Business
Rapid Micro Biosystems Reports Fourth Quarter and Full Year 2022 Financial Results and Provides Full Year 2023 Guidance
Reports fourth quarter 2022 commercial revenue of $4.4 million Reports full year 2022 commercial revenue of $17.1 million Delivered full year 2022 recurring
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Reports fourth quarter 2022 commercial revenue of $4.4 million Reports full year 2022 commercial revenue of $17.1 million Delivered full year 2022 recurring commercial revenue of $11.0 million, representing 40% growth Provides full year 2023 commercial revenue guidance of at least $22.0 million, representing growth of approximately 30% LOWELL, Mass., March 03, 2023 (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 its financial results for the fourth quarter and full year ended December 31, 2022. Recent Highlights Fourth quarter commercial revenue (combined product and service) of $4.4 millionFourth quarter recurring commercial revenue (combined consumables and service contracts) of $2.9 million, representing growth of 28% from the prior year periodIncreased cumulative customer systems to 125 placed systems and 103 validated systemsSold 3 millionth consumable on a cumulative basisLaunched innovative RMBNucleus™ Mold Alarm software for the Growth Direct® systemCash, cash equivalents and investments of $138.4 million on December 31, 2022 “While 2022 was a challenging year, we’re pleased that our fourth quarter results were in line with or slightly better than our guidance. As we move forward in 2023, our highest priority remains accelerating Growth Direct system placements,” said Robert Spignesi, President and CEO. “We are encouraged with the progress we have made to improve execution and will continue to advance the other key elements of our growth strategy including driving margin improvement, investing in new product development to further differentiate the Growth Direct platform and prudently managing our cash.” Fourth Quarter Financial Results Total revenue for the fourth quarter of 2022 was $4.4 million, compared to $5.2 million in the fourth quarter of 2021. A breakdown of fourth quarter revenue and key metrics follows: Total commercial revenue was $4.4 million in Q4 2022, compared to $4.9 million in Q4 2021.Product revenue (combined systems and consumables) was $2.8 million in Q4 2022, compared to $2.9 million in Q4 2021. Higher consumables revenue, which grew by 22%, was offset by lower systems ...