908 Devices Reports Second Quarter 2024 Financial Results and Reiterates 2024 Revenue Outlook
908 Devices Inc. (Nasdaq: MASS) reported Q2 2024 financial results, showing a 16% year-over-year revenue increase to $14.0 million. Highlights include:
- Handheld revenue up 26% to $11.1 million
- Desktop revenue down 9% to $2.9 million
- Recurring revenue up 33% to $5.3 million (38% of total revenue)
- Gross margin improved by 490 basis points to 53%
- Installed base grew to 3,067 devices
The company completed the commercial integration of RedWave Technology and reiterated its 2024 revenue outlook of $63.0-$65.0 million, representing 25-29% growth over 2023. Cash position remains strong at $77.4 million with no debt.
908 Devices Inc. (Nasdaq: MASS) ha riportato i risultati finanziari per il secondo trimestre del 2024, evidenziando un aumento del fatturato del 16% rispetto all'anno precedente raggiungendo i 14,0 milioni di dollari. I punti salienti includono:
- Fatturato portatile in crescita del 26% a 11,1 milioni di dollari
- Fatturato desktop in calo del 9% a 2,9 milioni di dollari
- Fatturato ricorrente aumentato del 33% a 5,3 milioni di dollari (38% del fatturato totale)
- Margine lordo migliorato di 490 punti base al 53%
- La base installata è cresciuta a 3.067 dispositivi
L'azienda ha completato l'integrazione commerciale della RedWave Technology e ha ribadito le sue previsioni di fatturato per il 2024 di 63,0-65,0 milioni di dollari, corrispondente a una crescita del 25-29% rispetto al 2023. La posizione di liquidità rimane solida a 77,4 milioni di dollari senza debiti.
908 Devices Inc. (Nasdaq: MASS) informó los resultados financieros del segundo trimestre de 2024, mostrando un aumento del 16% en los ingresos interanuales alcanzando los 14,0 millones de dólares. Los aspectos más destacados incluyen:
- Ingresos de portátiles aumentaron un 26% a 11,1 millones de dólares
- Ingresos de escritorio cayeron un 9% a 2,9 millones de dólares
- Ingresos recurridos aumentaron un 33% a 5,3 millones de dólares (38% del ingreso total)
- Margen bruto mejorado en 490 puntos base al 53%
- La base instalada creció a 3.067 dispositivos
La compañía completó la integración comercial de RedWave Technology y reiteró su proyección de ingresos para 2024 de 63,0-65,0 millones de dólares, lo que representa un crecimiento del 25-29% respecto a 2023. La posición de efectivo se mantiene fuerte en 77,4 millones de dólares sin deudas.
908 Devices Inc. (Nasdaq: MASS)는 2024년 2분기 재무 결과를 발표하며 전년 대비 16% 매출 증가를 보고했습니다. 총 1,400만 달러에 달합니다. 주요 내용은 다음과 같습니다:
- 휴대용 기기 매출이 26% 증가하여 1,110만 달러에 도달
- 데스크탑 매출은 9% 감소하여 290만 달러
- 재발 매출은 33% 증가하여 530만 달러에 달함 (총 매출의 38%)
- 총 마진이 490 베이시스 포인트 증가하여 53%로 개선됨
- 설치된 기기 수가 3,067대로 증가
회사는 RedWave Technology의 상업적 통합을 완료했으며 2024년 매출 전망을 6,300만 ~ 6,500만 달러로 재확인하여 2023년에 비해 25-29% 성장할 것으로 예상하고 있습니다. 현금 보유액은 7,740만 달러로 강하게 유지되며 부채는 없습니다.
908 Devices Inc. (Nasdaq: MASS) a reporté ses résultats financiers pour le deuxième trimestre 2024, montrant une augmentation des revenus de 16% par rapport à l'année précédente, atteignant 14,0 millions de dollars. Les faits saillants incluent :
- Revenus des appareils portables en hausse de 26% à 11,1 millions de dollars
- Revenus des ordinateurs de bureau en baisse de 9% à 2,9 millions de dollars
- Revenus récurrents en hausse de 33% à 5,3 millions de dollars (38% du chiffre d'affaires total)
- Marche brute améliorée de 490 points de base à 53%
- La base installée a augmenté pour atteindre 3 067 appareils
L'entreprise a finalisé l'intégration commerciale de RedWave Technology et a réitéré ses perspectives de revenus pour 2024 de 63,0 à 65,0 millions de dollars, représentant une croissance de 25 à 29% par rapport à 2023. La position de liquidités reste solide à 77,4 millions de dollars sans dettes.
908 Devices Inc. (Nasdaq: MASS) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und einen Umsatzanstieg von 16% im Vergleich zum Vorjahr auf 14,0 Millionen US-Dollar gemeldet. Zu den Höhepunkten gehören:
- Umsatz aus Handhelds ist um 26% auf 11,1 Millionen US-Dollar gestiegen
- Umsatz aus Desktop ist um 9% auf 2,9 Millionen US-Dollar gefallen
- Wiederkehrende Umsätze sind um 33% auf 5,3 Millionen US-Dollar (38% des Gesamtumsatzes) gestiegen
- Bruttomarge hat sich um 490 Basispunkte auf 53% verbessert
- Die installierte Basis wuchs auf 3.067 Geräte
Das Unternehmen hat die kommerzielle Integration von RedWave Technology abgeschlossen und seine Umsatzprognose für 2024 von 63,0 bis 65,0 Millionen US-Dollar bekräftigt, was einem Wachstum von 25-29% im Vergleich zu 2023 entspricht. Die Liquiditätslage bleibt mit 77,4 Millionen US-Dollar stark und ist schuldenfrei.
- Revenue increased 16% year-over-year to $14.0 million
- Handheld revenue grew 26% to $11.1 million
- Recurring revenue increased 33% to $5.3 million, representing 38% of total revenue
- Gross margin improved by 490 basis points to 53%
- Installed base expanded to 3,067 devices
- Completed commercial integration of RedWave Technology
- Maintained strong cash position of $77.4 million with no debt
- Desktop revenue decreased 9% to $2.9 million
- Net loss increased to $12.5 million from $9.3 million in the prior year period
- Operating expenses increased to $21.0 million from $16.7 million in the prior year period
- Adjusted EBITDA loss of $7.3 million
Insights
908 Devices' Q2 2024 results show mixed performance. Revenue grew
The acquisition of RedWave Technology appears to be a strategic move to expand 908 Devices' handheld portfolio. This integration has already contributed to the
908 Devices' focus on chemical analysis devices positions it well in a growing market. The expansion of their device installed base to 3,067 units indicates steady adoption. The emphasis on recurring revenue through service and consumables (
Revenue increases
"We delivered solid execution on a multitude of fronts in the quarter, including the acquisition and integration of RedWave Technology into our company. With an expanded handheld portfolio, we are now supporting both our new and existing forensics customers more efficiently,” said Kevin J. Knopp, CEO and Co-founder. “We also maintained a strong focus on operational excellence during the quarter and have begun to see early benefits of our increasing scale.”
Recent Highlights
-
Revenue of
$14.0 million 16% compared to the second quarter 2023-
Handheld revenue was
$11.1 million 26% year over year -
Desktop revenue was
$2.9 million 9% year over year -
Recurring revenue was
$5.3 million 33% year over year -
38% of revenue was recurring revenue, driven by service and REBEL consumables
-
Handheld revenue was
-
Gross margin increased 490 basis points to
53% for the second quarter 2024, partly due to timing of production but also as a result of scale across the business including higher handheld service revenues - Launched a quantification package that enhances our XplorIR handheld gas and vapor analyzer, enabling first responders to now identify and quantify nearly 5,000 airborne chemicals
- Completed the commercial integration of RedWave Technology
-
Presented 13 posters at the American Society for Mass Spectrometry (ASMS) conference and were collaborators on three oral presentations with researchers from the University of
Wisconsin -Madison and the National Institute for Bioprocessing Research and Training (NIBRT) -
Appointed Michele M. Leonhart, former administrator of the
U.S. Drug Enforcement Administration, to our Board of Directors
Second Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and marketable securities were
2024 Guidance
908 Devices continues to expect full year reported 2024 revenue to be in the range of
Webcast Information
908 Devices will host a conference call to discuss the second quarter 2024 financial results before market open on Tuesday, August 6, 2024 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 analysis with its simple handheld and desktop devices, addressing life-altering 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 forensics, bioprocessing, pharma / biopharma, life sciences research and adjacent markets. The Company is headquartered in the heart of
Non-GAAP Measures of Financial Performance
To supplement the Company’s financial statements, which are presented on the basis of
- Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation.
- Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue.
- Adjusted EBITDA is defined as net loss excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock-based compensation, and costs associated with contingent consideration related to the Company’s acquisitions and for which the conditions for payment have not yet been achieved.
The Company’s non-GAAP financial results presented in this earnings release exclude certain costs that management believes do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of ongoing operations for the period in which such charges are recorded, nor do the resulting charges recorded accurately reflect the anticipated cash flows of ongoing operations, and as such, excluding these costs allows management to understand and evaluate core operating performance and trends. However, as there are no standardized methods of calculating these non-GAAP financial measures, the Company’s methods may differ from those used by other companies in its industry, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness for purposes of comparison. Furthermore, these non-GAAP measures have certain limitations since they do not include the impact of certain expenses and cash flows that are reflected in the Company’s GAAP financial results. Accordingly, when analyzing the Company’s operating performance and guidance, investors should not consider non-GAAP measures in isolation or as a substitute for, or superior to, comparable financial measures prepared in accordance with GAAP. Rather, the Company believes that these non-GAAP financial measures, when viewed in addition to and not in lieu of reported GAAP financial results, provide investors with additional meaningful information to assess financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating the Company’s business.
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 |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue |
|
$ |
10,266 |
|
|
$ |
9,595 |
|
|
$ |
17,499 |
|
|
$ |
16,617 |
|
Service revenue |
|
|
3,681 |
|
|
|
2,354 |
|
|
|
6,439 |
|
|
|
4,594 |
|
Contract revenue |
|
|
100 |
|
|
|
145 |
|
|
|
100 |
|
|
|
370 |
|
Total revenue |
|
|
14,047 |
|
|
|
12,094 |
|
|
|
24,038 |
|
|
|
21,581 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product cost of revenue |
|
|
4,732 |
|
|
|
4,800 |
|
|
|
7,942 |
|
|
|
8,586 |
|
Service cost of revenue |
|
|
1,823 |
|
|
|
1,448 |
|
|
|
3,601 |
|
|
|
2,718 |
|
Contract cost of revenue |
|
|
74 |
|
|
|
52 |
|
|
|
74 |
|
|
|
99 |
|
Total cost of revenue |
|
|
6,629 |
|
|
|
6,300 |
|
|
|
11,617 |
|
|
|
11,403 |
|
Gross profit |
|
|
7,418 |
|
|
|
5,794 |
|
|
|
12,421 |
|
|
|
10,178 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
6,381 |
|
|
|
5,525 |
|
|
|
12,171 |
|
|
|
10,923 |
|
Selling, general and administrative |
|
|
14,597 |
|
|
|
11,208 |
|
|
|
26,498 |
|
|
|
23,211 |
|
Total operating expenses |
|
|
20,978 |
|
|
|
16,733 |
|
|
|
38,669 |
|
|
|
34,134 |
|
Loss from operations |
|
|
(13,560 |
) |
|
|
(10,939 |
) |
|
|
(26,248 |
) |
|
|
(23,956 |
) |
Other income, net |
|
|
943 |
|
|
|
1,522 |
|
|
|
2,644 |
|
|
|
1,955 |
|
Loss from operations before income taxes |
|
|
(12,617 |
) |
|
|
(9,417 |
) |
|
|
(23,604 |
) |
|
|
(22,001 |
) |
Benefit for income taxes |
|
|
69 |
|
|
|
71 |
|
|
|
139 |
|
|
|
122 |
|
Net loss |
|
$ |
(12,548 |
) |
|
$ |
(9,346 |
) |
|
$ |
(23,465 |
) |
|
$ |
(21,879 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share attributable to common stockholders |
|
$ |
(0.37 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.70 |
) |
|
$ |
(0.68 |
) |
Weighted average common shares outstanding |
|
|
34,061,933 |
|
|
|
32,199,156 |
|
|
|
33,386,413 |
|
|
|
32,083,122 |
|
908 DEVICES INC.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
|
|
June 30, |
|
December 31, |
||
|
|
2024 |
|
2023 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
77,383 |
|
$ |
145,682 |
Accounts receivable, net |
|
|
10,987 |
|
|
8,989 |
Inventory |
|
|
18,589 |
|
|
14,938 |
Prepaid expenses and other current assets |
|
|
3,485 |
|
|
4,181 |
Total current assets |
|
|
110,444 |
|
|
173,790 |
Operating lease, right-of-use assets |
|
|
5,904 |
|
|
6,233 |
Property and equipment, net |
|
|
3,556 |
|
|
3,342 |
Goodwill |
|
|
40,220 |
|
|
10,367 |
Intangible, net |
|
|
47,298 |
|
|
7,860 |
Other long-term assets |
|
|
1,352 |
|
|
1,389 |
Total assets |
|
$ |
208,774 |
|
$ |
202,981 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
7,610 |
|
$ |
9,904 |
Deferred revenue |
|
|
11,954 |
|
|
10,629 |
Operating lease liabilities |
|
|
2,153 |
|
|
2,016 |
Total current liabilities |
|
|
21,717 |
|
|
22,549 |
Deferred revenue, net of current portion |
|
|
9,528 |
|
|
3,929 |
Other long-term liabilities |
|
|
21,170 |
|
|
11,012 |
Total liabilities |
|
|
52,415 |
|
|
37,490 |
Total stockholders' equity |
|
|
156,359 |
|
|
165,491 |
Total liabilities and stockholders' equity |
|
$ |
208,774 |
|
$ |
202,981 |
908 DEVICES INC.
Reconciliations of GAAP to Non-GAAP Financial Measures
(Unaudited, amounts in thousands, except percentage and per share data)
In all tables below, totals may not add due to rounding
Reconciliation from Gross Profit (GAAP) to Adjusted Gross Profit (Non-GAAP) and Margin Percentage:
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit (GAAP) |
|
$ |
7,418 |
|
|
$ |
5,794 |
|
|
$ |
12,421 |
|
|
$ |
10,178 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Intangible amortization |
|
|
530 |
|
|
|
107 |
|
|
|
637 |
|
|
|
213 |
|
Acquisition and integration costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation |
|
|
202 |
|
|
|
140 |
|
|
|
373 |
|
|
|
255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Gross Profit (Non-GAAP) |
|
$ |
8,150 |
|
|
$ |
6,041 |
|
|
$ |
13,431 |
|
|
$ |
10,646 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Margin Percentage (GAAP) |
|
|
53 |
% |
|
|
48 |
% |
|
|
52 |
% |
|
|
47 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Gross Margin Percentage (Non-GAAP) |
|
|
58 |
% |
|
|
50 |
% |
|
|
56 |
% |
|
|
49 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation from Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP):
|
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
|
June 30, |
|
June 30, |
||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Loss (GAAP) |
|
$ |
(12,548 |
) |
|
$ |
(9,346 |
) |
|
$ |
(23,465 |
) |
|
$ |
(21,879 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income, net |
|
|
(943 |
) |
|
|
(1,522 |
) |
|
|
(2,644 |
) |
|
|
(1,955 |
) |
Benefit for income taxes |
|
|
(69 |
) |
|
|
(71 |
) |
|
|
(139 |
) |
|
|
(122 |
) |
Depreciation |
|
|
500 |
|
|
|
368 |
|
|
|
918 |
|
|
|
738 |
|
Intangible amortization |
|
|
693 |
|
|
|
219 |
|
|
|
913 |
|
|
|
437 |
|
Acquisition and integration costs |
|
|
1,950 |
|
|
|
- |
|
|
|
1,950 |
|
|
|
- |
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
524 |
|
Stock-based compensation |
|
|
3,096 |
|
|
|
2,578 |
|
|
|
5,739 |
|
|
|
4,744 |
|
Contingent consideration |
|
|
- |
|
|
|
65 |
|
|
|
- |
|
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA (Non-GAAP) |
|
$ |
(7,321 |
) |
|
$ |
(7,709 |
) |
|
$ |
(16,728 |
) |
|
$ |
(17,283 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240806067859/en/
Investor:
Carrie Mendivil
IR@908devices.com
Media:
Barbara Russo
brusso@908devices.com
Source: 908 Devices Inc.
FAQ
What was 908 Devices' (MASS) revenue for Q2 2024?
How did 908 Devices' (MASS) handheld and desktop revenues perform in Q2 2024?
What was 908 Devices' (MASS) recurring revenue percentage in Q2 2024?
What is 908 Devices' (MASS) revenue outlook for full-year 2024?
How many devices did 908 Devices (MASS) place in Q2 2024?
