908 Devices Q1 revenue up 14% to $9.5M; net loss widens to $12.5M; reiterates FY23 outlook

Revenue was $9.5 million for the three months ended March 31, 2023, a 14% increase over the prior year period. This was primarily driven by growth in handheld devices and recurring revenue. The installed base grew to 2,468 devices with 78 devices placed during the first quarter 2023. Recurring revenue grew $1.7 million to $4.2 million or 67% over the prior year period. This was driven by growth in both accessory and consumable revenues as well as increased service revenue. Gross profit was $4.4 million for the first quarter of 2023, compared to $4.1 million for the corresponding prior year period. Gross margin was 46% as compared to 50% for the corresponding prior year period. The decline in gross margin was largely due to higher non-cash charges for stock-based compensation and intangible amortization during the first quarter of 2023. Operating expenses were $17.4 million for the first quarter of 2023, compared to $13.7 million for the corresponding prior year period. This increase wa