Maxcyte's Technology, Pricing, & Growth Outlook

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What do you think about Doerfler and the company culture?

I loved MaxCyte and the reason I left is because I was itching to get back into clinical diagnostics and MaxCyte is a monster in the world of hematology. They were just in the beginnings of getting into flow cytometry and I got offered an opportunity where I'm national, it's just a really great opportunity. But I think Doug's a wonderful man, he's a great leader. My boss was Tom Ross, Executive Vice President of Sales, one of the best guys I've ever worked for. It's just a very nurturing culture. It's a team effort and there are great people there. I hated to tell them that I was leaving. I just had this opportunity, which has really paid off for me career wise, but it's a great culture, that's a great place to work.

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The instrument is expensive, the margin is great, the pull through is really good. How on earth is MaxCyte able to get a royalty license from partners who are paying for the instrument?

If you look at the model, on the royalties, one of the lawyer commercials, we don't get paid unless you get paid. As these companies progress, and they get a product to market, an FDA approved cell therapy product, MaxCyte only gets paid royalties when that comes to fruition. They get paid at milestones. They get past the IND, they get past the phase two. If you think about it, if you look at a Merck or Pfizer, a BMS spending $150,000 on an instrument is a drop in the bucket, it's toilet paper. It really is, for those big companies, when they've got millions to billions of dollars coming in from a product to pay a royalty. That to me, makes sense. The beauty of the MaxCyte model is that they will sell say, an ATX for $80,000 to BMS. BMS could take years and do all their R&D and whatever and all they're buying is the consumables. There's no licensing. It's a one-time capital purchase.

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