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908 Devices Q3 Revenues More Than Double on Portable Mass Spec Device Sales

NEW YORK — 908 Devices reported on Thursday that its third quarter revenues more than doubled over last year, largely due to increased sales of its portable mass spectrometry devices.

For the three-month period ended Sept. 30, 908's revenues climbed to $12.5 million from $6.0 million in the year-ago quarter, topping the Wall Street consensus estimate of $12.0 million.

Contributing to the revenue growth was an increase in shipments of the company's MX908 handheld mass spec unit, including initial shipments going to the US Army under a multiyear purchase order. Third quarter sales of its desktop instruments, which include the Rebel cell culture media analyzer and ZipChip capillary electrophoresis device, were up 72 percent year over year.

908 said that it placed 184 devices in the third quarter, bringing its total installed base to 1,714, an increase primarily driven by growing adoption of the MX908.

The company posted a quarterly net loss of $5.2 million, or $.19 per share on 27.7 million shares outstanding, versus a year-ago loss of $1.7 million, or $.35 per share on 5.0 million shares outstanding. Analysts had, on average, been expecting a loss per share of $.15.

Contributing to the higher losses was a 65 percent increase in third quarter R&D spending to $3.3 million from $2.0 million and a 175 percent jump in SG&A costs to $8.8 million from $3.2 million.

At the end of the third quarter, 908, which went public in December 2020, had cash and cash equivalents totalling $138.8 million.

Looking ahead, the Boston-based firm adjusted its full-year 2021 revenue guidance to between $41 million and $43 million, representing revenue growth of 52 to 60 percent over 2020, from a previously expected range of $40 million to $43 million.

In morning trading on the Nasdaq, 908 Devices shares were up $1.60 to $34.68.

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