908 Devices Reports Third Quarter 2022 Financial Results and Updates Full Year 2022 Outlook - Marketscreener.com

908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop wide spec devices for chemic and biomolecular analysis, contiguous reported fiscal results for the 4th ended September 30, 2022.

“We were pleased with our results for the 3rd 4th arsenic we proceed to enactment our customers’ critical-to-life applications. We besides executed the strategical acquisition of TRACE Analytics, which provides in-line investigating of captious parameters successful the bioreactor and enables america to fast-track improvement of our on-line REBEL technology,” said Kevin J. Knopp, CEO and Co-founder. “During the quarter, we began to spot immoderate slowdown and lengthening of acquisition cycles, successful ample portion owed to macro-economic pressures, which has resulted successful america lowering our expectations for the remainder of the year. Despite near-term headwinds, our squad is focused connected serving our customers, expanding our idiosyncratic base, and making our exertion adjacent much accessible with caller merchandise launches planned for aboriginal 2023.”

Recent Highlights

• Revenue of $15.8 cardinal for the 3rd 4th of 2022, representing a 26% summation implicit the anterior twelvemonth period
• Expanded installed basal to 2,317 devices with 175 devices placed during the 3rd quarter
• Received a $3.1 cardinal bid from the U.S. Army for aerosol modules for the MX908 instrumentality utilized to observe and place vapor and aerosol hazards
• Demonstrated improved compartment civilization outcomes utilizing the REBEL™ at-line media analyzer, including accrued titer by up to 40% and simplification of toxic metabolite accumulation, successful collaboration with UK-based Center for Process Innovation (CPI)
• Launched a pesticide people battalion for the MX908® handheld instrumentality developed successful coordination with the U.S. Forest Service, an bureau of the U.S. Department of Agriculture, for harmless and speedy remediation of amerciable marijuana grown connected national lands
• Hosted yearly idiosyncratic gathering covering the afloat breadth of our level with talks from cardinal sentiment leaders including Boehringer Ingelheim, MIT, Clemson University, Ohio Bureau of Criminal Investigation, and the Fresno Police Department, among others

Third Quarter 2022 Financial Results

Revenue was $15.8 cardinal for the 3 months ended September 30, 2022, a 26% summation implicit the anterior twelvemonth period. This summation was chiefly driven by merchandise gross from an summation successful handheld recurring gross and desktop instrumentality placements. Desktop gross grew 51% twelvemonth implicit twelvemonth due to the fact that of some accrued instrumentality income and accrued recurring revenue.

The installed basal grew to 2,317 placements with 175 devices placed successful Q3 2022.

Gross nett was $9.3 cardinal for the 3rd 4th of 2022, compared to $6.8 cardinal for the corresponding anterior twelvemonth period. Gross borderline was 59%, arsenic compared to 54% for the corresponding anterior twelvemonth period. The summation successful gross borderline was driven by the accrued merchandise and work gross and an summation successful the mean selling terms for devices, offset successful portion by planned investments successful unit and expenses successful calendar twelvemonth 2021 and the archetypal 9 months of 2022.

Operating expenses were $16.5 cardinal for the 3rd 4th of 2022, compared to $12.1 cardinal for the corresponding anterior twelvemonth period. This summation was driven by headcount enlargement crossed our business, an summation successful stock-based compensation, and an summation successful selling activities and question expenses.

Net nonaccomplishment was $6.3 cardinal for the 3rd 4th of 2022, compared to $5.2 cardinal for the corresponding anterior twelvemonth period. Net nonaccomplishment per stock was $0.20 for the 3rd 4th of 2022, compared to a nett nonaccomplishment per stock of $0.19 for the corresponding anterior twelvemonth period.

Cash and currency equivalents were $193.7 cardinal arsenic of September 30, 2022. In addition, the Company had astir $15.0 cardinal of indebtedness outstanding.

2022 Guidance

908 Devices is updating its afloat twelvemonth 2022 gross outlook and present expects gross to beryllium successful the scope of $46 cardinal to $49 million, representing maturation of 13% implicit afloat twelvemonth 2021 astatine the midpoint of the range.

Webcast Information

908 Devices volition big a league telephone to sermon the 3rd 4th 2022 fiscal results earlier marketplace unfastened connected Monday, November 14, 2022 astatine 5:30 americium Pacific Time / 8:30 americium Eastern Time. A webcast of the league telephone tin beryllium accessed astatine https://ir.908devices.com/news-events/events. The webcast volition beryllium archived and disposable for replay for astatine slightest 90 days aft the event.

About 908 Devices

908 Devices is democratizing laboratory wide spectrometry with its elemental handheld and desktop devices, addressing critical-to-life applications. The Company’s devices are utilized astatine the point-of-need to interrogate chartless and invisible materials and supply quick, actionable answers to straight code immoderate of the astir captious problems successful beingness sciences research, bioprocessing, pharma / biopharma, forensics and adjacent markets. The Company is headquartered successful the bosom of Boston, wherever it designs and manufactures innovative products that bring unneurotic the powerfulness of wide spectrometry, microfluidic separations, bundle automation, and instrumentality learning.

Forward Looking Statements

This property merchandise includes “forward looking statements” wrong the meaning of the Private Securities Litigation Reform Act of 1995. All statements different than statements of humanities facts are forward-looking statements, including, without limitation, statements regarding the Company’s aboriginal gross and growth. Words specified arsenic “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and akin expressions (as good arsenic different words oregon expressions referencing aboriginal events, conditions oregon circumstances) are intended to place forward-looking statements. These forward-looking statements are based connected management’s existent expectations and impact known and chartless risks, uncertainties and assumptions which whitethorn origin existent results to disagree materially from immoderate results expressed oregon implied by immoderate forward-looking statement, including the risks outlined nether “Risk Factors” and elsewhere successful the Company’s filings with the Securities and Exchange Commission which are disposable connected the SEC's website astatine www.sec.gov. Additional accusation volition beryllium made disposable successful our yearly and quarterly reports and different filings that we marque from clip to clip with the SEC. Although the Company believes that the expectations reflected successful its forward-looking statements are reasonable, it cannot warrant aboriginal results. The Company has nary obligation, and does not undertake immoderate obligation, to update oregon revise immoderate forward-looking connection made successful this property merchandise to bespeak changes since the day of this property release, but arsenic whitethorn beryllium required by law.

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