Workflow
908 Devices(MASS) - 2025 Q1 - Quarterly Results
MASS908 Devices(MASS)2025-05-13 11:15

Revenue Performance - Revenue from continuing operations for Q1 2025 was 11.8million,a5911.8 million, a 59% increase year-over-year, primarily driven by an 86% increase in handheld product and service revenue[5] - Recurring revenue reached 4.4 million, up 54% year-over-year, representing 37% of total revenues for the quarter[8] - The company expects full-year 2025 revenues from continuing operations to be between 53millionand53 million and 55 million, indicating an 11% to 15% growth compared to 2024[12] Profitability Metrics - Adjusted gross profit for Q1 2025 was 6.4million,withanadjustedgrossmarginof546.4 million, with an adjusted gross margin of 54%, an increase of approximately 75 basis points compared to the prior year[6] - Gross profit (GAAP) for Q1 2025 was 5,541 million, up from 3,887millioninQ12024,representinga42.53,887 million in Q1 2024, representing a 42.5% increase[24] - Adjusted gross profit (Non-GAAP) for Q1 2025 was 6,409 million, compared to 3,983millioninQ12024,indicatinga60.83,983 million in Q1 2024, indicating a 60.8% growth[24] - Gross margin percentage (GAAP) decreased to 47% in Q1 2025 from 52% in Q1 2024[24] - Adjusted gross margin percentage (Non-GAAP) remained stable at 54% for both Q1 2025 and Q1 2024[24] - Adjusted EBITDA (Non-GAAP) improved to (4,569) million in Q1 2025, compared to (5,339)millioninQ12024,showingareductioninlosses[24]OperatingExpenses−Operatingexpensesincreasedto(5,339) million in Q1 2024, showing a reduction in losses[24] Operating Expenses - Operating expenses increased to 16.6 million in Q1 2025 from 11.5millionintheprioryear,influencedbya11.5 million in the prior year, influenced by a 2.5 million non-cash charge related to contingent consideration[7] - Stock-based compensation increased to 2,221millioninQ12025from2,221 million in Q1 2025 from 1,839 million in Q1 2024[24] - Acquisition and integration costs rose to 640millioninQ12025,upfrom640 million in Q1 2025, up from 274 million in Q1 2024[24] - Intangible amortization for Q1 2025 was 713million,whiletherewasnonereportedinQ12024[24]NetLoss−Netlossfromcontinuingoperationswas713 million, while there was none reported in Q1 2024[24] Net Loss - Net loss from continuing operations was 9.8 million for Q1 2025, compared to a net loss of 5.9millioninthesameperiodlastyear[9]−Netlossfromcontinuingoperations(GAAP)increasedto5.9 million in the same period last year[9] - Net loss from continuing operations (GAAP) increased to (9,838) million in Q1 2025 from (5,895)millioninQ12024[24]DeviceandMarketMetrics−Theinstalledbaseofdevicesgrew28(5,895) million in Q1 2024[24] Device and Market Metrics - The installed base of devices grew 28% year-over-year to 3,172 devices, with 157 devices placed during Q1 2025[5] - A 2.0 million order for MX908 mass spectrometry devices was received from the Texas Department of Public Safety for drug detection[8] Cash Position - Cash, cash equivalents, and marketable securities totaled 124.3millionasofMarch31,2025,withnodebtoutstanding[11]CorporateActions−ThecompanyannouncedthedivestitureofitsbioprocessingproductportfoliotoRepligenCorporationonMarch4,2025[8]FairValueAdjustments−Changeinfairvalueofcontingentconsiderationwas124.3 million as of March 31, 2025, with no debt outstanding[11] Corporate Actions - The company announced the divestiture of its bioprocessing product portfolio to Repligen Corporation on March 4, 2025[8] Fair Value Adjustments - Change in fair value of contingent consideration was 2,499 million in Q1 2025, with no comparable figure in Q1 2024[24]