908 Devices Inc. (NASDAQ:MASS) Q3 2024 Earnings Conference Call November 12, 2024 8:30 AM ET

Company Participants

Kelly Gura - Gilmartin Group
Kevin Knopp - Chief Executive Officer and Co-Founder
Joe Griffith - Chief Financial Officer

Conference Call Participants

Puneet Souda - Leerink Partners
Sam Martin - William Blair
Hannah Hefley - Stepehens
Chad Wiatrowski - TD Cowen

Operator

Hello, and welcome to the 908 Devices’ Third Quarter 2024 Financial Results Conference Call. My name is Elliot, and I'll be coordinating your call today. [Operator Instructions]

I would now like to hand over to Kelly Gura with the Gilmartin Group. Please go ahead.

Kelly Gura

Thank you. This morning, 908 Devices released financial results for the third quarter ended September 30, 2024. 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 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, our commentary today will include the presentation of some non-GAAP financial measures. These measures should be considered as a supplement to and not a substitute for GAAP financial measures. Reconciliations to the most directly comparable GAAP financial measures can be found in today's earnings press release, which is available in the Investor Relations section of our website.

Additionally, 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, 2023 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, November 12, 2024.

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 2024 earnings call. We ended the third quarter with revenue of $16.8 million, an increase of 17% over the prior year period. However, our financial results fell short of expectations. As we noted in last quarter's earnings call, we expected second-half 2024 growth to be driven by our handhelds, including a number of 20-plus unit placement opportunities internationally and domestically. While we secured many sizable orders and placed a 178 handheld devices in total during the third quarter, placements were less than expected in part due to a compressed spending period resulting from the delay in passing the federal budget and delays with advancing international contracts.