908 Devices Shares Gain On Handheld, Desktop Devices Led Q2 Revenue Beat, FY21 Guidance Above Consensus -

908 Devices Inc (NASDAQ:MASS) reported a second-quarter FY21 revenue decline of 26% year-on-year to $8.3 million, beating the analyst consensus of $7.2 million. The revenue grew 49% Q/Q.
A one-time revenue event in Q2 2020, due to the shipment of 150 MX908 handheld devices for a single customer, drove the decline.
Product and service revenue declined 23.7% Y/Y to $7.9 million. License and contract revenue decreased 51.7% Y/Y to $0.4 million. Desktop revenue grew 70% Y/Y.
The install base grew to 1,530 placements, with 103 devices placed in Q2. Handhelds increased 63% Q/Q, and desktops rose 25% Q/Q.
Product and service gross margin contracted 500 bps to 53%.
EPS loss of $(0.27) missed the analyst consensus loss of $(0.21).
908 Devices held $141 million in cash and equivalents.
With multiple REBEL orders, it expanded its platform reach in synthetic biology, specifically the cultured meat market.
Outlook: 908 Devices raised the FY21 revenue guidance from $38 million- $40 million to $40 million - $43 million above the analyst consensus of $39.5 million.
Price action: MASS shares traded higher by 7.42% at $33.3 on the last check Wednesday.

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