Q1 2024 Rapid Micro Biosystems Inc Earnings Call Transcript
Key Points
- First quarter total revenue increased 11% to $5.6 million compared to the first quarter of 2023, exceeding guidance for the sixth consecutive quarter.
- Recurring revenue grew by 15% compared to Q1 2023, marking consistent double-digit growth in each of the 11 quarters since becoming a public company.
- Consumable sales increased 22% year-over-year, setting a new quarterly record and demonstrating strong customer engagement with the Growth Direct systems.
- Rapid Micro Biosystems reaffirmed its full-year 2024 revenue guidance of at least $27 million, indicating at least 20% growth and at least 20 system placements.
- The company is on track for a mid-2024 launch of Rapid Sterility, with strong early customer interest and successful technology transfer from R&D to manufacturing.
- Gross margins were negative in Q1, although there was an improvement compared to the same quarter last year.
- The pace of system placements and revenue growth is subject to macroeconomic uncertainties and customer budget scrutiny, which could delay purchase decisions.
- Service margins were slightly negative in the first quarter, largely due to non-recurring expenses.
- The company reported a net loss of $13.3 million in Q1, although this was an improvement from a net loss of $13.9 million in Q1 last year.
- There are ongoing challenges with customer site readiness, which have shifted some expected revenue and impacted product mix unfavorably.
Thank you for standing by. My name is John and I will be your conference operator for today. (Operator Instructions) I would now like to turn the call over to Mike Beaulieu, Head of Investor Relations. Please go ahead.
Good morning, and thank you for joining the Rapid Micro Biosystems first quarter 2024 earnings call. Joining me on the call are Rob Spignesi, President, and Chief Executive Officer; and Sean Wirtjes, Chief Financial Officer.
Earlier today, we issued a press release announcing our first quarter 2024 financial results. A copy of the release is available on the company's website at rapidmicrobio.com under investors in the News and Events section.
Before we begin, I'd like to remind you that many statements made during this call may be considered forward-looking statements within the meaning of federal securities laws, which are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Any statements
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