908 Devices Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Revenue Outlook
Fourth quarter 2023 revenue increased 23% compared to prior year, driven by handheld revenue increasing 57%
"We made solid progress in 2023 towards our objectives. We have continued to see sustained growth of our handheld devices servicing customers in their efforts to combat the ongoing crisis of counterfeit drugs and opioids. For the full year we saw 28% growth in our handheld revenue and consistent year-over-year growth each quarter. Despite near-term headwinds impacting the life science instrumentation and bioprocessing industries, we launched two additional desktop devices in the Process Analytical Technology (PAT) space, positioning us for accelerated growth as conditions improve," said
Recent Highlights
-
Revenue of
$14.4 million for the fourth quarter 2023, increasing 23% compared to the fourth quarter 2022 -
Revenue of
$50.2 million for the full year 2023, increasing 7% compared to the full year 2022- Handheld revenue increased 28% compared to full year 2022
- Recurring revenue represented 33% of product and service revenues
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Ended 2023 with
$145.7 million in cash, cash equivalents and marketable securities, consuming$28 million in 2023 and an additional$15 million to pay off remaining debt -
Expanded international presence with MX908 handheld devices placed in 56 countries as of
December 31, 2023 , an additional 11 countries fromDecember 31, 2022 - Announced a collaboration with Cellares, an integrated development and manufacturing company, to adapt our MAVERICK in-line bioprocess analyzer to be compatible with Cellares’ Cell Shuttle system for large-scale cell therapy manufacturing
Fourth Quarter 2023 Financial Results
Revenue was
Gross profit was
Operating expenses were
Net loss was
Full Year 2023 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. 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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Year Ended |
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2023 |
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2022 |
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2023 |
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2022 |
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Revenue: |
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Product revenue |
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$ |
11,436 |
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$ |
8,272 |
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$ |
40,214 |
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$ |
37,499 |
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Service revenue |
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2,915 |
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2,129 |
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9,645 |
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6,976 |
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Contract revenue |
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— |
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1,242 |
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370 |
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2,377 |
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Total revenue |
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14,351 |
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11,643 |
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50,229 |
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46,852 |
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Cost of revenue: |
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Product cost of revenue |
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5,191 |
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4,501 |
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18,428 |
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16,010 |
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Service cost of revenue |
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1,885 |
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1,161 |
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6,380 |
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4,420 |
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Contract cost of revenue |
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— |
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59 |
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99 |
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399 |
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Total cost of revenue |
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7,076 |
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5,721 |
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24,907 |
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20,829 |
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Gross profit |
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7,275 |
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5,922 |
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25,322 |
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26,023 |
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Operating expenses: |
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Research and development |
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5,444 |
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4,662 |
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21,904 |
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17,526 |
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Selling, general and administrative |
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11,544 |
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11,598 |
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46,176 |
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43,879 |
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Total operating expenses |
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16,988 |
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16,260 |
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68,080 |
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61,405 |
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Loss from operations |
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(9,713 |
) |
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(10,338 |
) |
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(42,758 |
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(35,382 |
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Other income: |
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Other income, net |
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2,282 |
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547 |
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6,148 |
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1,819 |
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Loss from operations before income taxes |
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(7,431 |
) |
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(9,791 |
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(36,610 |
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(33,563 |
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Benefit for income taxes |
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2 |
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— |
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211 |
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— |
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Net loss |
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$ |
(7,429 |
) |
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$ |
(9,791 |
) |
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$ |
(36,399 |
) |
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$ |
(33,563 |
) |
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Net loss per share attributable to common stockholders |
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$ |
(0.23 |
) |
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$ |
(0.31 |
) |
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$ |
(1.13 |
) |
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$ |
(1.07 |
) |
Weighted average common shares outstanding |
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32,440,312 |
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31,749,993 |
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32,239,394 |
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31,492,531 |
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Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
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2023 |
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2022 |
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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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$ |
145,682 |
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$ |
188,422 |
Accounts receivable, net |
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8,989 |
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10,033 |
Inventory |
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14,938 |
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12,513 |
Prepaid expenses and other current assets |
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4,181 |
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4,658 |
Total current assets |
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173,790 |
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215,626 |
Operating lease, right-of-use assets |
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6,233 |
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3,956 |
Property and equipment, net |
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3,342 |
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3,083 |
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10,367 |
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10,050 |
Intangible, net |
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7,860 |
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8,488 |
Other long-term assets |
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1,389 |
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1,384 |
Total assets |
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$ |
202,981 |
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$ |
242,587 |
Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable and accrued expenses |
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$ |
9,904 |
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$ |
10,244 |
Deferred revenue |
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10,629 |
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7,514 |
Operating lease liabilities |
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2,016 |
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1,468 |
Total current liabilities |
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22,549 |
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19,226 |
Long-term debt, net of discount and current portion |
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3,929 |
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15,000 |
Deferred revenue, net of current portion |
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8,571 |
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3,040 |
Other long-term liabilities |
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2,441 |
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14,722 |
Total liabilities |
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37,490 |
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51,988 |
Total stockholders' equity |
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165,491 |
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190,599 |
Total liabilities and stockholders' equity |
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$ |
202,981 |
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$ |
242,587 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240305336510/en/
Investor Contact:
IR@908devices.com
Media Contact:
brusso@908devices.com
Source: