Full Year 2022 revenue increases 11% compared
to prior year with desktop revenue increasing 25%
908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built
handheld and desktop devices for chemical and biochemical analysis,
today reported financial results for the quarter and full year
ended December 31, 2022.
“While we are pleased with the progress made against our
long-term objectives in 2022, as anticipated, we experienced
protracted sales cycles and more conservative capital budgets
during the fourth quarter, which will likely persist through the
first half of 2023,” said Kevin J. Knopp, CEO and Co-founder.
“Despite these near-term headwinds, we started 2023 off strong with
the launch of our first ‘on-line’ device for bioprocessing
analytics, a companion to our REBEL desktop device. The strength of
our product roadmap and the market diversification provided by our
handheld devices makes me as confident as ever in the opportunity
ahead for real-time analytics at the point-of-need.”
Recent Highlights
- Revenue of $46.9 million for the full year 2022, increasing 11%
compared to the full year 2021.
- Desktop revenue increased 25% compared to the full year 2021,
more than 2X the overall growth rate.
- Recurring revenue increased 101% compared to the full year
2021, representing 1/3rd of total 2022 revenue.
- Revenue of $11.6 million for the fourth quarter 2022, compared
to $15.8 million in the fourth quarter 2021, which included an $8
million shipment of MX908 devices to the U.S. Army in the fourth
quarter 2021.
- Expanded total installed base to 2,385 devices with 68 devices
placed during the fourth quarter 2022.
- Shipped 2,000th MX908 device during the fourth quarter
2022.
- Ended 2022 with $188 million in cash and cash equivalents and
$15 million of debt outstanding.
- Cash and cash equivalents consumed in 2022 was $36 million,
which included $14 million used for acquisition.
- Multiple years of capital on-hand to support the Company’s
long-term growth objectives.
- Launched MAVEN, the Company’s first on-line device, providing
real-time monitoring and automated control of glucose and lactate
in cell culture and fermentation processes as a complement to
REBEL.
Fourth Quarter 2022 Financial Results
Revenue was $11.6 million for the three months ended December
31, 2022, a 27% decline over the prior year period. This was driven
by a decrease in product placements for both handheld and desktop
devices, primarily related to the timing of a large shipment of
MX908 devices to the U.S. Army in the fourth quarter of 2021. The
installed base grew to 2,385 devices with 68 devices placed in Q4
2022.
Recurring revenue grew $3.4 million to $5.9 million or 142% over
the prior year period. This increase was driven by increases in
both accessory and consumable revenues as well as increased service
revenue.
Gross profit was $5.9 million for the fourth quarter of 2022,
compared to $9.1 million for the corresponding prior year period.
Gross margin was 51%, as compared to 58% for the corresponding
prior year period. The decline in gross margin was largely due to
the lower device shipments during the fourth quarter of 2022.
Operating expenses were $16.3 million for the fourth quarter of
2022, compared to $12.7 million for the corresponding prior year
period. This increase was driven by headcount expansion across our
business as well as by an increase in stock-based compensation.
Net loss was $9.8 million for the fourth quarter of 2022,
compared to $3.5 million for the corresponding prior year period.
Net loss per share was $0.31 for the fourth quarter of 2022,
compared to a net loss per share of $0.12 for the corresponding
prior year period.
Full Year 2022 Financial Results
Revenue was $46.9 million for the year ended December 31, 2022,
a 11% increase over the prior year period. Recurring revenue grew
$7.9 million to $15.7 million, increasing 101% over the prior year
period. This was driven by increases in both accessory and
consumable revenues as well as by an increase in service
revenue.
Gross profit was $26.0 million for 2022, compared to $23.2
million for the corresponding prior year period. Gross margin was
56% compared to 55% for the corresponding prior year period.
Operating expenses were $61.4 million for 2022, compared to
$45.3 million for the corresponding prior year period.
Net loss was $33.6 million for 2022, compared to $22.2 million
for the corresponding prior year period. Net loss per share was
$1.07 for 2022, compared to a net loss per share of $0.79 for the
corresponding prior year period.
Cash and cash equivalents were $188 million as of December 31,
2022. In addition, the Company had $15.0 million of debt
outstanding.
2023 Guidance
908 Devices expects full year 2023 revenue to be in the range of
$48 million to $52 million, representing 2% to 11% growth over full
year 2022.
Webcast Information
908 Devices will host a conference call to discuss the fourth
quarter and full year 2022 financial results before market open on
Tuesday, March 7, 2023 at 5:30 am Pacific Time / 8:30 am Eastern
Time. A webcast of the conference call can be accessed at
https://ir.908devices.com/news-events/events. The webcast will be
archived and available for replay for at least 90 days after the
event.
About 908 Devices
908 Devices is revolutionizing chemical and biochemical analysis
with its simple handheld and desktop devices, addressing
critical-to-life applications. The Company’s devices are used at
the point-of-need to interrogate unknown and invisible materials
and provide quick, actionable answers to directly address some of
the most critical problems in life sciences research,
bioprocessing, pharma / biopharma, forensics and adjacent markets.
The Company is headquartered in the heart of Boston, where it
designs and manufactures innovative products that bring together
the power of mass spectrometry, microfluidic sampling and
separations, software automation, and machine learning.
Forward Looking Statements
This press release includes “forward looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. All statements other than statements of historical facts are
forward-looking statements, including, without limitation,
statements regarding the Company’s future revenue and growth. Words
such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,”
“intend” and similar expressions (as well as other words or
expressions referencing future events, conditions or circumstances)
are intended to identify forward-looking statements. These
forward-looking statements are based on management’s current
expectations and involve known and unknown risks, uncertainties and
assumptions which may cause actual results to differ materially
from any results expressed or implied by any forward-looking
statement, including the risks outlined under “Risk Factors” and
elsewhere in the Company’s filings with the Securities and Exchange
Commission which are available on the SEC's website at www.sec.gov.
Additional information will be made available in our annual and
quarterly reports and other filings that we make from time to time
with the SEC. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it
cannot guarantee future results. The Company has no obligation, and
does not undertake any obligation, to update or revise any
forward-looking statement made in this press release to reflect
changes since the date of this press release, except as may be
required by law.
908 DEVICES INC.
Condensed Consolidated
Statements of Operations
(in thousands, except share
and per share amounts)
(unaudited)
Three Months Ended
Year Ended
December 31,
December 31,
2022
2021
2022
2021
Revenue:
Product and service revenue
$
10,401
$
15,551
$
44,475
$
41,108
License and contract revenue
1,242
290
2,377
1,098
Total revenue
11,643
15,841
46,852
42,206
Cost of revenue:
Product and service cost of revenue
5,662
6,592
20,430
18,654
License and contract cost of revenue
59
115
399
319
Total cost of revenue
5,721
6,707
20,829
18,973
Gross profit
5,922
9,134
26,023
23,233
Operating expenses:
Research and development
4,662
3,745
17,526
13,067
Selling, general and administrative
11,598
8,917
43,879
32,235
Total operating expenses
16,260
12,662
61,405
45,302
Loss from operations
(10,338
)
(3,528
)
(35,382
)
(22,069
)
Other income (expense), net
547
63
1,819
(100
)
Net loss
$
(9,791
)
$
(3,465
)
$
(33,563
)
$
(22,169
)
Net loss per share attributable to common
stockholders
$
(0.31
)
$
(0.12
)
$
(1.07
)
$
(0.79
)
Weighted average common shares
outstanding
31,749,993
29,476,480
31,492,531
27,957,904
908 DEVICES INC.
Condensed Consolidated Balance
Sheets
(in thousands)
(unaudited)
December 31,
December 31,
2022
2021
Assets
Current assets:
Cash and cash equivalents
$
188,422
$
224,073
Accounts receivable, net
10,033
16,375
Inventory
12,513
7,918
Prepaid expenses and other current
assets
4,658
4,527
Total current assets
215,626
252,893
Operating lease, right-of-use assets
3,956
5,182
Property and equipment, net
3,083
1,603
Goodwill
10,050
—
Intangible assets, net
8,488
—
Other long-term assets
1,384
1,228
Total assets
$
242,587
$
260,906
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable and accrued expenses
$
10,244
$
8,332
Deferred revenue
7,514
5,160
Operating lease liabilities
1,468
1,344
Total current liabilities
19,226
14,836
Long-term debt, net of discount and
current portion
15,000
15,000
Deferred revenue, net of current
portion
11,496
11,958
Other long-term liabilities
6,266
4,508
Total liabilities
51,988
46,302
Total stockholders' equity
190,599
214,604
Total liabilities and stockholders'
equity
$
242,587
$
260,906
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version on businesswire.com: https://www.businesswire.com/news/home/20230307005188/en/
Investor Contact: Carrie
Mendivil IR@908devices.com
908 Devices (NASDAQ:MASS)
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