908 Devices Earnings Reports

908 Devices reported a 31% increase in revenue for the fourth quarter of 2024, driven by increases in both handheld and desktop revenue. The company divested its desktop portfolio to Repligen for $70 million and is focusing on secular trends in advanced chemical detection.

908 Devices reported a 17% increase in revenue compared to the prior year, driven by newly acquired handheld products. However, Q3 results fell short of expectations due to a delayed federal budget, international contract delays, and softness in the bioprocessing and life science instrumentation market. The company is implementing structural changes to increase cost efficiency and expand gross margins.

908 Devices reported a 16% increase in revenue compared to the prior year, reaching $14.0 million for the second quarter of 2024. This growth was primarily driven by an increase in handheld devices revenue, which was offset by a decrease in desktop devices revenue. The company's gross profit was $7.4 million with a gross margin of 53%.

908 Devices reported a solid start to 2024 with a 5% increase in revenue to $10 million. The acquisition of RedWave Technology is expected to bolster their forensics product offerings.

908 Devices reported a 23% increase in revenue for the fourth quarter of 2023, primarily driven by a 57% increase in handheld device revenue. The installed base grew, and recurring revenue represented 33% of total revenues. Despite near-term headwinds in the life science sector, the company launched two additional desktop devices.

908 Devices reported a revenue of $14.3 million for Q3 2023, a 9% decrease compared to the prior year period. The installed base grew to 2,714 devices with 124 devices placed during the quarter. Net loss was $7.1 million, compared to $6.3 million for the corresponding prior year period.

908 Devices reported solid second-quarter results driven by robust demand for handheld devices and strong recurring revenue. Revenue increased by 9% compared to the prior year, and the installed base grew to 2,590 devices.

908 Devices reported a 14% increase in revenue for Q1 2023, driven by growth in handheld devices and recurring revenue. The company's installed base grew, and recurring revenue saw a significant increase. They paid down debt of $15 million and ended the quarter with no debt outstanding. The company continues to expect full year 2023 revenue to be in the range of $48 million to $52 million.

908 Devices reported a 27% decrease in revenue for Q4 2022 compared to the prior year, driven by a decrease in product placements for both handheld and desktop devices. However, recurring revenue grew significantly by 142%. The company's net loss increased to $9.8 million, and gross margin declined due to lower device shipments.

908 Devices reported a 26% increase in revenue for Q3 2022, reaching $15.8 million, and a gross margin of 59%. The company experienced a net loss of $6.3 million, and updated its full year 2022 revenue outlook to $46 million to $49 million.

908 Devices reported an $11.1 million revenue for Q2 2022, a 34% increase year-over-year. The gross margin was 60%, and the company experienced a net loss of $8.1 million. They have acquired TRACE Analytics, expanding their bioanalytics platform.

908 Devices reported a 50% increase in revenue compared to the prior year period, driven by product revenue from both handheld and desktop devices. Desktop revenue grew 68% year-over-year. The installed base grew to 2,018 placements with 83 devices placed in Q1 2022.

908 Devices reported a strong fourth quarter with a 177% increase in revenue compared to the prior year period. The growth was primarily driven by increased handheld revenue from shipments to the US Army and desktop revenue growth. The company's install base also expanded significantly.

908 Devices reported a revenue of $5.7 million for Q4 2020, a 32% decrease compared to Q4 2019. The company's net loss was $10.2 million, driven by a non-cash charge related to preferred stock warrants.