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Mar 31, 2023
908 Devices Q1 2023 Earnings Report
Reported a 14% increase in revenue compared to the prior year, with recurring revenue growing by 67%.
Key Takeaways
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.
Q1 2023 revenue increased by 14% compared to the prior year.
Recurring revenue grew by 67% over the prior year period.
Installed base grew to 2,468 devices with 78 devices placed during the quarter.
The company paid down debt of $15 million and ended the first quarter with no debt outstanding.
Forward Guidance
908 Devices continues to expect full year 2023 revenue to be in the range of $48 million to $52 million, representing 2% to 11% growth over full year 2022.
Positive Outlook
- Full year 2023 revenue expected to be in the range of $48 million to $52 million.
- Revenue guidance represents 2% to 11% growth over full year 2022.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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