Business
Rapid Micro Biosystems Reports Third Quarter 2021 Financial Results
Reports third quarter 2021 total revenue of $6.9 million and commercial revenue of $6.3 million Reaffirms full-year 2021 commercial revenue outlook of at
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Reports third quarter 2021 total revenue of $6.9 million and commercial revenue of $6.3 million Reaffirms full-year 2021 commercial revenue outlook of at least $24.0 million, representing at least 70% year-over-year growth LOWELL, Mass., Nov. 11, 2021 (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 third quarter ended September 30, 2021. Financial Highlights and Business Update Recorded commercial revenue of $6.3 million for the third quarter of 2021, representing 27% year-over-year growth.Generated recurring commercial revenue of $2.2 million, representing 154% year-over-year growth.Placed 10 new systems with customers and completed validation of 5 new customer systems.Expanded executive leadership team with the addition of life sciences veteran, Andy Keys, as Chief Commercial Officer. Keys joined the Company in October from Quanterix Corporation where he led all worldwide sales and service functions as SVP of Global Commercial Operations.Completed initial public offering (“IPO”) of Class A common stock in July 2021, selling approximately 9.0 million shares and raising $164.0 million in net proceeds.Repaid all outstanding term debt for $28.7 million including prepayment penalties, accrued interest and other costs. “We continued to deliver solid business progress as we executed across our core strategic objectives in the third quarter of 2021,” said Robert Spignesi, President and CEO. “The Growth Direct® System continues to garner strong customer interest and we are pleased with the ongoing trajectory of adoption, having placed 10 systems in the quarter, despite persistent headwinds from COVID-19. With the proceeds from our IPO in July and the repayment of our outstanding term debt in September, we believe we now have the capital and financial flexibility to accelerate our growth initiatives to drive long-term value creation for our stakeholders.” Third Quarter Financial Results Total revenue for the third quarter of 2021 was $6.9 million, compared to $5.2 million in the third quarter of 2020. A breakdown of third quarter revenues follows: Commercial revenue (combined pr...