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908 Devices Reports Third Quarter 2022 Financial Results and Updates Full Year 2022 Outlook
Q3 2022 revenue increases 26% over prior year, with gross margin of 59% BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built
About this update from 908 Devices Inc.
[{"type":"text","content":"\nQ3 2022 revenue increases 26% over prior year, with gross margin of 59%\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, 2022.\n\n“We were pleased with our results for the third quarter as we continue to support our customers’ critical-to-life applications. We also executed the strategic acquisition of TRACE Analytics, which provides in-line testing of critical parameters in the bioreactor and enables us to fast-track development of our on-line REBEL technology,” said Kevin J. Knopp, CEO and Co-founder. “During the quarter, we began to see some slowdown and lengthening of purchase cycles, in large part due to macro-economic pressures, which has resulted in us lowering our expectations for the remainder of the year. Despite near-term headwinds, our team is focused on serving our customers, expanding our user base, and making our technology even more accessible with new product launches planned for early 2023.”\n\nRecent Highlights\n\n\nRevenue of $15.8 million for the third quarter of 2022, representing a 26% increase over the prior year period\n\n\nExpanded installed base to 2,317 devices with 175 devices placed during the third quarter\n\n\nReceived a $3.1 million order from the U.S. Army for aerosol modules for the MX908 device used to detect and identify vapor and aerosol hazards\n\n\nDemonstrated improved cell culture outcomes using the REBEL™ at-line media analyzer, including increased titer by up to 40% and reduction of toxic metabolite accumulation, in collaboration with UK-based Center for Process Innovation (CPI)\n\n\nLaunched a pesticide target pack for the MX908® handheld device developed in coordination with the U.S. Forest Service, an agency of the U.S. Department of Agriculture, for safe and quick remediation of illegal marijuana grown on federal lands\n\n\nHosted annual user meeting covering the full breadth of our platform with talks from key opinion leaders including Boehringer Ingelheim, MIT, Clemson University, Ohio Bureau of Criminal Investigation, and the Fresno Police Department, among others\n\n\nThird Quarter 2022 Financial Results\n\nRevenue was $15.8 million for the three months ended September 30, 2022, a 26% incr...