Business
908 Devices Reports Second Quarter 2024 Financial Results and Reiterates 2024 Revenue Outlook
Revenue increases 16% compared to prior year, driven by newly acquired handheld products BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer
About this update from 908 Devices Inc.
[{"type":"text","content":"\nRevenue increases 16% compared to prior year, driven by newly acquired handheld products\n\n\n BOSTON--(BUSINESS WIRE)--\n908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical analysis, today reported financial results for the quarter ended June 30, 2024.\n\n\n\"We delivered solid execution on a multitude of fronts in the quarter, including the acquisition and integration of RedWave Technology into our company. With an expanded handheld portfolio, we are now supporting both our new and existing forensics customers more efficiently,” said Kevin J. Knopp, CEO and Co-founder. “We also maintained a strong focus on operational excellence during the quarter and have begun to see early benefits of our increasing scale.”\n\n\nRecent Highlights\n\n\n\nRevenue of $14.0 million for the second quarter 2024, increasing 16% compared to the second quarter 2023\n\n\nHandheld revenue was $11.1 million, increasing 26% year over year\n\n\n\nDesktop revenue was $2.9 million, decreasing 9% year over year\n\n\n\nRecurring revenue was $5.3 million, increasing 33% year over year\n\n\n\n38% of revenue was recurring revenue, driven by service and REBEL consumables\n\n\n\n\n\n\nGross margin increased 490 basis points to 53% for the second quarter 2024, partly due to timing of production but also as a result of scale across the business including higher handheld service revenues\n\n\n\nLaunched a quantification package that enhances our XplorIR handheld gas and vapor analyzer, enabling first responders to now identify and quantify nearly 5,000 airborne chemicals\n\n\n\nCompleted the commercial integration of RedWave Technology\n\n\n\nPresented 13 posters at the American Society for Mass Spectrometry (ASMS) conference and were collaborators on three oral presentations with researchers from the University of Wisconsin-Madison and the National Institute for Bioprocessing Research and Training (NIBRT)\n\n\n\nAppointed Michele M. Leonhart, former administrator of the U.S. Drug Enforcement Administration, to our Board of Directors\n\n\n\nSecond Quarter 2024 Financial Results\n\n\nRevenue was $14.0 million for the three months ended June 30, 2024, a 16% increase over the prior year period. This was primarily driven by an increase in handheld devices revenue offset by a decrease in desktop devices revenue. The inst...