Business
908 Devices Reports First Quarter 2022 Financial Results and Reiterates 2022 Revenue Outlook
Q1 2022 revenue increases 50% over prior year with Desktop revenue in BioPharma growing 68% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a
About this update from 908 Devices Inc.
[{"type":"text","content":"\nQ1 2022 revenue increases 50% over prior year with Desktop revenue in BioPharma growing 68%\n\n BOSTON--(BUSINESS WIRE)--\n908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop mass spec devices for chemical and biomolecular analysis, today reported financial results for the quarter ended March 31, 2022.\n\n“We had a strong start to the year with revenue growing 50% over the prior year period. We made tangible progress against our goals as we continued to enable our customers with rapid chemical and biochemical analysis when and where they need it,” said Kevin J. Knopp, CEO and Co-founder. “From global biopharma sites to prominent local events in our communities, like the Boston Marathon, our devices are being used to provide actionable insights.”\n\nRecent Highlights\n\n\nRevenue of $8.3 million for the first quarter of 2022, representing 50% increase over the prior year period\n\n\nExpanded installed base to 2,018 devices with 83 devices placed during the first quarter\n\n\nReleased updates to our MX908 handheld device, including additional drug targets, Bluetooth capability for iOS devices and technical interface spec for robots, drones, and other third-party systems\n\n\nPartnered with UK-based CPI biologics center on cell culture media optimization for bioprocessing applications\n\n\nFirst Quarter 2022 Financial Results\n\nRevenue was $8.3 million for the three months ended March 31, 2022, a 50% increase over the prior year period. This increase was primarily driven by product revenue from an increase in both handheld and desktop devices. Desktop revenue grew 68% year over year because of both increased device sales and increased recurring revenue.\n\nThe installed base grew to 2,018 placements with 83 devices placed in Q1 2022.\n\nGross profit was $4.1 million for the first quarter of 2022, compared to $2.9 million for the corresponding prior year period. Gross margin was 50%, as compared to 52% for the corresponding prior year period. The decrease in gross margin was expected based upon the investments in personnel and expenses in calendar year 2021 and the first quarter of 2022, offset in part by the increase in device sales and the volume leverage.\n\nOperating expenses were $13.7 million for the first quarter of 2022, compared to $8.7 million for the corresponding prior year period. This in...