Business
908 Devices Reports Third Quarter 2023 Financial Results and Narrows 2023 Revenue Outlook
BOSTON--(BUSINESS WIRE)-- 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical and biochemical analysis,
About this update from 908 Devices Inc.
[{"type":"text","content":" 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 September 30, 2023.\n\n\n\"We are pleased with the step-up in our revenues from the second quarter and the positive growth trend over the past nine months, despite the challenging environment in the life sciences instrumentation and bioprocessing markets,\" said Kevin J. Knopp, CEO and Co-founder. \"Handheld revenue grew 19% year to date and we expect that to further accelerate in the fourth quarter. This underscores the value our handheld devices bring to our customers, aiding them in enhancing public safety during the ongoing crises of counterfeit drugs and opioids. Our expanding range of products and diverse markets are key strengths for 908 Devices, positioning us for success over the near and long term.\"\n\n\nThird Quarter 2023 Financial Highlights\n\n\n\nRevenue of $35.9 million for the first nine months of 2023, increasing 2% compared to first nine months of 2022\n\n\n\nRevenue of $14.3 million for the third quarter 2023, decreasing 9% compared to the third quarter 2022\n\n\nHandheld revenue was $11.7 million\n\n\n\nDesktop revenue was $2.5 million\n\n\n\nRecurring revenue was $3.6 million\n\n\n\n\n\n\nEnded the third quarter 2023 with $148 million in cash, cash equivalents and marketable securities with no debt outstanding, decreasing $5 million compared to prior quarter end\n\n\n\nRecent Operating Highlights\n\n\n\nLaunched MAVERICK in September for real-time in-line monitoring of multiple bioprocess parameters\n\n\n\nEntered initial production phase of US Department of Defense Aerosol and Vapor Chemical Agent Detector program to produce 122 initial systems, with partner Smiths Detection\n\n\n\nReceived $10.4 million in orders from the United States Air Force for MX908 devices, Aero accessories, and support and recognized $4.2 million in the third quarter 2023\n\n\n\nAnnounced a collaboration with Terumo Blood and Cell Technologies for integrating our MAVEN on-line analyzer with Terumo BCT’s Quantum Flex cell therapy expansion platform\n\n\n\nThird Quarter 2023 Financial Results\n\n\nRevenue was $14.3 million for the three months ended September 30, 2023, a 9% decrease over the prior year period. This was primar...