Fourth quarter 2023 revenue increased 23%
compared to prior year, driven by handheld revenue increasing
57%
908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built
handheld and desktop devices for chemical and biochemical analysis,
today reported financial results for the quarter and full year
ended December 31, 2023.
"We made solid progress in 2023 towards our objectives. We have
continued to see sustained growth of our handheld devices servicing
customers in their efforts to combat the ongoing crisis of
counterfeit drugs and opioids. For the full year we saw 28% growth
in our handheld revenue and consistent year-over-year growth each
quarter. Despite near-term headwinds impacting the life science
instrumentation and bioprocessing industries, we launched two
additional desktop devices in the Process Analytical Technology
(PAT) space, positioning us for accelerated growth as conditions
improve," said Kevin J. Knopp, CEO and Co-founder. "We remain
focused on expanding our market presence, extending our global
reach, leveraging our expanded product portfolios, and overall
efficient execution and cash management as we march towards scale
and profitability."
Recent Highlights
- Revenue of $14.4 million for the fourth quarter 2023,
increasing 23% compared to the fourth quarter 2022
- Revenue of $50.2 million for the full year 2023, increasing 7%
compared to the full year 2022
- Handheld revenue increased 28% compared to full year 2022
- Recurring revenue represented 33% of product and service
revenues
- Ended 2023 with $145.7 million in cash, cash equivalents and
marketable securities, consuming $28 million in 2023 and an
additional $15 million to pay off remaining debt
- Expanded international presence with MX908 handheld devices
placed in 56 countries as of December 31, 2023, an additional 11
countries from December 31, 2022
- Announced a collaboration with Cellares, an integrated
development and manufacturing company, to adapt our MAVERICK
in-line bioprocess analyzer to be compatible with Cellares’ Cell
Shuttle system for large-scale cell therapy manufacturing
Fourth Quarter 2023 Financial Results
Revenue was $14.4 million for the three months ended December
31, 2023, a 23% increase over the prior year period. This was
primarily driven by an increase in handheld devices revenue. The
installed base grew to 2,853 devices with 139 devices placed during
the fourth quarter 2023. Recurring revenue represented 33% of total
revenues in the quarter.
Gross profit was $7.3 million for the fourth quarter of 2023,
compared to $5.9 million for the corresponding prior year period.
Gross margin was 51% as compared to 51% for the corresponding prior
year period.
Operating expenses were $17.0 million for the fourth quarter of
2023, compared to $16.3 million for the corresponding prior year
period. This increase was driven by stock-based compensation and an
increase in commission expenses related to handheld revenues,
offset in part by a reduction in general operating costs.
Net loss was $7.4 million for the fourth quarter of 2023,
narrowing from $9.8 million for the corresponding prior year
period. Net loss per share was $0.23 for the fourth quarter of
2023, compared to a net loss per share of $0.31 for the
corresponding prior year period.
Full Year 2023 Financial Results
Revenue was $50.2 million for the year ended December 31, 2023,
a 7% increase over the prior year period. This was primarily driven
by a $8.3 million increase in handheld revenues, offset by a $3.0
million decrease in desktop revenues and a $2.0 million decrease in
contract revenues.
Gross profit was $25.3 million for 2023, compared to $26.0
million for the corresponding prior year period. Gross margin was
50% as compared to 56% for the corresponding prior year period.
Operating expenses were $68.1 million for 2023, compared to
$61.4 million for the corresponding prior year period.
Net loss was $36.4 million for 2023, compared to $33.6 million
for the corresponding prior year period. Net loss per share was
$1.13 for 2023, compared to a net loss per share of $1.07 for the
corresponding prior year period.
Cash, cash equivalents and marketable securities were $145.7
million as of December 31, 2023 with no debt outstanding.
2024 Guidance
908 Devices expects full year 2024 revenue to be in the range of
$52.0 million to $54.0 million, representing 4% to 8% growth over
full year 2023.
Webcast Information
908 Devices will host a conference call to discuss the fourth
quarter and full year 2023 financial results before market open on
Tuesday, March 5, 2024 at 5:30 am Pacific Time / 8:30 am Eastern
Time. A webcast of the conference call can be accessed at
https://ir.908devices.com/news-events/events. The webcast will be
archived and available for replay for at least 90 days after the
event.
About 908 Devices
908 Devices is revolutionizing chemical and biochemical analysis
with its simple handheld and desktop devices, addressing
critical-to-life applications. The Company’s devices are used at
the point-of-need to interrogate unknown and invisible materials
and provide quick, actionable answers to directly address some of
the most critical problems in life sciences research,
bioprocessing, pharma / biopharma, forensics and adjacent markets.
The Company is headquartered in the heart of Boston, where it
designs and manufactures innovative products that bring together
the power of mass spectrometry, microfluidic sampling and
separations, software automation, and machine learning.
Forward Looking Statements
This press release includes “forward looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts are
forward-looking statements, including, without limitation,
statements regarding the Company’s future revenue and growth. Words
such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,”
“intend” and similar expressions (as well as other words or
expressions referencing future events, conditions or circumstances)
are intended to identify forward-looking statements. These
forward-looking statements are based on management’s current
expectations and involve known and unknown risks, uncertainties and
assumptions which may cause actual results to differ materially
from any results expressed or implied by any forward-looking
statement, including the risks outlined under “Risk Factors” and
elsewhere in the Company’s filings with the Securities and Exchange
Commission which are available on the SEC's website at www.sec.gov.
Additional information will be made available in our annual and
quarterly reports and other filings that we make from time to time
with the SEC. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it
cannot guarantee future results. The Company has no obligation, and
does not undertake any obligation, to update or revise any
forward-looking statement made in this press release to reflect
changes since the date of this press release, except as may be
required by law.
908 DEVICES INC.
Condensed Consolidated
Statements of Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2023
2022
2023
2022
Revenue:
Product revenue
$
11,436
$
8,272
$
40,214
$
37,499
Service revenue
2,915
2,129
9,645
6,976
Contract revenue
—
1,242
370
2,377
Total revenue
14,351
11,643
50,229
46,852
Cost of revenue:
Product cost of revenue
5,191
4,501
18,428
16,010
Service cost of revenue
1,885
1,161
6,380
4,420
Contract cost of revenue
—
59
99
399
Total cost of revenue
7,076
5,721
24,907
20,829
Gross profit
7,275
5,922
25,322
26,023
Operating expenses:
Research and development
5,444
4,662
21,904
17,526
Selling, general and administrative
11,544
11,598
46,176
43,879
Total operating expenses
16,988
16,260
68,080
61,405
Loss from operations
(9,713
)
(10,338
)
(42,758
)
(35,382
)
Other income:
Other income, net
2,282
547
6,148
1,819
Loss from operations before income
taxes
(7,431
)
(9,791
)
(36,610
)
(33,563
)
Benefit for income taxes
2
—
211
—
Net loss
$
(7,429
)
$
(9,791
)
$
(36,399
)
$
(33,563
)
Net loss per share attributable to common
stockholders
$
(0.23
)
$
(0.31
)
$
(1.13
)
$
(1.07
)
Weighted average common shares
outstanding
32,440,312
31,749,993
32,239,394
31,492,531
908 DEVICES INC.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
December 31,
December 31,
2023
2022
Assets
Current assets:
Cash, cash equivalents and marketable
securities
$
145,682
$
188,422
Accounts receivable, net
8,989
10,033
Inventory
14,938
12,513
Prepaid expenses and other current
assets
4,181
4,658
Total current assets
173,790
215,626
Operating lease, right-of-use assets
6,233
3,956
Property and equipment, net
3,342
3,083
Goodwill
10,367
10,050
Intangible, net
7,860
8,488
Other long-term assets
1,389
1,384
Total assets
$
202,981
$
242,587
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and accrued expenses
$
9,904
$
10,244
Deferred revenue
10,629
7,514
Operating lease liabilities
2,016
1,468
Total current liabilities
22,549
19,226
Long-term debt, net of discount and
current portion
3,929
15,000
Deferred revenue, net of current
portion
8,571
3,040
Other long-term liabilities
2,441
14,722
Total liabilities
37,490
51,988
Total stockholders' equity
165,491
190,599
Total liabilities and stockholders'
equity
$
202,981
$
242,587
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240305336510/en/
Investor Contact: Carrie
Mendivil IR@908devices.com
Media Contact: Barbara Russo
brusso@908devices.com
908 Devices (NASDAQ:MASS)
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