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908 Devices Q2 Revenues Drop 25 Percent but Beat Wall Street Estimate

NEW YORK — 908 Devices, which markets desktop and handheld mass spectrometry devices for chemical and biomolecular analysis, posted a 25 percent drop in second quarter revenues, reflecting a large, one-time product sale last year.

For the three-month period ended June 30, 908's revenues fell to $8.3 million from $11.1 million year over year, but the firm topped analysts' consensus estimate of $7.2 million. The Boston-based company attributed the decline to the shipment of 150 of its MX908 handheld devices to a single customer in the second quarter of 2020.

908 said that its installed base increased by 103 devices during the second quarter to 1,530 devices total. It noted that revenues from its desktop devices in the quarter grew 70 percent year over year.

908, which went public in late 2020, posted a second quarter net loss of $7.4 million, or $.27 per share, versus a profit of $2.1 million, or $.11 per share, the year before. Analysts, on average, expected a loss per share of $.21.

The firm's R&D spending in the quarter jumped 72 percent to $3.1 million from $1.8 million a year earlier, while SG&A costs more than tripled to $8.8 million from $2.4 million.

At the end of June, 908 had cash and cash equivalents totaling $141.3 million.

Looking ahead, the company said it anticipates revenues for full year 2021 in the range of $40 million to $43 million, an increase over previous revenue guidance of $38 million to $40 million.