908 Devices Inc. (MASS) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.35. This compares to loss of $0.23 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 8.57%. A quarter ago, it was expected that this company would post a loss of $0.29 per share when it actually produced a loss of $0.23, delivering a surprise of 20.69%.Over the last four quarters, the company has surpasse ...

Revenue Performance - Fourth quarter 2024 revenue was $18.8 million, a 31% increase compared to the fourth quarter of 2023[7] - Full year 2024 revenue reached $59.6 million, reflecting a 19% increase year over year[12] - Handheld revenue for 2024 was $46.1 million, up 22% year over year, while desktop revenue was $13.2 million, increasing 10% year over year[7] - Recurring revenue for 2024 was $23.3 million, a 42% increase year over year, representing 39% of total revenue[7] - The company expects 2025 revenue from continuing operations to be between $53 million and $55 million, indicating 11% to 15% growth compared to 2024[17] Profitability and Margins - Adjusted gross margin for the full year 2024 was 55%, an increase of approximately 250 basis points year over year[7] - Gross profit for the year ended December 31, 2024, was $29,856 million, up from $25,322 million in 2023, representing a growth of 20.0%[28] - Adjusted gross profit increased from $26,327 million in 2023 to $32,799 million in 2024, reflecting a rise of 24.8%[28] - Gross margin percentage (GAAP) for 2024 was 50%, consistent with 2023, while adjusted gross margin percentage improved from 52% in 2023 to 55% in 2024[28] - Adjusted EBITDA for the year ended December 31, 2024, was $(29,622) million, slightly improved from $(29,953) million in 2023[29] Expenses and Losses - Operating expenses for 2024 were $106.6 million, up from $68.1 million in the prior year, largely due to a $40.7 million non-cash charge for goodwill impairment[14] - Net loss for 2024 was $72.2 million, compared to a net loss of $36.4 million in 2023, primarily driven by the goodwill impairment charge[15] - Net loss for the year ended December 31, 2024, was $72,206 million, compared to a net loss of $36,399 million in 2023, indicating a worsening of 98.5%[29] Balance Sheet and Assets - Total assets decreased from $202,981 million in 2023 to $159,476 million in 2024, a decline of approximately 21.4%[26] - Cash, cash equivalents, and marketable securities dropped significantly from $145,682 million in 2023 to $69,600 million in 2024, a decrease of about 52.3%[26] - Total current liabilities increased from $22,549 million in 2023 to $25,149 million in 2024, an increase of 11.5%[26] - Intangible assets rose significantly from $7,860 million in 2023 to $45,261 million in 2024, an increase of 475.5%[26] - Total stockholders' equity decreased from $165,491 million in 2023 to $114,592 million in 2024, a decline of approximately 30.7%[26] Future Outlook - The divestiture of the desktop portfolio to Repligen for $70 million is expected to strengthen the company's balance sheet and focus on handheld markets[6] - The company anticipates achieving Adjusted EBITDA positivity by Q4 2025 and cash flow positivity in 2026[6]

WALTHAM, Mass. and BOSTON, March 04, 2025 (GLOBE NEWSWIRE) -- Repligen Corporation (NASDAQ:RGEN), a life sciences company focused on bioprocessing technology leadership, and 908 Devices Inc. (NASDAQ:MASS), a pioneer in purpose-built handheld and desktop devices for chemical analysis, announce that Repligen has purchased 908 Devices' desktop portfolio of four devices for bioprocessing process analytical technology (PAT) applications. 908 Devices remains focused on the growth of its newly expanded handheld de ...

Core Viewpoint - Masivo Silver Corp. has signed a non-binding Letter of Intent (LOI) to acquire a Gold, Silver, and Copper project in Sonora, Mexico, with the LOI expected to become binding within 2 to 3 weeks upon completion of due diligence [1] Group 1: Project Details - The Cerro Colorado Sonora project includes two mineral concessions: El Tacon Dos (Cerro Colorado) with 774 hectares and Valle del Cobre with 1875 hectares [2] - Historical sampling from a collapsed tunnel returned significant grades of 2200 g/t Ag and 4.57 g/t Au, indicating high mineralization potential [3] - A selective sample from another collapsed tunnel returned values of 1840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb, and 2.92% Zn, although it may not represent underlying mineralization [4] Group 2: Exploration and Sampling - Surface sampling in the alteration zone yielded values between 12 to 561 g/t Ag, along with anomalous values of Gold and Copper, aligning with the Piedras Verdes mining project [6] - A trench sample returned 7.2 meters true-wide with 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52% Pb, and 0.29% Zn, confirming geochemical signatures of polymetallic mineralization [5] Group 3: Expert Insights - Senior Geologist Rafael Gallardo expressed optimism about the project, noting it has never been drill-tested at depth and hopes to find similar polymetallic values at depth where a high chargeability anomaly was detected [7] - The Masivo technical team is collaborating with Gallardo on the Cerro Colorado drill program, which is expected to complement the Boston Mine project in Nevada [8] Group 4: Drilling Plans - A series of 8 drill holes are being modeled for the project, utilizing a $75,000 drill credit with a Mexican drilling company [9]

Core Viewpoint - Masivo Silver Corp. has signed a Letter of Intent (LOI) to acquire a gold, silver, and copper project located in Sonora, Mexico, which is strategically positioned near significant mining operations [1]. Project Details - The Cerro Colorado project consists of two mineral concessions: El Tacon Dos covering 774 hectares (1911 acres) and Valle del Cobre covering 1875 hectares (4631 acres) [2]. - A comprehensive exploration program has been conducted, including mapping, sampling, soil geochemistry, and geophysics over an area of 1200 meters long by 200 meters wide, revealing strong brecciation and phyllic alteration [2]. Historical Sampling Results - Historical samples from a mineralized zone in an old collapsed tunnel returned impressive grades of 2200 g/t Ag and 4.57 g/t Au [3]. - Additional selective samples from old dumps in the same concession yielded values of 1840 g/t Ag, 4.8 g/t Au, 3.06% Cu, 4.5% Pb, and 2.92% Zn [3]. Surface Sampling Insights - Surface sampling in a hand-made trench returned significant anomalies, including 0.75 g/t Au, 159 g/t Ag, 0.24% Cu, 0.52% Pb, and 0.29% Zn over a true width of 7.2 meters [4]. - The alteration zone on the surface is heavily leached, with sampling results showing silver values ranging from 12 to 561 g/t, alongside very anomalous gold and copper values [5]. Expert Commentary - Senior Geologist Rafael Gallardo expressed high confidence in the project, noting it as one of the best he has encountered in his 40 years of experience in Mexico, and is optimistic about drilling to find similar polymetallic values at depth [6]. - The Masivo technical team, led by Mark Bailey and Brian Brewer, is collaborating with Gallardo for the drill program, which is expected to complement the Boston Mine project in Nevada [7]. Drilling Plans - A series of eight drill holes are being modeled by Gallardo, with Masivo utilizing a $75,000 drill credit with a Mexican drilling company for the upcoming program [8].

Financial Data and Key Metrics Changes - Revenue for Q3 2024 was $16.8 million, a 17% increase from $14.3 million in the prior year period, but below expectations [7][27] - Adjusted gross profit was $9.3 million for Q3 2024, compared to $8.1 million for the prior year period, with adjusted gross margin at 55% [31][36] - Net loss for Q3 2024 was $29.3 million, compared to $7.1 million in the prior year period [35] Business Line Data and Key Metrics Changes - Handheld revenues for the forensics market were $14 million in Q3 2024, up 19% from $11.7 million in Q3 2023, driven by FTIR products and increased service revenue [27] - Revenue from desktop products serving life science and bioprocessing markets was $2.8 million, an 8% increase from $2.5 million in the prior year [29] - Recurring revenue represented 36% of total revenues, amounting to $6.1 million, a 70% increase year-over-year [30] Market Data and Key Metrics Changes - The company is experiencing softness in the bioprocessing and life science instrumentation market, elongating the sales cycle for desktop devices [8] - The desktop market is expected to see a decline in year-over-year revenue in the low teens for Q4 2024, contrasting with earlier growth expectations [40] Company Strategy and Development Direction - The company plans to move manufacturing to lower-cost locations, expecting approximately $2.4 million in annual savings starting in 2026 [12][13] - A workforce reduction of 11% was implemented to enhance agility and capitalize on market opportunities [14] - The company is focusing on five key growth drivers, including increasing enterprise adoption of FTIR handhelds and creating an upgrade cycle with the next generation of MX908 handhelds [17][19] Management Comments on Operating Environment and Future Outlook - Management acknowledged that the financial results fell short of expectations due to delays in federal budget approvals and compressed spending periods [7][8] - The company remains optimistic about future growth, citing strong initial pipeline development for enterprise accounts and anticipated improvements in desktop demand [24][40] Other Important Information - The company has identified a need for strategic partnerships to enhance market reach and scale for desktop devices [23] - The integration of RedWave Technology is expected to create operational efficiencies and expand gross margins [10][36] Q&A Session Summary Question: Concerns about structural or competitive issues in the handheld market - Management indicated that the challenges are primarily due to budget timing and political uncertainty, not structural competition [48][49] Question: Recovery expectations for the desktop market in H1 2025 - Management expects sequential improvement in desktop placements driven by partnership initiatives, but not at the same level as Q4 [50][51] Question: Workforce reductions and organizational size - Management believes the organization is right-sized for current conditions and is equipped to capitalize on future growth opportunities [52][56] Question: Impact of new administration on spending priorities - Management anticipates potential positive impacts on defense spending and contracting processes, but the direct correlation to desktop demand is unclear [60][64] Question: Changes in competitive landscape for desktops - Management has not observed significant changes in competitive dynamics, attributing challenges to macroeconomic factors rather than competition [70][71]

Core Insights - 908 Devices Inc. reported a quarterly loss of $0.23 per share, better than the Zacks Consensus Estimate of a loss of $0.29, representing an earnings surprise of 20.69% [1] - The company posted revenues of $16.77 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 8.13%, but showing an increase from $14.3 million year-over-year [2] - The stock has underperformed significantly, losing about 67.7% since the beginning of the year compared to the S&P 500's gain of 25.8% [3] Financial Performance - Over the last four quarters, 908 Devices has surpassed consensus EPS estimates four times and topped consensus revenue estimates three times [2] - The current consensus EPS estimate for the upcoming quarter is -$0.22 on revenues of $21.43 million, and for the current fiscal year, it is -$1.22 on revenues of $63.74 million [7] Market Outlook - The estimate revisions trend for 908 Devices is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] - The Medical - Instruments industry, to which 908 Devices belongs, is currently in the top 27% of Zacks industries, suggesting a favorable industry outlook [8]

Revenue and Growth - The company generated revenue of $40.8 million for the nine months ended September 30, 2024, compared to $35.9 million for the same period in 2023, representing a year-over-year increase of approximately 13.6%[134] - Total product and service revenue for Q3 2024 was $16.732 million, compared to $14.297 million in Q3 2023, representing a 17.1% increase; for the nine months ended September 30, 2024, revenue was $40.670 million, up from $35.508 million[166] - Recurring revenue accounted for 39% of total product and service revenue for the nine months ended September 30, 2024, up from 33% in the same period of 2023[150] - Device sales accounted for 61% of total product and service revenue for the nine months ended September 30, 2024, down from 67% in the same period of 2023; recurring revenue rose to 39% from 33%[160] - Recurring revenue for Q3 2024 was $6.087 million, a 70.3% increase from $3.578 million in Q3 2023; for the nine months, it rose to $15.931 million from $11.747 million[166] Losses and Financial Position - Net losses for the nine months ended September 30, 2024, were $52.8 million, compared to $29.0 million for the same period in 2023, indicating a significant increase in losses[134] - The company has an accumulated deficit of $223.4 million as of September 30, 2024, and expects to continue incurring net losses while focusing on sales growth and product development[134] - The company recorded a net loss of $29.295 million for the three months ended September 30, 2024, compared to a net loss of $7.093 million in the same period last year, reflecting an increase of $22.202 million[183] - Net cash used in operating activities for the nine months ended September 30, 2024, was $28.0 million, primarily due to a net loss of $52.8 million[233] Expenses and Investments - Total operating expenses rose significantly to $38.549 million, an increase of $21.591 million or 127% compared to $16.958 million in the prior year, largely due to a $30.5 million goodwill impairment[196] - Research and development expenses are expected to increase in future periods to maintain competitive positioning[174] - Selling, general and administrative expenses are anticipated to rise as the company expands its sales and marketing efforts and introduces new products[175] - Research and development expenses rose by $2.5 million, or 15%, to $19.0 million, representing 46% of total revenue[212] - Selling, general and administrative expenses increased by $5.6 million, or 16%, to $39.9 million, accounting for 98% of total revenue[213] Acquisitions and Strategic Moves - The company entered into an Equity Purchase Agreement to acquire RedWave for an initial payment of $45.0 million in cash and 1,497,171 unregistered shares of common stock, enhancing its portfolio of handheld chemical analysis devices[133] - RedWave Technology was acquired on April 29, 2024, and its financial results are included in the consolidated financial statements as of September 30, 2024[243] Cash and Financing - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $71.7 million, sufficient to fund operations for at least the next twelve months[219] - The company may seek additional funding through various means, including equity financings and collaborations, but there is no assurance of obtaining favorable terms[231] - The Amended 2022 Revolver provides for a revolving line of credit of up to $10.0 million, with interest accruing at a minimum of 4.50%[227] Market and Economic Factors - The company is closely monitoring macroeconomic factors, including inflation and interest rates, which may impact customer spending and purchasing patterns[139] - The sales process for handheld devices often involves large orders from government customers, which can lead to significant revenue fluctuations from period to period[148] Tax and Legal Matters - The company recognized an income tax benefit of $0.2 million for both the nine months ended September 30, 2024 and 2023, primarily due to a reduction in deferred tax liabilities[181] - As of December 31, 2023, the company had gross federal operating loss carryforwards of $108.2 million, which may offset future taxable income[182] - The company is not currently party to any material legal proceedings[246] Internal Controls and Reporting - There have been no material changes in internal control over financial reporting during the most recently completed fiscal quarter[244] - The management evaluated the effectiveness of disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of the end of the reporting period[242] - There have been no material changes to the risk factors during the nine months ended September 30, 2024, compared to the 2023 Form 10-K[247]

Revenue Performance - Revenue for Q3 2024 was $16.8 million, a 17% increase compared to Q3 2023, driven by handheld products [3] - Handheld revenue reached $14.0 million, up 19% year-over-year, while desktop revenue was $2.8 million, increasing 8% year-over-year [3] - Recurring revenue was $6.1 million, representing a 70% increase year-over-year and accounting for 36% of total revenue [3] - The company expects full-year 2024 revenue to be between $56 million and $58 million, reflecting an 11% to 15% growth over 2023 [10] Financial Losses - Net loss for Q3 2024 was $29.3 million, compared to a net loss of $7.1 million in Q3 2023 [9] - Net loss for the three months ended September 2024 was $(29,295,000), compared to $(7,093,000) in 2023, indicating a significant increase in losses [22] - Adjusted EBITDA for the nine months ended September 2024 was $(23,373,000), slightly worse than $(22,994,000) in 2023 [22] Operating Expenses and Profitability - Adjusted gross profit for Q3 2024 was $9.3 million, with an adjusted gross margin of 55% [7] - Operating expenses for Q3 2024 were $38.5 million, significantly higher than $17.0 million in the prior year, primarily due to a $30.5 million goodwill impairment charge [8] - Gross profit for the three months ended September 2024 was $8,332,000, compared to $7,869,000 for the same period in 2023, representing an increase of 5.9% [21] - Adjusted gross profit for the nine months ended September 2024 was $22,729,000, up from $18,778,000 in 2023, reflecting a growth of 21.0% [21] - Adjusted gross margin percentage for the three months ended September 2024 was 55%, compared to 57% in 2023 [21] Cash and Assets - The company ended the quarter with $71.7 million in cash, cash equivalents, and marketable securities, having used $5.7 million in cash during the quarter [9] - Total current assets decreased from $173,790,000 in 2023 to $108,927,000 in 2024, a decline of approximately 37.4% [20] - Cash and cash equivalents dropped from $145,682,000 in 2023 to $71,686,000 in 2024, a decrease of 50.8% [20] - Inventory increased from $14,938,000 in 2023 to $17,833,000 in 2024, an increase of 19.3% [20] Liabilities and Equity - Total liabilities decreased from $202,981,000 in 2023 to $178,283,000 in 2024, a reduction of approximately 12.2% [20] - Total stockholders' equity decreased from $165,491,000 in 2023 to $131,039,000 in 2024, a decline of approximately 20.8% [20] Structural Changes - The company is implementing structural changes to enhance cost efficiency and expand gross margins, including transitioning manufacturing operations and reducing workforce by approximately 11% [5] - The installed base of devices grew to 3,253, a 20% increase from the end of Q3 2023 [6]

Core Insights - Masivo Silver Corp. has completed drilling hole No.6 at a depth of 279.9 feet to test historical IP anomalies indicating sulfide mineralization and has begun drilling hole No.7 targeting a depth of 280 feet [1] - The company is conducting metallic screen assays on samples from holes No.2 and No.3 due to the presence of visible gold, which can affect assay results [2] - Results from hole No.1 confirm the geological model, with significant intercepts of 55 feet containing 0.99% Cu, 1.52 g/t Au, and 30.35 g/t Ag starting at 65 feet down hole [3] - Masivo is exploring potential gold and silver acquisition opportunities in Mexico and has a $75,000 drill and exploration credit available [4] - The company is a Canadian junior mining exploration firm focused on projects in Nevada and Sinaloa, Mexico, with a processing mill capable of handling 300 tons of ore per day [6]