Business
Rapid Micro Biosystems Reports Third Quarter 2022 Financial Results
Reports third quarter 2022 commercial revenue of $4.7 million Delivered year-over-year recurring revenue growth of 34% Reaffirms full year 2022 commercial
About this update from Rapid Micro Biosystems, Inc.
[{"type":"text","content":"Reports third quarter 2022 commercial revenue of $4.7 million Delivered year-over-year recurring revenue growth of 34% Reaffirms full year 2022 commercial revenue guidance of at least $17.0 million LOWELL, Mass., Nov. 10, 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 its financial results for the third quarter ended September 30, 2022. Recent Highlights Third quarter commercial revenue (combined product and service revenue) of $4.7 millionThird quarter recurring revenue of $2.9 millionPlaced three new systems and completed validation of four new customer systems in the third quarterAnnounced RMBNucleus™ Mold Alarm for the Growth Direct® systemCash, cash equivalents and investments of $150.1 million at September 30, 2022 “We placed three systems in the third quarter, which was ahead of our expectations,\" said Robert Spignesi, President and CEO. \"We also announced our innovative RMBNucleus Mold Alarm software product at the recent PDA Conference, which generated significant customer interest and excitement. Mold Alarm provides even more differentiation and value that we can deliver to customers with the Growth Direct platform. We are improving our commercial execution as we continue to expand in-person customer interactions and are confident that we are on the right path to drive future sales growth.” Third Quarter Financial Results Total (commercial) revenue for the third quarter of 2022 was $4.7 million, compared to commercial revenue of $6.3 million in the third quarter of 2021. The decrease was largely attributable to placing three Growth Direct systems in the quarter compared to 10 system placements in the prior-year period. This was partially offset by higher recurring consumables and service contract revenue, which increased 34% to $2.9 million, compared to $2.2 million in the third quarter last year. The Company completed validation of four new customer systems in the third quarter of 2022 compared to five in the prior-year period. In the third quarter of 2022, the Company did not recognize any revenue from its contract with the U.S. Biomedical Advanced Research and Development Authori...