908 Devices Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>908 Devices Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial performance and operational status.</b>

AI Summary

908 Devices Inc. (MASS) filed a Quarterly Report (10-Q) with the SEC on May 3, 2024. 908 Devices Inc. reported financial results for the quarter ended March 31, 2024. The company's fiscal year ends on December 31st. The filing is a 10-Q, indicating a quarterly report. The company is incorporated in Delaware. The business and mailing address is 645 Summer Street, Boston, MA 02210.

Why It Matters

For investors and stakeholders tracking 908 Devices Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of 908 Devices Inc.'s financial health and operational progress during the first quarter of 2024. The information contained within this report is crucial for understanding the company's revenue streams, expenses, and overall financial position as it navigates the market.

Risk Assessment

Risk Level: medium — 908 Devices Inc. shows moderate risk based on this filing. The company's financial performance and future prospects are subject to market conditions and competitive pressures within the scientific instrumentation industry, as indicated by the various product and service segments mentioned.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess 908 Devices Inc.'s current financial health and future growth potential.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-03 — Filing Date (Date the report was filed)
• 1231 — Fiscal Year End (Company's fiscal year end month and day)

Key Players & Entities

• 908 Devices Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-03 (date) — Filed as of date
• 0001555279 (company) — Central Index Key
• DE (jurisdiction) — State of incorporation
• 1231 (date) — Fiscal year end
• 645 Summer Street (address) — Business address
• Boston, MA (location) — Business address city and state

FAQ

Industry Context

908 Devices Inc. operates in the scientific instrumentation sector, providing mass spectrometry and related technologies.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the revenue breakdown by segment and product type to understand growth drivers.
2. Review the company's cash flow statement for insights into operational efficiency and investment activities.
3. Examine any disclosed risk factors to assess potential challenges and their impact on the business.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-03: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, following the company's reporting cycle.

Key Financial Figures

• $0.001 — ich registered Common Stock, par value $0.001 per share MASS The Nasdaq Global Ma

Filing Documents

• mass-20240331x10q.htm (10-Q) — 1616KB
• mass-20240331xex31d1.htm (EX-31.1) — 8KB
• mass-20240331xex31d2.htm (EX-31.2) — 8KB
• mass-20240331xex32d1.htm (EX-32.1) — 5KB
• mass-20240331xex32d2.htm (EX-32.2) — 5KB
• 0001558370-24-006601.txt (&nbsp;) — 7822KB
• mass-20240331.xsd (EX-101.SCH) — 52KB
• mass-20240331_cal.xml (EX-101.CAL) — 61KB
• mass-20240331_def.xml (EX-101.DEF) — 187KB
• mass-20240331_lab.xml (EX-101.LAB) — 479KB
• mass-20240331_pre.xml (EX-101.PRE) — 348KB
• mass-20240331x10q_htm.xml (XML) — 1510KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 PART II. OTHER INFORMATION 41 Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors 41 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults Upon Senior Securities 41 Item 4. Mine Safety Disclosures 41 Item 5. Other Information 41 Item 6. Exhibits 42

Signatures

Signatures 43 2 Table of Contents Cautionary Note Regarding Forward-Looking Statements This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q, 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, or the Exchange Act. 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 strategy, short- and long-term business operations and objectives, and financial needs. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those referenced in the section titled "Risk Factors" and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a competitive and rapidly changing environment and new risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 908 DEVICES INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 104,599 $ 121,041 Marketable securities 29,596 24,641 Accounts receivable, net of allowance for credit losses of $ 420 and $ 395 at March 31, 2024 and December 31, 2023 7,486 8,989 Inventory 16,356 14,938 Prepaid expenses and other current assets 3,831 4,181 Total current assets 161,868 173,790 Operating lease, right-of-use assets 5,754 6,233 Property and equipment, net 3,215 3,342 Goodwill 10,139 10,367 Intangible assets, net 7,468 7,860 Other long-term assets 1,347 1,389 Total assets $ 189,791 $ 202,981 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,472 $ 1,191 Accrued expenses 5,299 8,713 Deferred revenue 10,483 10,629 Operating lease liabilities 2,076 2,016 Total current liabilities 19,330 22,549 Operating lease liabilities, net of current portion 3,380 3,929 Deferred revenue, net of current portion 7,871 8,571 Deferred income taxes 2,317 2,441 Total liabilities 32,898 37,490 Commitments and contingencies (Note 12) Stockholders' equity: Preferred stock, $ 0.001 par value; 5,000,000 shares authorized, no shares issued or outstanding at March 31, 2024 and December 31, 2023, respectively — — Common stock, $ 0.001 par value; 100,000,000 shares authorized; 32,924,097 shares and 32,519,023 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 33 33 Additional paid-in capital 337,396 334,692 Accumulated other comprehensive income 980 1,365 Accumulated deficit ( 181,516 ) ( 170,599 ) Total stockholders' equity 156,893 165,491 Total liabilities and stockholders' equity $ 189,791 $ 20

View Full Filing

View this 10-Q filing on SEC EDGAR