LOWELL, Mass. - Rapid Micro Biosystems, Inc. (NASDAQ:RPID), a life sciences technology company, announced preliminary unaudited revenue figures indicating significant growth for both the fourth quarter and the full year of 2023. The company, which specializes in automating microbial quality control testing for healthcare product manufacturing, reported anticipated fourth-quarter revenue between $6.2M and $6.4M, marking an approximate 45% increase from the same period the previous year.
For the full year of 2023, Rapid Micro Biosystems expects total revenue to be in the range of $22.4M to $22.6M, representing over 30% growth compared to the prior year. The company attributes this performance to the placement of 16 new Growth Direct systems and the completion of 18 new customer system validations within the year.
As of December 31, 2023, the company finished with approximately $95M in cash and investments. This financial position is expected to provide the company with a cash runway extending at least into the second half of 2026.
Rapid Micro Biosystems also highlighted that its Growth Direct platform has been chosen by Samsung (KS:005930) Biologics for automating microbiology quality control testing. Moreover, the company's systems are now placed with all commercially approved CAR-T therapy manufacturers, marking a notable achievement in its sector.
In terms of upcoming events, the company is scheduled to present at the 42nd annual J.P. Morgan Healthcare Conference on Thursday, January 11, 2024. The presentation will be webcast live and made available for replay on the company's investor relations website.
The preliminary financial results are subject to adjustment as the company completes its year-end financial close processes. Rapid Micro Biosystems plans to announce complete financial results for the fourth quarter and full year 2023 in March, along with hosting a webcast to discuss these results and the company's outlook for 2024.
This report is based on a press release statement from Rapid Micro Biosystems, Inc.
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