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BOSTON - 908 Devices Inc . (NASDAQ:MASS) saw its stock surge 5% after the company announced a strategic transformation and provided an upbeat growth outlook, despite missing analyst estimates for the fourth quarter.
The chemical analysis device maker reported fourth quarter revenue of $18.8 million, up 31% year-over-year but below the consensus estimate of $21.28 million. Adjusted EPS came in at -$0.56, missing expectations of -$0.23 per share.
However, investors focused on 908 Devices’ divestiture of its desktop portfolio to Repligen (NASDAQ:RGEN) for $70 million, which the company said will sharpen its focus on high-growth handheld markets. The transaction is expected to accelerate 908 Devices’ path to profitability, with management now projecting adjusted EBITDA positivity by Q4 2025.
For the full year 2024, 908 Devices reported revenue of $59.6 million, up 19% YoY. Handheld revenue grew 22% to $46.1 million, while recurring revenue jumped 42% to $23.3 million.
Looking ahead, the company expects 2025 revenue from continuing operations of $53 million to $55 million, representing 11% to 15% growth. Management anticipates further acceleration above 20% in 2026.
"Today marks a transformative milestone for 908 Devices—one that sharpens our strategic focus, enhances margins, and significantly accelerates our path to profitability," said CEO Kevin J. Knopp.
The company ended 2024 with $69.6 million in cash and no debt. With the additional $70 million from the divestiture, 908 Devices appears well-positioned to execute its growth strategy focused on handheld chemical analysis devices.
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