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908 Devices Inc. (MASS-6.07%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $16,773,000 for the quarter, an increase from $14,297,000 in the same quarter of the previous year. This increase is attributed to higher service revenue and the acquisition of RedWave Technology.
Product revenue was $12,845,000, up from $12,161,000 in the previous year, driven by sales of FTIR products and MX908 devices, although offset by lower desktop product revenue.
Service revenue rose to $3,887,000 from $2,136,000, reflecting growth in extended service contracts and training revenue.
Contract revenue was $41,000, with no comparable revenue in the prior year.
Cost of revenue increased to $8,441,000 from $6,428,000, primarily due to higher production costs and intangible amortization.
Gross profit for the quarter was $8,332,000, compared to $7,869,000 in the previous year, with a gross profit margin of 50%.
Research and development expenses increased to $6,788,000 from $5,537,000, driven by higher personnel and project costs.
Selling, general, and administrative expenses rose to $13,379,000 from $11,317,000, due to increased salaries, stock-based compensation, and consulting expenses.
A goodwill impairment charge of $30,523,000 was recorded, reflecting a decrease in the company's market capitalization.
The company reported a net loss of $29,295,000 for the quarter, compared to a net loss of $7,093,000 in the previous year.
Cash used in operating activities was $28,004,000, primarily due to the net loss and changes in working capital.
The company had cash, cash equivalents, and marketable securities of $71,686,000 as of September 30, 2024.
908 Devices acquired RedWave Technology in April 2024, expanding its portfolio with FTIR spectroscopic analyzers.
The company anticipates that its existing cash and revenue will be sufficient to fund operations for at least the next 12 months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 908 Devices Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.