908 Devices Announces Preliminary Fourth Quarter and Full Year 2024 Financial Results
14 Janvier 2025 - 10:01PM
Business Wire
Full year 2024 reported revenue growth of at
least 15% compared to 2023
908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built
handheld and desktop devices for chemical analysis, today announced
preliminary unaudited financial results for the quarter and full
year ended December 31, 2024.
Preliminary unaudited revenue for the fourth quarter of 2024 is
expected to be approximately $17.2 million, compared to $14.4
million in the fourth quarter of 2023, reflecting reported growth
of approximately 20%. Fourth quarter handheld revenues grew double
digits on a year-over-year basis and desktop revenues grew double
digits on both a year-over-year and sequential basis.
Preliminary unaudited revenue for the year ended December 31,
2024 is expected to be approximately $58.0 million, compared to
$50.2 million in full year 2023, reflecting reported growth of
approximately 15% and meeting the high end of revenue guidance.
Revenue from RedWave Technology, acquired in April 2024, is
expected to deliver double-digit pro-forma growth for the full year
and meet the Company’s post-acquisition revenue target of
approximately $11 million, representing approximately 8 months of
ownership.
During the fourth quarter of 2024, approximately $2 million in
cash was consumed. Cash, cash equivalents, and marketable
securities were approximately $69.5 million (unaudited) at the end
of the quarter.
“We are pleased with the momentum our business delivered in the
fourth quarter, across both handhelds and desktops,” said Kevin J.
Knopp, CEO and Co-founder. “We saw increased demand for our
recently acquired handheld FTIR devices, which reinforces our
confidence in the multi-year growth trajectory of our expanded
handheld portfolio.”
The Company plans to report its fourth quarter and full year
2024 financial results later this quarter, at which time the
Company will discuss its 2024 financial results in more detail and
provide its outlook for 2025.
The Company’s preliminary unaudited 2024 revenue results are
based on current expectations and may be adjusted as a result of,
among other things, completion of annual audit procedures. This
financial information does not represent a comprehensive statement
of the Company’s financial results for the fourth quarter or full
year 2024 and remains subject to the completion of financial
closing procedures and internal reviews.
About 908 Devices
908 Devices is revolutionizing chemical analysis with its simple
handheld and desktop devices, addressing life-altering
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 forensics, bioprocessing, pharma / biopharma, life
sciences research 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
complementary analytical technologies, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20250114986569/en/
Investor Contact: Carrie
Mendivil IR@908devices.com
Media Contact: Barbara Russo
brusso@908devices.com
908 Devices (NASDAQ:MASS)
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