908 Devices Inc. · NASDAQ:MASS
908 Devices — William Blair 45th Annual Growth Stock Conference 2025
22 slides from 908 Devices's conference presentation, Jun 4, 2025
Slide 1: Launch v2.0
Y~908devices Launch v2.0 JUNE 2025
Slide 2: Forward looking statements / Non-GAAP financial measures
Forward looking statements / Non-GAAP financial measures This presentation and the accompanying oral presentation (this “presentation”) contain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securit
Slide 3: Agenda
Agenda Strategic Transformation Complete Leaner, more focused – targeting public health, safety, and defense applications with handheld chemical analysis tools 2.0 Execution Underway Strong Q1 results validate the new model Accelerated Path to Profitability Clear, achievable financial milestones Pos
Slide 4: Strategic Transformation Realized
Strategic Transformation Realized Sharpens focus, strengthens financials, and accelerates profitability 1 2 Focus on Growth Market Divested Biopharma Shifted focus to high-growth handheld Sold the desktop portfolio to markets, aligned to secular tailwinds in REPLIGEN for $70M cash. Nearly opioid cri
Slide 5: Unrivaled Handheld Portfolio & Opportunity
Unrivaled Handheld Portfolio & Opportunity Targeting high-conviction growth opportunities 1 2 3 Unprecedented opportunity A comprehensive set of Secured balance sheet for advanced chemical products to fully address unlocks future market detection in the field opportunity potential Total Addressable
Slide 6: Addressing Global Threats to Public Health & Safety
Addressing Global Threats to Public Health & Safety Preventable Poisonings Cancer Causing Global Security Concerns Expanding Opioid Proliferation of Toxic Mixed with Rising Global Tensions, & Illicit Drug Crisis Industrial Materials Access & Availability • Over 100,000 overdoses in 2023, • Consumer
Slide 7: Public Safety Spending is Robust & Growing
Public Safety Spending is Robust & Growing United States and Globally Cumulative Increase in Direct Expenditure Compared to Baseline Year 1977 Increasing Global Spend 250% In 2024, 23 Allies to meet or exceed the target of investing >2% of GDP 200% in defense, compared to only three Allies in 2014.
Slide 8: Comprehensive Portfolio
Comprehensive Portfolio Making the invisible VISIBLE and the unknown KNOWN 908D Capabilities are Unmatched Legacy Accessible & Exceptional coverage - 100’s of trace analytes, 1000’s No full suite available, no other Modern Suite of of VOC gases, 20,000+ bulk compounds. handheld mass spec, Trade-off
Slide 9: Market Landscape
Market Landscape LOW TECH A DVA N C E D C H E M I C A L D E T ECT I O N SENSORS BULK UNKNOWN ID HIGH FIDELITY TRACE NO ID Life Science tools & NON-SPECIFIC RESPONSE 10,000 – 20,000 COMPOUNDS 150-300 COMPOUNDS analytical instrument $2-2,500 $ 4 5 K-1 1 0 K $ 7 5 K-1 2 0 K companies are main participa
Slide 10: An Innovation Leader
An Innovation Leader Differentiated Products that are Poised for Growth GROWTH CATALYST #3 U.S. Department of Defense AVCAD program in partnership with Smiths Detection GROWTH CATALYST #2 N E X T PHA S E OF A VC A D L A U N C H O F N E X T GE N M X 9 0 8 Transition to full rate production GROWTH CAT
Slide 11: A Platform Technology
Applied A Platform Technology Pharma Further Opportunity Through Partnership OPPORTUNITY: Industrial Hygiene & Environmental OEM: Design & production partner of optical accessories for Industrial OPPORTUNITY: QA/QC and Pharma Applications in GMP QA/QC, an estimated incremental TAM opportunity of $1.
Slide 12: Our Strategic Transformation
Our Strategic Transformation 1 YE 2023 2,422 Devices $38.2M 2023 52% 2023 -$30M 2023 $146M YE 2023 12
Slide 13: Our Strategic Transformation
Our Strategic Transformation 1 4 2 Y0 E 2 32- 0 202 23 4 2025* +25% INCREASE >3,100 @ Q1 +40% INCREASE $53M - $55M* +11 to 15% YoY Mid-High 50% Range 2025 IMPROVED + Adj. EBITDA by Q4 2025 SECURED $110M+ YE 2025 * AS OF 5/13/25 13
Slide 14: Our Strategic Transformation
Our Strategic Transformation 1 4 6 YE 2023 2025* 2026 & BEYOND MASSIVE OPPORTUNITY 20,000+ Device Opportunity ACCELERATION 20%+ Growth w/ 3 Catalysts IMPROVING YoY PROFITABLE Cash Flow Positive $110M+ * AS OF 5/13/25 14
Slide 15: Our Strategic Transformation
Our Strategic Transformation IPO 2020 2027 $1.5B $2.5B TAM TAM 908 Devices “2.0” 1 4 6 YE 2023 2025* 2026 & BEYOND Reduced Customer Concentration Higher Base + Accelerated Growth IMPROVING YoY Stronger Margins Improving OPEX Productivity Profitable w/ Unlimited Runway * AS OF 5/13/25 15
Slide 16: Q1 2025 Financial Highlights
Strong Start to the Year Q1 2025 REVENUE $11.8M from continuing operations Financial ↳ +59% YoY, exceeding internal expectations ↳ Handheld product & service revenue: $11.0M, +86% YoY Highlights RECURRING REVENUE $4.4M ↳ +54% YoY, representing 37% of total revenue ADJ. GROSS MARGIN 54%, up ~75 bps Y
Slide 17: Agenda
Agenda Strategic Transformation Complete Leaner, more focused – targeting public health, safety, and defense applications with handheld chemical analysis tools 2.0 Execution Underway Strong Q1 results validate the new model Accelerated Path to Profitability Clear, achievable financial milestones Pos
Slide 18: Thank you.
Thank you. Y< 908devices CONFIDENCE
Slide 19: Historical – As Reported: Gross Profit Reconciliation
Historical – TWELVE MONTHS ENDED (in thousands) 2023 2024 As Reported: Gross Profit (GAAP) $25,322 $29,856 Intangible amortization 428 2,121 Reconciliation Acquisition and integration costs Restructuring - - 69 - from Gross Stock-based compensation 577 753 Profit (GAAP) Adjusted Gross Profit (Non-GA
Slide 20: Historical – As Reported: Adjusted EBITDA Reconciliation
TWELVE MONTHS ENDED Historical – (in thousands) 2023 2024 As Reported: Net Loss (GAAP) Adjustments: $(36,399) $(72,206) Other income, net (6,198) (4,230) Reconciliation Benefit for income taxes (211) (282) from Net Loss Depreciation Intangible amortization 1,466 877 1,942 2,746 (GAAP) Goodwill impai
Slide 21: Continuing Operations: Gross Profit Reconciliation
THREE MONTHS ENDED (in thousands) Continuing 2024 2025 Operations: Gross Profit (GAAP) Mar 31 $3,887 June 30 Sept 30 Dec 31 Mar 31 $5,541 June 30 Sept 30 Dec 31 Intangible amortization - 635 Reconciliation Acquisition and integration costs Restructuring - - 50 66 from Gross Stock-based compensation
Slide 22: Continuing Operations: Adjusted EBITDA Reconciliation
THREE MONTHS ENDED (in thousands) 2024 2025 Continuing Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Operations: Net Loss (GAAP) Adjustments: $(5,895) $(9,838) Other income, net (1,716) (1,188) Reconciliation Benefit for income taxes - - from Net Loss Depreciation Intangible amortizati
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