908 Devices Inc. (MASS) closed the last trading session at $6.56, gaining 13.3% over the past four weeks, but there could be plenty of upside left in the stock if short-term price targets set by Wall Street analysts are any guide. The mean price target of $15.33 indicates a 133.7% upside potential. The average comprises three short-term price targets ranging from a low of $14 to a high of $17, with a standard deviation of $1.53. While the lowest estimate indicates an increase of 113.4% from the current pric ...

[PART I. FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Condensed Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed consolidated financial statements for 908 Devices Inc. for the period ended March 31, 2024 [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2024, total assets decreased to **$189.8 million** from **$203.0 million** at year-end 2023, primarily due to reduced cash and cash equivalents Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $104,599 | $121,041 | | Total current assets | $161,868 | $173,790 | | Total assets | $189,791 | $202,981 | | **Liabilities & Equity** | | | | Total current liabilities | $19,330 | $22,549 | | Total liabilities | $32,898 | $37,490 | | Total stockholders' equity | $156,893 | $165,491 | | Total liabilities and stockholders' equity | $189,791 | $202,981 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For Q1 2024, total revenue increased to **$10.0 million**, and net loss improved to **$10.9 million** from **$12.5 million** in Q1 2023 Q1 2024 vs Q1 2023 Statement of Operations (in thousands, except per share data) | Metric | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Total revenue | $9,991 | $9,487 | | Gross profit | $5,003 | $4,384 | | Loss from operations | $(12,688) | $(13,017) | | Net loss | $(10,917) | $(12,532) | | Net loss per share (Basic and diluted) | $(0.33) | $(0.39) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) In Q1 2024, net cash used in operating activities improved to **$9.4 million**, resulting in a **$16.4 million** net decrease in cash and equivalents Q1 2024 vs Q1 2023 Cash Flow Summary (in thousands) | Activity | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Net cash used in operating activities | $(9,357) | $(10,647) | | Net cash used in investing activities | $(5,780) | $(1,185) | | Net cash used in financing activities | $(1,295) | $(15,381) | | **Net decrease in cash, cash equivalents and restricted cash** | **$(16,442)** | **$(27,208)** | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue disaggregation, and significant subsequent events, including the acquisition of RedWave Technology - The company is a commercial-stage technology firm providing handheld and desktop devices for chemical and biochemical analysis in markets like life sciences, bioprocessing, and forensics[22](index=22&type=chunk) Revenue by Stream (in thousands) | Revenue Stream | Q1 2024 | Q1 2023 | | :--- | :--- | :--- | | Device sales revenue | $5,452 | $5,083 | | Recurring revenue | $4,539 | $4,179 | | **Total product and service revenue** | **$9,991** | **$9,262** | | Contract revenue | $— | $225 | | **Total revenue** | **$9,991** | **$9,487** | - On April 29, 2024, the company acquired RedWave Technology for an initial payment of **$45.0 million** in cash and **1,497,171 shares** of common stock, with a potential earnout of up to **4,000,000 additional shares** based on revenue targets[113](index=113&type=chunk)[114](index=114&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2024 financial performance, highlighting a **5%** revenue increase to **$10.0 million** and sufficient liquidity of **$134.2 million** - The company develops and sells purpose-built handheld and desktop mass spectrometry devices for point-of-need chemical and biochemical analysis, serving markets such as life sciences, bioprocessing, and forensics[121](index=121&type=chunk) Product Placements (Units) | Period | Handheld | Desktop | | :--- | :--- | :--- | | **Q1 2024** | 53 | 8 | | **Q1 2023** | 62 | 16 | Cumulative Product Placements (Units) | As of | Handheld | Desktop | | :--- | :--- | :--- | | **March 31, 2024** | 2,475 | 439 | | **March 31, 2023** | 2,082 | 386 | - Total revenue for Q1 2024 increased by **$0.5 million (5%)** to **$10.0 million** compared to Q1 2023, driven by a **$0.2 million** increase in product revenue and a **$0.5 million** increase in service revenue, offset by a **$0.2 million** decrease in contract revenue[174](index=174&type=chunk)[175](index=175&type=chunk)[178](index=178&type=chunk) - The company believes its existing cash, cash equivalents, and marketable securities of **$134.2 million** as of March 31, 2024, are sufficient to fund operations for at least the next twelve months[191](index=191&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, the company is exempt from providing market risk disclosures - As a smaller reporting company, 908 Devices Inc. is exempt from providing quantitative and qualitative disclosures about market risk[215](index=215&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes in internal control over financial reporting - Based on an evaluation as of the end of the quarter, the principal executive officer and principal financial officer concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level[216](index=216&type=chunk) - No changes in internal control over financial reporting occurred during the most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[217](index=217&type=chunk) [PART II. OTHER INFORMATION](index=41&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not currently party to any material legal proceedings[219](index=219&type=chunk) [Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported from the 2023 Form 10-K - There have been no material changes to the company's risk factors from those discussed in the 2023 Form 10-K[220](index=220&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported during the period - None[221](index=221&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) No defaults upon senior securities were reported - None[222](index=222&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - None[223](index=223&type=chunk) [Other Information](index=41&type=section&id=Item%205.%20Other%20Information) No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by directors or executive officers - No directors or executive officers adopted or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement during the quarter ended March 31, 2024[224](index=224&type=chunk) [Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications and Inline XBRL data List of Exhibits | Exhibit | Description | | :--- | :--- | | 31.1 | CEO Certification (Sarbanes-Oxley Section 302) | | 31.2 | CFO Certification (Sarbanes-Oxley Section 302) | | 32.1 | CEO Certification (Sarbanes-Oxley Section 906) | | 32.2 | CFO Certification (Sarbanes-Oxley Section 906) | | 101 | Inline XBRL Documents | | 104 | Cover Page Data File |

908 Devices Inc. (MASS) came out with a quarterly loss of $0.33 per share versus the Zacks Consensus Estimate of a loss of $0.37. This compares to loss of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.81%. A quarter ago, it was expected that this company would post a loss of $0.27 per share when it actually produced a loss of $0.23, delivering a surprise of 14.81%.Over the last four quarters, the company has surpass ...

Exhibit 99.1 908 Devices Reports First Quarter 2024 Financial Results and Updates 2024 Revenue Outlook First quarter 2024 product and service revenue increased 8% compared to prior year, driven by a 20% increase in handheld revenue Acquired RedWave Technology, expanding forensics product portfolio for point-of-need applications BOSTON – April 30, 2024 – 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical and biochemical analysis, today reported financial res ...

BOSTON--(BUSINESS WIRE)--908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical and biochemical analysis, announces the latest in international adoption of the MX908 for trace detection and identification of priority drugs and chemical threats. DrugDetect EU and NATO Support and Procurement Agency (NSPA) have both entered into new contracts to deploy the MX908, a handheld high-pressure mass spectrometry (HPMS) device. The MX908 will be used in a variety of sett ...

PART I [Business](index=7&type=section&id=Item%201.%20Business) 908 Devices Inc. develops and commercializes handheld and desktop mass spectrometry devices for point-of-need chemical and biochemical analysis in life sciences, bioprocessing, and forensics - The company has sold over **2,800** handheld and desktop devices to more than **700** customers in **56** countries, including all of the top **20** pharmaceutical companies by revenue[27](index=27&type=chunk) - The company's technology platform is built on three core elements: High-Pressure Mass Spec (HPMS), microfluidics for sample handling, and embedded analytics with machine learning to provide actionable answers[44](index=44&type=chunk)[47](index=47&type=chunk)[60](index=60&type=chunk) Total Addressable Market (TAM) Projections | Market Segment | 2022 TAM Estimate (billions USD) | 2027 TAM Estimate (billions USD) | | :--- | :--- | :--- | | **Total TAM** | **$5.7** | **$27** | | Handhelds (Forensics, QC) | $1.3 | >$3.9 | | Desktops (Bioprocess) | $0.8 | ~$15 | | Research Chromatography | $3.6 | >$8.1 | Product Portfolio Overview | Product | Type | Primary Market | Key Function | | :--- | :--- | :--- | :--- | | **MX908** | Handheld | Field Forensics | Rapid analysis of unknown solid, liquid, vapor, and aerosol materials | | **Rebel** | Desktop | Bioprocessing | Real-time analysis of extracellular environment (cell culture media) | | **Maverick** | Desktop | Bioprocessing | In-line optical analyzer for real-time monitoring of bioprocess parameters | | **Maven & Trace C2** | Desktop | Bioprocessing | On-line devices for continuous monitoring and control of specific analytes | | **ZipChip** | Interface | Life Sciences Research | Plug-and-play separation platform for conventional Mass Spec instruments | [Risk Factors](index=43&type=section&id=Item%201A.%20Risk%20Factors) The company faces diverse risks including macroeconomic factors, a history of net losses, competition, product reliance, long sales cycles, and regulatory compliance - A majority of the company's **2023** product and service revenue was derived from sales of its handheld products, primarily the **MX908**, to the field forensics market[202](index=202&type=chunk) - The company has a history of net losses since its inception in **2012** and may not achieve or maintain profitability in the future[181](index=181&type=chunk) - Sales cycles can be long and unpredictable, ranging from several months to over a year, particularly with government customers who require extensive evaluation, budgeting, and procurement processes[207](index=207&type=chunk) - The company relies on a limited number of suppliers for several key components, and in some cases, a single supplier, which poses a risk to manufacturing and supply chain stability[218](index=218&type=chunk) - Products are currently marketed as Research Use Only (RUO). If the FDA were to determine they are intended for diagnostic purposes, the company would face more onerous regulatory requirements, costs, and potential delays[210](index=210&type=chunk) [Unresolved Staff Comments](index=63&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the Securities and Exchange Commission - There are no unresolved staff comments[358](index=358&type=chunk) [Cybersecurity](index=63&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity risk management is overseen by the Board of Directors, with no material incidents identified to date - The Board of Directors, through its audit committee, has overall oversight responsibility for cybersecurity risks, receiving quarterly reports from the Director of Information Technology[359](index=359&type=chunk) - The company maintains a cybersecurity program that includes periodic risk assessments, security testing, and a vulnerability management process to mitigate cyber risks[361](index=361&type=chunk) - To date, no cybersecurity incidents or threats have been identified that have had a material effect on the company[366](index=366&type=chunk) [Properties](index=64&type=section&id=Item%202.%20Properties) The company leases its primary facilities, including corporate headquarters in Boston, MA, European operations in Germany, and an R&D facility in North Carolina - The company's corporate headquarters is a leased **37,500 sq. ft.** facility in Boston, Massachusetts, with the lease expiring in **October 2025**[367](index=367&type=chunk) - Additional leased facilities are located in Braunschweig, Germany (**7,500 sq. ft.**) and Morrisville, North Carolina (**13,300 sq. ft.**) to support European operations and R&D/manufacturing expansion, respectively[367](index=367&type=chunk) [Legal Proceedings](index=64&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any material legal proceedings - The company is not currently subject to any material legal proceedings[368](index=368&type=chunk) [Mine Safety Disclosures](index=64&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company's operations - Not applicable[369](index=369&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=65&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on Nasdaq under "MASS", has approximately 22 holders, and does not anticipate paying cash dividends - The company's common stock trades on the Nasdaq Global Market under the symbol **"MASS"**[372](index=372&type=chunk) - The company has never paid cash dividends and does not intend to in the foreseeable future, with its ability to do so also restricted by its credit agreement[377](index=377&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=66&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In fiscal year 2023, total revenue increased by **7%** to **$50.2 million**, while net loss widened to **$36.4 million** due to increased operating expenses Consolidated Statement of Operations Summary (2023 vs. 2022) | Metric | 2023 (in thousands) | 2022 (in thousands) | Change (%) | | :--- | :--- | :--- | :--- | | **Total Revenue** | **$50,229** | **$46,852** | **7.2%** | | Product Revenue | $40,214 | $37,499 | 7.2% | | Service Revenue | $9,645 | $6,976 | 38.3% | | Contract Revenue | $370 | $2,377 | -84.4% | | **Gross Profit** | **$25,322** | **$26,023** | **-2.7%** | | Gross Margin | 50.4% | 55.5% | -5.1 p.p. | | **Operating Expenses** | **$68,080** | **$61,405** | **10.9%** | | R&D | $21,904 | $17,526 | 25.0% | | SG&A | $46,176 | $43,879 | 5.2% | | **Loss from Operations** | **($42,758)** | **($35,382)** | **20.8%** | | **Net Loss** | **($36,399)** | **($33,563)** | **8.4%** | - Recurring revenue (from consumables and services) constituted **33%** of total product and service revenue in **2023**, down slightly from **35%** in **2022**[401](index=401&type=chunk) Product Placements (Units) | Product Type | 2023 Placements | 2022 Placements | | :--- | :--- | :--- | | Handheld | 402 | 370 | | Desktop | 66 | 80 | - As of **December 31, 2023**, the company had **$121.0 million** in cash and cash equivalents and **$24.6 million** in marketable securities[453](index=453&type=chunk) - In **March 2023**, the company was in default of its loan covenants with Silicon Valley Bank (SVB) after transferring funds away from the institution following its collapse. The default was subsequently waived and the loan agreement was amended in **August 2023**[466](index=466&type=chunk)[467](index=467&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=85&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, 908 Devices Inc. is not required to provide the information for this item - The company is a smaller reporting company and is not required to provide this information[514](index=514&type=chunk) [Financial Statements and Supplementary Data](index=85&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section presents the company's audited consolidated financial statements for fiscal years 2023 and 2022, including balance sheets, statements of operations, and cash flows Key Balance Sheet Data (as of Dec 31) | Account | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Cash and cash equivalents | $121,041 | $188,422 | | Marketable securities | $24,641 | $0 | | Total Assets | $202,981 | $242,587 | | Total Liabilities | $37,490 | $51,988 | | Total Stockholders' Equity | $165,491 | $190,599 | Key Cash Flow Data (Year Ended Dec 31) | Account | 2023 (in thousands) | 2022 (in thousands) | | :--- | :--- | :--- | | Cash used in operating activities | ($25,059) | ($20,930) | | Cash used in investing activities | ($26,400) | ($15,807) | | Cash (used in) provided by financing activities | ($15,935) | $1,179 | | Net decrease in cash | ($67,381) | ($35,540) | - The company acquired Trace Analytics GmbH (now 908 Devices GmbH) in **August 2022** for a total potential consideration of **$17.3 million**, adding enabling sampling technology and expanding its European presence[541](index=541&type=chunk)[702](index=702&type=chunk) [Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](index=122&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20With%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[714](index=714&type=chunk) [Controls and Procedures](index=123&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded disclosure controls were effective as of December 31, 2023, with no material changes to internal control over financial reporting during the fourth quarter - Management concluded that disclosure controls and procedures were effective as of the end of the period covered by the report[716](index=716&type=chunk) - No changes in internal control over financial reporting occurred during the quarter ended **December 31, 2023**, that have materially affected, or are reasonably likely to materially affect, internal controls[717](index=717&type=chunk) [Other Information](index=124&type=section&id=Item%209B.%20Other%20Information) The company reports no directors or executive officers adopted or terminated Rule 10b5-1 trading arrangements during the fourth quarter of 2023 - No directors or executive officers adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the fourth quarter ended **December 31, 2023**[722](index=722&type=chunk) [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=124&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - Not applicable[723](index=723&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=124&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the company's 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the registrant's upcoming Proxy Statement for its **2024** Annual Meeting of Stockholders[725](index=725&type=chunk) [Executive Compensation](index=124&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the registrant's upcoming Proxy Statement for its **2024** Annual Meeting of Stockholders[727](index=727&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=124&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of beneficial owners and management is incorporated by reference from the company's 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the registrant's upcoming Proxy Statement for its **2024** Annual Meeting of Stockholders[728](index=728&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=124&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding certain relationships, related transactions, and director independence is incorporated by reference from the company's 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the registrant's upcoming Proxy Statement for its **2024** Annual Meeting of Stockholders[729](index=729&type=chunk) [Principal Accountant Fees and Services](index=124&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's 2024 Annual Meeting Proxy Statement - Information is incorporated by reference from the registrant's upcoming Proxy Statement for its **2024** Annual Meeting of Stockholders[730](index=730&type=chunk) PART IV [Exhibit and Financial Statement Schedules](index=124&type=section&id=Item%2015.%20Exhibit%20and%20Financial%20Statement%20Schedules) This section lists financial statements, schedules, and exhibits filed as part of the Annual Report on Form 10-K, with schedules omitted if not required or already included - This item provides an index of all financial statements and exhibits filed with the Form **10-K**[732](index=732&type=chunk)[734](index=734&type=chunk) [Form 10-K Summary](index=127&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that there is no Form 10-K summary - None[740](index=740&type=chunk)

Financial Data and Key Metrics Changes - Revenue for Q4 2023 was $14.4 million, up 23% from $11.6 million in Q4 2022, with total revenue for 2023 at $50.2 million, a 7% increase from $46.9 million in 2022 [4][23][37] - Handheld revenue for 2023 was approximately $37.9 million, representing a 28% year-over-year growth, while desktop revenue was $12 million, a 20% decline compared to the prior year [38][39] - Gross profit for Q4 2023 was $7.3 million, with a gross margin of 51%, consistent with the prior year [32][36] Business Line Data and Key Metrics Changes - Revenue from handheld devices serving the forensics market grew 28% in 2023, significantly offsetting declines in life science instrumentation and bioprocessing markets [5][38] - Desktop revenue for Q4 2023 was $3.2 million, down 2% from the prior year, with a total of five ZipChip interfaces, three REBEL, ten MAVEN, and five MAVERICK device shipments [30][31] - Recurring revenue for the full year was $16.5 million, a 5% increase year-over-year, driven primarily by strong service revenue [33] Market Data and Key Metrics Changes - The company expanded its international presence, with MX908 devices now deployed in 56 countries, up from 45 at the end of 2022 [25] - 25% of MX908 device sales were from outside North America in 2023, compared to 20% in 2022 [25] - The ongoing fentanyl crisis and geopolitical risks are key drivers for demand in handheld devices [10][7] Company Strategy and Development Direction - The company aims to balance operating expense growth with revenue growth, focusing on cash management while pursuing market opportunities [8][24] - Plans to leverage expanded product portfolios to maximize opportunities and strengthen customer engagements, particularly in cell and gene therapy applications [43][66] - The company views 2024 as a transitional year, expecting solid growth from forensics products and overall revenue acceleration as market headwinds subside [41][64] Management's Comments on Operating Environment and Future Outlook - Management expects continued headwinds in the life science instrumentation and bioprocessing markets in the first half of 2024, with a gradual improvement anticipated later in the year [40][64] - The company is confident in returning to robust double-digit growth in 2025, supported by existing cash reserves [41][68] - Management highlighted the importance of strategic partnerships and collaborations to enhance product offerings and market presence [58][92] Other Important Information - The company ended 2023 with zero debt and a healthy cash balance of over $145 million [24][34] - Significant progress was made in partnerships with organizations like Terumo and Cellares to enhance product integration in cell therapy [13][58] Q&A Session Summary Question: Demand outlook for new products in 2024 - Management expressed optimism about the adoption of new products like MAVEN and MAVERICK, noting strong demand for handheld devices driven by geopolitical risks and the fentanyl crisis [46][50] Question: Expectations for desktop product growth - Management indicated that desktop growth is expected to rebound into positive territory in 2024, with gradual improvement anticipated throughout the year [51][75] Question: Differences in instrument usage between partnerships - Management clarified that different instruments are used by partners based on specific unit operations, with MAVEN and MAVERICK serving distinct roles in cell therapy applications [58][87] Question: Composition of leads generated in the second half of 2023 - Management noted that new product launches significantly contributed to increased bookings and leads, particularly for MAVEN and MAVERICK [94] Question: Recurring revenue expectations for 2024 - Management expects recurring revenue to remain around a third of product and service revenue for the full year 2024 [62]

Analysis at the speed of life MARCH 2024 This presentation and the accompanying oral presentation (this "presentation") contain forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may relate to, but are not limited to, expectations of future results of operations or financial performance of 908 Devices Inc. ("908 Devices," the "Company," "we," "us," or similar te ...

Exhibit 99.1 908 Devices Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Revenue Outlook Fourth quarter 2023 revenue increased 23% compared to prior year, driven by handheld revenue increasing 57% BOSTON – March 5, 2024 – 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical and biochemical analysis, today reported financial results for the quarter and full year ended December 31, 2023. "We made solid progress in 2023 towards our ...

Analysis for life NOVEMBER 2023 Forward-looking statements are based on information available at the time those statements are made and/or management's good faith beliefs and assumptions as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include our ability to achieve profitability for any period in the ...