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 first quarter ended
March 31, 2024.
Recent Highlights
- First quarter total revenue
(combined product and service revenue) increased 11% to $5.6
million
- First quarter recurring revenue
increased 15% to $3.7 million, including record consumable
revenue
- Placed three Growth Direct systems
and completed the validation of three customer systems
- Growth Direct Rapid Sterility
platform on track for mid-2024 launch
"We are pleased to report a solid start to
2024," said Robert Spignesi, President and CEO. "First quarter
revenues exceeded our guidance and we achieved a new record in
consumable revenue in the period. We remain focused on accelerating
Growth Direct® system placements, improving gross margins and
driving the business to profitability. We are reaffirming our full
year 2024 total revenue guidance as we look forward to the mid-year
launch of our innovative Growth Direct Rapid Sterility
platform."
First Quarter Financial
Results
Total revenue for the first quarter of 2024
increased 11% to $5.6 million compared to $5.0 million in the
first quarter of 2023. The Company placed three new Growth Direct®
systems and completed the validation of three customer systems
compared to three placements and two validations in the first
quarter of 2023. Product revenue increased primarily due to higher
consumable revenue. Service revenue increased due to increased
validation activities as well as higher revenue from service
contracts due to an increase in the number of validated Growth
Direct systems. Recurring revenue increased 15% to $3.7 million,
compared to $3.3 million in the first quarter last year, due to the
growth in both consumables and service contracts.
Total cost of revenue was $7.1 million in
the first quarter of 2024, compared to $6.8 million in the
first quarter of 2023, representing an increase of 5%. The increase
was primarily due to higher product costs associated with increased
consumable volumes and higher service costs to support the larger
number of validated systems at customer sites.
Total operating expenses were $12.8 million
in the first quarter of 2024, compared to $13.1 million in the
first quarter of 2023. The decrease was largely due to nonrecurring
retention costs incurred in the first quarter last year, partially
offset by an increase in costs associated with the planned upcoming
launch of Growth Direct Rapid Sterility.
Net loss for the first quarter of 2024 was $13.3
million, compared to $13.9 million in the first quarter of 2023.
The improvement was due to higher revenue, improved gross margins
and lower operating expenses. Net loss per share for the first
quarter of 2024 was $0.31, compared to $0.32 in the first quarter
of 2023.
Cash, cash equivalents and investments were
$79.5 million as of March 31, 2024, which the Company continues to
expect to provide a cash runway at least into the second half of
2026. The Company had no debt outstanding as of March 31,
2024.
2024
Outlook
The Company is reaffirming its full year 2024
total revenue guidance of at least $27.0 million, representing
growth of at least 20% compared to full year 2023, and the
placement of at least 20 systems. The Company continues to expect
gross margin to be positive for the full year 2024.
Webcast Details
The Company will host a conference call before
the market opens today, May 3, 2024, at 8:30 a.m. ET to
discuss its first quarter 2024 financial results. The live call is
accessible on the Company’s website at investors.rapidmicrobio.com
and will be archived and available for replay for one year.
About Rapid Micro
Biosystems
Rapid Micro Biosystems is an innovative life
sciences technology company providing mission critical automation
solutions to facilitate the efficient manufacturing and fast, safe
release of healthcare products such as biologics, vaccines, cell
and gene therapies, and sterile injectables. The Company’s flagship
Growth Direct system automates and modernizes the antiquated,
manual microbial quality control (“MQC”) testing workflows used in
the largest and most complex pharmaceutical manufacturing
operations across the globe. The Growth Direct system brings the
quality control lab to the manufacturing floor, unlocking the power
of MQC automation to deliver the faster results, greater accuracy,
increased operational efficiency, better compliance with data
integrity regulations, and quicker decision making that customers
rely on to ensure safe and consistent supply of important
healthcare products. The Company is headquartered and has U.S.
manufacturing in Lowell, Massachusetts, with global locations in
Lexington, Massachusetts, Switzerland, Germany, and the
Netherlands. For more information, please visit
www.rapidmicrobio.com or follow the Company on X (formerly know as
Twitter) at @rapidmicrobio or on LinkedIn.
Forward-Looking Statements
This press release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements contained in this press release
that do not relate to matters of historical fact should be
considered forward-looking statements, including, but not limited
to, statements regarding the Company’s guidance for full year 2024
revenue, system placements and gross margins; financial position
and cash runway; expected placements of Growth Direct systems,
anticipated timing of such placements and the impact on the
Company’s revenue; intentions regarding the Company’s commercial
execution and improvements to gross margins; and the upcoming
launch of Growth Direct Rapid Sterility and the timing thereof.
In some cases, you can identify forward-looking
statements by terminology such as “outlook,” “aim,” “anticipate,”
“assume,” “believe,” “contemplate,” “continue,” “could,” “due,”
“estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,”
“predict,” “potential,” “positioned,” “seek,” “should,” “target,”
“will,” “would” and other similar expressions that are predictions
of or indicate future events and future trends, or the negative of
these terms or other comparable terminology, although not all
forward-looking statements contain these words. Forward-looking
statements 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, but not limited to, the Company’s significant
losses since inception; the Company’s ability to meet its publicly
announced guidance and other expectations about its business and
operations; the Company’s limited experience in marketing and sales
and the effectiveness of its sales processes; the Company’s need to
develop new products and adapt to technological changes; the
Company’s ability to establish and maintain its position as a
leading provider of automated microbial quality control testing;
the Company’s ability to maintain its manufacturing facility; the
Company's ability to improve the gross margins of its products and
services; risks related to third-parties; the Company’s ability to
retain key management and other employees; risks related to
regulatory and intellectual property matters; risks related to
supply chain disruptions and the impact of inflation; the impact of
macroeconomic volatility; and the other important factors outlined
under the caption “Risk Factors” in the Company’s Annual Report on
Form 10-K filed with the Securities and Exchange Commission (“SEC”)
on March 1, 2024, as such factors may be updated from time to time
in its other filings with the SEC, which are available on the SEC's
website at www.sec.gov and the Investor Relations page of its
website at investors.rapidmicrobio.com. 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.
|
RAPID MICRO BIOSYSTEMS, INC. |
Unaudited Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended March 31, |
|
|
|
2024 |
|
|
|
2023 |
|
Revenue: |
|
|
|
|
Product revenue |
|
$ |
3,713 |
|
|
$ |
3,324 |
|
Service revenue |
|
|
1,898 |
|
|
|
1,711 |
|
Total revenue |
|
|
5,611 |
|
|
|
5,035 |
|
Costs and operating
expenses: |
|
|
|
|
Cost of product revenue |
|
|
5,173 |
|
|
|
4,981 |
|
Cost of service revenue |
|
|
1,961 |
|
|
|
1,844 |
|
Research and development |
|
|
3,842 |
|
|
|
3,153 |
|
Sales and marketing |
|
|
3,281 |
|
|
|
3,462 |
|
General and administrative |
|
|
5,627 |
|
|
|
6,467 |
|
Total costs and operating expenses |
|
|
19,884 |
|
|
|
19,907 |
|
Loss from operations |
|
|
(14,273 |
) |
|
|
(14,872 |
) |
Other income (expense): |
|
|
|
|
Interest income, net |
|
|
983 |
|
|
|
1,003 |
|
Other expense, net |
|
|
(29 |
) |
|
|
(11 |
) |
Total other income, net |
|
|
954 |
|
|
|
992 |
|
Loss before income taxes |
|
|
(13,319 |
) |
|
|
(13,880 |
) |
Income tax expense |
|
|
3 |
|
|
|
7 |
|
Net loss |
|
$ |
(13,322 |
) |
|
$ |
(13,887 |
) |
Net loss per share — basic and
diluted |
|
$ |
(0.31 |
) |
|
$ |
(0.32 |
) |
Weighted average common shares
outstanding — basic and diluted |
|
|
43,245,835 |
|
|
|
42,812,580 |
|
RAPID MICRO BIOSYSTEMS, INC. |
Unaudited Condensed Consolidated Balance
Sheets |
(in thousands) |
|
|
|
March 31,2024 |
|
December 31,2023 |
Assets |
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
22,433 |
|
|
$ |
24,285 |
|
Short-term investments |
|
|
57,103 |
|
|
|
67,768 |
|
Accounts receivable |
|
|
4,921 |
|
|
|
5,532 |
|
Inventory |
|
|
20,418 |
|
|
|
19,961 |
|
Prepaid expenses and other current assets |
|
|
3,285 |
|
|
|
2,869 |
|
Total current assets |
|
|
108,160 |
|
|
|
120,415 |
|
Property and equipment,
net |
|
|
12,615 |
|
|
|
12,832 |
|
Right-of-use assets, net |
|
|
5,988 |
|
|
|
6,240 |
|
Long-term investments |
|
|
— |
|
|
|
2,911 |
|
Other long-term assets |
|
|
684 |
|
|
|
770 |
|
Restricted cash |
|
|
284 |
|
|
|
284 |
|
Total assets |
|
$ |
127,731 |
|
|
$ |
143,452 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
1,164 |
|
|
$ |
1,973 |
|
Accrued expenses and other current liabilities |
|
|
7,049 |
|
|
|
9,907 |
|
Deferred revenue |
|
|
6,234 |
|
|
|
5,974 |
|
Lease liabilities, short-term |
|
|
1,153 |
|
|
|
1,132 |
|
Total current liabilities |
|
|
15,600 |
|
|
|
18,986 |
|
Lease liabilities,
long-term |
|
|
5,916 |
|
|
|
6,214 |
|
Other long-term
liabilities |
|
|
272 |
|
|
|
263 |
|
Total liabilities |
|
|
21,788 |
|
|
|
25,463 |
|
Total stockholders’ equity |
|
|
105,943 |
|
|
|
117,989 |
|
Total liabilities and stockholders’ equity |
|
$ |
127,731 |
|
|
$ |
143,452 |
|
RAPID MICRO BIOSYSTEMS, INC. |
Unaudited Cash, Cash Equivalents and
Investments |
(in thousands) |
|
|
|
March 31,2024 |
|
December 31,2023 |
Cash and cash equivalents |
|
$ |
22,433 |
|
|
$ |
24,285 |
|
Short-term investments |
|
|
57,103 |
|
|
|
67,768 |
|
Long-term investments |
|
|
— |
|
|
|
2,911 |
|
Cash, cash equivalents and investments |
|
$ |
79,536 |
|
|
$ |
94,964 |
|
Investor Contact
Michael Beaulieu, CFA
Vice President, Investor Relations and Corporate Communications
investors@rapidmicrobio.com
Media Contact
media@rapidmicrobio.com
Rapid Micro Biosystems (NASDAQ:RPID)
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Rapid Micro Biosystems (NASDAQ:RPID)
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