Business
908 Devices Reports Second Quarter 2023 Financial Results and Updates 2023 Revenue Outlook
Revenue increases 9% compared to prior year, driven by handheld revenue growth of 27% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer of
About this update from 908 Devices Inc.
[{"type":"text","content":"\nRevenue increases 9% compared to prior year, driven by handheld revenue growth of 27%\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 June 30, 2023.\n\n\n“We delivered solid results in the second quarter driven by robust demand for our handheld devices and strong recurring revenue,” said Kevin J. Knopp, CEO and Co-founder. “We continue to capture opportunities for our flagship handheld device, which is being increasingly recognized as the standard for trace detection of fentanyls and synthetic opioids. We are also excited about an upcoming product launch that broadens our desktop portfolio in bioprocessing and further positions us for growth.”\n\n\nRecent Highlights\n\n\n\nRevenue of $12.1 million for the second quarter 2023, increasing 9% compared to the second quarter 2022\n\n\nHandheld revenue was $8.8 million, increasing 27% year over year\n\n\n\nDesktop revenue was $3.1 million, decreasing 15% year over year\n\n\n\nRecurring revenue was $4.0 million, increasing 39% year over year\n\n\n\n\n\n\nAchieved recurring revenue of at least one third of total revenue for the third consecutive quarter\n\n\n\nEnded the second quarter 2023 with $153 million in cash, cash equivalents and marketable securities with no debt outstanding\n\n\n\nIntroduced the MX908 Beacon for remote area monitoring of toxic aerosol and vapor hazards, enabling first responders to gather ongoing intelligence while ensuring public safety\n\n\n\nPresented 19 posters and a key oral presentation on multi-omics at the American Society for Mass Spectrometry (ASMS) Conference\n\n\n\nExpanded the MX908 pilot program to the state of Tennessee following success in Ohio, deploying more handheld devices in the field for trace identification of counterfeit pharmaceuticals and other priority drugs\n\n\n\nSecond Quarter 2023 Financial Results\n\n\nRevenue was $12.1 million for the three months ended June 30, 2023, a 9% increase over the prior year period. This was primarily driven by growth in handheld devices and recurring revenue. The installed base grew to 2,590 devices with 122 devices placed during the second quarter 2023.\n\n\nRecurring revenue grew $1.1 million to $4.0 million or 39% over the prior ye...