Fri, Mar 7, 1:31 PM (10 days ago)
908 Devices Inc. (Ticker: MASS) reported significant financial developments for the fiscal year ending December 31, 2024. The company generated total revenue of $59.6 million, a 19% increase from $50.2 million in 2023, driven by a rise in product revenue, particularly from its handheld and desktop devices. However, net losses widened to $72.2 million from $36.4 million, largely due to a $40.7 million goodwill impairment and increased operating expenses, which surged to $106.6 million from $68.1 million. Operating expenses included $25.5 million in R&D and $53.6 million in selling, general, and administrative costs, reflecting ongoing investments in product development and market expansion. The gross profit margin decreased slightly to 50% from 54%. The company is actively restructuring to improve operational efficiency, including a workforce reduction of approximately 11%. Future growth is anticipated through expanding its customer base and enhancing product offerings, particularly in bioprocessing and life sciences. Key risks include reliance on government contracts, competitive pressures, and macroeconomic factors impacting customer spending. The firm’s liquidity remains stable, with $44 million in cash and equivalents as of year-end.