908 Devices Q1 revenue $10.0M (+5% YoY); acquires RedWave for $45M; FY24 guidance $63-65M

908 Devices Inc.

2024-Q1 EPS reported -$0.33 revenue$9,991,000

Revenue $10.0M (+5% YoY); handheld devices $7.4M (+20%), desktop $2.6M (-18%).
Net loss $10.9M ($0.33 per share), improved from $12.5M loss in Q1 2023.
Cash, equivalents & marketable securities $134.2M; zero debt; used $45M cash for RedWave acquisition.
Acquired RedWave Technology post-quarter-end, adding complementary forensics products and $11M expected FY24 revenue.
FY2024 revenue guidance raised to $63-65M (25-29% growth vs 2023), including 8 months of RedWave contribution.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

908 Devices Inc. reported first quarter ended March 31, 2024 results: revenue $10.0 million, net income $10.9 million, EPS $0.33. Guidance initiated.

Period: first quarter ended March 31, 2024
Revenue: $10.0 million
Net income: $10.9 million
EPS: $0.33
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue was $10.0 million for the three months ended March 31, 2024, a 5% increase over the prior year period. This was primarily driven by an increase in handheld devices revenue offset by a decrease in desktop devices revenue. The installed base grew to 2,914 devices with 53 handheld devices and 8 desktop devices placed during the first quarter 2024. Recurring revenue represented 45% of total revenues in the quarter. Gross profit was $5.0 million for the first quarter of 2024, compared to $4.4 million for the corresponding prior year period. Gross margin was 50% as compared to 46% for the corresponding prior year period. Operating expenses were $17.7 million for the first quarter of 2024, compared to $17.4 million for the corresponding prior year period. This increase was driven by stock-based compensation and legal fees related to our acquisition, offset in part by a reduction in third party commissions and salary and related costs. Net loss was $10.9 million for the first quarter o

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

908 Devices Inc. reported full year 2024 results: revenue $63.0 million to $65.0 million. Guidance initiated.

Period: full year 2024
Revenue: $63.0 million to $65.0 million
Guidance: initiated
Result: guidance update

Exact text from the filing

908 Devices now expects full year reported 2024 revenue to be in the range of $63.0 million to $65.0 million, representing 25% to 29% growth over full year 2023.

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Source: SEC EDGAR

accession 0001104659-24-054511

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