Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
908 Devices Inc. amended revolving credit of up to $10.0 million with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company at greater of (i) four and one-half percent (4.50%) and (ii) the 'prime rate' as pu maturing November 2, 2025.
- Instrument
- revolving credit
- Principal
- up to $10.0 million
- Counterparty
- Silicon Valley Bank, a division of First-Citizens Bank & Trust Company
- Rate
- greater of (i) four and one-half percent (4.50%) and (ii) the 'prime rate' as pu
- Maturity
- November 2, 2025
- Event
- amendment
Exact text from the filing
The Amended Loan Agreement provides for a revolving line of credit of up to $10.0 million.
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
908 Devices Inc. reported the second quarter ended June 30, 2023 results: revenue $12.1 million, net income $9.3 million, EPS $0.29. Guidance raised.
- Period
- the second quarter ended June 30, 2023
- Revenue
- $12.1 million
- Net income
- $9.3 million
- EPS
- $0.29
- Guidance
- raised
- Result
- reported results
Exact text from the filing
Revenue was $12.1 million for the three months ended June 30, 2023, a 9% increase over the prior year period. This was primarily driven by growth in handheld devices and recurring revenue. The installed base grew to 2,590 devices with 122 devices placed during the second quarter 2023. Recurring revenue grew $1.1 million to $4.0 million or 39% over the prior year period. This was driven by growth in service revenue as well as handheld accessory and consumable revenues. Gross profit was $5.8 million for the second quarter of 2023, compared to $6.6 million for the corresponding prior year period. Gross margin was 48% as compared to 60% for the corresponding prior year period. The decline in gross margin was largely due to timing of production levels of devices, higher material costs with warranty and manufacturing activities, and the higher non-cash charges for intangible amortization and stock-based compensation during the second quarter of 2023. Operating expenses were $16.7 million for
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
908 Devices Inc. amended Default Waiver and First Amendment to Loan and Security Agreement with Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)) valued at $10.0 million (effective 2023-08-04).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank))
- Value
- $10.0 million
- Effective
- 2023-08-04
Exact text from the filing
On August 4, 2023, 908 Devices Inc. (the “ Company ”) entered into a Default Waiver and First Amendment to Loan and Security Agreement (the “ Amended Loan Agreement ”), by and between, the Company, as borrower, and Silicon Valley Bank, a division of First-Citizens Bank & Trust Company (successor by purchase to the Federal Deposit Insurance Corporation as Receiver for Silicon Valley Bridge Bank, N.A. (as successor to Silicon Valley Bank)), as lender (the “ Lender ”). The Amended Loan Agreement provides for a revolving line of credit of up to $10.0 million.
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