908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built
handheld and desktop mass spec devices for chemical and
biomolecular analysis, today reported financial results for the
quarter and full year ended December 31, 2020.
Financial Highlights
- 2020 revenue
increased 50% year over year to $26.9 million
- 2020 gross margin
increased to 55% from 45% in prior year
- Completed initial
public offering in December 2020, raising approximately $150
million in gross proceeds
- Expect full year
2021 revenue to be in the range of $38 million to $40 million,
representing 45% growth over full year 2020, at the midpoint of the
range
Business Highlights
- Increased the
installed base to 1,361 devices with 390 devices placed in
2020
- Received a $25
million purchase order from the U.S. Army to be delivered over the
next two years
- Strengthened
leadership team with the additions of Steve Davenport as VP
Commercial Sales, Maura Fitzpatrick as VP Product Management &
Marketing, and Michael Turner as VP General Counsel
- Appointed Kevin
Hrusovsky as Chairman of the Board of Directors; Fenel Eloi and
Jeff George named as Directors
“In 2020, we made outstanding progress across
our business growing revenue 50% year over year, placing an
additional 390 devices and building a strong foundation for our
technology across new customers,” said Kevin J. Knopp, CEO and
Co-founder. “Our vision is to break mass spectrometry out of the
confines of a centralized laboratory and bring it to the
point-of-need. Looking ahead in 2021, we expect to grow revenue
more than 40% as we continue to drive adoption of our technology
across new and existing customers to dramatically accelerate their
workflows.”
Fourth Quarter 2020 Financial
ResultsRevenue was $5.7 million for the three months ended
December 31, 2020, a 32% decline from $8.3 million for the three
months ended December 31, 2019, driven predominantly by a decrease
in license and contract revenue of $1.5 million and due to the
timing of deployments with end customers.
Gross profit was $2.6 million for the fourth
quarter of 2020, compared to $4.3 million for the corresponding
prior year period. Gross margin was 45%, as compared to 52% for the
corresponding prior year period.
Operating expenses were $6.5 million for the
fourth quarter of 2020, as compared to $4.6 million for the
corresponding prior year period. Selling, general and
administrative expenses drove the increase, including additional
selling resources and higher audit, legal and consulting costs
related to preparing for the initial public offering and being a
public company.
Net loss was $10.2 million for the fourth
quarter of 2020, as compared to $0.5 million for the corresponding
prior year period. This was driven by a non-cash $6.1 million
charge from the revaluation of the preferred stock warrants
immediately prior to the closing of the initial public offering.
Net loss per share attributable to common stockholders was $1.48
for the fourth quarter of 2020, as compared to $0.10 for the
corresponding prior year period.
Full Year 2020 Financial
ResultsRevenue was $26.9 million for the full year 2020, a
50% increase from $18.0 million for the full year 2019. Product and
service revenue was $24.8 million compared to $15.3 million in the
corresponding prior year period. License and contract revenue was
$2.1 million compared to $2.6 million in the corresponding prior
year period.
The install base grew to 1,361 in 2020, with 390
devices placed in 2020, compared to 248 devices in 2019. This was
driven by an increase in MX908 devices due to progress on pilots
and deployments, as well as the first full year of selling
Rebel.
Gross profit was $14.9 million for the full year
2020, compared to $8.1 million for the corresponding prior year
period. Gross margin was 55%, as compared to 45% for the
corresponding prior year period. This increase was mainly due to
scale and pacing of investments with COVID uncertainties in
2020.
Operating expenses were $20.7 million for the
full year 2020, as compared to $20.3 million for the corresponding
prior year period.
Net loss attributable to common stockholders was
$12.9 million for the full year 2020, as compared to $13.5 million
for the corresponding prior year period. The increased gross profit
was primarily offset by the non-cash $6.1 million preferred stock
warrant charge. Net loss per share attributable to common
stockholders was $2.35 for the full year 2020, as compared to $2.70
for the corresponding prior year period.
Cash, cash equivalents and marketable securities
were $159 million as of December 31, 2020. This included
approximately $150 million in gross proceeds, including the full
exercise of the underwriters’ options to purchase additional
shares, from the Company’s initial public offering in December
2020. In addition, the Company has approximately $15 million of
debt outstanding.
2021 Guidance908 Devices
expects full year 2021 revenue to be in the range of $38 million to
$40 million, representing 41% to 49% growth over full year
2020.
Webcast Information908 Devices
will host a conference call to discuss the fourth quarter 2020
financial results before market open on Tuesday, March 30, 2021 at
5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the
conference call can be accessed at http://ir.908devices.com. The
webcast will be archived and available for replay for at least 90
days after the event.
About 908 Devices908 Devices is
democratizing laboratory mass spectrometry with its simple handheld
and desktop devices, addressing critical-to-life
applications. The Company’s devices are used at the
point-of-need to interrogate unknown and invisible materials and
provide quick, actionable answers to directly address some of the
most critical problems in life sciences research, bioprocessing,
pharma / biopharma, forensics and adjacent markets. The Company is
headquartered in the heart of Boston, where it designs and
manufactures innovative products that bring together the power of
mass spectrometry, microfluidic separations, software automation,
and machine learning.
Forward Looking StatementsThis
press release includes “forward looking statements,” including
statements relating to the Company’s future revenue and growth, and
the terms of the U.S. Army purchase order. Forward-looking
statements involve known and unknown risks, uncertainties and
assumptions which may cause actual results to differ materially
from any results expressed or implied by any forward-looking
statement, including the risks outlined under “Risk Factors” and
elsewhere in the Company’s filings with the Securities and Exchange
Commission which are available on the SEC's website at www.sec.gov.
Additional information will be made available in our annual and
quarterly reports and other filings that we make from time to time
with the SEC. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it
cannot guarantee future results. The Company has no obligation, and
does not undertake any obligation, to update or revise any
forward-looking statement made in this press release to reflect
changes since the date of this press release, except as may be
required by law.
Investor Contact:Carrie
MendivilIR@908devices.com
908 DEVICES INC.
Consolidated Statements of Operations and Comprehensive
Loss(in thousands, except share and per share
amounts)(unaudited)
|
Quarter Ended December 31, |
|
Year Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
|
2019 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product and service revenue |
$ |
5,912 |
|
|
$ |
7,052 |
|
|
$ |
24,756 |
|
|
$ |
15,344 |
|
License and contract revenue |
|
(195 |
) |
|
|
1,296 |
|
|
|
2,138 |
|
|
|
2,628 |
|
Total revenue |
|
5,717 |
|
|
|
8,348 |
|
|
|
26,894 |
|
|
|
17,972 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
Product and service cost of revenue |
|
2,993 |
|
|
|
3,701 |
|
|
|
11,114 |
|
|
|
9,098 |
|
License and contract cost of revenue |
|
145 |
|
|
|
313 |
|
|
|
857 |
|
|
|
731 |
|
Total cost of revenue |
|
3,138 |
|
|
|
4,014 |
|
|
|
11,971 |
|
|
|
9,829 |
|
Gross profit |
|
2,579 |
|
|
|
4,334 |
|
|
|
14,923 |
|
|
|
8,143 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
2,282 |
|
|
|
1,974 |
|
|
|
8,235 |
|
|
|
8,993 |
|
Selling, general and administrative |
|
4,183 |
|
|
|
2,671 |
|
|
|
12,503 |
|
|
|
11,294 |
|
Total operating expenses |
|
6,465 |
|
|
|
4,645 |
|
|
|
20,738 |
|
|
|
20,287 |
|
Loss from operations |
|
(3,886 |
) |
|
|
(311 |
) |
|
|
(5,815 |
) |
|
|
(12,144 |
) |
Interest expense |
|
(243 |
) |
|
|
(254 |
) |
|
|
(976 |
) |
|
|
(1,530 |
) |
Other income (expense),
net |
|
(6,097 |
) |
|
|
75 |
|
|
|
(6,028 |
) |
|
|
301 |
|
Net loss and comprehensive
loss |
|
(10,226 |
) |
|
|
(490 |
) |
|
|
(12,819 |
) |
|
|
(13,373 |
) |
Accretion of redeemable
convertible preferred stock to redemption value |
|
(16 |
) |
|
|
(30 |
) |
|
|
(90 |
) |
|
|
(109 |
) |
Net loss attributable to
common stockholders |
$ |
(10,242 |
) |
|
$ |
(520 |
) |
|
$ |
(12,909 |
) |
|
$ |
(13,482 |
) |
Net loss per share
attributable to common stockholders, basic and diluted |
$ |
(1.48 |
) |
|
$ |
(0.10 |
) |
|
$ |
(2.35 |
) |
|
$ |
(2.70 |
) |
Weighted average common shares
outstanding, basic and diluted |
|
6,941,861 |
|
|
|
4,990,719 |
|
|
|
5,485,032 |
|
|
|
4,990,416 |
|
908 DEVICES INC.
Consolidated Balance Sheets (in thousands,
except share and per share amounts)
(unaudited)
|
|
December 31, |
|
|
|
2020 |
|
2019 |
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
159,227 |
|
$ |
17,913 |
|
Accounts receivable, net |
|
|
6,825 |
|
|
5,005 |
|
Unbilled receivables |
|
|
47 |
|
|
74 |
|
Inventory |
|
|
4,568 |
|
|
5,237 |
|
Prepaid expenses and other current assets |
|
|
300 |
|
|
351 |
|
Total current
assets |
|
|
170,967 |
|
|
28,580 |
|
Operating lease, right-of-use
assets |
|
|
6,287 |
|
|
7,245 |
|
Property and equipment,
net |
|
|
850 |
|
|
1,326 |
|
Other long-term assets |
|
|
723 |
|
|
511 |
|
Total
assets |
|
$ |
178,827 |
|
$ |
37,662 |
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,004 |
|
$ |
577 |
|
Accrued expenses |
|
|
5,038 |
|
|
2,909 |
|
Deferred revenue |
|
|
3,104 |
|
|
1,490 |
|
Operating lease liabilities |
|
|
1,187 |
|
|
1,078 |
|
Current portion of long-term debt |
|
|
500 |
|
|
— |
|
Total current
liabilities |
|
|
10,833 |
|
|
6,054 |
|
Long-term debt, net of
discount and current portion |
|
|
14,332 |
|
|
14,769 |
|
Operating lease liabilities,
net of current portion |
|
|
5,839 |
|
|
6,941 |
|
Deferred revenue, net of
current portion |
|
|
8,588 |
|
|
571 |
|
Commercial services agreement
liability - related party |
|
|
— |
|
|
750 |
|
Preferred stock warrant
liability |
|
|
— |
|
|
728 |
|
Other long-term
liabilities |
|
|
194 |
|
|
— |
|
Total
liabilities |
|
|
39,786 |
|
|
29,813 |
|
|
|
|
|
|
|
|
|
Redeemable convertible
preferred stock |
|
|
— |
|
|
71,017 |
|
Total stockholders' equity
(deficit) |
|
|
139,041 |
|
|
(63,168 |
) |
Total liabilities,
redeemable convertible preferred stock
andstockholders' equity (deficit) |
|
$ |
178,827 |
|
$ |
37,662 |
|
908 Devices (NASDAQ:MASS)
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908 Devices (NASDAQ:MASS)
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부터 7월(7) 2023 으로 7월(7) 2024