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908 Devices Reports Fourth Quarter and Full Year 2021 Financial Results and Provides 2022 Revenue Outlook
2021 revenue increases 57% year over year BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop mass
About this update from 908 Devices Inc.
[{"type":"text","content":"\n2021 revenue increases 57% year over year\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 and full year ended December 31, 2021.\n\n“2021 was a pivotal year for 908 Devices. We grew revenue 57% over the prior year and demonstrated operational excellence during our first year as a public company. I am so proud of our team’s continuous execution against our stated goals,” said Kevin J. Knopp, CEO and Co-founder. “As the biopharmaceutical industry nears an inflection point with a pipeline of advanced therapeutics, we have made great progress in addressing the stringent analysis requirements of this new wave of biologics as well as addressing the trace detection needs of the ongoing opioid crisis. The need for analytics to provide actionable insights and to accelerate workflows across our end markets has never been greater. We are well-positioned to serve this need and look forward to updating you on our progress throughout the year.”\n\nRecent Highlights\n\n\nRevenue of $15.8 million for the fourth quarter and $42.2 million for the full year 2021, representing 177% and 57% increases, respectively, over the corresponding periods of 2020\n\n\nExpanded installed base to 1,935 devices with 221 devices placed during the fourth quarter\n\n\nDemonstrated commercial traction of our desktop devices with adoption by all 20 of the top biopharma companies and with 15 customers now owning multiple REBEL units\n\n\nDeveloped a foothold in advanced therapies applications, with nearly a quarter of REBEL placements and more than a third of research collaborations specifically focused on cell and gene therapies\n\n\nDemonstrated informing power of REBEL analyte panel through a paper published by Johns Hopkins University researchers in Biotechnology and Bioengineering in November\n\n\nAnnounced collaboration with USDA to expand the analyte panel of our handheld mass specs to include pesticides\n\n\nAdded Tony Hunt, President and CEO of Repligen, to Board of Directors\n\n\nFourth Quarter 2021 Financial Results\n\nRevenue was $15.8 million for the three months ended December 31, 2021, a 177% increase over the prior year period. This increase was primarily driven by our handheld reve...