Business
Rapid Micro Biosystems Announces Preliminary Unaudited Fourth Quarter and Full Year 2021 Revenue and Provides 2022 Revenue Outlook
Full year 2021 commercial revenue expected to be between $21.3 million and $21.7 million Full year 2022 commercial revenue outlook between $27 million and $32
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Full year 2021 commercial revenue expected to be between $21.3 million and $21.7 million Full year 2022 commercial revenue outlook between $27 million and $32 million Company to Present at the 40th Annual J.P. Morgan Healthcare Conference on January 13, 2022 LOWELL, Mass., Jan. 09, 2022 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the “Company”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced preliminary unaudited fourth quarter and full year 2021 revenue. The Company also announced its full year 2022 commercial revenue outlook. Preliminary Unaudited Fourth Quarter 2021 Revenue The Company currently expects total revenue of between $4.7 and $5.2 million in the fourth quarter of 2021, comprised of between $4.5 and $4.9 million of commercial revenue and between $0.2 and $0.3 million of non-commercial revenue related to the Company’s contract with Biomedical Advanced Research and Development Authority (BARDA). Further details regarding the components of expected fourth quarter and full year 2021 revenue are included as an exhibit to this press release. The Company placed 3 new systems and completed the validation of 16 new systems in the fourth quarter. “While system placements were impacted by COVID-related headwinds, which intensified during the latter part of the fourth quarter due to the sudden emergence of the Omicron variant, as well as by customer-specific timing effects, we were pleased with the completion of 16 new system validations and recurring revenue growth, which we expect to increase by approximately 90% in the quarter,” said Robert Spignesi, President and CEO. “We exited the year in a strong financial position with more than $200 million in cash and investments and no debt and are continuing to make targeted investments in commercial and product development capabilities to better position the Company for robust growth in 2022 and beyond.” Preliminary Unaudited Full Year 2021 Revenue The Company currently expects total revenue of between $22.8 to $23.3 million for the full year of 2021, comprised of between $21.3 to $21.7 million of commercial revenue and between $1.5 to $1.6 million of non-commercial revenue. The Company placed 29 new systems an...