908 Devices Inc. (NASDAQ:MASS) Q3 2022 Results Conference Call November 14, 2022 8:30 AM ET

Company Participants

Kelly Gura - IR

Kevin Knopp - CEO and Co-Founder

Joe Griffith - CFO

Conference Call Participants

Max Masucci - Cowen

Daniel Arias - Stifel

Puneet Souda - Leerink

Madeline Mollman - William Blair

Operator

Good day and thank you for standing by. Welcome to the 908 Devices Third Quarter 2022 Financial Results Conference Call. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Kelly Gura, Investor Relations. Please go ahead.

Kelly Gura

Thank you. This morning, 908 Devices released financial results for the third quarter ended September 30, 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, 2021, and in its other filings with the Securities and Exchange Commission. Except as required by law and 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, November 14, 2022.

With that, I'd like to turn the call over to Kevin.

Kevin Knopp

Thanks, Kelly. Good morning, and thank you for joining our third quarter 2022 earnings call. I'd like to start off by thanking our entire team for their tremendous effort in bringing the third quarter to a successful close. I'm really proud of their continued focus and dedication to support our customers' critical to life application. We are operating in a challenging macro environment, and our team is going above and beyond. We delivered strong growth during the third quarter with revenue increasing 26% over the prior year period to $15.8 million. About 20% of third quarter revenue was from the remaining U.S. Army device shipments and 80% was from new business and other customers. While we are pleased with our third quarter results and year-to-date performance, we have begun to see a slowdown in our funnel with prolonged purchasing cycles over the summer months and into the fall.