Business
908 Devices Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Revenue Outlook
Fourth quarter 2023 revenue increased 23% compared to prior year, driven by handheld revenue increasing 57% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc.
About this update from 908 Devices Inc.
[{"type":"text","content":"\nFourth quarter 2023 revenue increased 23% compared to prior year, driven by handheld revenue increasing 57%\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 and full year ended December 31, 2023.\n\n\n\"We made solid progress in 2023 towards our objectives. We have continued to see sustained growth of our handheld devices servicing customers in their efforts to combat the ongoing crisis of counterfeit drugs and opioids. For the full year we saw 28% growth in our handheld revenue and consistent year-over-year growth each quarter. Despite near-term headwinds impacting the life science instrumentation and bioprocessing industries, we launched two additional desktop devices in the Process Analytical Technology (PAT) space, positioning us for accelerated growth as conditions improve,\" said Kevin J. Knopp, CEO and Co-founder. \"We remain focused on expanding our market presence, extending our global reach, leveraging our expanded product portfolios, and overall efficient execution and cash management as we march towards scale and profitability.\"\n\n\nRecent Highlights\n\n\n\nRevenue of $14.4 million for the fourth quarter 2023, increasing 23% compared to the fourth quarter 2022\n\n\n\nRevenue of $50.2 million for the full year 2023, increasing 7% compared to the full year 2022\n\n\nHandheld revenue increased 28% compared to full year 2022\n\n\n\nRecurring revenue represented 33% of product and service revenues\n\n\n\n\n\n\nEnded 2023 with $145.7 million in cash, cash equivalents and marketable securities, consuming $28 million in 2023 and an additional $15 million to pay off remaining debt\n\n\n\nExpanded international presence with MX908 handheld devices placed in 56 countries as of December 31, 2023, an additional 11 countries from December 31, 2022\n\n\n\nAnnounced a collaboration with Cellares, an integrated development and manufacturing company, to adapt our MAVERICK in-line bioprocess analyzer to be compatible with Cellares’ Cell Shuttle system for large-scale cell therapy manufacturing\n\n\n\nFourth Quarter 2023 Financial Results\n\n\nRevenue was $14.4 million for the three months ended December 31, 2023, a 23% increase over the prior year period. This was primarily...