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.