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what it is
MaxCyte sells tools and tests that help drug makers engineer cells, and it has 114 employees.
how it gets paid
Last year Maxcyte made $22M in revenue. Instruments & systems was the main engine at $8.0M, or 36% of sales.
what just happened
MaxCyte posted $16M in quarterly revenue while EPS stayed at -$0.33.
At a glance
B balance sheet — gets the job done, barely
-$0.39 fy2024 eps est
$39M fy2024 rev est
n/a operating margin
1.45 beta
xvary composite: 62/100 — average
What they do
MaxCyte sells tools and tests that help drug makers engineer cells, and it has 114 employees.
The moat is workflow lock-in. You use electroporation (electric pulses that open cells) and assays (tests that check gene-editing risk), then your lab builds around that setup. You do not rip that out casually, and MaxCyte still pulled $16M in the latest quarter.
How they make money
$22M
annual revenue
Instruments & systems
$8.0M
+0.0%
Processing assemblies & consumables
$7.0M
+0.0%
Assay services
$4.0M
+251.0%
Licensing & platform access
$2.0M
+0.0%
Other support revenue
$1.0M
+0.0%
The products that matter
sells electroporation instruments
Instrument Sales
$18M · 52.3% of revenue
it's still the biggest line in the business at $18M, but it declined 15% last year. that makes this the main source of both upside and disappointment.
largest segment
consumables and support revenue
Disposables & Services
$12M · 34.9% of revenue
this is the piece you want to see become a bigger share of the mix. right now it's $12M and it still declined 10% last year.
recurring tilt
partner program revenue
SPL Program Revenue
$4.4M · 12.8% of revenue
at $4.4M, it's the smallest line on the page. that also means it does not need to get very big before it changes the mix story.
small but watchable
Key numbers
$0.72
share price
A cheap price does not mean cheap risk when beta is 1.45.
$22M
ttm revenue
That is tiny next to an $87M market cap.
1.45
beta
The stock moves 45% more than the market on paper.
10/100
price stability
This is a stock that hates sitting still.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 1 — safer than 95% of stocks
- price stability 10 / 100
- long-term debt $17M (16% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for MXCT right now.
source: institutional data · return history unavailable
What just happened
missed estimates
MaxCyte posted $16M in quarterly revenue while EPS stayed at -$0.33.
Revenue was up 251% vs. prior year, but the company still posted a loss. Gross margin was n/a, which tells you the mix is lumpy and the math is weird.
$16M
revenue
-$0.33
eps
n/a
gross margin
the number that mattered
The number that mattered was $16M, because it came with 251% vs. prior year growth.
source: company earnings report, 2026
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What could go wrong
MaxCyte's biggest risk is a shrinking cell-therapy tools business that burns cash faster than it proves scale.
med
growth arrives later than H2 2026
The page already says growth returns only in H2 2026. If that timing slips, you are left with a business that already declined 6.5% last year and has not yet shown a clean inflection.
A second delay would keep the market focused on contraction, not recovery.
med
losses stay larger than sales
A -132.6% profit margin means MaxCyte lost about $1.33 for every $1 of revenue. $155.6M in cash buys time, but it does not fix an income statement that upside down.
If margins stay this weak, the cash balance stops looking like optionality and starts looking like runway.
med
instrument sales remain the center of gravity
Instrument sales are 52.3% of revenue and fell 15%. Disposables and services are only 34.9%, and they fell too. The recurring mix story is not wrong, but it is not dominant yet either.
If the mix does not improve, investors keep valuing this as volatile equipment revenue instead of a durable platform.
med
small-cap ownership can turn illiquid fast
Institutional ownership is 75.9%, which sounds supportive until you remember the whole company is worth about $87M and price stability is 10 / 100. In a stock this small, exits matter more than labels.
You can be right on the science and still get hit by liquidity if holders head for the door together.
If revenue keeps shrinking while margins stay deeply negative, the market will keep treating the cash balance as a melting asset instead of a launchpad.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
The next report needs to do more than repeat the H2 2026 recovery line. You want evidence that the recovery has started to show up in revenue, not just in language.
trend
whether contraction actually bottoms
Revenue fell 6.5% last year. If that decline narrows, the stock gets a better argument. If it widens, the market will keep valuing the operating business like an afterthought.
metric
segment mix, not just total revenue
Instrument sales are still 52.3% of revenue. You want Disposables & Services at 34.9% and SPL at 12.8% to become larger pieces of the story.
risk
cash burn versus confidence
$155.6M in cash is a real cushion. A -132.6% margin is a real problem. Watch which one is winning each quarter.
Analyst rankings
short-term outlook
mixed
analyst target data is thin here. in human-speak, there is no clean wall street consensus to lean on.
risk profile
volatile
beta is 1.45 and price stability is 10 / 100. this stock moves like a small-cap catalyst name, because it is one.
chart momentum
weak
at $0.72, the stock is trading near the bottom of its stated $1–$3 range. momentum is not doing you any favors right now.
earnings predictability
40 / 100
the business is still changing shape. when revenue is only $39M, small shifts can make earnings look louder than they really are.
source: institutional data
Institutional activity
institutional ownership data for MXCT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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