908 Devices Inc. · NASDAQ:MASS
908 Devices — Q4 2024 Earnings Presentation
21 slides from 908 Devices's earnings presentation, Mar 4, 2025
Slide 1: Announces Transformative Divestiture
Announces Transformative Divestiture MARCH 4th 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: Summary
Summary Strategic Transformation Realized Product Line Divestiture Catalyzes Value Creation Solid Q4 & 2024 Results Compelling Growth & Cashflow Breakeven Acceleration Investor Thesis Fortified 3
Slide 4: Strategic Transformation Realized
Strategic Transformation Realized Sharpens focus, strengthens financials, and accelerates profitability 1 2 Focus on Growth Market Divest Biopharma Shifting focus to high-growth handheld Selling the desktop portfolio to markets, aligning to secular tailwinds REPLIGEN for $70M cash (~6x multiple). in
Slide 5: Divesture of Desktop Portfolio
Divesture of Desktop Portfolio Accelerates profitability and strengthens balance sheet $70M Upfront Consideration Cash at closing for asset purchase of complete desktop portfolio. Representing a ~6X transaction multiple. Asset Purchase Includes • 4 Desktop devices – MAVEN, MAVERICK, REBEL, ZIPCHIP •
Slide 6: Unrivaled Handheld Portfolio & Opportunity
Unrivaled Handheld Portfolio & Opportunity Sharpens focus on 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 Addr
Slide 7: Focus enables a step change in our projected financials
Focus enables a Positioning for Top-Line Growth Acceleration step change in 2025 Revenue guide of $53M to $55M2 YoY Growth of 11% to 15%3 (2025) our projected Accelerating to 20%+ (2026) with 3 defined catalysts financials(1) Improves Gross Margin Targeting mid to high 50’s Adj. GM% (2025) Further e
Slide 8: We create next-generation analytical tools for point-of-need use
We create next-generation analytical tools, designed for ‘point-of-need’ use in vital health and safety contexts BROAD USE CASES Fentanyl / Corrections Fire / Law Pharma Drugs-of-Abuse & Rehabilitation Enforcement OEM Toxic VOCs / Customs / Safety Industrial Pesticides Cancer Postal Inspection & Def
Slide 9: Our Core
Our Core Introduced new product class moving mass spectrometry out of the lab. Central Lab 908 Devices Disruptive form factor with added intelligence for immediate insights, accessible to the non-expert Driven +21% CAGR1 growth since introduction >2,800 units fielded 1CAGR of handheld revenues (as
Slide 10: Facing A Global Threat to Public Health & Safety
Facing A Global Threat 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 pro
Slide 11: 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 12: 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 13: Market Landscape
Market Landscape LOW TECH ADVANC ED C HEMICAL D ET ECT IO 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 $ 4 5 K-1 1 0 K $ 7 5 K-1 2 0 K $2-2,500 companies are main participants in the a
Slide 14: 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 NE XT PH AS E OF AVC AD LAUNC H OF NE XT G E N MX908 Transition to full rate production GROWTH CATALYST #1 Gener
Slide 15: 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 $1.
Slide 16: Growth & Profitability
Growth & Profitability Revenue from Continuing Operations(1) Compelling Forward Going Financial Profile (4) Projected return to 20%+ with defined catalysts Forecasted Adj. EBITDA positive by Q4, ($M) and FY Cash flow positive in 2026 70 2025 Guide(3) 65 $53M to $55M 60 (As of 3/3/25) 55 $5M 50 $13.8
Slide 17: Transformative Moment
Transformative Moment Of Value Creation for MASS Sharpening focus on highest-growth handheld markets, addressing today’s massive public health & safety challenges – levered to secular trends (i.e. fentanyl / opioid crisis, carcinogens, threats to global security) Step change in cost structure - fore
Slide 18: Analysis at the speed of life
Analysis at the g speed of life 7<~ 908devices CONFIDENCE
Slide 19: 2025 Guidance
2025 Guidance (As of 3/4/25) HANDHELD PRODUCT & SERVICE 2024 2025 Guidance 2026 Expectations MX Mass Spec & RW FTIR(1) Revenue [Reported] $44.5M(2) $51M to $53M GROWTH CATALYSTS Return to Low Double-Digit Growth (Y/Y) Ex. AVCAD +15% to +19% CATALYST #1 EQUIPMENT MODERNIZATION FTIR device placement G
Slide 20: Reconciliation from Gross Profit (GAAP)
THREE MONTHS ENDED (in thousands) Reconciliation 2023 2024 from Gross Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 Profit (GAAP) Gross Profit (GAAP) $4,384 $5,794 $7,869 $7,275 $5,003 $7,418 $8,332 $9,103 Intangible amortization 106 107 108 107 107 530 743 741 Acquisition and integrat
Slide 21: Reconciliation from Net Loss (GAAP)
THREE MONTHS ENDED (in thousands) Reconciliation 2023 2024 Mar 31 June 30 Sept 30 Dec 31 Mar 31 June 30 Sept 30 Dec 31 from Net Loss Net Loss (GAAP) $(12,532) $(9,346) $(7,093) $(7,429) $(10,917) $(12,548) $(29,295) $(19,446) (GAAP) Adjustments: Other income, net (485) (1,522) (1,909) (2,282) (1,701