Business
908 Devices Reports Third Quarter 2021 Financial Results
Sequential revenue growth of more than 50% compared to Q2 2021 Year-to-date product and service revenue growth of 36% compared to the same period of 2020
About this update from 908 Devices Inc.
[{"type":"text","content":"\nSequential revenue growth of more than 50% compared to Q2 2021\n\nYear-to-date product and service revenue growth of 36% compared to the same period of 2020\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 ended September 30, 2021.\n\n“We delivered solid results this quarter as we continued to expand our installed base, deepen our relationships and broaden the capabilities of our platforms to deliver even more value,” said Kevin J. Knopp, CEO and Co-founder. “In September, we hosted our first integrated user meeting where customers discussed the impact of our technology platform across a range of applications. Our team is encouraged by the growing enthusiasm we are hearing from our users and is committed to bring the value of our products to more customers across the globe.”\n\nRecent Highlights\n\n\nTotal revenue for Q3 2021 increased 52% compared to Q2 2021 and 107% compared to the prior year period\n\n\nExpanded installed base to 1,714 devices with 184 devices placed during the third quarter, as compared to 103 devices in the second quarter\n\n\nLaunched an Oligonucleotides analysis kit for the ZipChip device, providing a simple, sensitive method for rapid analysis addressing an additional class of therapeutics\n\n\nPartnered with U.S. federal and state officials, including the Ohio Attorney General's office, to deploy the MX908 handheld device in the field for trace identification of counterfeit pharmaceuticals and other priority drugs\n\n\nHosted inaugural integrated user meeting covering the full breadth of our products and platforms with talks from participants including Amgen, Merck, AstraZeneca Pharmaceuticals, Dana Farber Cancer Institute, and the United States Department of Agriculture, among others\n\n\nThird Quarter 2021 Financial Results\n\nRevenue was $12.5 million for the three months ended September 30, 2021, a 52% increase over the three months ended June 30, 2021, and a 107% increase compared to the corresponding prior year period. An increase in handheld shipments, including initial shipments to the US Army under the multi-year purchase order, was primarily responsible for the quarter over quarter and the year over year increases. Desktop r...