The following is a summary of the 908 Devices Inc. (MASS) Q4 2023 Earnings Call Transcript:
Financial Performance:
908 Devices reported Q4 revenue of $14.4 million, up 23% from the prior year, while the total revenue for 2023 reached $50.2 million, up 7% from 2022.
The revenue from their handheld devices serving the forensics market grew by 28% in 2023.
Gross profit for Q4 2023 was $7.3 million with a consistent 51% gross margin.
Net loss for the full year 2023 was $36.4 million, compared to $33.6 million in the prior year.
The company ended 2023 with a cash balance of over $145 million, without any debt.
The company projects its 2024 revenue to be in the range of $52 million to $54 million.
Business Progress:
908 Devices saw an increase in global demand for their handheld devices and made progress with their US Department of Defense project.
Significant strategic partnership advances were made in real-time monitoring of bioprocess parameters, with companies like Terumo and Cellares.
The company launched new devices (MX908 beacon, MAVEN, and MAVERICK) and made steady market penetration progress with them.
They are targeting market expansion, leveraging their expanded product portfolios, and a framework for sustained growth, hoping to achieve profitability in 2024.
Recurring revenue grew due to strong service revenue and is expected to account for around a third of total service and product revenue in 2024.
Desktop revenues are expected to recover in 2024 due to market improvements and new product launches.
More details: 908 Devices IR
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