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 ended March 31, 2021.
- 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.”
First Quarter 2021 Financial Results
Revenue was $5.5 million for the three months ended March 31, 2021, a 39% increase from $4.0 million for the three months ended March 31, 2020. This growth was related to the 103% increase in product and service revenue which was driven predominantly by an increase in MX908 and Rebel units compared to the prior year period, as well as strong recurring revenue. The install base grew to 1,427 placements with 66 devices placed in Q1 2021.
Gross profit was $2.9 million for the first quarter of 2021, compared to $2.1 million for the corresponding prior year period. Product and service gross margin was 52%, as compared to 41% for the corresponding prior year period.
Operating expenses were $8.7 million for the first quarter of 2021, compared to $4.9 million for the corresponding prior year period. This increase was driven by headcount expansion across our business, primarily focused in our commercial organization, and increased expenses related to operating as a public company.
Net loss was $6.1 million for the first quarter of 2021, compared to $3.0 million for the corresponding prior year period. Net loss per share was $0.22 for the first quarter of 2021, compared to $0.60 for the corresponding prior year period.
Cash and cash equivalents were $149 million as of March 31, 2021. In addition, the Company has approximately $15 million of debt outstanding.
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.
908 Devices will host a conference call to discuss the first quarter 2021 financial results before market open on Thursday, May 13, 2021 at 5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the conference call can be accessed at https://ir.908devices.com/news-events/events. The webcast will be archived and available for replay for at least 90 days after the event.