STIFEL 2026 HEALTHCARE CONFERENCE - MAXCYTE INC

Explicit Guidance:

• Full-year 2026 legacy cash burn expected to be $17 million.
• Full-year 2027 combined company cash burn expected to be below $10 million.
• Full-year 2026 revenue growth expected to be 15%, driven by strong Q2 results and Q4 expectations.
• 2027 revenue growth projected to be low single-digit (prior internal expectation) but now expected to be stronger due to the Akron acquisition and base stability; specific 2027 revenue numbers not provided.
• Akron Bio 2027 revenue growth projected to be in the low-to-mid teens (approx. 13% CAGR continuation) initially, with acceleration anticipated as commercial programs ramp.
• Cost synergies from the Akron acquisition estimated at $3 million to $4 million, expected to be realized starting in H2 2027 via corporate function overlap reduction.

Business-Segment Outlook:

• Instrumentation: Expecting double-digit growth in instrument placements, with a robust pipeline across research, GMP manufacturing, GTX, and DTX platforms; Genentech deal expected to deliver a bolus of installations in Q4 2026 and further growth in 2027.
• Consumables (PA): Revenue growth expected from a stable base in the mid-single digits annually; "pull-through" rates per unit expected to increase as inventory drawdowns are resolved and customer success rates improve.
• Cell Therapy Landscape: Anticipates >90% of commercial therapies and late-stage clinical programs remain ex vivo; in vivo adoption remains <10% with limited near-term clinical shifts; rationalization of clinical programs is viewed as largely complete.
• Commercial Team: Expansion of sales reps and Field Application Scientists (FAS) in US, Europe, and Asia Pacific expected to drive funnel growth and support Akron's non-US revenue expansion.
• Strategic Partnerships: Expecting more "large pharma" direct sales models (similar to Genentech) to emerge in the medium-to-long term, alongside the continued Standard Pricing License (SPL) model for biotechs.
• SPL Pipeline: Currently in late-stage negotiations with several companies; target of 3–5 new SPL agreements annually remains the goal, with signings possible in late 2026 or early 2027.

Market and Competitive Outlook:

• Funding Environment: Clinical program funding expected to be stable in 2026 following a 19% growth in 2025; funding is shifting toward later-stage/commercial programs rather than early-stage.
• Demand Trends: Commercial cell therapy market growing at ~20% YoY; overall market (including non-commercial) growing at ~13%.
• Competitive Positioning: Genentech switch validated the MaxCyte platform's ability to displace competitors in the clinic; expects this "proof of concept" to facilitate entry into other large pharma portfolios.
• Customer Base: Revenue exposure to small biotechs estimated at <30%; largest customer (Genentech) represents ~27% of total revenue; portfolio increasingly diversified across large pharma and mid-sized biotechs.

Macro / Industry Outlook:

• Market Stability: Believes the "culling" of clinical programs observed in 2025 has bottomed out, anticipating a stabilization or modest increase in active programs in 2026/2027.
• Regulatory/Commercial: Reimbursement for Casgevy (a key therapeutic area) is improving, positively impacting customer success and MaxLight's downstream revenue.
• Capital Markets: Funding environment described as "selective," with capital flowing to programs closer to commercialization, reinforcing the value of MaxLight's commercial-focused assets (Akron/MaxCyte).

Strategic Initiatives:

• Akron Bio Acquisition: Deal closed at $150 million; Akron contributes $28 million in revenue and is EBITDA positive; combined entity will exceed $60 million in revenue in 2027.
• Integration Plan: "Hand-in-glove" integration focusing on complementary sales teams rather than replacement; Akron leadership team remains intact.
• Margin Expansion: Combined gross margins expected to be in the early 70% range in the coming year, with further improvement anticipated over time as operational integration progresses and revenues scale.
• Cash Flow Optimization: Continued reduction in cash burn driven by both legacy business efficiency (down 50% previously) and Akron's positive cash flow contribution.

Risks and Headwinds to Outlook:

• Integration Risk: Acknowledges standard integration risks, though management views them as mitigated by Akron's established leadership and non-disruptive integration approach.
• Program Attrition: Continued risk of clinical program failures (one or two per quarter) impacting specific customer revenues, though the overall portfolio is viewed as stable.
• Guidance Prudence: Management cites "lessons learned" from 2025 as the reason for avoiding specific 2027 revenue guidance, emphasizing a cautious approach despite positive momentum.
• Lumpiness: Instrument revenue remains subject to "lumpy" placement cycles, though visibility is building in the funnel.

Management Tone on the Future:

• Confidence Level: High confidence in the "self-tape of growth" for 2027 and beyond, citing the stability of the funding environment and the strategic value of the Akron acquisition.
• Strategic Shift: Expresses strong conviction that the acquisition allows MaxLight to become the primary "consolidator" in the ex vivo cell therapy space.
• Forward-Looking Sentiment: Describes the environment as having "tailwinds" and views the previous year's challenges as "behind us," signaling a transition from a defensive posture to an offensive growth posture.

Miscellaneous:

• Genentech Deal Economics: Structured as a high-upfront purchase model rather than a royalty-based SPL, described as "very lucrative" for large pharma partners who prefer to avoid royalties.
• Operating Leverage: Akron is described as an "OpEx light" asset; synergies are primarily targeted at G&A and corporate functions.
• Talent: Recent hiring of top leadership from Sartorius, Stem Cell Therapeutics, Thermo, and GE Healthcare to bolster the global commercial team.