 8% from 2023. In March, the company said it expected full-year core business revenue to be flat to up 5%.
MaxCyte continues to expect to end the year with $185 million in cash, cash equivalents and investments. It also expects revenue related to its strategic-platform-licence program to be around $6 million after the signing of six deals in the fiscal year.
The company said it cut 21 positions, reflecting about 15% of its personnel globally, to streamline operations. MaxCyte had 143 full-time employees as of Dec. 31, 2023. It expects to end the fiscal year with 116 employees.
With the workforce reduction, the company expects anticipated cost savings in 2025 of about $5.8 million.
Write to Kailyn Rhone at kailyn.rhone@wsj.com
(END) Dow Jones Newswires
December 09, 2024 13:55 ET (18:55 GMT)
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