Rapid Micro Biosystems(RPID) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenue for Q3 2024 reached $7.6 million, a 24$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$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$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]