UPDATE: 908 Devices Inc. (MASS) Reports In-Line Q1 EPS, Revenues Beat; Affirms FY21 Revenues Outlook
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(Updated - May 13, 2021 7:15 AM EDT)
908 Devices Inc. (NASDAQ: MASS) reported Q1 EPS of ($0.22), in-line with the analyst estimate of ($0.22). Revenue for the quarter came in at $5.5 million versus the consensus estimate of $4.22 million.
- Q1 2021 total revenue increased 39% over prior year period
- Increased the installed base to 1,427 devices with 66 devices placed during the first quarter, double the number of devices placed compared to the first quarter of 2020
- Deepened traction within biopharma with multiple desktop devices placed at existing customers; approximately 40% of total desktop installed base now placed across top 20 biopharma companies
- Announced the MX908 Aero / Bluetooth 3.0 updates to enhance the features of our handheld mass spec device
- Announced a collaboration with Bio-Techne to develop an extended workflow for protein characterization
- Strengthened leadership team with the addition of Michele Fournier as VP, Chief People Officer
- Appointed six new members to the Scientific Advisory Board, expanding its expertise in bioprocessing and biotherapeutics
“Our team made excellent progress during the first quarter which translated into strong product and service revenue growth and expansion of our installed base,” said Kevin J. Knopp, CEO and Co-founder. “I am encouraged by the momentum we are seeing from customers, the talent we are bringing on board, and the capabilities we are adding to our platform. We are committed to our mission to bring mass spectrometry to the point-of-need and are well positioned to capture the vast opportunity ahead of us.”
908 Devices Inc. sees FY2021 revenue of $38-40 million, versus the consensus of $39.34 million.
- 908 Devices continues to expect 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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