908 Devices Inc. (NASDAQ:MASS) Q4 2022 Earnings Conference Call March 7, 2023 8:30 AM ET

Company Participants

Kelly Gura – Investor Relations

Kevin Knopp – Chief Executive Officer and Co-Founder

Joe Griffith – Chief Financial Officer

Conference Call Participants

Matt Larew – William Blair

Puneet Souda – SVB Securities

Evan Stampler – Stifel

Jacob Johnson – Stephens

Operator

Good morning, ladies and gentlemen, and welcome to the 908 Devices Fourth Quarter 2022 Financial Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded today Tuesday March 07, 2023.

I would now like to turn the conference over to Kelly Gura, Investor Relations. Please go ahead.

Kelly Gura

Thank you. This morning, 908 Devices released financial results for the fourth quarter and full year ended December 31, 2022. 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 and Co-Founder; and Joe Griffith, Chief Financial 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 discussion, please see the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31, 2022, and in 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, March 07, 2023.

And with that, I would like to turn the call over to Kevin.

Kevin Knopp

Thanks, Kelly. Good morning and thank you for joining our fourth quarter 2022 earnings call. Throughout 2022 we continued on our mission to support the critical-to-life applications of our customers. I want to thank our team for their dedication and commitment to serving our customers throughout the year. We ended the fourth quarter with $11.6 million in revenue, bringing our total revenue for 2022 to $46.9 million, up 11% from the prior year. For the full year, our desktop revenue grew by more than 2x our overall growth rate at 25%, in line with our expectations. We also saw strong recurring revenue contributions more than 100% increase year-over-year.