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Rapid Micro Biosystems, Inc. (Nasdaq: RPID) reports a 11% growth in total revenue for the first quarter of 2024, reaching $5.6 million. The company reaffirms its full year 2024 total revenue guidance of at least $27.0 million, with growth of at least 20% compared to 2023. The first quarter saw an increase in recurring revenue by 15% to $3.7 million, including record consumable revenue. The company placed three new Growth Direct systems and completed the validation of three customer systems. Although the total cost of revenue increased by 5% to $7.1 million, the company managed to reduce its net loss and improve gross margins.
