908 Devices Inc. (NASDAQ:MASS) Q3 2023 Earnings Call Transcript November 7, 2023 8:30 AM ET

Company Participants

Kelly Gura - IR

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

Joseph Griffith - CFO & Treasurer

Conference Call Participants

Steven Mah - TD Cowen

Matthew Larew - William Blair

Jacob Johnson - Stephens

Daniel Arias - Stifel

Operator

Hello and welcome to today's 908 Devices Third Quarter 2023 Financial Results Conference Call. My name is Jordan and I'll be coordinating your call today. [Operator Instructions]

I'm now going to hand over to Kelly Gura of Investor Relations to begin. Kelly, please go ahead.

Kelly Gura

Thank you. This morning, 908 Devices released financial results for the third quarter ended September 30, 2023. If you have not received this news release or if you'd like to be added to the company's distribution list, please send an email 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 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, November 7th, 2023.

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

Kevin Knopp

Thanks, Kelly. Good morning, and thank you for joining our third quarter 2023 earnings call. We delivered solid execution during the third quarter, and I'd like to thank our committed team for their efforts in progressing our goals as we continue to navigate the headwinds of the life sciences instrumentation and bioprocessing market.

Looking back on the first nine months of 2023, challenges in the bioprocessing space were even more pronounced than we anticipated at the outset of the year. However, this impact has been significantly offset by the growth of our handheld devices serving the forensics market. Over the first nine months of 2023, our top line revenue increased 2% year-over-year to $35.9 million, buoyed by the strength in our handheld devices which have increased 19% year-over-year. We expect our handhelds to continue to contribute meaningfully and drive our overall growth into the mid to high single digits for the year.