908 Devices Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>908 Devices Inc. has filed its 2023 annual report (10-K) detailing financial performance and corporate structure.</b>

AI Summary

908 Devices Inc. (MASS) filed a Annual Report (10-K) with the SEC on March 8, 2024. 908 Devices Inc. filed its 2023 Form 10-K on March 8, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 645 Summer Street, Boston, MA 02210. The filing includes information on common stock, stock options, and various equity plans. Key dates related to stock offerings and plan adoptions are noted.

Why It Matters

For investors and stakeholders tracking 908 Devices Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of 908 Devices' financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's trajectory. The detailed breakdown of equity, stock options, and various incentive plans offers insight into the company's compensation strategies and potential future dilution.

Risk Assessment

Risk Level: — 908 Devices Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which typically contains a broad range of information. Specific risks are detailed within the full report, but the nature of a 10-K suggests potential market, operational, and financial risks inherent to a public company.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand 908 Devices' performance and potential challenges.

Key Numbers

• 31859847 — Prepaid Expense and Other Assets Current (As of December 31, 2023.)
• 32519023 — Other Assets Noncurrent (As of December 31, 2023.)

Key Players & Entities

• 908 Devices Inc. (company) — Filer of the 10-K report.
• MASS (company) — Standard Industrial Classification code.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-03-08 (date) — Filing date of the 10-K.
• 645 Summer Street, Boston, MA 02210 (address) — Business and mailing address.

FAQ

Industry Context

908 Devices Inc. operates in the scientific and technical instruments sector, focusing on mass spectrometry and related technologies.

Regulatory Implications

The filing is made in accordance with the Securities Exchange Act of 1934, requiring public companies to disclose material information.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine the 'Risk Factors' section for potential threats to the company's business.
3. Review executive compensation and equity incentive plans for insights into management incentives.

Key Dates

• 2024-03-08: 10-K Filing — Official filing of the annual report for fiscal year 2023.
• 2023-12-31: Fiscal Year End — End date for the reporting period covered by the 10-K.
• 2020-12-22: Common Stock Issuance — Date related to common stock and over-allotment options.
• 2021-11-15: Secondary Public Offering — Date related to common stock and secondary public offering.

Year-Over-Year Comparison

This is the initial analysis of the 2023 10-K filing.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share MASS The Nasdaq Global Ma
• $5.7 billion — ble market, or TAM, for our devices was $5.7 billion in 2022 and is growing to an estimated
• $27 billion — in 2022 and is growing to an estimated $27 billion by 2027. The TAM for our handhelds was
• $1.3 billion — M for our handhelds was estimated to be $1.3 billion in 2022 with expansion to over $3.9 bil
• $3.9 billion — billion in 2022 with expansion to over $3.9 billion with software application extensions fo
• $0.8 billion — lopment represented an estimated TAM of $0.8 billion in 2022 expanding significantly to appr
• $15 billion — xpanding significantly to approximately $15 billion with execution of our roadmap and the r
• $3.6 billion — rtunity to service the estimated TAM of $3.6 billion in 2022 across the research chromatogra
• $8.1 billion — raphy market space growing to more than $8.1 billion with further market growth and roadmap

Filing Documents

• mass-20231231x10k.htm (10-K) — 2696KB
• mass-20231231xex10d4.htm (EX-10.4) — 19KB
• mass-20231231xex10d18.htm (EX-10.18) — 11KB
• mass-20231231xex21d1.htm (EX-21.1) — 5KB
• mass-20231231xex23d1.htm (EX-23.1) — 3KB
• mass-20231231xex31d1.htm (EX-31.1) — 15KB
• mass-20231231xex31d2.htm (EX-31.2) — 15KB
• mass-20231231xex32d1.htm (EX-32.1) — 8KB
• mass-20231231xex32d2.htm (EX-32.2) — 8KB
• mass-20231231xex97.htm (EX-97) — 38KB
• mass-20231231x10k001.jpg (GRAPHIC) — 53KB
• mass-20231231x10k002.jpg (GRAPHIC) — 26KB
• mass-20231231x10k003.jpg (GRAPHIC) — 24KB
• mass-20231231x10k004.jpg (GRAPHIC) — 19KB
• mass-20231231x10k005.jpg (GRAPHIC) — 58KB
• mass-20231231x10k006.jpg (GRAPHIC) — 55KB
• mass-20231231x10k007.jpg (GRAPHIC) — 30KB
• 0001558370-24-002818.txt (&nbsp;) — 12978KB
• mass-20231231.xsd (EX-101.SCH) — 72KB
• mass-20231231_cal.xml (EX-101.CAL) — 89KB
• mass-20231231_def.xml (EX-101.DEF) — 318KB
• mass-20231231_lab.xml (EX-101.LAB) — 718KB
• mass-20231231_pre.xml (EX-101.PRE) — 565KB
• mass-20231231x10k_htm.xml (XML) — 2284KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 28 Item 1B. Unresolved Staff Comments 63 Item 1C. Cybersecurity 63 Item 2.

Properties

Properties 64 Item 3.

Legal Proceedings

Legal Proceedings 64 Item 4. Mine Safety Disclosures 64 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 65 Item 6. Reserved 65 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 66 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 85 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 85 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 122 Item 9A.

Controls and Procedures

Controls and Procedures 123 Item 9B. Other Information 124 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 124 PART III Item 10. Directors, Executive Officers and Corporate Governance 124 Item 11.

Executive Compensation

Executive Compensation 124 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 124 Item 13. Certain Relationships and Related Transactions, and Director Independence 124 Item 14. Principal Accounting Fees and Services 124 PART IV Item 15. Exhibit and Financial Statement Schedules 124 Item 16. Form 10-K Summary 127

SIGNATURES

SIGNATURES 128 We own various trademark registrations and applications, and unregistered trademarks, including MX908, Rebel, ZipChip, Maverick, Maven, 908 Devices and our corporate logo. All other trade names, trademarks and service marks of other companies appearing in this Annual Report on Form 10-K are the property of their respective holders. Solely for convenience, the trademarks and trade names in this Annual Report on Form 10-K may be referred to without the , or RTM symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us, by any other companies. Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future results of operations and financial position, business strategy and plans and our objectives for future operations, are forward-looking statements, and are made under the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The words "believe," "may," "will," "estimate," "continue," "anticipate," "intend," "expect," "should," "could," "target," "predict," "seek" and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business stra

Business

Item 1. Business. Analysis at the Speed of Life We are making revolutionizing chemical and biochemical analysis simple, smart and speedy with our purpose-built handheld and desktop devices that empower people to take swift action in life-altering applications. Company Overview We have developed an innovative suite of purpose-built handheld and desktop devices for the point-of-need chemical and biochemical analysis. Leveraging our proprietary mass spectrometry, or Mass Spec, microfluidics, and analytics and machine learning technologies, we make devices that are significantly smaller and more accessible than conventional laboratory instruments. Our devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in life sciences research, bioprocessing, pharma/biopharma, forensics and adjacent markets. The term "products" or "devices" used in this "Business" section each refer to the MX908, Rebel, ZipChip Interface, Maverick, and Maven and related sampling devices. We create simplified measurement devices that our customers can use as accurate tools where-and-when their work needs to be done, rather than overly complex and centralized analytical instrumentation. We believe the insights and answers our devices provide accelerate workflows, reduce costs, and offer transformational opportunities for our end users. Since the launch of our first device, we have sold more than 2,800 handheld and desktop devices to over 700 customers in 56 countries, including all 20 of the top 20 pharmaceutical companies by revenue, as well as numerous domestic and foreign government agencies and leading academic institutions. Our current products are available for both battery-powered handheld and desktop applications. Front-line workers rely upon our handheld devices to combat the opioid crisis and detect counterfeit pharmaceuticals and illicit materials in the air or

View Full Filing

View this 10-K filing on SEC EDGAR