908 Devices, Inc. (NASDAQ:MASS) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET

Company Participants

Joseph Griffith - CFO & Treasurer

Kevin Knopp - Co-Founder, CEO, President & Director

Conference Call Participants

Daniel Arias - Stifel, Nicolaus & Company

Puneet Souda - SVB Securities

Stephanie Yan - TD Cowen

Jacob Johnson - Stephens Inc.

Matthew Larew - William Blair & Company

Operator

Good morning, ladies and gentlemen, and welcome to the 908 Devices First Quarter 2023 Financial Results Conference Call. [Operator Instructions]. This call is being recorded on Tuesday, May 9, 2023.

Joseph Griffith

Thank you. This morning, 908 Devices released financial results for the first quarter ended March 31, 2023. If you've not received this news release or if you'd like to be added to the company's distribution list, please send an e-mail to ir@908devices.com. Joining me today from 908 is Kevin Knopp, Chief Executive Officer.

Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the press release 908 devices issued today. For a more complete list and description, please see the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2022, and its other filings with the Securities and Exchange Commission.

Except as required by law, 908 Devices disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast, May 9, 2023. With that, I would like to turn the call over to Kevin.

Kevin Knopp

Thanks, Joe. Good morning, and thank you, everyone, for joining our first quarter 2023 earnings call. I'd like to start off by thanking our team for their hard work and dedication as we continue to demonstrate encouraging processes across our business.

Our first quarter revenue increased 14% year-over-year to $9.5 million and replaced 78 devices, bringing our installed base to more than 2,400 devices. Notably, we saw continued strength in recurring revenue, which grew 67% over the prior year period. We are pleased to see this increasing need for accessories, consumables, and services as it demonstrates that our customers tuning value analysis at the point of need. Overall, I'm pleased with our execution, given the continuing challenges within the bioprocessing space. Importantly, our technology is broadly extensible with applications across different end markets. Our handheld products are serving critical forensics market applications, including the devastating rise of counterfeit pharmaceuticals. We view the diversity of our end markets as a key advantage.