MaxCyte Inc on Wednesday reported a jump in its first quarter revenue, which it said was driven by its core business sales.

Shares in MaxCyte were up 9.5% at 317.50 pence each in London on Wednesday morning.

MaxCyte is a Rockville, Maryland-based provider of cell engineering platform technologies developing ‘next-generation cell therapeutics’.

In the three months to March 31, revenue jumped 32% to $11.3 million from $8.6 million the year before.

This was largely driven by core business revenue, which stood at $8.2 million, up 14% from $7.2 million in the first quarter of 2023.

Net loss narrowed to $9.5 million from $10,9 million a year prior, while loss before interest, tax, depreciation and amortisation narrowed to $11.2 million from $12.2 million a year ago.

Looking ahead, MaxCyte said that it continues to expect full-year core business revenue growth of between 0% to 5%.

It also expects to end 2024 with at least $175 million in total cash, cash equivalents and investments.

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