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Rapid Micro Biosystems, Inc. (Nasdaq: RPID), is a leading life sciences technology company known for its pioneering automation solutions designed to accelerate the manufacturing and safe release of critical healthcare products. The company's flagship product, the Growth Direct™ system, modernizes and automates the otherwise manual microbial quality control (MQC) testing workflows, which are essential in pharmaceutical manufacturing. This revolutionary platform ensures faster detection of microbial contamination, delivering significant economic benefits while enhancing the quality processes of manufacturers.
Headquartered in Lowell, Massachusetts, Rapid Micro Biosystems operates globally with locations in Lexington, Massachusetts, Switzerland, Germany, and the Netherlands. The company's solutions are pivotal in areas such as biologics, vaccines, cell and gene therapies, and sterile injectables. By automating MQC, the Growth Direct™ system meets current regulatory practices and improves operational efficiency, data integrity, and accuracy.
One of the company's recent milestones includes a collaboration with Samsung Biologics, a top global contract development and manufacturing organization (CDMO), which has adopted the Growth Direct® platform to enhance its microbial quality control processes. This partnership underscores the platform’s capability to handle the scale, data integrity, and speed demanded by modern biomanufacturing.
In 2023, Rapid Micro Biosystems reported a revenue of $22.5 million, reflecting a 31% growth compared to the previous year, and a notable increase in recurring revenue. The company ended the year with approximately $95 million in cash and investments. With a strong financial position and a growth trajectory, the company continues to focus on expanding its product offerings and improving sales and marketing processes.
Rapid Micro Biosystems is also preparing to launch a new Rapid Sterility Application for the Growth Direct® system. This application is a game-changer for sterility testing, reducing time to organism detection to as little as 12 hours and final results within one to three days, a significant improvement over the traditional 14-day incubation period.
Rapid Micro Biosystems (Nasdaq: RPID) has announced its preliminary unaudited 2022 revenue, expecting total commercial revenue between $17.0 million and $17.2 million. The company finished 2022 with about $140 million in cash, providing operational runway until at least 2026. In Q4 2022, expected revenue is between $4.2 and $4.4 million, with notable placements of two Growth Direct systems and the addition of new global pharma customers. The company will present at the 41st Annual J.P. Morgan Healthcare Conference on January 12, 2023.
Rapid Micro Biosystems announced its participation in the 41st Annual J.P. Morgan Healthcare Conference on January 12, 2023, at 9:45 AM PT (12:45 PM ET). The company will discuss its innovative automation solutions for healthcare manufacturing. A live webcast will be accessible on the Rapid Micro Biosystems investor relations website and archived for 30 days post-event. Headquartered in Lowell, Massachusetts, the company focuses on modernizing microbial quality control testing in the pharmaceutical industry.
Rapid Micro Biosystems (Nasdaq: RPID) has announced the publication of a case study in the PDA Journal of Pharmaceutical Science and Technology, validating its automated colony counting technology for pharmaceutical microbiology. The research showcases the effectiveness of the Growth Direct system in enhancing quality control with faster results and improved accuracy. Conducted by eight global pharmaceutical firms, the study confirms compliance with regulatory standards. The Growth Direct system is already in routine use for multiple QC tests, supporting safe healthcare product releases.
Rapid Micro Biosystems (Nasdaq: RPID) announced the conclusion of its review of strategic alternatives, revealing that no binding offers were made for acquisition. The Board believes the best path forward is to enhance commercial execution and product development. The company plans to focus on its Growth Direct system, aiming to increase efficiency and customer experience. As of Q3 2022, RPID reported $150.1 million in cash with no debt, providing a cash runway into 2026. The Company continues investing in its solutions to drive growth and shareholder value.
Rapid Micro Biosystems, Inc. (Nasdaq: RPID) reported third quarter 2022 commercial revenue of $4.7 million, down from $6.3 million in Q3 2021. However, the company achieved a 34% year-over-year growth in recurring revenue, totaling $2.9 million. The company reaffirmed its full-year revenue guidance of at least $17 million, anticipating the placement of two additional systems in Q4. Despite a net loss of $16.3 million, improved cash reserves of $150.1 million and a comprehensive review of strategic alternatives aim to maximize shareholder value.
Rapid Micro Biosystems, Inc. (Nasdaq: RPID) will announce its third quarter 2022 financial results on November 10, 2022, before the market opens. Following the release, management will host a conference call at 8:30 a.m. EST. The company focuses on providing innovative automation solutions for the healthcare industry, including the Growth Direct System that modernizes microbial quality control testing. This advancement enhances efficiency and compliance, crucial for the safe production of healthcare products. For more details, visit the company's website.
Rapid Micro Biosystems (Nasdaq: RPID) has launched the RMBNucleus™ Mold Alarm, a new feature for the Growth Direct® System aimed at detecting environmental molds rapidly in pharmaceutical manufacturing. This innovation addresses the critical challenge of slow mold detection, which can jeopardize product safety. The Mold Alarm offers enhanced data integrity and alerts users within 24 hours of detection, allowing for prompt intervention. The product will be available before the end of 2022, and the company is showcasing it at the 2022 PDA Pharmaceutical Microbiology Conference.
Rapid Micro Biosystems, Inc. (Nasdaq: RPID) announced its participation as a sponsor and exhibitor at the 2022 PDA Pharmaceutical Microbiology Conference, taking place from October 10-12 in Washington, D.C. The event will gather global professionals to discuss pharmaceutical microbiology challenges. The company will showcase its Growth Direct® System, an advanced automation platform for microbiological quality control, aimed at enhancing laboratory efficiency. Highlights include a Tech Talk on faster monitoring and two poster presentations focusing on compliance and automated differentiation in environmental tests.
Rapid Micro Biosystems (Nasdaq: RPID) announced that CEO Robert Spignesi will present at the 2022 PDA/FDA Joint Regulatory Conference on September 14. His session, titled “The Microbiology Lab of the 21st Century”, will address challenges faced by global pharmaceutical companies and the role of automation and digitization in modernizing microbial quality control in manufacturing. The session starts at 7:15 AM ET and will last approximately 25 minutes, followed by a Q&A with Kham Nguyen.
Investors can register for a live webcast.
Rapid Micro Biosystems reported Q2 2022 commercial revenue of $3.9 million, down from $5.7 million in Q2 2021. Recurring revenue grew 31% to $2.5 million, now representing 65% of total revenue. The company has lowered its full-year revenue guidance to at least $17.0 million, citing slower system placements and macroeconomic uncertainties. An organizational restructuring plan has been announced, aiming for $8.0 - $9.0 million in annual cost savings. The company rejected a takeover proposal from Kennedy Lewis Investment Management.
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