Why Shares of MaxCyte Are Plummeting on Thursday
Shares of MaxCyte (NASDAQ: MXCT) were down more than 21% as of noon on Thursday after the company announced preliminary third-quarter results. So far this year, the healthcare stock is down more than 53%.
Maryland-based MaxCyte focuses on cell-engineering platform technology to serve the biotech industry. In its preliminary report, the cell engineering company lowered its full-year guidance and relayed that it expected lower revenue for the third quarter. That spooked investors, and the stock hit a 52-week low on Thursday morning of $2.53.
The company said it expected third-quarter revenue between $7.8 million and $8 million, down 25% to 27% year over year (YOY). The company cited reduced customer demand for the drop. While strategic partnership license program-related revenue grew to $1.4 million, up from $800,000 in the same period last year, the company says it expects core business revenue was expected to fall 33% to 35% to be between $6.4 million and $6.6 million.
Source Fool.com
