908 Devices Reports Third Quarter 2024 Financial Results and Updates 2024 Revenue Outlook
908 Devices (Nasdaq: MASS) reported a 17% increase in Q3 2024 revenue to $16.8 million, driven by newly acquired handheld products. However, challenges included the delayed FY24 federal budget, international contract delays, and softness in the bioprocessing and life science instrumentation market. Handheld revenue rose 19% to $14.0 million, while desktop revenue increased 8% to $2.8 million. Recurring revenue surged 70% to $6.1 million, making up 36% of total revenue. The company ended the quarter with $71.7 million in cash and no debt. Despite a net loss of $29.3 million and an adjusted EBITDA loss of $6.9 million, 908 Devices expects full-year 2024 revenue to range between $56 million and $58 million, a growth of 11%-15% over 2023. Structural changes include transitioning manufacturing to North Carolina and Connecticut, reducing operating expenses, and integrating the sales organization for efficiency.
908 Devices (Nasdaq: MASS) ha riportato un 17% di aumento nel fatturato del Q3 2024, raggiungendo $16.8 milioni, grazie ai nuovi prodotti portatili acquisiti. Tuttavia, le sfide hanno incluso il ritardo del budget federale per l'FY24, i ritardi nei contratti internazionali e la debolezza nel mercato della bioprocessing e strumentazione per le scienze della vita. I ricavi dai prodotti portatili sono aumentati del 19% raggiungendo $14.0 milioni, mentre i ricavi dai desktop sono saliti dell'8% a $2.8 milioni. I ricavi ricorrenti sono aumentati del 70% arrivando a $6.1 milioni, rappresentando il 36% del fatturato totale. L'azienda ha chiuso il trimestre con $71.7 milioni in cassa e nessun debito. Nonostante una perdita netta di $29.3 milioni e una perdita di EBITDA rettificato di $6.9 milioni, 908 Devices prevede un fatturato complessivo per il 2024 compreso tra $56 milioni e $58 milioni, con una crescita del 11%-15% rispetto al 2023. Le modifiche strutturali includono la transizione della produzione in North Carolina e Connecticut, la riduzione delle spese operative e l'integrazione dell'organizzazione di vendita per migliorare l'efficienza.
908 Devices (Nasdaq: MASS) reportó un 17% de aumento en los ingresos del Q3 2024, alcanzando $16.8 millones, impulsado por nuevos productos portátiles adquiridos. Sin embargo, los desafíos incluyeron el retraso en el presupuesto federal para el FY24, retrasos en contratos internacionales y debilidad en el mercado de bioprocesamiento y equipos de ciencias de la vida. Los ingresos de los productos portátiles aumentaron un 19% a $14.0 millones, mientras que los ingresos de escritorio crecieron un 8% a $2.8 millones. Los ingresos recurrentes se dispararon un 70% a $6.1 millones, representando el 36% del total de ingresos. La empresa cerró el trimestre con $71.7 millones en efectivo y sin deudas. A pesar de una pérdida neta de $29.3 millones y una pérdida de EBITDA ajustada de $6.9 millones, 908 Devices espera que los ingresos para todo el año 2024 estén entre $56 millones y $58 millones, un crecimiento del 11%-15% en comparación con 2023. Los cambios estructurales incluyen la transición de la manufactura a Carolina del Norte y Connecticut, la reducción de gastos operativos y la integración de la organización de ventas para mejorar la eficiencia.
908 Devices (Nasdaq: MASS)는 2024년 3분기 수익이 $16.8 백만으로 17% 증가했다고 보고했습니다. 이는 새롭게 인수한 휴대용 제품에 의해 촉진되었습니다. 그러나 FY24 연방 예산 지연, 국제 계약 지연, 생명 과학 기기 시장의 부진 등으로 어려움이 있었습니다. 휴대용 기기 수익은 19% 증가하여 $14.0 백만에 달했고, 데스크탑 수익은 8% 증가하여 $2.8 백만이 되었습니다. 반복 수익은 70% 증가하여 $6.1 백만에 도달하며 전체 수익의 36%를 차지했습니다. 회사는 $71.7 백만의 현금을 보유하고 있으며 부채는 없습니다. $29.3 백만의 순손실과 $6.9 백만의 조정 EBITDA 손실에도 불구하고 908 Devices는 2024년 전체 수익이 $56 백만에서 $58 백만 사이에 이를 것으로 예상하며, 이는 2023년에 비해 11%-15%의 성장을 나타냅니다. 구조적 변화로는 북캐롤라이나와 코네티컷으로의 제조 전환, 운영 비용 절감, 효율성을 위한 판매 조직 통합이 포함됩니다.
908 Devices (Nasdaq: MASS) a annoncé une augmentation de 17% de ses revenus au T3 2024 pour atteindre $16.8 millions, soutenue par de nouveaux produits portables acquis. Cependant, plusieurs défis ont été rencontrés, y compris le retard du budget fédéral FY24, les retards des contrats internationaux et la faiblesse du marché de la bioprocessing et des instruments de sciences de la vie. Les revenus des produits portables ont augmenté de 19% pour atteindre $14.0 millions, tandis que les revenus des ordinateurs de bureau ont augmenté de 8% pour atteindre $2.8 millions. Les revenus récurrents ont grimpé de 70% pour s'élever à $6.1 millions, représentant 36% du chiffre d'affaires total. L'entreprise a terminé le trimestre avec $71.7 millions en liquidités et aucune dette. Malgré une perte nette de $29.3 millions et une perte d'EBITDA ajusté de $6.9 millions, 908 Devices s'attend à un chiffre d'affaires annuel 2024 compris entre $56 millions et $58 millions, soit une croissance de 11%-15% par rapport à 2023. Les changements structurels comprennent la transition de la fabrication en Caroline du Nord et au Connecticut, la réduction des dépenses opérationnelles et l'intégration de l'organisation de vente pour plus d'efficacité.
908 Devices (Nasdaq: MASS) berichtete von einem 17% Anstieg des Umsatzes im Q3 2024 auf $16.8 Millionen, der durch neu erworbene tragbare Produkte angetrieben wurde. Zu den Herausforderungen gehörten jedoch Verzögerungen im bundesstaatlichen Haushalt FY24, Verzögerungen bei internationalen Verträgen und ein Rückgang im Markt für Bioprozess- und Lebenswissenschaftsinstrumentierung. Die Einnahmen aus tragbaren Geräten stiegen um 19% auf $14.0 Millionen, während die Einnahmen aus Desktop-Verkäufen um 8% auf $2.8 Millionen zunahmen. Die wiederkehrenden Einnahmen stiegen um 70% auf $6.1 Millionen, was 36% des Gesamtumsatzes ausmacht. Das Unternehmen schloss das Quartal mit $71.7 Millionen in bar und ohne Schulden ab. Trotz eines Nettoverlusts von $29.3 Millionen und einem bereinigten EBITDA-Verlust von $6.9 Millionen erwartet 908 Devices, dass der Gesamtumsatz für 2024 zwischen $56 Millionen und $58 Millionen liegen wird, was einem Wachstum von 11%-15% im Vergleich zu 2023 entspricht. Zu den strukturellen Veränderungen gehören der Übergang der Produktion nach North Carolina und Connecticut, die Senkung der Betriebskosten und die Integration der Verkaufsorganisation zur Verbesserung der Effizienz.
- Q3 2024 revenue increased 17% to $16.8 million.
- Handheld revenue rose 19% to $14.0 million.
- Recurring revenue surged 70% to $6.1 million, representing 36% of total revenue.
- Installed base increased 20% year-over-year to 3,253 devices.
- Company ended the quarter with $71.7 million in cash and no debt.
- Full-year 2024 revenue expected to grow 11%-15% over 2023.
- Net loss of $29.3 million for Q3 2024, compared to $7.1 million in the prior year.
- Gross margin decreased to 50% from 55% in the prior year period.
- Adjusted EBITDA loss of $6.9 million for Q3 2024, compared to a loss of $5.7 million in Q3 2023.
- Operating expenses increased to $38.5 million, driven by a $30.5 million charge for an impairment of goodwill.
Revenue increases
“While we are pleased that our revenue increased year-over-year due to our newly acquired products, our third quarter results fell short of our expectations due to challenges from the delayed FY24 federal budget, delays with advancing international contracts, and ongoing softness in the bioprocessing and life science instrumentation market,” said Kevin J. Knopp, CEO and Co-founder. “Despite near-term headwinds, we see several growth drivers emerging that should propel us to the next level of scale, efficiency, and growth.”
Recent Highlights
-
Revenue of
$16.8 million 17% compared to the third quarter 2023-
Handheld revenue was
$14.0 million 19% year over year -
Desktop revenue was
$2.8 million 8% year over year -
Recurring revenue was
$6.1 million 70% year over year -
36% of revenue was recurring revenue, driven by service -
Core revenue declined
5% year over year excluding newly acquired FTIR products
-
Handheld revenue was
-
Used
$5.7 million $71.7 million - Continued traction with multiple enterprise orders in the US and internationally, including the largest order to date placed in APAC, comprised of MX908 devices for the Vietnam Border Guard
- Shipped 100th unit of XplorIR handheld gas detector, more than doubling placements YTD from all of 2023
-
Increased cumulative installed base to 3,253 devices, up
20% from the end of the third quarter 2023 -
Completed expansion of facility in
Danbury, CT , creating a lower-cost footprint for production and R&D of handheld devices - Received Fast Company’s Best Workplaces for Innovation award and R&D 100 award for our MAVERICK bioprocessing device
Structural Adjustments and Growth Initiatives
“Reflecting on our first six months of ownership of RedWave Technology and observing shifts across our markets, it’s increasingly clear that a unified platform enables us to increase cost efficiency and expand gross margins across our entire product lineup. To fully capture this value, we’re implementing three structural changes,” said Kevin J. Knopp, CEO and Co-founder. “These adjustments empower us to navigate a slower growth period and seize immediate opportunities while laying the groundwork for accelerated future growth. We remain well-resourced heading into 2025, which we believe will be a transformative year for us.”
These changes consist of:
-
Transitioning manufacturing operations from
Boston intoNorth Carolina andConnecticut , to be completed in 2025, creating an opportunity for margin expansion -
Rationalizing bioprocessing and life science instrumentation investments by completing a reduction in force in November of approximately
11% to reduce operating expenses across sales, marketing and research and development - Integrating and catalyzing our full sales organization for new efficiency, focus, and flexibility to quickly take advantage of growth opportunities
Third Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Consumed
2024 Guidance
908 Devices now expects full year reported 2024 revenue to be in the range of
Webcast Information
908 Devices will host a conference call to discuss the third quarter 2024 financial results before market open on Tuesday, November 12, 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 |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product revenue |
|
$ |
12,845 |
|
|
$ |
12,161 |
|
|
$ |
30,344 |
|
|
$ |
28,778 |
|
Service revenue |
|
|
3,887 |
|
|
|
2,136 |
|
|
|
10,326 |
|
|
|
6,730 |
|
Contract revenue |
|
|
41 |
|
|
|
— |
|
|
|
141 |
|
|
|
370 |
|
Total revenue |
|
|
16,773 |
|
|
|
14,297 |
|
|
|
40,811 |
|
|
|
35,878 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Product cost of revenue |
|
|
6,237 |
|
|
|
4,651 |
|
|
|
14,179 |
|
|
|
13,237 |
|
Service cost of revenue |
|
|
2,202 |
|
|
|
1,777 |
|
|
|
5,803 |
|
|
|
4,495 |
|
Contract cost of revenue |
|
|
2 |
|
|
|
— |
|
|
|
76 |
|
|
|
99 |
|
Total cost of revenue |
|
|
8,441 |
|
|
|
6,428 |
|
|
|
20,058 |
|
|
|
17,831 |
|
Gross profit |
|
|
8,332 |
|
|
|
7,869 |
|
|
|
20,753 |
|
|
|
18,047 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Research and development |
|
|
6,788 |
|
|
|
5,537 |
|
|
|
18,959 |
|
|
|
16,460 |
|
Selling, general and administrative |
|
|
13,379 |
|
|
|
11,309 |
|
|
|
39,877 |
|
|
|
34,297 |
|
Change in fair value of contingent consideration |
|
|
(12,141 |
) |
|
|
112 |
|
|
|
(12,141 |
) |
|
|
335 |
|
Goodwill Impairment |
|
|
30,523 |
|
|
|
— |
|
|
|
30,523 |
|
|
|
— |
|
Total operating expenses |
|
|
38,549 |
|
|
|
16,958 |
|
|
|
77,218 |
|
|
|
51,092 |
|
Loss from operations |
|
|
(30,217 |
) |
|
|
(9,089 |
) |
|
|
(56,465 |
) |
|
|
(33,045 |
) |
Other income, net |
|
|
850 |
|
|
|
1,909 |
|
|
|
3,494 |
|
|
|
3,866 |
|
Loss from operations before income taxes |
|
|
(29,367 |
) |
|
|
(7,180 |
) |
|
|
(52,971 |
) |
|
|
(29,179 |
) |
Benefit for income taxes |
|
|
72 |
|
|
|
87 |
|
|
|
211 |
|
|
|
209 |
|
Net loss |
|
$ |
(29,295 |
) |
|
$ |
(7,093 |
) |
|
$ |
(52,760 |
) |
|
$ |
(28,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss per share attributable to common stockholders |
|
$ |
(0.84 |
) |
|
$ |
(0.22 |
) |
|
$ |
(1.56 |
) |
|
$ |
(0.90 |
) |
Weighted average common shares outstanding |
|
|
34,670,638 |
|
|
|
32,345,925 |
|
|
|
33,817,613 |
|
|
|
32,171,685 |
|
908 DEVICES INC. |
||||||
Condensed Consolidated Balance Sheets |
||||||
(in thousands) |
||||||
(unaudited) |
||||||
|
|
September 30, |
|
December 31, |
||
|
|
2024 |
|
2023 |
||
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash, cash equivalents and marketable securities |
|
$ |
71,686 |
|
$ |
145,682 |
Accounts receivable, net |
|
|
16,659 |
|
|
8,989 |
Inventory |
|
|
17,833 |
|
|
14,938 |
Prepaid expenses and other current assets |
|
|
2,749 |
|
|
4,181 |
Total current assets |
|
|
108,927 |
|
|
173,790 |
Operating lease, right-of-use assets |
|
|
7,484 |
|
|
6,233 |
Property and equipment, net |
|
|
3,666 |
|
|
3,342 |
Goodwill |
|
|
10,137 |
|
|
10,367 |
Intangible, net |
|
|
46,683 |
|
|
7,860 |
Other long-term assets |
|
|
1,386 |
|
|
1,389 |
Total assets |
|
$ |
178,283 |
|
$ |
202,981 |
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
9,562 |
|
$ |
9,904 |
Deferred revenue |
|
|
13,859 |
|
|
10,629 |
Operating lease liabilities |
|
|
2,297 |
|
|
2,016 |
Total current liabilities |
|
|
25,718 |
|
|
22,549 |
Deferred revenue, net of current portion |
|
|
11,027 |
|
|
3,929 |
Other long-term liabilities |
|
|
10,499 |
|
|
11,012 |
Total liabilities |
|
|
47,244 |
|
|
37,490 |
Total stockholders' equity |
|
|
131,039 |
|
|
165,491 |
Total liabilities and stockholders' equity |
|
$ |
178,283 |
|
$ |
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 |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Profit (GAAP) |
|
$ |
8,332 |
|
|
$ |
7,869 |
|
|
$ |
20,753 |
|
|
$ |
18,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Intangible amortization |
|
|
743 |
|
|
|
108 |
|
|
|
1,380 |
|
|
|
321 |
|
Acquisition and integration costs |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Restructuring |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation |
|
|
223 |
|
|
|
155 |
|
|
|
596 |
|
|
|
410 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Gross Profit (Non-GAAP) |
|
$ |
9,298 |
|
|
$ |
8,132 |
|
|
$ |
22,729 |
|
|
$ |
18,778 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Gross Margin Percentage (GAAP) |
|
|
50 |
% |
|
|
55 |
% |
|
|
51 |
% |
|
|
50 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted Gross Margin Percentage (Non-GAAP) |
|
|
55 |
% |
|
|
57 |
% |
|
|
56 |
% |
|
|
52 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Reconciliation from Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP):
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
September 30, |
|
September 30, |
||||||||||||
|
|
2024 |
|
2023 |
|
2024 |
|
2023 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net Loss (GAAP) |
|
$ |
(29,295 |
) |
|
$ |
(7,093 |
) |
|
$ |
(52,760 |
) |
|
$ |
(28,970 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Other income, net |
|
|
(850 |
) |
|
|
(1,909 |
) |
|
|
(3,494 |
) |
|
|
(3,866 |
) |
Benefit for income taxes |
|
|
(72 |
) |
|
|
(87 |
) |
|
|
(211 |
) |
|
|
(209 |
) |
Depreciation |
|
|
510 |
|
|
|
348 |
|
|
|
1,428 |
|
|
|
1,086 |
|
Intangible amortization |
|
|
930 |
|
|
|
221 |
|
|
|
1,843 |
|
|
|
658 |
|
Goodwill impairment |
|
|
30,523 |
|
|
|
- |
|
|
|
30,523 |
|
|
|
- |
|
Acquisition and integration costs |
|
|
106 |
|
|
|
- |
|
|
|
2,330 |
|
|
|
- |
|
Restructuring |
|
|
171 |
|
|
|
- |
|
|
|
171 |
|
|
|
524 |
|
Stock-based compensation |
|
|
3,199 |
|
|
|
2,704 |
|
|
|
8,938 |
|
|
|
7,448 |
|
Change in fair value of contingent consideration |
|
|
(12,141 |
) |
|
|
104 |
|
|
|
(12,141 |
) |
|
|
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA (Non-GAAP) |
|
$ |
(6,919 |
) |
|
$ |
(5,712 |
) |
|
$ |
(23,373 |
) |
|
$ |
(22,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112074859/en/
Investor Contact:
Carrie Mendivil
IR@908devices.com
Media Contact:
Barbara Russo
brusso@908devices.com
Source: 908 Devices Inc.
FAQ
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