908 Devices Inc. Stock Price, News & Analysis

908 Devices Inc. (Nasdaq: MASS) reported Q2 2024 financial results, showing a 16% year-over-year revenue increase to $14.0 million. Highlights include:

- Handheld revenue up 26% to $11.1 million
- Desktop revenue down 9% to $2.9 million
- Recurring revenue up 33% to $5.3 million (38% of total revenue)
- Gross margin improved by 490 basis points to 53%
- Installed base grew to 3,067 devices

The company completed the commercial integration of RedWave Technology and reiterated its 2024 revenue outlook of $63.0-$65.0 million, representing 25-29% growth over 2023. Cash position remains strong at $77.4 million with no debt.

908 Devices, a leader in portable chemical analysis tools, announced its participation in the Canaccord Genuity 44th Annual Growth Conference. The company's management will present on Tuesday, August 13 at 1:00 p.m. Eastern Time. This event offers an opportunity for investors and industry professionals to gain insights into 908 Devices' growth strategies and market position.

Interested parties can access a live and archived webcast of the presentation through the 'Investors' section of the company's website at 908devices.com. This presentation may provide valuable information about the company's recent developments, financial performance, and future outlook in the chemical analysis device market.

908 Devices Inc. (Nasdaq: MASS), a pioneer in handheld and desktop chemical analysis devices, has announced it will release its second quarter 2024 financial results before the market opens on Tuesday, August 6, 2024. The company management will host a conference call and webcast at 8:30 a.m. Eastern Time / 5:30 a.m. Pacific Time on the same day to discuss the results. Investors can access the live audio webcast on the company's website at www.908devices.com. The webcast will be archived and available for replay within 24 hours after the event.

908 Devices (Nasdaq: MASS) has appointed Michele M. Leonhart, former Administrator of the U.S. Drug Enforcement Administration (DEA), to its Board of Directors.

Leonhart brings over 34 years of law enforcement experience, having held various high-responsibility roles in the DEA, including Administrator from 2010-2015. Her expertise spans global drug enforcement, intelligence, and regulatory operations.

Chairman Kevin Hrusovsky and CEO Kevin J. Knopp highlighted Leonhart's vast government knowledge and her recent role as Board Chair of D.A.R.E. America.

Leonhart's expertise is expected to bolster 908 Devices' capabilities in providing advanced chemical analysis tools for law enforcement.

908 Devices, a chemical analysis device company, has upgraded its XplorIR portable gas and vapor analyzer. This enhancement allows the device to identify and quantify nearly 5,000 airborne chemicals in seconds. The XplorIR, utilizing Fourier Transform Infrared (FTIR) spectroscopy, is aimed at aiding first responders like fire departments and HAZMAT teams in making swift, informed decisions regarding personal protective equipment and remediation efforts. The device offers continuous monitoring, updating chemical compositions every four seconds and ensuring accurate detection even in dynamic conditions. This update signifies a pivotal development in public safety technology.

908 Devices (Nasdaq: MASS), a leading developer of handheld and desktop devices for chemical and biochemical analysis, announced its participation in two upcoming investor conferences. The company will host a fireside chat at the 2024 Leerink Partners Healthcare Crossroads Conference in Austin, Texas, on May 29 at 8:00 a.m. CT. Additionally, 908 Devices will present at the William Blair 44th Annual Growth Stock Conference in Chicago, Illinois, on June 4 at 10:40 a.m. CT. Live and archived webcasts of these events will be available on their website.

908 Devices Inc. (Nasdaq: MASS) reported 5% revenue growth in Q1 2024 compared to Q1 2023, reaching $10 million. Handheld revenue increased by 20%, while desktop revenue decreased by 18%. Recurring revenue was $4.5 million, with 45% of total revenue being recurring. The company acquired RedWave Technology, published its inaugural ESG report, and ended the quarter with $134.2 million in cash and no debt. Gross profit was $5.0 million, net loss was $10.9 million, and EPS was $0.33. Operating expenses were $17.7 million. The company expects 2024 revenue to be $63.0-65.0 million, a 25-29% increase over 2023.

908 Devices Inc. (Nasdaq: MASS) has acquired RedWave Technology, enhancing its forensic product offerings through the addition of optical spectroscopy technology. This move expands 908 Devices' handheld and desktop mass spec devices for chemical and biochemical analysis. The acquisition enables the company to offer a wider range of analytical devices for forensic workflows, including rapid chemical identification of bulk materials using FTIR spectroscopy. RedWave's innovative products are expected to boost 908 Devices' revenue and strategic objectives, with a purchase consideration of $53.5 million, including cash and common stock.