908 Devices secures $1.7 million order from Ukraine

BOSTON - 908 Devices Inc. (NASDAQ:MASS), known for its specialized handheld chemical analysis equipment, has landed a $1.7 million order from the Ukrainian Ministry of Health. The order, slated for priority shipment in the first quarter of 2025, is for the company’s MX908 handheld mass spectrometry devices, complete with Aero modules. The company, with a market capitalization of $106.7 million and showing strong year-to-date returns of 37%, has demonstrated resilience despite recent market volatility, according to InvestingPro data.

The MX908 devices, equipped with High Pressure Mass Spectrometry (HPMS) technology, are designed to detect and identify trace levels of hazardous substances, including explosives and chemical agents. The addition of the Aero module enhances the device’s capabilities, allowing for the rapid detection of aerosolized threats such as chemical warfare agents and opioid analogs.

This technology is particularly relevant in post-conflict areas, where it can be used as part of an environmental testing kit to ensure public safety by identifying hazardous materials in the environment. The MX908 provides first responders with critical, actionable information to address unknown threats efficiently.

908 Devices, headquartered in Boston, focuses on creating handheld devices for chemical analysis that are used in various critical health and safety applications. These applications range from addressing the illicit drug crisis to managing exposure to toxic substances and responding to global security threats.

The company’s statement includes forward-looking remarks within the meaning of the Private Securities Litigation Reform Act of 1995, cautioning that actual results may differ materially from those projected due to various risks and uncertainties.

This news is based on a press release statement from 908 Devices.

In other recent news, 908 Devices Inc. reported fourth-quarter revenue of $18.8 million, reflecting a 31% increase from the previous year, although it fell short of the consensus estimate of $21.28 million. The company’s adjusted earnings per share came in at -$0.56, missing the anticipated -$0.23 per share. Despite these earnings misses, the strategic divestiture of its bioprocessing portfolio to Repligen for $70 million has been positively received, allowing 908 Devices to focus on high-growth handheld markets. This move is expected to improve profitability, with management projecting adjusted EBITDA positivity by the fourth quarter of 2025.

For the full year 2024, 908 Devices reported revenue of $59.6 million, marking a 19% year-over-year increase. The company also announced that handheld revenue grew 22% to $46.1 million, while recurring revenue saw a significant 42% increase to $23.3 million. Looking ahead, 908 Devices anticipates 2025 revenue from continuing operations to be between $53 million and $55 million, representing growth of 11% to 15%, with further acceleration expected in 2026.

Stifel analysts have maintained their Buy rating with a $6.00 price target, acknowledging the strategic benefits of the divestiture and the company’s focused growth strategy. The analysts noted that achieving over 20% growth in 2026 will require effective execution in product development and market penetration. The company concluded 2024 with $69.6 million in cash and no debt, positioning it well to pursue its growth objectives.

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