Business
908 Devices Reports First Quarter 2024 Financial Results and Updates 2024 Revenue Outlook
First quarter 2024 product and service revenue increased 8% compared to prior year, driven by a 20% increase in handheld revenue Acquired RedWave Technology,
About this update from 908 Devices Inc.
[{"type":"text","content":"\nFirst quarter 2024 product and service revenue increased 8% compared to prior year, driven by a 20% increase in handheld revenue\n\n\nAcquired RedWave Technology, expanding forensics product portfolio for point-of-need applications\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, 2024.\n\n\n\"We had a solid start to the year with topline revenue of $10 million for the first quarter and continued to see robust demand for our handheld devices as applications for chemical detection and identification at the point of need gain further traction in the US and internationally,\" said Kevin J. Knopp, CEO and Co-founder. \"This morning, we were excited to announce the acquisition of RedWave Technology which we believe will be a very strong strategic fit as we execute against our existing initiatives for the near- and long-term.\"\n\n\nRecent Highlights\n\n\n\nRevenue of $10.0 million for the first quarter 2024, increasing 5% compared to the first quarter 2023\n\n\nHandheld revenue was $7.4 million, increasing 20% year over year\n\n\n\nDesktop revenue was $2.6 million, decreasing 18% year over year\n\n\n\nRecurring revenue was $4.5 million, increasing 8% year over year\n\n\n\n45% of revenue was recurring revenue, driven by service and REBEL consumables\n\n\n\n\n\n\nEnded the first quarter 2024 with $134.2 million in cash, cash equivalents and marketable securities, and zero debt outstanding\n\n\n\nSubsequent to quarter end, acquired RedWave Technology, expanding analyte detection capabilities with a highly complementary product suite, accelerating top-line growth, and expanding margins\n\n\n\nPublished inaugural Environmental, Social & Governance (ESG) report, showcasing commitment to pursuing responsible, ethical, and sustainable operations\n\n\n\nFirst Quarter 2024 Financial Results\n\n\nRevenue was $10.0 million for the three months ended March 31, 2024, a 5% increase over the prior year period. This was primarily driven by an increase in handheld devices revenue offset by a decrease in desktop devices revenue. The installed base grew to 2,914 devices with 53 handheld devices and 8 desktop devices placed during the first quarter 2024. Recurring revenue represe...