Tue, Nov 12, 2:37 PM (249 days ago)
For the third quarter ending September 30, 2024, 908 Devices Inc. (MASS) reported total revenue of $16.8 million, a 17% increase from $14.3 million in Q3 2023. Product revenue rose to $12.8 million, while service revenue surged 82% to $3.9 million, driven by extended service contracts and the acquisition of RedWave Technology. However, the company incurred a significant net loss of $29.3 million, up from $7.1 million in the prior year, largely due to a $30.5 million goodwill impairment and increased operating expenses related to research and development and sales. Operating expenses totaled $38.5 million, significantly higher than $17.0 million in Q3 2023, primarily due to the goodwill impairment and increased costs from the RedWave acquisition. Gross profit margin decreased from 55% to 50%, influenced by rising costs associated with product sales. Cash and equivalents dropped to $45.0 million from $121.0 million at the end of 2023. The company anticipates continued losses but expects current cash reserves will suffice for operations over the next year. Future growth will depend on product commercialization, market expansion, and navigating macroeconomic uncertainties, including inflation and interest rates.