Welcome to our dedicated page for Rapid Micro Biosystems news (Ticker: RPID), a resource for investors and traders seeking the latest updates and insights on Rapid Micro Biosystems stock.
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) 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.
Rapid Micro Biosystems (Nasdaq: RPID) announced its participation in the 2021 Parenteral Drug Association Pharmaceutical Microbiology Conference from October 4-6. The company will showcase its Growth Direct® System, which enhances microbial quality control in pharmaceutical manufacturing. Key achievements include a successful IPO, regulatory approvals in Europe and the U.S., and the sale of its one millionth consumable. Attendees can preview a new rapid sterility test and access informative resources on quality control.
Rapid Micro Biosystems (Nasdaq: RPID) announced its inclusion in the Russell 2000®, Russell 3000®, and Russell Microcap® indexes, effective September 20, 2021. This membership is based on market-capitalization rankings and style attributes, remaining effective for a year. CEO Rob Spignesi noted that this inclusion will enhance stock visibility in the investment community, aiding the company’s mission to improve microbial quality control in pharmaceutical manufacturing. The company specializes in automation solutions for healthcare product manufacturing, with a focus on safety and efficiency.
Rapid Micro Biosystems (Nasdaq: RPID) announced participation in the Morgan Stanley 19th Annual Global Healthcare Conference on September 15, 2021. CEO Rob Spignesi and CFO Sean Wirtjes will engage in a 30-minute virtual Q&A session starting at 5:00 AM PT (8:00 AM ET). Investors can access the live webcast on the company’s website, which will be archived for 90 days post-event. The company specializes in automation solutions for healthcare products, enhancing microbial quality control testing in pharmaceutical manufacturing.
Rapid Micro Biosystems reported second quarter 2021 commercial revenue of $5.7 million, reflecting 135% year-over-year growth. The company expects full-year revenue to reach at least $24 million, a growth of 70% from 2020. Cumulative system placements increased to 103 with 8 new systems installed. Recurring commercial revenue rose to $1.9 million, up 91% year-over-year. However, net loss for the quarter was $11.8 million, compared to $9.3 million a year earlier, primarily due to increased operating expenses.
Rapid Micro Biosystems (Nasdaq: RPID) announced it will release its financial results for Q2 2021 after market close on August 26, 2021. The company will hold a webcast conference call at 1:30 PM PT/4:30 PM ET on the same day to discuss the results.
Rapid Micro Biosystems specializes in automation solutions for the manufacturing of healthcare products, enhancing quality control processes. Their flagship Growth Direct® platform modernizes microbial quality control in pharmaceutical manufacturing, ensuring faster, safer releases of products.
Rapid Micro Biosystems, Inc. (Nasdaq: RPID) announced the exercise of an over-allotment option from its initial public offering, resulting in the sale of 1,086,604 additional shares at $20.00 each, generating gross proceeds of $21.7 million. This transaction closed on August 4, 2021. The offering was managed by J.P. Morgan, Morgan Stanley, Cowen, and Stifel. The registration statement for this offering became effective on July 14, 2021, and details can be accessed through the designated underwriters.
Rapid Micro Biosystems (Nasdaq: RPID) has appointed Melinda Litherland to its board of directors as of June 2021. Litherland, a CPA with over 30 years in audit experience, brings significant expertise in the Technology and Life Sciences sectors from her tenure at Deloitte. The company aims to leverage her financial acumen to address complex accounting challenges while pursuing its goal of becoming a leader in microbial quality control. Rapid Micro specializes in automation solutions for the healthcare industry, including the innovative Growth Direct® platform, enhancing operational efficiency and compliance in pharmaceutical manufacturing.
Rapid Micro Biosystems announced the pricing of its initial public offering (IPO) of 7,920,000 shares of Class A common stock at $20.00 per share, aiming to raise $158.4 million before expenses. The shares will trade on the Nasdaq under the symbol RPID starting July 15, 2021, with the offering expected to close on July 19, 2021. Underwriters have a 30-day option to purchase an additional 1,188,000 shares. The company focuses on automation solutions for healthcare product manufacturing.
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