Business
908 Devices Reports Fourth Quarter and Full Year 2022 Financial Results and Provides 2023 Revenue Outlook
Full Year 2022 revenue increases 11% compared to prior year with desktop revenue increasing 25% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a
About this update from 908 Devices Inc.
[{"type":"text","content":"\nFull Year 2022 revenue increases 11% compared to prior year with desktop revenue increasing 25%\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 and full year ended December 31, 2022.\n\n“While we are pleased with the progress made against our long-term objectives in 2022, as anticipated, we experienced protracted sales cycles and more conservative capital budgets during the fourth quarter, which will likely persist through the first half of 2023,” said Kevin J. Knopp, CEO and Co-founder. “Despite these near-term headwinds, we started 2023 off strong with the launch of our first ‘on-line’ device for bioprocessing analytics, a companion to our REBEL desktop device. The strength of our product roadmap and the market diversification provided by our handheld devices makes me as confident as ever in the opportunity ahead for real-time analytics at the point-of-need.”\n\nRecent Highlights\n\n\nRevenue of $46.9 million for the full year 2022, increasing 11% compared to the full year 2021.\n\n\nDesktop revenue increased 25% compared to the full year 2021, more than 2X the overall growth rate.\n\n\nRecurring revenue increased 101% compared to the full year 2021, representing 1/3rd of total 2022 revenue.\n\n\n\n\nRevenue of $11.6 million for the fourth quarter 2022, compared to $15.8 million in the fourth quarter 2021, which included an $8 million shipment of MX908 devices to the U.S. Army in the fourth quarter 2021.\n\n\nExpanded total installed base to 2,385 devices with 68 devices placed during the fourth quarter 2022.\n\n\nShipped 2,000th MX908 device during the fourth quarter 2022.\n\n\n\n\nEnded 2022 with $188 million in cash and cash equivalents and $15 million of debt outstanding.\n\n\nCash and cash equivalents consumed in 2022 was $36 million, which included $14 million used for acquisition.\n\n\nMultiple years of capital on-hand to support the Company’s long-term growth objectives.\n\n\n\n\nLaunched MAVEN, the Company’s first on-line device, providing real-time monitoring and automated control of glucose and lactate in cell culture and fermentation processes as a complement to REBEL.\n\n\nFourth Quarter 2022 Financial Results\n\nRevenue was $11.6 million for the three mo...