UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): August 9, 2022

908 Devices Inc.

(Exact name of registrant as specified in its charter)

645 Summer Street

Boston, MA   02210

(Address of principal executive offices, including zip code)

(857) 254-1500
(Registrant’s telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act: 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 ( §230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  x

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

On August 9, 2022, 908 Devices Inc. (“908 Devices”) announced its financial results for the second quarter ended June 30, 2022. A copy of the press release is being furnished as Exhibit 99.1 to this Report on Form 8-K.

The information contained in Item 2.02 of this Current Report on Form 8-K is being furnished and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Exhibit 99.1

908 Devices Reports Second Quarter 2022 Financial Results and Reiterates 2022 Revenue Outlook

Q2 2022 revenue increases 34% over prior year, with gross margin of 60%

BOSTON, MA – August 9, 2022 – 908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop mass spec devices for chemical and biomolecular analysis, today reported financial results for the quarter ended June 30, 2022.

“We are pleased with our first half 2022 performance, in which our revenue grew 40%, including desktop revenue growth of 52%. I am encouraged by the continued enthusiasm we are seeing across our end markets for real-time analysis at the point-of-need,” said Kevin J. Knopp, CEO and Co-founder. “Excitingly, we have acquired TRACE Analytics, providing us with on-line aseptic bioreactor sampling and biosensor technology. The TRACE Analytics team, their know-how, and their validated technology will help us take mass spec online and propel us toward our goal of building a connected and comprehensive bioanalytics platform.”

Recent Highlights

Second Quarter 2022 Financial Results

Revenue was $11.1 million for the three months ended June 30, 2022, a 34% increase over the prior year period. This increase was primarily driven by product revenue from an increase in both handheld and desktop devices. Desktop revenue grew 39% year over year because of both increased device sales and increased recurring revenue.

The installed base grew to 2,142 placements with 124 devices placed in Q2 2022.

Gross profit was $6.6 million for the second quarter of 2022, compared to $4.4 million for the corresponding prior year period. Gross margin was 60%, as compared to 53% for the corresponding prior year period. The increase in gross margin was expected based upon the increased product revenue and volume leverage, offset in part by planned investments in personnel and expenses in calendar year 2021 and the first six months of 2022.

Operating expenses were $15.0 million for the second quarter of 2022, compared to $11.8 million for the corresponding prior year period. This increase was driven by headcount expansion across our business, an increase in stock-based compensation and an increase in marketing activities and travel expenses, offset in part by the $1.7 million provision to increase our allowance for bad debts during the second quarter of 2021.

Net loss was $8.1 million for the second quarter of 2022, compared to $7.4 million for the corresponding prior year period. Net loss per share was $0.26 for the second quarter of 2022, compared to a net loss per share of $0.27 for the corresponding prior year period.

Cash and cash equivalents were $213.0 million as of June 30, 2022. In addition, the Company had approximately $15.0 million of debt outstanding.

2022 Guidance

908 Devices continues to expect full year 2022 revenue to be in the range of $52 million to $55 million, representing 23% to 30% growth over full year 2021.

Webcast Information

908 Devices will host a conference call to discuss the second quarter 2022 financial results before market open on Tuesday, August 9, 2022 at 5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the conference call can be accessed at https://ir.908devices.com/news-events/events. The webcast will be archived and available for replay for at least 90 days after the event.

About 908 Devices

908 Devices is democratizing laboratory mass spectrometry with its simple handheld and desktop devices, addressing critical-to-life applications. The Company’s 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 Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of mass spectrometry, microfluidic separations, software automation, and machine learning.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company’s future revenue and growth. Words such as “may,” “will,” “expect,” “plan,” “anticipate,” “estimate,” “intend” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management’s current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks outlined under “Risk Factors” and elsewhere in the Company’s filings with the Securities and Exchange Commission which are available on the SEC's website at www.sec.gov. Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law.

Investor Contact:

Carrie Mendivil

IR@908devices.com

Source: 908 Devices Inc.

908 DEVICES INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except share and per share amounts)

(unaudited)

908 DEVICES INC.

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)