908 Devices Reports First Quarter 2024 Financial Results and Updates 2024 Revenue Outlook
First quarter 2024 product and service revenue increased 8% compared to prior year, driven by a 20% increase in handheld revenue
Acquired RedWave Technology, expanding forensics product portfolio for point-of-need applications
"We had a solid start to the year with topline revenue of
Recent Highlights
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Revenue of
$10.0 million for the first quarter 2024, increasing 5% compared to the first quarter 2023-
Handheld revenue was
$7.4 million , increasing 20% year over year -
Desktop revenue was
$2.6 million , decreasing 18% year over year -
Recurring revenue was
$4.5 million , increasing 8% year over year - 45% of revenue was recurring revenue, driven by service and REBEL consumables
-
Handheld revenue was
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Ended the first quarter 2024 with
$134.2 million in cash, cash equivalents and marketable securities, and zero debt outstanding - Subsequent to quarter end, acquired RedWave Technology, expanding analyte detection capabilities with a highly complementary product suite, accelerating top-line growth, and expanding margins
- Published inaugural Environmental, Social & Governance (ESG) report, showcasing commitment to pursuing responsible, ethical, and sustainable operations
First Quarter 2024 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Cash, cash equivalents and marketable securities were
2024 Guidance
Webcast Information
About
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, including the expected revenue contribution from RedWave. 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
Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited) |
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Three Months Ended |
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2024 |
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2023 |
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Revenue: |
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Product revenue |
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$ |
7,233 |
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$ |
7,022 |
Service revenue |
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2,758 |
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2,240 |
Contract revenue |
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— |
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225 |
Total revenue |
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9,991 |
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9,487 |
Cost of revenue: |
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Product cost of revenue |
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3,210 |
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3,786 |
Service cost of revenue |
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1,778 |
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1,270 |
Contract cost of revenue |
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— |
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47 |
Total cost of revenue |
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4,988 |
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5,103 |
Gross profit |
|
|
5,003 |
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|
4,384 |
Operating expenses: |
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Research and development |
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5,790 |
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5,398 |
Selling, general and administrative |
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11,901 |
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12,003 |
Total operating expenses |
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17,691 |
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17,401 |
Loss from operations |
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(12,688) |
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(13,017) |
Other income: |
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Other income, net |
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1,701 |
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485 |
Loss from operations before income taxes |
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(10,987) |
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(12,532) |
Benefit for income taxes |
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70 |
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— |
Net loss |
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$ |
(10,917) |
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$ |
(12,532) |
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Net loss per share attributable to common stockholders |
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$ |
(0.33) |
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$ |
(0.39) |
Weighted average common shares outstanding |
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32,710,894 |
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31,965,799 |
Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
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2024 |
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2023 |
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Assets |
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Current assets: |
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Cash, cash equivalents and marketable securities |
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$ |
134,195 |
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$ |
145,682 |
Accounts receivable, net |
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7,486 |
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8,989 |
Inventory |
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16,356 |
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14,938 |
Prepaid expenses and other current assets |
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3,831 |
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4,181 |
Total current assets |
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161,868 |
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173,790 |
Operating lease, right-of-use assets |
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5,754 |
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6,233 |
Property and equipment, net |
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3,215 |
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3,342 |
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10,139 |
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10,367 |
Intangible, net |
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7,468 |
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7,860 |
Other long-term assets |
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1,347 |
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1,389 |
Total assets |
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$ |
189,791 |
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$ |
202,981 |
Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
6,771 |
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$ |
9,904 |
Deferred revenue |
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10,483 |
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10,629 |
Operating lease liabilities |
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2,076 |
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2,016 |
Total current liabilities |
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19,330 |
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22,549 |
Deferred revenue, net of current portion |
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7,871 |
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8,571 |
Other long-term liabilities |
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5,697 |
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6,370 |
Total liabilities |
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32,898 |
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37,490 |
Total stockholders' equity |
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156,893 |
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165,491 |
Total liabilities and stockholders' equity |
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$ |
189,791 |
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$ |
202,981 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240430231918/en/
Investor Contact:
IR@908devices.com
Media Contact:
brusso@908devices.com
Source: