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]

Core Insights - Masivo Silver Corp. has successfully completed drilling Hole No. 5 at the Boston Mine project, targeting a high-grade Gold/Copper Skarn deposit [3] - The company plans to commence drilling Hole No. 6 next week, aiming for a depth of 300 feet to test historical IP anomalies [4] - The Phase 1 drill program consists of 6-8 holes, with a potential Phase 2 program of an additional 8-10 holes being discussed [5][6] Drilling Progress - Hole No. 5 was drilled to a depth of 322 feet, with core samples to be analyzed in a certified lab, with results expected in 6-8 weeks [3] - Significant intercepts were reported from Hole No. 1, including 55 feet of 0.99% Cu, 1.52 g/t Au, and 30.35 g/t Ag starting at 65 feet down [5] - The technical team is evaluating new target areas based on the assay results from the Phase 1 program [6] Future Plans - The company holds a $75,000 drill credit in Mexico and is exploring additional opportunities in both Mexico and the USA to complement the Boston Mine project [7] - The winter drilling in Mexico is seen as advantageous due to potential challenges at the Boston Mine during winter storms [7] - The CEO expressed optimism about the progress at the Boston Mine and the upcoming assay results [7]

Core Insights - Masivo Silver Corp. has intersected visible sulfide mineralization in holes No.2, No.3, and No.4 at the Boston Mine, indicating potential for high-grade gold, silver, and copper deposits [1][2] - The company is currently drilling Hole No.5 and has sent the core samples from holes No.2, No.3, and No.4 to an independent lab for assaying, with results expected in the coming weeks [2] Drilling Details - Hole No.2 was drilled to a depth of 456.05 feet - Hole No.3 reached a depth of 328 feet - Hole No.4 was drilled to a depth of 400 feet [2] Management Commentary - David Coburn, President & CEO, expressed excitement about the visible sulfide mineralization found in the cores of holes No.2, No.3, and No.4, and is looking forward to the assay results [2]

Group 1 - Masivo Silver Corp. has commenced drilling Hole BM-24-03 at the Boston Mine, targeting the down dip extension of high-grade ore [1] - The drill core from Hole BM-24-02 has been sent to a certified lab for analysis, with results expected in six weeks [2] - Hole No.2 exhibited continuous visible high mineralization, allowing the company to extend the hole depth by 100 feet beyond the expected depth [2]

908 Devices Inc. (MASS) came out with a quarterly loss of $0.32 per share versus the Zacks Consensus Estimate of a loss of $0.34. This compares to loss of $0.29 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 5.88%. A quarter ago, it was expected that this company would post a loss of $0.37 per share when it actually produced a loss of $0.33, delivering a surprise of 10.81%. Over the last four quarters, the company has surpas ...

Company Overview - 908 Devices Inc. (MASS) is expected to report a quarterly loss of $0.34 per share, reflecting a year-over-year decline of 17.2% [5] - Revenues are anticipated to be $13.69 million, which represents a 13.2% increase from the same quarter last year [6] Earnings Estimates and Trends - The consensus EPS estimate has been revised 2.74% lower over the last 30 days, indicating a bearish sentiment among analysts regarding the company's earnings prospects [7] - The Most Accurate Estimate for 908 Devices is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -2.94% [13] Historical Performance - In the last reported quarter, 908 Devices was expected to post a loss of $0.37 per share but actually reported a loss of $0.33, achieving a surprise of +10.81% [16] - The company has beaten consensus EPS estimates in each of the last four quarters [17] Industry Context - In the Zacks Medical - Instruments industry, Teleflex (TFX) is expected to report earnings of $3.33 per share for the quarter ended June 2024, indicating a year-over-year change of -2.4% [21] - Teleflex's revenue is projected to be $763.39 million, up 2.7% from the previous year [21] - The consensus EPS estimate for Teleflex has remained unchanged over the last 30 days, but a lower Most Accurate Estimate has resulted in an Earnings ESP of -0.66% [22]

. . July 16, 2024 3:08 PM EDT | Source: Masivo Silver Corp. "Hole No.2 has shown very positive results, we are very pleased to have completed this hole after our technical team agreed to continue drilling the hole 100 feet beyond the expected depth thanks to the continuous visible high mineralization present on our drill core, this is what allowed us to extend the target depth 3 times, we are very excited to send our core to the lab for assaying," commented David Coburn, President & CEO. Nevada Drill Progra ...