Rapid Micro Biosystems Reports Second Quarter 2024 Financial Results
Rapid Micro Biosystems (NASDAQ: RPID) reported strong Q2 2024 results, with record revenue of $6.6 million, up 32% year-over-year. The company placed its 150th Growth Direct® system and first Growth Direct Rapid Sterility system with top global pharma customers. Gross margin improved by 35 percentage points compared to Q2 2023. RPID announced an operational efficiency program expected to achieve positive cash flow without additional financing. The company reaffirmed its 2024 revenue guidance of at least $27.0 million, representing 20%+ growth. Q2 highlights include:
- Product revenue up 43.2% to $4.5 million
- Service revenue up 13.5% to $2.1 million
- Recurring revenue up 7.0% to $3.8 million
- Net loss reduced to $12.6 million ($0.29 per share)
- Cash position of $70 million with no debt
Rapid Micro Biosystems (NASDAQ: RPID) ha riportato solidi risultati per il secondo trimestre del 2024, con entrate record di 6,6 milioni di dollari, in aumento del 32% su base annua. L'azienda ha posizionato il suo 150° sistema Growth Direct® e il primo sistema Growth Direct Rapid Sterility presso importanti clienti farmaceutici globali. Il margine lordo è migliorato di 35 punti percentuali rispetto al secondo trimestre del 2023. RPID ha annunciato un programma di efficienza operativa che dovrebbe portare a un flusso di cassa positivo senza ulteriori finanziamenti. L'azienda ha confermato le previsioni di fatturato per il 2024 di almeno 27 milioni di dollari, rappresentando una crescita superiore al 20%. I punti salienti del secondo trimestre includono:
- Entrate da prodotto aumentate del 43,2% a 4,5 milioni di dollari
- Entrate da servizio aumentate del 13,5% a 2,1 milioni di dollari
- Entrate ricorrenti aumentate del 7,0% a 3,8 milioni di dollari
- Perdita netta ridotta a 12,6 milioni di dollari (0,29 dollari per azione)
- Posizione di cassa di 70 milioni di dollari senza debiti
Rapid Micro Biosystems (NASDAQ: RPID) reportó resultados sólidos para el segundo trimestre de 2024, con ingresos récord de 6,6 millones de dólares, un aumento del 32% en comparación con el año anterior. La compañía colocó su 150º sistema Growth Direct® y su primer sistema de esterilidad rápida Growth Direct con importantes clientes farmacéuticos globales. El margen bruto mejoró 35 puntos porcentuales en comparación con el segundo trimestre de 2023. RPID anunció un programa de eficiencia operativa que se espera logre un flujo de caja positivo sin necesidad de financiamiento adicional. La empresa reafirmó su guía de ingresos para 2024 de al menos 27 millones de dólares, lo que representa un crecimiento superior al 20%. Los aspectos destacados del segundo trimestre incluyen:
- Ingresos por productos aumentaron un 43,2% hasta 4,5 millones de dólares
- Ingresos por servicios aumentaron un 13,5% hasta 2,1 millones de dólares
- Ingresos recurrentes aumentaron un 7,0% hasta 3,8 millones de dólares
- Pérdida neta reducida a 12,6 millones de dólares (0,29 dólares por acción)
- Posición de caja de 70 millones de dólares sin deuda
Rapid Micro Biosystems (NASDAQ: RPID)는 2024년 2분기에 강력한 실적을 보고했으며, 연간 32% 증가한 660만 달러의 기록적인 수익을 기록했습니다. 이 회사는 글로벌 제약 고객을 위한 150번째 Growth Direct® 시스템과 첫 번째 Growth Direct Rapid Sterility 시스템을 설치했습니다. 총 마진은 2023년 2분기 대비 35 포인트 향상되었습니다. RPID는 추가 자금 조달 없이 긍정적인 현금 흐름을 달성할 것으로 예상되는 운영 효율성 프로그램을 발표했습니다. 이 회사는 2024년 매출 가이던스를 최소 2,700만 달러로 재확인하며, 20% 이상의 성장을 나타냅니다. 2분기 주요 사항은 다음과 같습니다:
- 제품 수익이 43.2% 증가하여 450만 달러에 달했습니다.
- 서비스 수익이 13.5% 증가하여 210만 달러에 달했습니다.
- 반복 수익이 7.0% 증가하여 380만 달러에 달했습니다.
- 순손실이 1,260만 달러(주당 0.29 달러)로 줄어들었습니다.
- 부채 없이 7천만 달러의 현금 보유 자산을 가지고 있습니다.
Rapid Micro Biosystems (NASDAQ: RPID) a annoncé des résultats solides pour le deuxième trimestre 2024, avec des revenus records de 6,6 millions de dollars, en hausse de 32 % par rapport à l'année précédente. L'entreprise a installé son 150ème système Growth Direct® et son premier système de stérilité rapide Growth Direct chez des clients pharmaceutiques de premier plan dans le monde entier. La marge brute s'est améliorée de 35 points de pourcentage par rapport au deuxième trimestre 2023. RPID a annoncé un programme d'efficacité opérationnelle qui devrait permettre d'atteindre un flux de trésorerie positif sans financement supplémentaire. L'entreprise a réaffirmé ses prévisions de revenus pour 2024, d'au moins 27 millions de dollars, représentant une croissance supérieure à 20 %. Les points forts du deuxième trimestre comprennent :
- Revenus des produits en hausse de 43,2 % à 4,5 millions de dollars
- Revenus des services en hausse de 13,5 % à 2,1 millions de dollars
- Revenus récurrents en hausse de 7,0 % à 3,8 millions de dollars
- Perte nette réduite à 12,6 millions de dollars (0,29 dollar par action)
- Position de trésorerie de 70 millions de dollars sans dettes
Rapid Micro Biosystems (NASDAQ: RPID) berichtete über starke Ergebnisse im 2. Quartal 2024, mit Rekordumsatz von 6,6 Millionen Dollar, was einem Anstieg von 32 % im Jahresvergleich entspricht. Das Unternehmen platzierte sein 150. Growth Direct®-System und das erste Growth Direct Rapid Sterility-System bei führenden globalen Pharmaunternehmen. Die Bruttomarge verbesserte sich um 35 Prozentpunkte im Vergleich zum 2. Quartal 2023. RPID kündigte ein Betriebliche Effizienzprogramm an, das voraussichtlich einen positiven Cashflow ohne zusätzliche Finanzierung generieren wird. Das Unternehmen bestätigte seine Umsatzprognose für 2024 von mindestens 27 Millionen Dollar, was ein Wachstum von über 20 % darstellt. Zu den Höhepunkten des 2. Quartals gehören:
- Produkteinnahmen stiegen um 43,2 % auf 4,5 Millionen Dollar
- Diensteinnahmen stiegen um 13,5 % auf 2,1 Millionen Dollar
- Wiederkehrende Einnahmen stiegen um 7,0 % auf 3,8 Millionen Dollar
- Der Nettoverlust wurde auf 12,6 Millionen Dollar (0,29 Dollar pro Aktie) reduziert
- Barbestand von 70 Millionen Dollar ohne Schulden
- Record Q2 2024 revenue of $6.6 million, up 32% year-over-year
- Placed 150th Growth Direct® system with top 15 global pharma customer
- First Growth Direct Rapid Sterility system placed with top 10 global pharma customer
- Gross margin improved by 35 percentage points compared to Q2 2023
- Product revenue increased by 43.2% to $4.5 million
- Reaffirmed full year 2024 revenue guidance of at least $27.0 million (20%+ growth)
- Strong cash position of $70 million with no debt
- Net loss of $12.6 million in Q2 2024, despite improvement from $14.0 million in Q2 2023
- Implementing workforce reduction and cost-cutting measures
- Positive cash flow not expected until end of 2027
Insights
Rapid Micro Biosystems' Q2 2024 results show promising growth and operational improvements, but challenges remain. The 32% year-over-year revenue increase to
However, the company is still operating at a loss, albeit reduced. The net loss of
The announced operational efficiency program, aiming to save
With
Overall, while Rapid Micro Biosystems is showing positive momentum, it's important for investors to monitor the path to profitability and the execution of the efficiency program in the coming quarters.
Rapid Micro Biosystems' Q2 results reveal interesting market dynamics in the life sciences technology sector. The placement of the 150th Growth Direct® system with a top 15 global pharma customer indicates strong market penetration and customer loyalty among industry leaders. This milestone, coupled with the first placement of the Growth Direct Rapid Sterility system with a top 10 global pharma customer, suggests a growing acceptance of the company's innovative solutions in critical quality control processes.
The
However, the market should consider the broader context. While the company is growing, it's doing so from a relatively small base. The projected
Investors and industry watchers should monitor how Rapid Micro Biosystems navigates the balance between growth and efficiency, especially in light of potential budget constraints among pharmaceutical customers in the current economic climate.
- Record second quarter 2024 revenue of
$6.6 million , representing growth of32% compared to the second quarter of 2023 - 150th Growth Direct® system placed with an existing top 15 global pharma customer
- First Growth Direct Rapid Sterility system placed with an existing top 10 global pharma customer
- Gross margin improved by 35 percentage points compared to the second quarter of 2023, and by 24 percentage points compared to the first quarter of 2024
- Announces operational efficiency program that is expected to enable the Company to achieve positive cash flow without additional financing
- Reaffirms full year 2024 total revenue guidance of at least
$27.0 million , representing growth of at least20% compared to full year 2023
LEXINGTON, Mass., Aug. 02, 2024 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the “Company”), an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, today announced its financial results for the second quarter ended June 30, 2024.
"Through the first half of 2024, we have been executing well and advancing our strategic priorities of accelerating Growth Direct® system placements, meaningfully improving gross margins and commercializing Growth Direct Rapid Sterility,” said Robert Spignesi, President and CEO. “This morning, we announced an operational efficiency program that is expected to enable the Company to achieve positive cash flow without additional financing. We believe the combination of our demonstrated consistent business performance, coupled with disciplined cash management, will allow us to drive substantial shareholder value.”
Second Quarter Financial Results
Total revenue for the second quarter of 2024 increased
Total cost of revenue was
Total operating expenses were
Net loss for the second quarter of 2024 was
Cash, cash equivalents and investments were approximately
Operational Efficiency Program
In July 2024, the Company completed an enterprise-wide review of opportunities to realize operational efficiencies. Based on the results of this review, the Company is implementing certain cost actions including a reduction in the Company’s current workforce, the closure of open and planned positions, and reductions in other non-headcount-related expenses across the business. These actions are expected to result in approximately
The Company does not expect these actions to impact its 2024 revenue or gross margin outlook and plans to continue to invest in key initiatives that are expected to drive future revenue growth and gross margin improvement, including product development and cost reduction programs.
The Company expects to record a related charge of approximately
2024 Outlook
The Company is reaffirming its full year 2024 total revenue guidance of at least
Webcast Details
The Company will host a conference call before the market opens today, August 2, 2024, at 8:30 a.m. ET to discuss its second quarter 2024 financial results. The live call is accessible on the Company’s website at investors.rapidmicrobio.com and will be archived and available for replay for one year.
About Rapid Micro Biosystems
Rapid Micro Biosystems is an innovative life sciences technology company providing mission critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products such as biologics, vaccines, cell and gene therapies, and sterile injectables. The Company’s flagship Growth Direct system automates and modernizes the antiquated, manual microbial quality control (“MQC”) testing workflows used in the largest and most complex pharmaceutical manufacturing operations across the globe. The Growth Direct system brings the quality control lab to the manufacturing floor, unlocking the power of MQC automation to deliver the faster results, greater accuracy, increased operational efficiency, better compliance with data integrity regulations, and quicker decision making that customers rely on to ensure safe and consistent supply of important healthcare products. The Company is headquartered Lexington, Massachusetts and has U.S. manufacturing in Lowell, Massachusetts, with global locations in Switzerland, Germany, and the Netherlands. For more information, please visit www.rapidmicrobio.com or follow the Company on X (formerly known as Twitter) at @rapidmicrobio or on LinkedIn.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, but not limited to, statements regarding the Company’s guidance for full year 2024 revenue; the Company's operational efficiency program, including the expected costs, timing, savings and other intended benefits thereof; the Company's expectations for achieving positive cash flow by the end of 2027 without additional financing; the Company's financial position and cash runway; the Company's ability to drive substantial shareholder value; expected placements of Growth Direct systems, the anticipated timing of such placements and the impact on the Company’s revenue; and intentions regarding the Company’s commercial execution and improvements to gross margins.
In some cases, you can identify forward-looking statements by terminology such as “outlook,” “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,” “potential,” “positioned,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology, although not all forward-looking statements contain these words. Forward-looking statements 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, but not limited to, the Company’s ability to implement and realize the intended benefits of its operational efficiency program; the Company's ability to achieve positive cash flow without requiring additional financing; the impact of the operational efficiency program on the Company's ability to achieve its business objectives; the Company's significant losses since inception; the Company’s ability to meet its publicly announced guidance and other expectations about its business and operations; the Company’s limited experience in marketing and sales and the effectiveness of its sales processes; the Company’s need to develop new products and adapt to technological changes; the Company’s ability to establish and maintain its position as a leading provider of automated microbial quality control testing; the Company’s ability to maintain its manufacturing facility; the Company's ability to improve the gross margins of its products and services; risks related to third-parties; the Company’s ability to retain key management and other employees; risks related to regulatory and intellectual property matters; risks related to supply chain disruptions and the impact of inflation; the impact of macroeconomic volatility; and the other important factors outlined under the caption “Risk Factors” in the Company’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its other filings with the SEC, which are available on the SEC's website at www.sec.gov and the Investor Relations page of its website at investors.rapidmicrobio.com. 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.
| RAPID MICRO BIOSYSTEMS, INC. Unaudited Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Product revenue | $ | 4,537 | $ | 3,169 | $ | 8,250 | $ | 6,493 | ||||||||
| Service revenue | 2,081 | 1,833 | 3,979 | 3,544 | ||||||||||||
| Total revenue | 6,618 | 5,002 | 12,229 | 10,037 | ||||||||||||
| Costs and operating expenses: | ||||||||||||||||
| Cost of product revenue | 4,917 | 4,689 | 10,090 | 9,670 | ||||||||||||
| Cost of service revenue | 1,890 | 2,205 | 3,851 | 4,049 | ||||||||||||
| Research and development | 3,744 | 3,233 | 7,586 | 6,386 | ||||||||||||
| Sales and marketing | 3,627 | 3,201 | 6,908 | 6,663 | ||||||||||||
| General and administrative | 5,818 | 6,728 | 11,445 | 13,195 | ||||||||||||
| Total costs and operating expenses | 19,996 | 20,056 | 39,880 | 39,963 | ||||||||||||
| Loss from operations | (13,378 | ) | (15,054 | ) | (27,651 | ) | (29,926 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Interest income, net | 838 | 1,073 | 1,821 | 2,076 | ||||||||||||
| Other expense, net | (23 | ) | (29 | ) | (52 | ) | (40 | ) | ||||||||
| Total other income, net | 815 | 1,044 | 1,769 | 2,036 | ||||||||||||
| Loss before income taxes | (12,563 | ) | (14,010 | ) | (25,882 | ) | (27,890 | ) | ||||||||
| Income tax expense | 15 | 6 | 18 | 13 | ||||||||||||
| Net loss | $ | (12,578 | ) | $ | (14,016 | ) | (25,900 | ) | (27,903 | ) | ||||||
| Net loss per share — basic and diluted | $ | (0.29 | ) | $ | (0.33 | ) | $ | (0.60 | ) | $ | (0.65 | ) | ||||
| Weighted average common shares outstanding — basic and diluted | 43,616,501 | 43,059,937 | 43,431,170 | 42,936,941 | ||||||||||||
| RAPID MICRO BIOSYSTEMS, INC. Unaudited Condensed Consolidated Balance Sheets (in thousands) | |||||
| June 30, 2024 | December 31, 2023 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 37,121 | $ | 24,285 | |
| Short-term investments | 32,269 | 67,768 | |||
| Accounts receivable | 5,011 | 5,532 | |||
| Inventory | 21,429 | 19,961 | |||
| Prepaid expenses and other current assets | 2,367 | 2,869 | |||
| Total current assets | 98,197 | 120,415 | |||
| Property and equipment, net | 12,273 | 12,832 | |||
| Right-of-use assets, net | 5,733 | 6,240 | |||
| Long-term investments | — | 2,911 | |||
| Other long-term assets | 598 | 770 | |||
| Restricted cash | 284 | 284 | |||
| Total assets | $ | 117,085 | $ | 143,452 | |
| Liabilities and Stockholders’ Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 2,180 | $ | 1,973 | |
| Accrued expenses and other current liabilities | 7,819 | 9,907 | |||
| Deferred revenue | 5,427 | 5,974 | |||
| Lease liabilities, short-term | 1,173 | 1,132 | |||
| Total current liabilities | 16,599 | 18,986 | |||
| Lease liabilities, long-term | 5,616 | 6,214 | |||
| Other long-term liabilities | 281 | 263 | |||
| Total liabilities | 22,496 | 25,463 | |||
| Total stockholders’ equity | 94,589 | 117,989 | |||
| Total liabilities and stockholders’ equity | $ | 117,085 | $ | 143,452 | |
| RAPID MICRO BIOSYSTEMS, INC. Unaudited Cash, Cash Equivalents and Investments (in thousands) | |||||
| June 30, 2024 | December 31, 2023 | ||||
| Cash and cash equivalents | $ | 37,121 | $ | 24,285 | |
| Short-term investments | 32,269 | 67,768 | |||
| Long-term investments | — | 2,911 | |||
| Cash, cash equivalents and investments | $ | 69,390 | $ | 94,964 | |
FAQ
What was Rapid Micro Biosystems' (RPID) revenue for Q2 2024?
How many Growth Direct® systems did RPID place in Q2 2024?
What is RPID's full-year 2024 revenue guidance?
How did RPID's gross margin improve in Q2 2024?
What operational efficiency program did RPID announce in Q2 2024?
