Core Insights - Rapid Micro Biosystems, Inc. announced preliminary unaudited revenue for Q4 and full year 2024, indicating significant growth in both periods [2][4][9] Q4 2024 Revenue - The company expects record revenue of approximately $8.2 million for Q4 2024, representing a growth of approximately 30% compared to the same period last year [2][9] - Recurring revenue for Q4 2024 is expected to be around $4.2 million, reflecting a growth of approximately 27% year-over-year [9] Full Year 2024 Revenue - Full year 2024 revenue is anticipated to be approximately $28.1 million, which indicates a growth of about 25% compared to the previous year [4][9] - Recurring revenue for the full year is expected to be approximately $15.5 million, showing a growth of around 14% year-over-year [9] System Placement and Validation - In Q4 2024, the company placed six new Growth Direct systems and completed validation for four customer systems, bringing the total to over 160 cumulative systems placed and over 135 validated globally [2][4] - For the entire year of 2024, the company placed 21 new systems and validated 16 customer systems [4] Gross Margin Expectations - The company anticipates a sequential improvement in gross margin for Q4 2024 compared to Q3 2024 [3] Collaboration with Lonza - Rapid Micro Biosystems announced a collaboration with Lonza to integrate the Growth Direct system with Lonza's MODA-EM module, creating a fully automated end-to-end environmental monitoring QC solution [6][9] - This solution is being deployed across Lonza's global cell and gene therapy manufacturing network [6] Upcoming Events - The company is scheduled to present at the 43rd Annual J.P. Morgan Healthcare Conference on January 16, 2024, with a live webcast available for investors [7]

Core Viewpoint - Rapid Micro Biosystems, Inc. is set to present at the 43rd Annual J.P. Morgan Healthcare Conference, highlighting its innovative automation solutions for healthcare product manufacturing [1][2]. Company Overview - Rapid Micro Biosystems is a life sciences technology company focused on providing automation solutions that enhance the manufacturing and release processes of healthcare products, including biologics, vaccines, cell and gene therapies, and sterile injectables [3]. - The company's flagship product, the Growth Direct system, modernizes microbial quality control (MQC) testing workflows, improving efficiency and compliance in pharmaceutical manufacturing [3]. - The company is headquartered in Lexington, Massachusetts, with manufacturing facilities in Lowell, Massachusetts, and global locations in Switzerland, Germany, and the Netherlands [3].

Core Insights - Rapid Micro Biosystems, Inc. is participating in the Stifel 2024 Healthcare Conference, highlighting its role in the life sciences technology sector [1] - The company will have a 30-minute Q&A session on November 18, 2024, featuring its President and CEO, Rob Spignesi, and CFO, Sean Wirtjes [2] Company Overview - Rapid Micro Biosystems specializes in automation solutions for the efficient manufacturing and safe release of healthcare products, including biologics, vaccines, cell and gene therapies, and sterile injectables [3] - The flagship product, Growth Direct system, modernizes microbial quality control testing workflows in pharmaceutical manufacturing, enhancing speed, accuracy, operational efficiency, and compliance with data integrity regulations [3] - The company is headquartered in Lexington, Massachusetts, with manufacturing facilities in Lowell, Massachusetts, and global locations in Switzerland, Germany, and the Netherlands [3]

Financial Performance - Revenue for Q3 2024 was $7.6 million, a 23.7% increase from $6.1 million in Q3 2023[128] - Net losses for Q3 2024 were $11.3 million, compared to $13.4 million in Q3 2023, with an accumulated deficit of $465.6 million as of September 30, 2024[129] - Total revenue for the three months ended September 30, 2024, was $7.604 million, a 23.7% increase from $6.145 million in the same period of 2023[176] - The net loss for the three months ended September 30, 2024, was $11.323 million, a 15.4% improvement from a net loss of $13.392 million in the same period of 2023[176] - Total revenue for the nine months ended September 30, 2024, was $19.8 million, an increase of $3.7 million, or 22.6%, compared to the same period in 2023[187] - The net loss for the nine months ended September 30, 2024, was $37.2 million, a decrease of $4.1 million, or 9.9%, compared to the same period in 2023[187] Revenue Breakdown - Recurring revenue from products and services was $3.675 million in Q3 2024, up 7.8% from $3.410 million in Q3 2023[144] - Recurring revenue accounted for 48.3% of total revenue for the three months ended September 30, 2024, down from 55.5% in the same period of 2023[151] - Product revenue increased by $1.1 million, or 25.1%, attributed to higher system placements and improvements in average selling prices[177] - Service revenue rose by $0.4 million, or 20.8%, primarily due to increases in validations, installations, and service contracts[178] - Product revenue increased by $2.8 million, or 26.3%, driven by higher system placements and average selling prices in consumables[188] - Service revenue rose by $0.8 million, or 15.3%, primarily due to increased revenue from validations, installations, and service contracts[189] Operational Efficiency - The company expects to achieve approximately $7 million in annual cash savings from the Operational Efficiency Program, aiming for positive cash flow by the end of 2027[127] - The company recorded a charge of $0.6 million in Q3 2024 related to the Operational Efficiency Program[127] - The company implemented an Operational Efficiency Program expected to yield approximately $7 million in annual cash savings[199] Growth and Development - The number of Growth Direct systems placed in Q3 2024 was 7, a 40% increase from 5 in Q3 2023, with cumulative placements reaching 156[144] - The company plans to continue investing in research and development to enhance the Growth Direct platform and launch new products[137] - Approximately 42% of customers have purchased Growth Direct systems for multiple sites, indicating potential for increased utilization[136] - The company anticipates service revenue to increase in future periods as the number of placed and validated Growth Direct systems grows[164] Cost Management - The cost of product revenue decreased by 6.6% to $5.314 million for the three months ended September 30, 2024, compared to $5.691 million in 2023[176] - Research and development expenses increased by 15.8% to $3.609 million for the three months ended September 30, 2024, compared to $3.116 million in 2023[176] - Research and development expenses increased by $1.7 million, or 17.8%, attributed to higher spending on new product development and increased headcount-related costs[192] - General and administrative expenses decreased by $2.3 million, or 11.7%, due to lower headcount-related costs and reduced bonus expenses[194] - Total costs and operating expenses decreased by $1.0 million, or 1.7%, to $59.5 million for the nine months ended September 30, 2024[187] Cash Flow and Investments - As of September 30, 2024, the company had cash and cash equivalents of $22.0 million and total investments of $61.1 million[202] - Net cash used in operating activities for the nine months ended September 30, 2024, was $34.2 million, a decrease of $1.3 million compared to the prior-year period[207] - Net cash provided by investing activities remained flat at $32.1 million for both the nine months ended September 30, 2024, and 2023[208] - Net cash provided by financing activities was unchanged at $0.2 million for the nine months ended September 30, 2024, compared to the same period in 2023[209] Market and Compliance Risks - The current inflationary and interest rate environment may negatively impact operations and demand for Growth Direct systems[131] - The company received a notification from Nasdaq regarding non-compliance with the minimum bid price requirement, as the Class A common stock closed below $1.00 for thirty consecutive business days[210] - The initial compliance period to regain the minimum bid price requirement expired on July 31, 2024, leading to a transfer of the Class A common stock listing to the Nasdaq Capital Market for an additional 180-day compliance period[210] - The company expects revenue variability due to factors such as customer budgetary cycles and summer vacation periods, which may continue to impact operating results[212] - There has been no material change in the company's exposure to market risks, primarily related to fluctuations in interest rates and inflationary pressure[220] Accounting and Reporting - There have been no significant changes in critical accounting policies and estimates compared to the previous disclosures in the 2023 Form 10-K[214] - The company is utilizing the extended transition period under the JOBS Act for compliance with new accounting standards, which may affect comparability with other public companies[216] - The company may still qualify as a "smaller reporting company" after ceasing to be an emerging growth company, allowing it to take advantage of certain disclosure exemptions[218]

Financial Data and Key Metrics Changes - Total revenue for Q3 2024 increased by 24% to $7.6 million compared to Q3 2023, marking a quarterly revenue record and the eighth consecutive quarter of exceeding guidance [8][19] - Gross margins improved significantly, achieving positive 8% gross margins, a 35-percentage point improvement year over year [14][23] - Net loss decreased to $11.3 million in Q3 2024 from $13.4 million in Q3 2023, with net loss per share improving from $0.31 to $0.26 [26] Business Line Data and Key Metrics Changes - Product revenue, including systems and consumables, increased by 25% to $5.3 million, with systems revenue rising nearly 50% due to higher placements [20] - Service revenue grew by 21% to $2.3 million, driven by validation services and service contracts [21] - Recurring revenue, consisting of consumables and service contracts, increased by 8% to $3.7 million, while non-recurring revenue rose by 44% to $3.9 million [21] Market Data and Key Metrics Changes - Seven growth direct systems were placed in Q3 2024, the strongest placement quarter since Q3 2021, bringing the total to 156 systems placed [8][19] - The company reported a multi-system order from a top 20 pharma customer, indicating strong demand and a successful land and expand strategy [9][10] Company Strategy and Development Direction - The company aims to achieve positive cash flow by the end of 2027 without additional financing, focusing on cost management and operational efficiency [17][30] - Continued engagement with customers for global deployments of growth direct systems is a key part of the strategy, with a strong emphasis on automation and quality control in pharmaceutical manufacturing [12][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing market headwinds, including elongated purchasing cycles and increased scrutiny on capital equipment purchases, but expressed optimism about the potential for growth [32][34] - The company remains confident in its ability to capitalize on high ROI projects and anticipates continued growth in the biologics and cell and gene therapy sectors [38][39] Other Important Information - The company ended Q3 2024 with approximately $61 million in cash and investments, positioning it well for future growth [27] - The upcoming Growth Direct Day event is expected to enhance customer engagement and showcase the value proposition of the Growth Direct platform [13] Q&A Session Summary Question: Expectations for Q4 placements and trends heading into next year - Management indicated that while they are maintaining a prudent guidance for Q4, there are positive trends emerging, but some headwinds remain [32][34] Question: Performance of accounts focused on new modalities - Management noted strong performance in the biologics and cell gene therapy space, with a positive outlook for multi-system orders from larger biopharma companies [38][39] Question: Potential impact of sterility on revenue in 2025 - Early feedback on the sterility application has been positive, and management is optimistic about translating interest into revenue [42] Question: Sustainability of positive gross margins - Management expressed confidence in maintaining positive gross margins moving forward, driven by volume and continued cost efficiency improvements [44][45]

Rapid Micro Biosystems, Inc. (RPID) came out with a quarterly loss of $0.26 per share in line with the Zacks Consensus Estimate. This compares to loss of $0.31 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this company would post a loss of $0.28 per share when it actually produced a loss of $0.29, delivering a surprise of -3.57%.Over the last four quarters, the company has surpassed consensus EPS estimates just once.Rapid Micro Biosystems, which ...

Financial Performance - Total revenue for Q3 2024 reached $7.6 million, a 24% increase from $6.1 million in Q3 2023[3] - Gross margin improved to positive 8%, a 35 percentage point increase compared to negative 27% in Q3 2023[1] - Product revenue rose by 25% to $5.3 million, while service revenue increased by 21% to $2.3 million compared to Q3 2023[3] - Recurring revenue grew by 8% to $3.7 million from $3.4 million in Q3 2023[3] - The company reaffirms its full year 2024 revenue guidance of at least $27.0 million, indicating a growth of at least 20% compared to 2023[7] - Net loss for Q3 2024 was $11.3 million, an improvement from a net loss of $13.4 million in Q3 2023[6] - Total operating expenses were $12.7 million, remaining flat compared to the prior year[5] Growth and Deployment - Seven Growth Direct® systems were placed in Q3 2024, the highest number since Q3 2021[1] - The company is actively engaged with several customers planning global deployments of the Growth Direct system[2] Financial Position - Cash, cash equivalents, and short-term investments totaled approximately $61 million, with no debt outstanding as of September 30, 2024[6]

Reports record third quarter 2024 revenue of $7.6 million, representing growth of 24% compared to the third quarter of 2023Placed seven Growth Direct® systems in the third quarter of 2024, marking the highest number of system placements since the third quarter of 2021 Included a multi-system order at an additional site of an existing top 20 global pharma customer as part of their global Growth Direct system rollout Achieved inflection in gross margins to positive 8%, representing a significant company miles ...

LEXINGTON, Mass., Oct. 23, 2024 (GLOBE NEWSWIRE) -- Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the “Company”), an innovative life sciences technology company providing mission-critical automation solutions to facilitate the efficient manufacturing and fast, safe release of healthcare products, will release third quarter 2024 financial results prior to the market open on Friday, November 1, 2024. In conjunction with the release, the Company’s management team will host a webcast conference call beginning at ...

Table of Contents ________________________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________ FORM 10-Q ________________________________________ (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ t ...