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Washington, D.C. 20549







Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934


Date of Report (Date of Earliest Event Reported): May 13, 2021



908 Devices Inc.

(Exact name of registrant as specified in its charter)



Delaware   001-39815   45-4524096

(State or other jurisdiction

of incorporation) 



File Number)


(I.R.S. Employer

Identification No.) 


645 Summer Street

Boston, MA 02210

(Address of principal executive offices, including zip code)


(857) 254-1500

(Registrant's telephone number, including area code)


Not Applicable

(Former name or former address, if changed since last report)



Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


Securities registered pursuant to Section 12(b) of the Act:


Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share MASS The NASDAQ Global Market


Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).


Emerging growth company  x


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨






Item 2.02 Results of Operations and Financial Condition.


On May 13, 2021, 908 Devices Inc. (“908 Devices”) announced its financial results for the first quarter ended March 31, 2021. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.


The information contained in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing. 


Item 9.01Financial Statements and Exhibits.


(d) Exhibits:


99.1   Press release issued by 908 Devices on May 13, 2021
Exhibit 104   Cover Page Interactive Data File (embedded within the Inline XBRL document).







Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


Date: May 13, 2021 908 Devices Inc.
  By:  /s/ Kevin J. Knopp
    Name: Kevin J. Knopp
    Title: Chief Executive Officer





Exhibit 99.1



908 Devices Reports First Quarter 2021 Financial Results and Reiterates 2021 Revenue Outlook


Q1 2021 Product and Service Revenue Increased More Than 100% Over Prior Year


BOSTON, MA – May 13, 2021 – 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.


Recent Highlights


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.


2021 Guidance


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.


Webcast Information


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.


About 908 Devices


908 Devices is democratizing laboratory mass spectrometry with its simple handheld and desktop devices, addressing critical-to-life applications. The Company’s devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in life sciences research, bioprocessing, pharma / biopharma, forensics and adjacent markets. The Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of mass spectrometry, microfluidic separations, software automation, and machine learning. 


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 Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law.


Investor Contact:

Carrie Mendivil







Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)



   Quarter Ended March 31, 
   2021   2020 
Product and service revenue  $5,357   $2,639 
License and contract revenue   186    1,362 
Total revenue   5,543    4,001 
Cost of revenue:          
Product and service cost of revenue   2,560    1,570 
License and contract cost of revenue   75    333 
Total cost of revenue   2,635    1,903 
Gross profit   2.908    2,098 
Operating expenses:          
Research and development   2,965    2,156 
Selling, general and administrative   5,753    2,706 
Total operating expenses   8,718    4,862 
Loss from operations   (5,810)   (2,764)
Interest expense   (376)   (241)
Other income (expense), net   91    39 
Net loss and comprehensive loss   (6,095)   (2,966)
Accretion of redeemable convertible preferred stock to redemption value   -    (30)
Net loss attributable to common stockholders  $(6,095)  $(2,996)
Net loss per share attributable to common stockholders, basic and diluted  $(0.22)  $(0.60)
Weighted average common shares outstanding, basic and diluted   27,290,364    4,993,199 







Condensed Consolidated Balance Sheets

(in thousands)



   March 31,   December 31, 
   2021   2020 
Current assets:          
Cash and cash equivalents  $148,959   $159,227 
Accounts receivable, net   4,367    6,825 
Unbilled receivables   55    47 
Inventory   6,822    4,568 
Prepaid expenses and other current assets   2,696    300 
Restricted cash   60     
Total current assets   162,959    170,967 
Operating lease, right-of-use assets   6,027    6,287 
Property and equipment, net   966    850 
Other long-term assets   1,798    723 
Total assets  $171,750   $178,827 
Current liabilities:          
Accounts payable  $1,690   $1,004 
Accrued expenses   3,011    5,038 
Deferred revenue   3,321    3,104 
Operating lease liabilities   1,225    1,187 
Current portion of long-term debt       500 
Total current liabilities   9,247    10,833 
Long-term debt, net of discount and current portion   15,000    14,332 
Operating lease liabilities, net of current portion   5,525    5,839 
Deferred revenue, net of current portion   8,472    8,588 
Other long-term liabilities   194    194 
Total liabilities   38,438    39,786 
Total stockholders' equity   133,312    139,041 
Total liabilities and stockholders' equity  $171,750   $178,827