Business
Rapid Micro Biosystems Reports Second Quarter 2024 Financial Results
Record second quarter 2024 revenue of $6.6 million, representing growth of 32% compared to the second quarter of 2023150th Growth Direct® system placed with
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Record second quarter 2024 revenue of $6.6 million, representing growth of 32% compared to the second quarter of 2023150th Growth Direct® system placed with an existing top 15 global pharma customer First Growth Direct Rapid Sterility system placed with an existing top 10 global pharma customerGross margin improved by 35 percentage points compared to the second quarter of 2023, and by 24 percentage points compared to the first quarter of 2024Announces operational efficiency program that is expected to enable the Company to achieve positive cash flow without additional financingReaffirms full year 2024 total revenue guidance of at least $27.0 million, representing growth of at least 20% compared to full year 2023 LEXINGTON, Mass., Aug. 02, 2024 (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, 2024. \"Through the first half of 2024, we have been executing well and advancing our strategic priorities of accelerating Growth Direct® system placements, meaningfully improving gross margins and commercializing Growth Direct Rapid Sterility,” said Robert Spignesi, President and CEO. “This morning, we announced an operational efficiency program that is expected to enable the Company to achieve positive cash flow without additional financing. We believe the combination of our demonstrated consistent business performance, coupled with disciplined cash management, will allow us to drive substantial shareholder value.” Second Quarter Financial Results Total revenue for the second quarter of 2024 increased 32.3% to $6.6 million compared to $5.0 million in the second quarter of 2023. The Company placed five new Growth Direct® systems and completed the validation of five customer systems compared to two placements and three validations in the second quarter of 2023. Product revenue increased by 43.2% to $4.5 million, compared to $3.2 million in the second quarter of 2023. Service revenue increased by 13.5% to $2.1 million, compared to $1.8 million in the second quarter of 2023. Recurring revenue increased by 7.0% to $3.8 million, compared to $3.6 million in th...