908 Devices Inc. develops purpose-built handheld chemical analysis devices for point-of-need use in health, safety and defense technology applications. Its news centers on Mass Spec and FTIR product activity, installed-device growth, recurring revenue, and applications such as narcotics identification, toxic exposure screening and security-threat analysis.
Company updates also cover acquisitions and portfolio expansion, including the completed purchase of NIRLAB AG and its AI-powered, cloud-connected near-infrared spectroscopy platform for narcotics screening. Other recurring items include quarterly financial results, revenue outlooks, executive and strategy appointments, funded partnership revenue, and investor conference participation.
908 Devices (Nasdaq: MASS) and Getinge have announced a partnership to integrate their technologies for enhanced bioreactor monitoring. The collaboration combines Getinge's bioreactors with 908 Devices' MAVEN system for automated control of glucose and lactate levels in cell cultures.
The integrated solution enables continuous, real-time analysis without manual sampling, allowing biopharma scientists to maintain optimal nutrient concentrations. MAVEN can monitor up to two bioreactors simultaneously, with data being managed through Getinge's advanced controllers. The system will be compatible with Getinge's Livit Flex controller and connected through Livit Links sensor ports.
908 Devices (Nasdaq: MASS) reported a 17% increase in Q3 2024 revenue to $16.8 million, driven by newly acquired handheld products. However, challenges included the delayed FY24 federal budget, international contract delays, and softness in the bioprocessing and life science instrumentation market. Handheld revenue rose 19% to $14.0 million, while desktop revenue increased 8% to $2.8 million. Recurring revenue surged 70% to $6.1 million, making up 36% of total revenue. The company ended the quarter with $71.7 million in cash and no debt. Despite a net loss of $29.3 million and an adjusted EBITDA loss of $6.9 million, 908 Devices expects full-year 2024 revenue to range between $56 million and $58 million, a growth of 11%-15% over 2023. Structural changes include transitioning manufacturing to North Carolina and Connecticut, reducing operating expenses, and integrating the sales organization for efficiency.
908 Devices (Nasdaq: MASS), a company specializing in handheld and desktop chemical analysis devices, has announced its participation in two upcoming investor conferences. The company will participate in a fireside chat at the Stifel Healthcare Conference in New York on November 19 at 8:35 a.m. Eastern Time, and at the 26th Annual Stephens Investment Conference in Nashville on November 20 at 4 p.m. Eastern Time. Live and archived webcasts of both sessions will be available on the company's website investor section.
908 Devices Inc. (Nasdaq: MASS), a pioneer in handheld and desktop chemical analysis devices, has announced its plan to release third quarter 2024 financial results on Tuesday, November 12, 2024, before the market opens. The company 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.
Interested parties can access the live audio webcast on the "Investors" section of the company's website at www.908devices.com. For those unable to attend the live event, an archived version of the webcast will be made available for replay within 24 hours after the event concludes.
908 Devices (Nasdaq: MASS), known for its innovative handheld and desktop devices for chemical analysis, will participate in the virtual Craig-Hallum Bioprocessing Conference. The event takes place on September 19, beginning with a fireside chat hosted by the management at 10:15 a.m. Eastern Time. A replay of the webcast will be accessible on the company's website in the 'Investors' section at 908devices.com.
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.