908 Devices Reports Second Quarter 2021 Financial Results and Raises 2021 Revenue Outlook
Increased 2021 revenue guidance projects 54% annual revenue growth at the midpoint of the range
“I am incredibly proud of our team’s progress this quarter as we continue to execute on our growth strategy. We have made important strides across our business and are looking forward to continuing this momentum into the second half of the year,” said
Recent Highlights
- Total revenue for Q2 2021 increased 49% over Q1 2021 and decreased 26% over the prior year period
- Desktop revenue contributed to a third of total revenue for Q2 2021, growing 70% over the prior year period
- Increased the installed base to 1,530 devices with 103 devices placed during the second quarter
- Broadened international presence with additions of new distribution partners and key hires across the commercial organization
- Expanded platform reach in synthetic biology, specifically the cultured meat market, with multiple REBEL orders
-
Added
Marcia Eisenberg , CSO of LabCorp, to our Board of Directors -
Bolstered proteomic focus with the appointment of a panel of seven individuals to our
Scientific Advisory Board
2021 Guidance
-
Expected revenue of
$40 million to$43 million , representing 49% to 60% growth over full year 2020. This compares to the previously expected revenue range of$38 million to$40 million .
Second Quarter 2021 Financial Results
Revenue was
The install base grew to 1,530 placements with 103 devices placed in Q2 2021. The increase in devices was driven primarily by our handhelds which increased 63% over Q1 2021, and our desktops which increased 25% over Q1 2021.
Gross profit was
Operating expenses were
Net loss was
Cash and cash equivalents were
Webcast Information
About
Forward Looking Statements
This press release includes “forward-looking statements,” including statements relating to the Company’s future revenue and growth. Forward-looking statements involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks outlined under “Risk Factors” and elsewhere in the Company’s filings with the
Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (unaudited) |
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Three Months Ended
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Six Months Ended
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2021 |
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2020 |
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2021 |
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2020 |
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Revenue: |
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Product and service revenue |
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$ |
7,915 |
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$ |
10,378 |
|
|
$ |
13,272 |
|
|
$ |
13,017 |
|
|
License and contract revenue |
|
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362 |
|
|
|
750 |
|
|
|
548 |
|
|
|
2,112 |
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Total revenue |
|
|
8,277 |
|
|
|
11,128 |
|
|
|
13,820 |
|
|
|
15,129 |
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Cost of revenue: |
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|
|
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Product and service cost of revenue |
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3,846 |
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|
4,471 |
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|
|
6,406 |
|
|
|
6,041 |
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License and contract cost of revenue |
|
|
52 |
|
|
|
247 |
|
|
|
127 |
|
|
|
580 |
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|
Total cost of revenue |
|
|
3,898 |
|
|
|
4,718 |
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|
|
6,533 |
|
|
|
6,621 |
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Gross profit |
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4,379 |
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|
6,410 |
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7,287 |
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|
8,508 |
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Operating expenses: |
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Research and development |
|
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3,055 |
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1,846 |
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6,020 |
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|
4,002 |
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Selling, general and administrative |
|
|
8,779 |
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|
|
2,436 |
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14,532 |
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|
5,142 |
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Total operating expenses |
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11,834 |
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|
|
4,282 |
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|
|
20,552 |
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|
|
9,144 |
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Income (loss) from operations |
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|
(7,455 |
) |
|
|
2,128 |
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|
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(13,265 |
) |
|
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(636 |
) |
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Other income (expense): |
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|
|
|
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|
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|
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Interest expense |
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|
(39 |
) |
|
|
(246 |
) |
|
|
(415 |
) |
|
|
(487 |
) |
|
Other income (expense), net |
|
|
70 |
|
|
|
213 |
|
|
|
161 |
|
|
|
252 |
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Total other income (expense), net |
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31 |
|
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(33 |
) |
|
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(254 |
) |
|
|
(235 |
) |
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Net income (loss) and comprehensive income (loss) |
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$ |
(7,424 |
) |
|
$ |
2,095 |
|
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$ |
(13,519 |
) |
|
$ |
(871 |
) |
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Net income (loss) per share attributable to common stockholders |
|
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|
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Basic |
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$ |
(0.27 |
) |
|
$ |
0.11 |
|
|
$ |
(0.49 |
) |
|
$ |
(0.19 |
) |
|
Diluted |
|
$ |
(0.27 |
) |
|
$ |
0.10 |
|
|
$ |
(0.49 |
) |
|
$ |
(0.19 |
) |
|
Weighted average common shares outstanding |
|
|
|
|
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|
|
|
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|
|
|
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Basic |
|
|
27,335,637 |
|
|
|
4,994,142 |
|
|
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27,313,125 |
|
|
|
4,993,671 |
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Diluted |
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|
27,335,637 |
|
|
|
5,614,136 |
|
|
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27,313,125 |
|
|
|
4,993,671 |
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Condensed Consolidated Balance Sheets (in thousands) (unaudited) |
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2021 |
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2020 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
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$ |
141,314 |
|
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$ |
159,227 |
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Accounts receivable, net |
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5,324 |
|
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|
6,825 |
|
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Unbilled receivables |
|
|
154 |
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|
|
47 |
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Inventory |
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|
7,953 |
|
|
|
4,568 |
|
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Prepaid expenses and other current assets |
|
|
2,441 |
|
|
|
300 |
|
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Total current assets |
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157,186 |
|
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|
170,967 |
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Operating lease, right-of-use assets |
|
|
5,752 |
|
|
|
6,287 |
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Property and equipment, net |
|
|
1,610 |
|
|
|
850 |
|
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Other long-term assets |
|
|
1,936 |
|
|
|
723 |
|
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Total assets |
|
$ |
166,484 |
|
|
$ |
178,827 |
|
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Liabilities and Stockholders' Equity |
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Current liabilities: |
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Accounts payable |
|
$ |
1,004 |
|
|
$ |
1,004 |
|
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Accrued expenses |
|
|
4,944 |
|
|
|
5,038 |
|
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Deferred revenue |
|
|
3,965 |
|
|
|
3,104 |
|
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Operating lease liabilities |
|
|
1,265 |
|
|
|
1,187 |
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Current portion of long-term debt |
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|
— |
|
|
|
500 |
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Total current liabilities |
|
|
11,178 |
|
|
|
10,833 |
|
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Long-term debt, net of discount and current portion |
|
|
15,000 |
|
|
|
14,332 |
|
|
Operating lease liabilities, net of current portion |
|
|
5,199 |
|
|
|
5,839 |
|
|
Deferred revenue, net of current portion |
|
|
8,246 |
|
|
|
8,588 |
|
|
Other long-term liabilities |
|
|
194 |
|
|
|
194 |
|
|
Total liabilities |
|
|
39,817 |
|
|
|
39,786 |
|
|
Total stockholders' equity |
|
|
126,667 |
|
|
|
139,041 |
|
|
Total liabilities and stockholders' equity |
|
$ |
166,484 |
|
|
$ |
178,827 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20210804005252/en/
IR@908devices.com
Source: