MaxCyte, Inc.

MaxCyte reported Q2 2026 total revenue of $7.3 million, down from $8.5 million in Q2 2025, a 15% decline. Core revenue was $6.5 million versus $8.2 million last year, down 21%, with instrument revenue of $1.8 million versus $2.1 million, license revenue of $1.8 million versus $2.6 million, and processing assembly revenue of $2.3 million versus $3.1 million. SPL program-related revenue was $0.8 million, versus $0.3 million a year ago, and gross margin was 77% versus 82% last year. Excluding inventory provisions and SPL program-related items, non-GAAP adjusted gross margin was 77% versus 83% a year ago. Total operating expenses were $15.8 million, down from $21.2 million, and the company ended the quarter with $141.9 million in cash equivalents and investments and no debt. For 2026, management reiterated revenue guidance of $30 million to $32 million, including $25 million to $27 million of core revenue and $5 million of SPL milestones and royalties; it expects low single-digit year-over-year revenue growth in the back half, gross margins in the mid-70s, $3 million of milestone revenue and $2 million of royalty revenue, and at least $130.5 million in ending cash and investments excluding any additional buybacks.

Maher Masoud said the quarter reflected stabilization after a difficult start to 2026 and that both Q1 and Q2 came in ahead of expectations. He emphasized that MaxCyte is building a broader business model: continuing to serve SPL biotech customers while also creating an enterprise-level path for large pharma, highlighted by Genentech. His tone was confident and constructive, repeatedly saying the headwinds are behind the company and that DTx, SeQure, and the Genentech framework should broaden the revenue base over time.

Parmeet Ahuja said gross margin was 77%, pressured mainly by mix because instrument revenue carries lower margins than licenses, and guided to gross margins in the mid-70s in the back half. He highlighted a 25% reduction in operating expenses to $15.8 million, attributing it to restructuring and cost-efficiency actions taken in 2025, and said expenses should not grow meaningfully from current levels. He also noted $141.9 million in cash and investments, no debt, and approximately $5.5 million of the $10 million share repurchase authorization completed as of the call, while reiterating year-end cash of at least $130.5 million excluding further buybacks.

Analysts pressed on why non-core revenue guidance had not been raised despite stronger CASGEVY sales. Management said royalty revenue can be lumpy quarter to quarter, that $1.2 million of royalties had been recognized in the first half, and that they remain excited as Vertex’s commercial traction improves. Questions also focused on whether CapEx hesitation and inventory drawdown were still weighing on demand; management said those headwinds are largely behind them, with no pockets of demand weakness seen ahead. Analysts asked how Genentech changes the business, and management said it does not replace SPLs but adds a complementary enterprise model for large pharma, while also giving MaxCyte another path to monetize earlier in the customer lifecycle.