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 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.
908 Devices (NASDAQ: MASS) has announced the launch of a new downloadable target pack for its MX908 mass spectrometry device, enabling rapid identification of toxic pesticides. Developed with the U.S. Forest Service, this upgrade allows for quick on-site detection, empowering first responders to act promptly against hazardous chemicals implicated in illegal marijuana cultivation. The MX908 can now identify eight dangerous pesticides, providing crucial intelligence for environmental safety and public health.
908 Devices Inc. (Nasdaq: MASS), a leader in handheld and desktop mass spectrometry devices, will participate in two investor conferences in location value="LU/us.ny.nyc"New York, NY. The events include a Fireside Chat at the Stifel 2022 Healthcare Conference on November 16 at 1:15 p.m. Eastern Time, and a Fireside Chat at the Canaccord Genuity MedTech Forum on November 17 at 10:00 a.m. Eastern Time. Investors can access live and archived webcasts on the company's website.
908 Devices Inc. (NASDAQ: MASS) will release its financial results for Q3 2022 on November 14, 2022, before market opening. A conference call is scheduled for 5:30 a.m. PT / 8:30 a.m. ET, which will be available via webcast on the company's website. 908 Devices specializes in handheld and desktop mass spectrometry devices designed for chemical and biomolecular analysis, catering to critical applications in life sciences, pharma, and forensics. The company is based in Boston and focuses on democratizing mass spectrometry technology.
908 Devices (NASDAQ: MASS) announced a successful collaboration with CPI, demonstrating their REBEL™ device's ability to enhance cell growth in bioprocessing. Using the REBEL, CPI optimized nutrient levels for a monoclonal antibody-producing cell line, achieving up to a 40% increase in titer while controlling toxic metabolite accumulation. The REBEL provides real-time data tracking, facilitating informed decisions on feeding strategies and improving both efficiency and product quality.
908 Devices Inc. (NASDAQ: MASS) reported Q2 2022 revenue of $11.1 million, a 34% increase year-over-year, driven by strong sales in handheld and desktop devices, with desktop revenue growing 39%. The company achieved a gross margin of 60% compared to 53% in the same quarter last year. Despite a net loss of $8.1 million, cash reserves stood at $213 million. Looking ahead, 908 Devices expects 2022 revenue between $52 million and $55 million, indicating 23% to 30% growth from 2021.