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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) reported a fourth quarter total revenue of $5.2 million for 2021, maintaining the same level as Q4 2020. Full year revenue reached $23.2 million, a 44% increase from 2020. Commercial revenue for the year was $21.6 million, up 54%, with recurring revenue showing remarkable growth of 100%. The company has reaffirmed its 2022 commercial revenue outlook of $27 million to $32 million, suggesting growth between 25% and 50%.
Rapid Micro Biosystems (Nasdaq: RPID) announced its participation in the Cowen 42nd Annual Health Care Conference, scheduled for March 8, 2022, at 10:30 a.m. EST. CEO Rob Spignesi and CFO Sean Wirtjes will engage in a virtual Q&A session, accessible via a live webcast on the company's website. The session will also be archived for 90 days. The company specializes in automation solutions for healthcare product manufacturing, focusing on enhancing quality control processes through its flagship product, the Growth Direct System.
Rapid Micro Biosystems (Nasdaq: RPID) will announce its fourth quarter and full year 2021 financial results on March 4, 2022, before the market opens. The management team will host a webcast conference call at 8:30 a.m. EST on the same day, accessible via their website. Rapid Micro specializes in automated solutions for microbial quality control in pharmaceutical manufacturing, ensuring faster and safer healthcare product releases. Their flagship product, the Growth Direct System, modernizes traditional testing methods, enhancing efficiency and regulatory compliance.
Rapid Micro Biosystems (Nasdaq: RPID) announced the appointment of Michael Beaulieu as Vice President of Investor Relations and Corporate Communications. Beaulieu, with over 20 years in the industry, most recently served at Integra LifeSciences, where he earned recognition as a top IR professional. His expertise is expected to enhance RPID's outreach and investor engagement, ultimately aiming to create long-term shareholder value. The company specializes in automation solutions for healthcare product manufacturing, including biologics and vaccines, driving significant operational benefits.
Rapid Micro Biosystems (Nasdaq: RPID) has announced its preliminary unaudited revenue for Q4 2021, estimating total revenue between $4.7 million and $5.2 million, with commercial revenue between $4.5 million and $4.9 million. For the full year 2021, total revenue is expected at $22.8 to $23.3 million. Looking ahead, the company projects 2022 commercial revenue of $27 million to $32 million, representing growth of 25% to 50%. Despite challenges from COVID-19, Rapid Micro secured growth in recurring revenue, expecting a 90% increase in the last quarter of 2021.
Rapid Micro Biosystems (Nasdaq: RPID) announced the appointment of Inese Lowenstein to its Board of Directors, bringing extensive leadership experience from companies like Danaher and Merck. CEO Robert Spignesi expressed enthusiasm, noting Lowenstein's track record in customer-focused innovation and strategic growth. Her expertise in life sciences is expected to enhance the company’s mission to be a leader in microbial quality control. Lowenstein has over 20 years of experience in various leadership roles, reinforcing Rapid Micro's commitment to innovative healthcare solutions.
Rapid Micro Biosystems reported third quarter 2021 revenues of $6.9 million, with commercial revenue at $6.3 million, a 27% increase year-over-year. The company reaffirmed its full-year commercial revenue outlook of at least $24.0 million, indicating 70% growth over 2020. Recurring commercial revenue surged by 154% to $2.2 million. Despite these positive trends, net loss widened to ($25.0 million) from ($8.5 million) in Q3 2020, largely due to increased operating costs and charges related to the IPO. Cash on hand stood at $220 million.
Rapid Micro Biosystems (Nasdaq: RPID) will participate in the Stifel 2021 Virtual Healthcare Conference on November 16, 2021. CEO Rob Spignesi and CFO Sean Wirtjes will lead a 30-minute Q&A session at 6:20 am PT/9:20 am ET. A live webcast will be available on the company's website and archived for 90 days. Rapid Micro specializes in automation solutions for healthcare manufacturing, enhancing the efficiency of microbial quality control testing. Its flagship Growth Direct® System modernizes testing workflows in pharmaceutical manufacturing, ensuring safe product releases.
Rapid Micro Biosystems (Nasdaq: RPID) will release its third quarter 2021 financial results on November 11, 2021, after market close. A conference call is scheduled for November 12, 2021, at 5:00 AM PT, where company management will discuss the results. The call will be accessible via live webcast on their website and archived for 90 days. Rapid Micro provides automation solutions to enhance the production and release of healthcare products, including biologics and vaccines, while ensuring compliance with quality control regulations.
Rapid Micro Biosystems, Inc. (Nasdaq: RPID) has appointed Andy Keys as Chief Commercial Officer, effective October 1, 2021. Keys, a veteran with over twenty years in the life sciences sector, previously served at Quanterix Corporation. His expertise will enhance Rapid Micro's global sales, service, and validation teams. Key highlights include the company's flagship Growth Direct® System, which automates microbial quality control in pharmaceutical manufacturing, promising faster results and improved efficiency in healthcare product releases.
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