Business
908 Devices Reports Fourth Quarter and Full Year 2020 Financial Results and Provides 2021 Revenue Outlook
2020 Revenue Increased 50% Over Prior Year BOSTON, March 30, 2021 (GLOBE NEWSWIRE) -- 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and
About this update from 908 Devices Inc.
[{"type":"text","content":"2020 Revenue Increased 50% Over Prior Year\nBOSTON, March 30, 2021 (GLOBE NEWSWIRE) -- 908 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 and full year ended December 31, 2020. Financial Highlights 2020 revenue increased 50% year over year to $26.9 million2020 gross margin increased to 55% from 45% in prior yearCompleted initial public offering in December 2020, raising approximately $150 million in gross proceedsExpect full year 2021 revenue to be in the range of $38 million to $40 million, representing 45% growth over full year 2020, at the midpoint of the range Business Highlights Increased the installed base to 1,361 devices with 390 devices placed in 2020Received a $25 million purchase order from the U.S. Army to be delivered over the next two yearsStrengthened leadership team with the additions of Steve Davenport as VP Commercial Sales, Maura Fitzpatrick as VP Product Management & Marketing, and Michael Turner as VP General CounselAppointed Kevin Hrusovsky as Chairman of the Board of Directors; Fenel Eloi and Jeff George named as Directors “In 2020, we made outstanding progress across our business growing revenue 50% year over year, placing an additional 390 devices and building a strong foundation for our technology across new customers,” said Kevin J. Knopp, CEO and Co-founder. “Our vision is to break mass spectrometry out of the confines of a centralized laboratory and bring it to the point-of-need. Looking ahead in 2021, we expect to grow revenue more than 40% as we continue to drive adoption of our technology across new and existing customers to dramatically accelerate their workflows.” Fourth Quarter 2020 Financial ResultsRevenue was $5.7 million for the three months ended December 31, 2020, a 32% decline from $8.3 million for the three months ended December 31, 2019, driven predominantly by a decrease in license and contract revenue of $1.5 million and due to the timing of deployments with end customers. Gross profit was $2.6 million for the fourth quarter of 2020, compared to $4.3 million for the corresponding prior year period. Gross margin was 45%, as compared to 52% for the corresponding prior year period. Operating expenses were $6.5 million for the fourth quarter of 2020, as ...