908 Devices Reports Fourth Quarter and Full Year 2021 Financial Results and Provides 2022 Revenue Outlook|||

2021 revenue increases 57% year over year

BOSTON–(BUSINESS WIRE)–908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop mass spec devices for chemical and biomolecular analysis, today reported financial results for the quarter and full year ended December 31, 2021.

“2021 was a pivotal yr for 908 Devices. We grew revenue 57% over the prior year and demonstrated operational excellence during our first year every bit a public company. I am so proud of our squad’southward continuous execution against our stated goals,” said Kevin J. Knopp, CEO and Co-founder. “As the biopharmaceutical industry nears an inflection point with a pipeline of advanced therapeutics, we have made corking progress in addressing the stringent analysis requirements of this new moving ridge of biologics also as addressing the trace detection needs of the ongoing opioid crisis. The demand for analytics to provide actionable insights and to accelerate workflows across our end markets has never been greater. Nosotros are well-positioned to serve this need and look forward to updating you lot on our progress throughout the twelvemonth.”

Recent Highlights

  • Revenue of $xv.8 million for the fourth quarter and $42.2 1000000 for the full year 2021, representing 177% and 57% increases, respectively, over the corresponding periods of 2020
  • Expanded installed base to i,935 devices with 221 devices placed during the 4th quarter
  • Demonstrated commercial traction of our desktop devices with adoption past all 20 of the superlative biopharma companies and with xv customers now owning multiple Insubordinate units
  • Developed a foothold in advanced therapies applications, with nearly a quarter of Rebel placements and more than a third of research collaborations specifically focused on cell and cistron therapies
  • Demonstrated informing power of Insubordinate analyte panel through a paper published by Johns Hopkins Academy researchers in
    Biotechnology and Bioengineering
    in November
  • Announced collaboration with USDA to expand the analyte panel of our handheld mass specs to include pesticides
  • Added Tony Hunt, President and CEO of Repligen, to Board of Directors

Fourth Quarter 2021 Financial Results

Acquirement was $fifteen.8 million for the three months ended December 31, 2021, a 177% increment over the prior year flow. This increase was primarily driven by our handheld revenue that increased $8.2 million or 262% mainly related to shipments to the US Army under our multi-year buy gild. Desktop revenue grew 53% year over year because of both increased device sales and increased recurring revenue.

Popular:   India to have its fourth Microsoft data center at Hyderabad

The install base grew to 1,935 placements with 221 devices placed in Q4 2021. The increment in devices was driven primarily by continued adoption of our handheld devices.

Gross profit was $9.ane million for the fourth quarter of 2021, compared to $2.half-dozen million for the corresponding prior year period. Product and service gross margin was 58%, as compared to 49% for the corresponding prior yr menses. The increment in product and service gross margin was primarily driven by the increase in device sales and the volume leverage across our fixed infrastructure.

Operating expenses were $12.7 one thousand thousand for the fourth quarter of 2021, compared to $6.v meg for the respective prior year period. This increment was driven by headcount expansion beyond our business organisation and an increment in marketing activities, consulting and travel expenses, as well as an increment in stock based bounty.

Net loss was $3.5 1000000 for the fourth quarter of 2021, compared to a internet loss of $10.ii million for the respective prior year period. Net loss per share was $0.12 for the fourth quarter of 2021, compared to a net loss per share of $1.48 for the corresponding prior year period.

Full Twelvemonth 2021 Financial Results

Revenue was $42.2 one thousand thousand for the year ended December 31, 2021, a 57% increase over the prior year period.

Gross turn a profit was $23.2 million for 2021, compared to $xiv.nine million for the respective prior twelvemonth period. Product and service gross margin was 55% consistent with the corresponding prior year period.

Operating expenses were $45.3 million for 2021, compared to $20.seven million for the respective prior year period.

Net loss was $22.ii million for 2021, compared to a net loss of $12.viii million for the corresponding prior yr menses. Net loss per share was $0.79 for 2021, compared to a internet loss per share of $2.35 for the corresponding prior year menstruation.

Cash and cash equivalents were $224 million as of December 31, 2021, which includes approximately $94 meg in net proceeds raised in a public offer completed in Nov 2021. In addition, the Visitor has approximately $fifteen million of debt outstanding.

2022 Guidance

908 Devices expects full year 2022 revenue to be in the range of $52 one thousand thousand to $55 million, representing 23% to thirty% growth over full year 2021.

Popular:   Intuit Reiterates Full Fiscal Year 2022 Revenue Guidance Based on Strong Momentum; Expects Second Quarter Revenue to Reflect Slower Forming Tax Season|||

Webcast Information

908 Devices will host a conference telephone call to discuss the quaternary quarter and full year 2021 financial results afterward market closes on Monday, March seven, 2022 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference telephone call tin can be accessed at https://ir.908devices.com/news-events/events. The webcast volition be archived and available for replay for at least ninety days later the event.

About 908 Devices

908 Devices is democratizing laboratory mass spectrometry with its uncomplicated handheld and desktop devices, addressing disquisitional-to-life applications. The Visitor’s devices are used at the point-of-demand to interrogate unknown and invisible materials and provide quick, actionable answers to directly accost some of the virtually critical problems in life sciences research, bioprocessing, pharma / biopharma, forensics and next markets. The Visitor is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the ability of mass spectrometry, microfluidic separations, software automation, and car learning.

Forward Looking Statements

This press release includes “frontward looking statements” within the meaning of the Individual 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’due south future acquirement and growth. Words such as “may,” “will,” “expect,” “program,” “anticipate,” “guess,” “intend” and like expressions (too as other words or expressions referencing future events, atmospheric condition or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on direction’s electric current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or unsaid by any forward-looking statement, including the risks outlined nether “Risk Factors” and elsewhere in the Visitor’south filings with the Securities and Exchange Commission which are bachelor on the SEC’s website at www.sec.gov. Additional information will be made available in our almanac and quarterly reports and other filings that we make from fourth dimension to fourth dimension with the SEC. Although the Company believes that the expectations reflected in its forrad-looking statements are reasonable, information technology cannot guarantee future results. The Visitor has no obligation, and does non undertake any obligation, to update or revise whatsoever forwards-looking statement fabricated in this press release to reflect changes since the date of this press release, except as may be required by law.

Popular:   Your Guide to Container Security Best Practices: Forrester Report

908 DEVICES INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

(unaudited)

Three Months Ended

Year Concluded

December 31,

December 31,

2021

2020

2021

2020

Acquirement:

Product and service acquirement

$

xv,551

$

5,912

$

41,108

$

24,756

License and contract revenue

290

(195

)

i,098

2,138

Total acquirement

15,841

five,717

42,206

26,894

Cost of acquirement:

Product and service toll of acquirement

vi,592

2,993

18,654

11,114

License and contract cost of acquirement

115

145

319

857

Total price of acquirement

half dozen,707

3,138

18,973

11,971

Gross profit

ix,134

2,579

23,233

14,923

Operating expenses:

Inquiry and development

iii,745

2,282

13,067

eight,235

Selling, general and administrative

8,917

4,183

32,235

12,503

Total operating expenses

12,662

vi,465

45,302

twenty,738

Loss from operations

(3,528

)

(3,886

)

(22,069

)

(5,815

)

Other income (expense):

Involvement expense

(40

)

(243

)

(486

)

(976

)

Other income (loss), net

103

(half dozen,097

)

386

(half dozen,028

)

Total other expense, net

63

(6,340

)

(100

)

(seven,004

)

Net loss and comprehensive loss

(iii,465

)

(10,226

)

(22,169

)

(12,819

)

Accretion of redeemable convertible preferred stock to redemption value

(16

)

(ninety

)

Cyberspace loss attributable to mutual stockholders

$

(3,465

)

$

(x,242

)

$

(22,169

)

$

(12,909

)

Net loss per share attributable to common stockholders, Basic and diluted

$

(0.12

)

$

(1.48

)

$

(0.79

)

$

(ii.35

)

Weighted average mutual shares outstanding, Bones and diluted

29,476,480

half-dozen,941,861

27,957,904

5,485,032

908 DEVICES INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

December 31,

2021

2020

Avails

Current avails:

Greenbacks and cash equivalents

$

224,073

$

159,227

Accounts receivable, cyberspace

16,375

half dozen,825

Inventory

7,918

iv,568

Prepaid expenses and other current assets

4,527

347

Total current assets

252,893

170,967

Operating lease, correct-of-use assets

5,182

6,287

Property and equipment, net

1,603

850

Other long-term assets

1,228

723

Full assets

$

260,906

$

178,827

Liabilities and Stockholders’ Disinterestedness

Electric current liabilities:

Accounts payable

$

ane,371

$

ane,004

Accrued expenses

6,961

v,038

Deferred acquirement

5,160

iii,104

Operating lease liabilities

1,344

i,187

Current portion of long-term debt

500

Total current liabilities

fourteen,836

10,833

Long-term debt, net of discount and current portion

xv,000

14,332

Operating charter liabilities, net of current portion

4,508

5,839

Deferred revenue, internet of current portion

11,958

8,588

Other long-term liabilities

194

Total liabilities

46,302

39,786

Full stockholders’ equity

214,604

139,041

Total liabilities and stockholders’ equity

$

260,906

$

178,827

Contacts

Source: https://www.dailyhostnews.com/908-devices-reports-fourth-quarter-and-full-year-2021-financial-results-and-provides-2022-revenue-outlook