BOSTON–(BUSINESS THREAD)–908 Devices Inc. (Nasdaq: MASS), a pioneer in portable and desktop mass spectrometry devices designed for chemical and biomolecular analysis, today reported financial results for the quarter ended June 30, 2022.
“We are pleased with our performance in the first half of 2022, in which our revenue grew 40%, including desktop revenue growth of 52%. I am encouraged by the continued enthusiasm we are seeing in our end markets for real-time analytics at the point of need,” said Kevin J. Knopp, CEO and co-founder. “Excitingly, we have acquired TRACE Analytics, which provides us with aseptic bioreactor sampling and online biosensor technology. The TRACE Analytics team, their knowledge and validated technology will help us bring mass spec online and propel us toward our goal of building a connected and comprehensive bioanalytics platform.”
Recent Highlights
Revenue of $11.1 million for the second quarter of 2022, representing a 34% increase over the prior year period. Installed base expanded to 2,142 devices with 124 devices placed in the second quarter. He presented eleven posters and an oral presentation at the American Society for Mass Spectrometry (ASMS) conference, many with collaborators from industry and academia. The inaugural Discovery Day was held for the investor community at the company’s headquarters in Boston, providing an opportunity to meet team members, learn about the company’s technology and gain hands-on experience with their devices. Named one of the 100 Best Workplaces for Innovators by Fast Company Magazine.
Acquired TRACE Analytics GmbHleading provider of online analysis systems for biotechnological applications, tested in mammalian cell cultures and microbial fermentations at all levels of the bioprocess chain, from research and development to large-scale production, with both disposable and reusable configurations.
Financial results for the second quarter of 2022
Revenue was $11.1 million for the three months ended June 30, 2022, a 34% increase over the prior-year period. This increase was primarily due to product revenue from an increase in both portable and desktop devices. Desktop revenue grew 39% year-over-year due to both increased device sales and increased recurring revenue.
The installed base grew to 2,142 locations with 124 devices placed in Q2 2022.
Gross profit was $6.6 million in the second quarter of 2022, compared to $4.4 million in the corresponding period a year earlier. Gross margin was 60%, compared to 53% in the corresponding period last year. The increase in gross margin was expected based on increased product revenue and volume leverage, partially offset by planned investments in personnel and expenses in calendar year 2021 and the first six months of 2022.
Operating expenses were $15.0 million in the second quarter of 2022, compared to $11.8 million in the corresponding period last year. This increase was driven by headcount expansion in our business, an increase in stock-based compensation and an increase in marketing activities and travel expenses, partially offset by the provision of 1.7 million dollars to increase our provision for bad debts in the second quarter of 2021.
Net loss was $8.1 million in the second quarter of 2022, compared to $7.4 million in the corresponding period a year earlier. Net loss per share was $0.26 for the second quarter of 2022, compared to a net loss per share of $0.27 for the same period last year.
Cash and cash equivalents were $213.0 million as of June 30, 2022. In addition, the company had approximately $15.0 million of debt outstanding.
Orientation 2022
908 Devices continues to expect 2022 revenue to be between $52 million and $55 million, representing growth of 23% to 30% over 2021.
Web broadcast information
908 Devices will host a conference call to discuss its second quarter 2022 financial results prior to the market opening on Tuesday, August 9, 2022 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time. A webcast of the conference can be accessed at https://ir.908devices.com/news-events/events. The webcast will be archived and available for playback for at least 90 days after the event.
About 908 devices
908 Devices is democratizing laboratory mass spectrometry with its simple handheld and desktop devices, addressing life-critical applications. The company’s devices are used at the point of need to interrogate unknown and unseen materials and provide rapid, actionable answers to directly address some of the most critical research problems in life sciences, bioprocessing, pharmaceutical/biopharmaceutical, forensics and adjacent markets. The company is based in the heart of Boston, where it designs and manufactures innovative products that bring together the power of mass spectrometry, microfluidic separations, software automation and machine learning.
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 fact are forward-looking statements, including, without limitation, statements about earnings and future growth of the company. . Words such as “may,” “expect,” “plan,” “anticipate,” “estimate,” “attempt” and similar expressions (as well as other words or expressions referring to 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 that could cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks described in “Factors of risk”. ” and elsewhere in the company’s filings with the Securities and Exchange Commission which are available on the SEC’s website at www.sec.gov. Additional information will be available in our annual and quarterly reports and other filings we file with the SEC from time to time. 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 assumes no obligation, to update or revise any forward-looking statements made in this press release to reflect changes since the date of this press release, except as required by law .
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