908 Devices Inc. reported a total revenue of $59.6 million for the fiscal year ending December 31, 2024, marking a 19% increase from $50.2 million in 2023. The growth was primarily driven by a rise in product revenue, which reached $43.9 million, up from $40.2 million the previous year. However, the company continued to face significant net losses, reporting a net loss of $72.2 million compared to a loss of $36.4 million in 2023. This increase in losses was attributed to higher operating expenses, including a goodwill impairment charge of $40.7 million, which was a direct result of a decline in the company's market capitalization.
The company experienced notable changes in its operational strategy, including the acquisition of RedWave Technology in April 2024 for $45 million in cash and stock. This acquisition is expected to enhance 908 Devices' portfolio of handheld chemical analysis devices, particularly in forensic workflows. Additionally, the company announced a restructuring plan in November 2024, which included an 11% workforce reduction aimed at improving operational efficiencies and reducing cash burn amid a slower growth market environment.
In terms of customer engagement, 908 Devices has sold over 3,500 devices to more than 900 customers across 63 countries, including all top 20 pharmaceutical companies by revenue. The company reported that its recurring revenue, which includes consumables and service contracts, accounted for 39% of total revenue in 2024, up from 33% in 2023. This increase reflects a growing installed base and the adoption of its products in various sectors, including government and biopharmaceutical markets.
Looking ahead, 908 Devices anticipates continued challenges due to macroeconomic conditions, including inflation and interest rate pressures, which may impact customer spending. The company plans to focus on expanding its sales efforts both domestically and internationally, particularly in the life sciences and bioprocessing markets. However, the uncertainty surrounding global economic conditions and the potential for further operational disruptions could affect its growth trajectory and financial performance in the near term.
About 908 Devices Inc.
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