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908 Devices Q1 Revenues Up 51 Percent

NEW YORK — 908 Devices, which markets desktop and handheld mass spectrometry devices for chemical and biomolecular analysis, posted a 51 percent jump in first quarter revenues

For the three-month period ended March 31, 908's revenues rose to $8.3 million from $5.5 million year over year and beat the Wall Street consensus estimate of $7.7 million. Product and service revenue was $8.0 million for the quarter, up from $5.4 million, while license and contract revenue increased to $277,000 from $186,000.

The company's instrument install base grew to 2,018, with 83 devices placed in Q1 2022.

908 posted a first quarter net loss of $9.4 million, or $.30 per share, versus a loss of $6.1 million, or $.22 per share, the year before. That beat the consensus Wall Street estimate of a loss of $.31 per share. The company used a figure of roughly 31.2 million weighted average common shares to calculate the Q1 2022 loss per share compared to 27.3 million in Q1 2021.

908's R&D spending in the quarter jumped 30 percent to $3.9 million from $3.0 million a year earlier, while SG&A costs were up 67 percent to $9.7 million from $5.8 million.

At the end of June, 908 had cash and cash equivalents totaling $223.1 million.

Looking ahead, the company maintained its previous full year 2022 revenue guidance of between $52 million and $55 million, up between 23 percent and 30 percent from full year 2021.

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