Melinda Litherland Pei, a director at Rapid Micro Biosystems, Inc. (NASDAQ:RPID), recently acquired a significant amount of the company's stock, according to a recent SEC filing. The micro-cap company, currently valued at $45.19 million, has shown strong momentum with a 39% gain year-to-date. On December 3, Pei purchased 10,880 shares of Class A Common Stock at a price of $1 per share. This was followed by another acquisition on December 5, where she bought 9,120 shares at a weighted average price of $1.0399 per share, with transaction prices ranging from $1.03 to $1.04. The total value of these transactions amounted to $20,363. Following these purchases, Pei now directly owns 54,300 shares of the company. According to InvestingPro analysis, RPID maintains a GOOD financial health score, with more cash than debt on its balance sheet. Investors seeking deeper insights can access the comprehensive Pro Research Report, which includes detailed analysis of RPID's financial position and growth prospects, along with 8 additional ProTips available exclusively to subscribers.
In other recent news, Rapid Micro Biosystems reported a substantial increase in Q3 revenue and system placements. The company recorded a total revenue of $7.6 million for the quarter, a 24% year-over-year increase, and the eighth consecutive quarter of surpassing guidance. The firm also confirmed its full-year revenue forecast of at least $27 million.
Rapid Micro Biosystems placed seven Growth Direct systems in Q3, bringing the total to 15 systems for the year. The company's gross margins improved to 8%, a significant rise from the previous year, due to cost reductions and increased efficiency. The net loss narrowed to $11.3 million compared to $13.4 million in Q3 of the previous year.
In other developments, the company received a multi-system order from a top 20 pharma customer, validating its commercial strategy. The company also expressed optimism about the adoption of its sterility product, expecting it to contribute to revenue in 2025. Despite these advancements, market conditions remain cautious, with longer purchasing cycles and increased scrutiny on capital expenditures.
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