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Dec 31, 2022
908 Devices Q4 2022 Earnings Report
Reported a decrease in revenue due to lower device shipments, but experienced growth in recurring revenue.
Key Takeaways
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.
Revenue decreased by 27% to $11.6 million due to lower product placements.
Recurring revenue increased by 142% to $5.9 million.
Gross profit was $5.9 million with a gross margin of 51%.
Net loss was $9.8 million, or $0.31 per share.
908 Devices
908 Devices
Forward Guidance
908 Devices expects full year 2023 revenue to be in the range of $48 million to $52 million, representing 2% to 11% growth over full year 2022.