Rapid Micro Biosystems, Inc. reported its financial results for the three and nine months ended September 30, 2024, showing notable changes in revenue and losses compared to the previous fiscal period. Total revenue for the third quarter of 2024 reached $7.6 million, a 23.7% increase from $6.1 million in the same quarter of 2023. This growth was driven by a 25.1% rise in product revenue, which amounted to $5.3 million, and a 20.8% increase in service revenue, totaling $2.3 million. For the nine-month period, total revenue was $19.8 million, up 22.6% from $16.2 million in 2023.
Despite the revenue growth, the company continued to incur significant losses. The net loss for the third quarter of 2024 was $11.3 million, an improvement from the $13.4 million loss reported in the same quarter of the previous year. For the nine months ended September 30, 2024, the net loss was $37.2 million, compared to $41.3 million in 2023. The loss per share also improved, with a basic and diluted net loss per share of $(0.26) for Q3 2024, compared to $(0.31) in Q3 2023.
The company’s total current assets decreased to $87.9 million as of September 30, 2024, down from $120.4 million at the end of 2023. Total assets also fell to $105.8 million from $143.5 million, while total liabilities decreased to $21.5 million from $25.5 million. Stockholders’ equity declined to $84.4 million from $118.0 million.
In July 2024, Rapid Micro implemented an Operational Efficiency Program aimed at reducing costs and achieving positive cash flow by the end of 2027. This program resulted in a charge of $0.6 million in Q3 2024. The company anticipates annual savings of approximately $7 million from these initiatives.
The company continues to focus on expanding its market presence and enhancing its product offerings, particularly the Growth Direct platform, which has seen increased adoption among major pharmaceutical companies. As of September 30, 2024, the company had placed 156 Growth Direct systems with over 40 customers globally, indicating strong interest in its technology.
Overall, while Rapid Micro Biosystems has shown revenue growth and improved loss metrics, it remains focused on operational efficiency and market expansion to drive future profitability.
About RAPID MICRO BIOSYSTEMS, INC.
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