Business
Rapid Micro Biosystems Reports Second Quarter 2023 Financial Results
Reports second quarter 2023 total revenue of $5.0 million, representing growth of 30% compared to second quarter 2022 Reaffirms full year 2023 total revenue
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Reports second quarter 2023 total revenue of $5.0 million, representing growth of 30% compared to second quarter 2022 Reaffirms full year 2023 total revenue guidance of at least $22.0 million, representing growth of approximately 30% compared to full year 2022 LOWELL, Mass., Aug. 04, 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 second quarter ended June 30, 2023. Recent Highlights Second quarter total revenue (combined product and service revenue) increased 30% to $5.0 millionSecond quarter recurring revenue increased 44% to $3.6 million, including record consumable revenuePlaced two new systems and completed validation of three new customer systems in the second quarterCash, cash equivalents and investments of $113.3 million as of June 30, 2023Appointed Kirk Malloy, Ph.D. as Chair of the Company's Board of Directors; Dr. Malloy has more than 25 years of senior management experience in life sciences tools and diagnostics companies \"We were once again pleased with our commercial execution in both products and services during the second quarter,\" said Robert Spignesi, President and CEO. \"We delivered 30% total revenue growth as our teams effectively navigated ongoing macroeconomic uncertainty in the period. Additionally, we achieved record consumable revenue and pull-through in the quarter, which contributed to a 44% increase in recurring revenue, demonstrating the strength of our business model.\" Second Quarter Financial Results Total revenue for the second quarter of 2023 increased 30% to $5.0 million, from $3.9 million in the second quarter of 2022. The Company placed two new Growth Direct® systems and completed the validation of three new customer systems in the second quarters of both 2023 and 2022. An increase in the cumulative number of validated customer systems and higher consumable revenue per average validated system in the period resulted in higher service contract revenue and higher consumable revenue compared to the prior year period. This also drove an increase in recurring revenue of 44% to $3.6 million, compared to $2.5 million in the second qu...