908 Devices Shares Gain On Handheld, Desktop Devices Led Q2 Revenue Beat, FY21 Guidance Above Consensus

  • 908 Devices Inc MASS reported a second-quarter FY21 revenue decline of 26% year-on-year to $8.3 million, beating the analyst consensus of $7.2 million. The revenue grew 49% Q/Q.
  •  A one-time revenue event in Q2 2020, due to the shipment of 150 MX908 handheld devices for a single customer, drove the decline.
  • Product and service revenue declined 23.7% Y/Y to $7.9 million. License and contract revenue decreased 51.7% Y/Y to $0.4 million. Desktop revenue grew 70% Y/Y.
  • The install base grew to 1,530 placements, with 103 devices placed in Q2. Handhelds increased 63% Q/Q, and desktops rose 25% Q/Q.
  • Product and service gross margin contracted 500 bps to 53%.
  • EPS loss of $(0.27) missed the analyst consensus loss of $(0.21).
  • 908 Devices held $141 million in cash and equivalents.
  • With multiple REBEL orders, it expanded its platform reach in synthetic biology, specifically the cultured meat market.
  • Outlook: 908 Devices raised the FY21 revenue guidance from $38 million- $40 million to $40 million - $43 million above the analyst consensus of $39.5 million.
  • Price action: MASS shares traded higher by 7.42% at $33.3 on the last check Wednesday.
Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Date
ticker
name
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsLong IdeasNewsGuidanceSmall CapMoversTechTrading Ideas
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!