What happened
908 Devices (MASS -4.61%) was a standout healthcare stock on Tuesday. The company's shares bounced more than 15% higher after it unveiled its latest set of quarterly results.
So what
908 Devices, a niche healthcare equipment maker that specializes in mass spectrometry instruments, reported its fourth quarter of 2021 results after market close on Monday.
Image source: Getty Images.
These revealed that the company brought in revenue of $15.8 million, which was 177% above the same quarter of 2020. That was on the back of an increase in the installed base of the company's products; this count rose by 221 devices during the quarter to reach a total of 1,935.
908 Devices also managed to narrow its net loss significantly, to almost $3.5 million ($0.12 per share) from the year-ago result of more than $10 million.
Both headline figures easily beat the average analyst estimates. Collectively, prognosticators following the stock were modeling $15.1 million on the top line and a per-share net loss of $0.18.
In the earnings release, 908 Devices quoted CEO and Co-founder Kevin Knopp as saying that
As the biopharmaceutical industry nears an inflection point with a pipeline of advanced therapeutics, we have made great progress in addressing the stringent analysis requirements of this new wave of biologics as well as addressing the trace detection needs of the ongoing opioid crisis.
"The need for analytics to provide actionable insights and to accelerate workflows across our end markets has never been greater," he added.
Now what
908 Devices clearly believes it has a bright future. The company proffered revenue guidance for 2022 of $52 million to $55 million for the year, which, if achieved, would represent annual growth of at least 23%.
