Business
908 Devices Reports First Quarter 2023 Financial Results and Reiterates 2023 Revenue Outlook
Q1 2023 revenue increases 14% compared to prior year with recurring revenue growing 67% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer
About this update from 908 Devices Inc.
[{"type":"text","content":"\nQ1 2023 revenue increases 14% compared to prior year with recurring revenue growing 67%\n\n\n BOSTON--(BUSINESS WIRE)--\n908 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 ended March 31, 2023.\n\n\n“I am pleased to see the strong recurring value that our technology brings to our customers by providing analysis at the point of need,” said Kevin J. Knopp, CEO and Co-founder of 908 Devices. “We are seeing robust demand for our handheld devices while we continue to focus on broadening our portfolio in bioprocessing. We are uniquely positioned with a diversified suite of devices serving forensics and bioprocessing end markets and a strong balance sheet with cash runway to pursue our growth objectives.”\n\n\nRecent Highlights\n\n\n\nRevenue of $9.5 million for the first quarter 2023, increasing 14% compared to the first quarter 2022\n\n\nHandheld revenue was $6.2 million, increasing 38% year over year\n\n\n\nDesktop revenue was $3.1 million, decreasing 13% year over year\n\n\n\nRecurring revenue was $4.2 million, increasing 67% year over year\n\n\n\n\n\n\nEnded the first quarter 2023 with $161 million in cash and cash equivalents and no debt outstanding\n\n\n\nExpanded international reach of handheld devices with the establishment of a purchase vehicle providing thirty-one NATO member states, and four additional nations, the ability to purchase MX908 units in a streamlined fashion to enable broad trace detection and identification\n\n\n\nReleased a data analysis tool for REBEL built on the JMP® statistical software package that enables users to easily visualize the wealth of process data generated by REBEL\n\n\n\nInitiated second project phase with Centre for Process Innovation to develop novel cell culture feeding and control strategies using MAVEN and REBEL during scale up from Ambr® 15 micro bioreactors to larger scale bioreactors\n\n\n\nFirst Quarter 2023 Financial Results\n\n\nRevenue was $9.5 million for the three months ended March 31, 2023, a 14% increase over the prior year period. This was primarily driven by growth in handheld devices and recurring revenue. The installed base grew to 2,468 devices with 78 devices placed during the first quarter 2023.\n\n\nRecurring revenue grew $1.7 million to $4....