908 Devices Inc. (MASS) Misses Q4 EPS by -$1.32, Revenues Beat; Offers FY21 Revenue Outlook

March 30, 2021 7:05 AM EDT
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908 Devices Inc. (NASDAQ: MASS) reported Q4 EPS of ($1.48), $1.32 worse than the analyst estimate of ($0.16). Revenue for the quarter came in at $5.7 million versus the consensus estimate of $5.28 million.

Fourth Quarter 2020 Financial Results

  • Revenue 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.

“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.”

GUIDANCE:

908 Devices Inc. sees FY2021 revenue of $38-40 million, versus the consensus of $39.19 million.

  • 908 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.

For earnings history and earnings-related data on 908 Devices Inc. (MASS) click here.



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