908 Devices(MASS) - 2024 Q4 - Annual Results

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]