908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical analysis, today announced preliminary unaudited financial results for the quarter and full year ended December 31, 2024.
Preliminary unaudited revenue for the fourth quarter of 2024 is expected to be approximately $17.2 million, compared to $14.4 million in the fourth quarter of 2023, reflecting reported growth of approximately 20%. Fourth quarter handheld revenues grew double digits on a year-over-year basis and desktop revenues grew double digits on both a year-over-year and sequential basis.
Preliminary unaudited revenue for the year ended December 31, 2024 is expected to be approximately $58.0 million, compared to $50.2 million in full year 2023, reflecting reported growth of approximately 15% and meeting the high end of revenue guidance. Revenue from RedWave Technology, acquired in April 2024, is expected to deliver double-digit pro-forma growth for the full year and meet the Company’s post-acquisition revenue target of approximately $11 million, representing approximately 8 months of ownership.
During the fourth quarter of 2024, approximately $2 million in cash was consumed. Cash, cash equivalents, and marketable securities were approximately $69.5 million (unaudited) at the end of the quarter.
“We are pleased with the momentum our business delivered in the fourth quarter, across both handhelds and desktops,” said Kevin J. Knopp, CEO and Co-founder. “We saw increased demand for our recently acquired handheld FTIR devices, which reinforces our confidence in the multi-year growth trajectory of our expanded handheld portfolio.”
The Company plans to report its fourth quarter and full year 2024 financial results later this quarter, at which time the Company will discuss its 2024 financial results in more detail and provide its outlook for 2025.
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