Welcome to our dedicated page for 908 Devices news (Ticker: MASS), a resource for investors and traders seeking the latest updates and insights on 908 Devices stock.
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.
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908 Devices Inc (NASDAQ: MASS) announced that National Resilience, Inc. has adopted its REBEL at-line media analyzers, enhancing the optimization of cell culture feed strategies. This partnership aims to improve biotherapeutic development by utilizing REBEL to analyze spent media samples, resulting in a reported 50% increase in titer while reducing costs by supplementing only depleted nutrients. Andy Grube from Resilience highlighted the tool's capability to accelerate media feed optimization and reduce time to submission. The REBEL analyzer is noted for its efficiency, real-time data tracking of key nutrients, and user-friendly design, facilitating better decisions during bioreactor runs.
908 Devices (NASDAQ: MASS) announced it will reveal its financial results for the first quarter 2023 on May 9, 2023, before market open. A conference call will follow at 5:30 a.m. PT / 8:30 a.m. ET, available via a webcast on the company’s website. The webcast will also be archived for playback within 24 hours post-event.
The company specializes in handheld and desktop devices for chemical and biochemical analysis, significantly impacting life sciences, bioprocessing, pharma/biopharma, and forensics. The innovative technology employs mass spectrometry and machine learning for rapid, actionable insights.
908 Devices Inc. (Nasdaq: MASS) reported a full year 2022 revenue of $46.9 million, an 11% increase year-over-year, with desktop revenue soaring 25%. Recurring revenue more than doubled, reaching $15.7 million. Despite these gains, Q4 revenue declined 27% to $11.6 million, attributed to fewer product placements compared to a significant shipment to the U.S. Army in Q4 2021. 2023 guidance projects revenue between $48 million and $52 million, reflecting a modest growth of 2% to 11%. The company ended 2022 with $188 million in cash and had a net loss of $33.6 million for the year.
908 Devices, a pioneer in handheld and desktop devices for chemical and biochemical analysis, will participate in the Cowen 43rd Annual Healthcare Conference in Boston, MA. Management is scheduled for a fireside chat on Wednesday, March 8, at 9:50 a.m. ET. Interested parties can access a live and archived webcast of the presentation via the company website at www.908devices.com. The company focuses on life sciences, bioprocessing, and forensics, providing rapid analysis to address critical issues in various markets.
908 Devices Inc. (NASDAQ: MASS) will report its fourth quarter and full year 2022 financial results before the market opens on March 7, 2023. The company's management will host a webcast conference call at 5:30 a.m. PT / 8:30 a.m. ET to discuss the results. 908 Devices specializes in handheld and desktop devices for chemical and biochemical analysis, addressing critical applications in life sciences, bioprocessing, and forensics. The webcast will be available for replay on the company’s website.
908 Devices Inc. has launched MAVEN, a device for real-time monitoring of glucose and lactate during cell culture and fermentation processes. MAVEN allows biopharma companies to make informed decisions based on precise measurements taken every two minutes without sample withdrawal, enhancing process efficiency and reducing contamination risks. The device is GMP compliant, occupies minimal laboratory space, and is particularly valuable for cell therapy applications due to its sensitivity in measuring low concentrations. MAVEN is now available worldwide, complementing the company’s REBEL media analyzer to optimize cell culture feeding strategies.
908 Devices Inc. (NASDAQ: MASS) highlights the effectiveness of its MX908 handheld mass spec device used by correctional facilities across the U.S. to detect illicit drugs. The device aids in identifying trace amounts of drugs, enhancing safety for officers and inmates alike. Over 600% rise in drug overdose deaths in state prisons over the last 20 years underlines the urgency for such technology. The MX908 enables swift identification of drugs concealed in mail, a crucial development for combating contraband in prisons.
908 Devices reported Q3 2022 revenue of $15.8 million, a 26% increase year over year, with a gross margin of 59%. The growth was attributed to increased handheld recurring revenue and desktop device placements, which rose 51% year over year. Despite this, the company anticipates slower purchase cycles due to macroeconomic pressures, revising its 2022 revenue guidance to $46-$49 million, a 13% increase from 2021. Operating expenses increased to $16.5 million, leading to a net loss of $6.3 million for the quarter.
908 Devices (NASDAQ: MASS) is enhancing drug discovery through its handheld and desktop mass spectrometry devices. With the acquisition of TRACE Analytics, the company aims to build a comprehensive bioanalytics platform. Recent collaborations with industry leaders and academic institutions have yielded significant advancements, such as a 40% increase in cell growth titer using their REBEL device. At major conferences, 908 Devices showcased its innovative technologies, emphasizing real-time analytics that streamline biotherapeutic workflows, positioning itself as a key player in the life sciences sector.