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Yahoo
06-03-2025
- Business
- Yahoo
908 Devices Strategic Shift: Desktop Sale To Repligen Optimizes Future Growth
On Tuesday, Repligen Corporation (NASDAQ:RGEN) purchased 908 Devices Inc.'s (NASDAQ:MASS) desktop portfolio of four devices for bioprocessing process analytical technology (PAT) applications. The purchase consideration is a payment of $70 million in cash. 908 Devices remains focused on the growth of its newly expanded handheld device portfolio for health and safety applications. Adding these desktop assets complements and strengthens Repligen's differentiated PAT portfolio, providing its biopharmaceutical and CDMO customers with insights to optimize development processes and improve manufacturing efficiencies. Also Read: Products acquired from 908 Devices include MAVERICK and MAVEN for real-time monitoring and control of critical bioprocess parameters; REBEL, an at-line cell culture media analyzer; and ZipChip, a high-resolution sample separation device used to characterize product quality attributes. Concurrently, 908 Devices reported fourth-quarter sales of $18.82 million, up 31% year over year, beating the consensus of $16.4 million. The increase was driven by a 22% increase in handheld revenue and a 56% increase in desktop revenue. The installed base grew 23% year-over-year to 3,504 devices, with 219 handheld devices and 32 desktop devices placed during the fourth quarter. In 2024, Desktop revenue increased 10% to $13.2 million. Guidance: 908 Devices expects 2025 revenues of $53 million—$55 million, up 11%—15%, excluding $1 million in revenue in the first quarter before divestiture. The company expects further acceleration above 20% in 2026. The company now expects to achieve Adjusted EBITDA positivity by Q4 2025 and cash flow positivity in 2026, driven by improved gross margins, which are projected to reach the mid-to-high 50% range in 2025, with further expansion anticipated in 2026 following manufacturing consolidation. Additionally, the divestiture streamlines operations, reducing headcount by approximately 33% and eliminating $20 million in annual operating losses. William Blair writes, 'We largely view the company's divestiture of its desktop portfolio as a positive from an operational standpoint...' Analyst Matt Larew says Repligen was already establishing a leadership position with products like KrosFlo, and the 908 portfolio will strengthen that position. As more companies adopt continuous bioprocessing and advanced technologies become more widely used, demand for real-time and in-line analytics tools is expected to grow faster than the overall market. This acquisition aligns with Repligen's strategy of acquiring promising technologies early at a reasonable cost while maintaining strong profit margins. It should also ease recent concerns about the types of assets Repligen is pursuing. The analyst maintains an Outperform rating for Repligen and 908 Devices. Price Action: MASS stock is up 71.7% at $3.40 at the last check Tuesday. Read Next:Date Firm Action From To Feb 2022 SVB Leerink Maintains Outperform Oct 2021 SVB Leerink Maintains Outperform Oct 2021 Exane BNP Paribas Initiates Coverage On Outperform View More Analyst Ratings for RGEN View the Latest Analyst Ratings Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article 908 Devices Strategic Shift: Desktop Sale To Repligen Optimizes Future Growth originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Sign in to access your portfolio
Yahoo
04-03-2025
- Business
- Yahoo
908 Devices Announces Strategic Transformation and Reports Fourth Quarter and Full Year 2024 Financial Results
Divested desktop portfolio to Repligen for $70 million, including the MAVEN, MAVERICK, REBEL and ZipChip products Fourth quarter 2024 revenue increases 31% and full year 2024 revenue increases 19% compared to prior year Initiates revenue outlook for 2025 BOSTON, March 04, 2025--(BUSINESS WIRE)--908 Devices Inc. (Nasdaq: MASS), a pioneer of purpose-built handheld and desktop devices for chemical analysis, today reported financial results for the quarter and full year ended December 31, 2024. Strategic Transformation Realized 908 Devices cements its unique position as a market-leading provider of analytical tools for tackling critical public health and safety crises through the divestiture of its bioprocessing desktop assets to Repligen Corporation. This transaction follows the successful acquisition and integration of RedWave Technology's FTIR products in April 2024. The combination of these FTIR products and the company's innovative handheld mass spec devices forms a best-in-class portfolio to specifically address secular trends in advanced chemical detection – including the growing opioid and illicit drug crisis, rising exposure risks to toxic carcinogens, and escalating threats to global security. Catalyzes Value Creation: $70 million asset divestiture (~6x transaction multiple) strengthens the company's balance sheet and sharpens its focus on highest-growth handheld markets, while retaining future growth opportunities in life sciences. Accelerates Top-Line Growth Trajectory: The company expects Continuing Operations to deliver 11% to 15% growth in 2025, year over year. Management expects further acceleration above 20% in 2026, driven by three defined catalysts: the need for equipment modernization, the launch of the next-gen MX908 mass spec, and the anticipated full-rate production award for the Department of Defense's AVCAD program. Pulls Forward Profitability Timeline: The company now expects to achieve Adjusted EBITDA positivity by Q4 2025 and cash flow positivity in 2026, driven by improved gross margins, which are projected to reach the mid-to-high 50% range in 2025, with further expansion anticipated in 2026 following manufacturing consolidation. Additionally, the divestiture streamlines operations, reducing headcount by approximately 33% and eliminating $20 million in annual operating losses. "Today marks a transformative milestone for 908 Devices—one that sharpens our strategic focus, enhances margins, and significantly accelerates our path to profitability, bringing our Adjusted EBITDA crossover into this year," said Kevin J. Knopp, CEO and Co-founder. "We've nearly doubled our cash reserves and aligned our efforts with powerful secular trends, including the fentanyl and opioid crisis, the global rise in defense budgets, and the U.S. border crisis. Moreover, our three key growth catalysts position us to exceed 20% top-line growth in 2026, driving full-year cash flow positivity. We believe our actions have fortified 908 Devices and created a compelling go-forward thesis for our investors." Q4 2024 and Full Year 2024 Financial Highlights Revenue of $18.8 million for the fourth quarter 2024, increasing 31% compared to the fourth quarter 2023 Revenue of $59.6 million for the full year 2024, increasing 19% compared to the full year 2023 Handheld revenue was $46.1 million, increasing 22% year over year Desktop revenue was $13.2 million, increasing 10% year over year Recurring revenue was $23.3 million, increasing 42% year over year 39% of revenue was recurring revenue, driven by service Revenue from acquired FTIR products exceeded the post-acquisition target of $11 million and increased 17% year over year on a pro-forma basis Adjusted gross margin of 55% for the full year 2024, increasing ~250 basis points year over year Fourth Quarter 2024 Financial Results Revenue was $18.8 million for the three months ended December 31, 2024, a 31% increase over the prior year period. This was driven by a 22% increase in handheld revenue and a 56% increase in desktop revenue. The installed base grew 23% year-over-year to 3,504 devices, with 219 handheld devices and 32 desktop devices placed during the fourth quarter. Recurring revenue represented 39% of total revenues in the quarter. Gross profit was $9.1 million for the fourth quarter of 2024, compared to $7.3 million for the corresponding period in the prior year. GAAP Gross margin was 48% as compared to 51% for the corresponding prior year period. Adjusted gross profit was $10.0 million for the fourth quarter of 2024, compared to $7.5 million for the corresponding period in the prior year. Adjusted gross margin was 54% as compared to 53% for the corresponding prior year period. Operating expenses were $29.4 million for the fourth quarter of 2024, compared to $17.0 million for the corresponding prior year period. This increase was driven by a $10.1 million non-cash charge for an impairment of goodwill, the inclusion of operating expenses related to our RedWave Technology acquisition and stock-based compensation, offset in part by a $1.1 million credit for the change in fair value of the contingent consideration liability. Net loss was $19.4 million for the fourth quarter of 2024, compared to $7.4 million for the corresponding prior year period. Adjusted EBITDA was a loss of $6.2 million for the fourth quarter of 2024, compared to a loss of $7.0 million for the fourth quarter of 2023. Full Year 2024 Financial Results Revenue was $59.6 million for the year ended December 31, 2024, a 19% increase over the prior year period. This was primarily driven by an increase in revenues from FTIR products within handhelds and desktop revenues. Recurring revenue represented 39% of total 2024 revenues, compared to 33% in 2023. Gross profit was $29.9 million for 2024, compared to $25.3 million for the corresponding prior year period. Gross margin was 50%, compared to 50% for the corresponding prior year period. Adjusted gross profit was $32.8 million for 2024, compared to $26.3 million for the corresponding prior year period. Adjusted gross margin was 55%, compared to 52% for the corresponding prior year period. Operating expenses were $106.6 million for 2024, compared to $68.1 million for the corresponding prior year period. This increase was driven by a $40.7 million non-cash charge for an impairment of goodwill, the inclusion of operating expenses related to our RedWave Technology acquisition and stock-based compensation, offset in part by a $13.2 million credit for the change in fair value of the contingent consideration liability. Net loss was $72.2 million for 2024, compared to $36.4 million for the corresponding prior year period, with the increase largely driven by the $40.7 million non-cash charge for an impairment of goodwill. Adjusted EBITDA was a loss of $29.6 million for 2024, compared to a loss of $30.0 million for the corresponding prior year period. Cash, cash equivalents and marketable securities were $69.6 million as of December 31, 2024, with no debt outstanding. Subsequent to year end, 908 Devices announced the sale of their desktop assets, consisting of MAVEN, MAVERICK, REBEL, and ZipChip products, for $70 million. 2025 Guidance 908 Devices expects full year 2025 revenues from continuing operations of $53 million to $55 million, representing 11% to 15% growth compared to 2024 revenue from continuing operations. Full year 2025 reported revenues are expected to be $54 million to $56 million, inclusive of approximately $1 million of desktop revenues in the first quarter, prior to divestiture. Webcast Information 908 Devices will host a conference call to discuss the fourth quarter and full year 2024 financial results before market open on Tuesday, March 4, 2025 at 5:30 am Pacific Time / 8:30 am Eastern Time. A webcast of the conference call can be accessed at The webcast will be archived and available for replay for at least 90 days after the event. About 908 Devices 908 Devices is revolutionizing chemical analysis with its simple handheld and desktop devices, addressing life-altering applications. The Company's devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in forensics, bioprocessing, pharma / biopharma, life sciences research and adjacent markets. The Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of complementary analytical technologies, microfluidic sampling and separations, software automation, and machine learning. Non-GAAP Measures of Financial Performance To supplement the Company's financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release and presented with detailed reconciliations to comparable GAAP financial results in the tables below: Adjusted Gross Profit is defined as gross profit excluding intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), and non-cash expenses related to stock-based compensation. Adjusted Gross Margin is defined as Adjusted Gross Profit expressed as a percentage of total revenue. Adjusted EBITDA is defined as net loss excluding other income, benefit for income taxes, depreciation, intangible amortization, acquisition and integration costs, restructuring charges (including the costs of severance), non-cash expenses related to stock-based compensation, and costs associated with contingent consideration related to the Company's acquisitions and for which the conditions for payment have not yet been achieved. The Company's non-GAAP financial results presented in this earnings release exclude certain costs that management believes do not have a direct correlation to future business operations, nor do the resulting charges recorded accurately reflect the performance of ongoing operations for the period in which such charges are recorded, nor do the resulting charges recorded accurately reflect the anticipated cash flows of ongoing operations, and as such, excluding these costs allows management to understand and evaluate core operating performance and trends. However, as there are no standardized methods of calculating these non-GAAP financial measures, the Company's methods may differ from those used by other companies in its industry, and accordingly, the use of these measures may not be directly comparable to similar measures used by others, thus limiting their usefulness for purposes of comparison. Furthermore, these non-GAAP measures have certain limitations since they do not include the impact of certain expenses and cash flows that are reflected in the Company's GAAP financial results. Accordingly, when analyzing the Company's operating performance and guidance, investors should not consider non-GAAP measures in isolation or as a substitute for, or superior to, comparable financial measures prepared in accordance with GAAP. Rather, the Company believes that these non-GAAP financial measures, when viewed in addition to and not in lieu of reported GAAP financial results, provide investors with additional meaningful information to assess financial performance and trends, enable comparison of financial results between periods, and allow for greater transparency with respect to key metrics utilized internally in analyzing and operating the Company's business. Forward Looking Statements This press release includes "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company's future revenue and growth. Words such as "may," "will," "expect," "plan," "anticipate," "estimate," "intend" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management's current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement, including the risks outlined under "Risk Factors" and elsewhere in the Company's filings with the Securities and Exchange Commission which are available on the SEC's website at Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law. 908 DEVICES INC. Condensed Consolidated Statements of Operations (in thousands, except share and per share amounts) (unaudited) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Revenue: Product revenue $ 13,578 $ 11,436 $ 43,922 $ 40,214 Service and contract revenue 5,242 2,915 15,709 10,015 Total revenue 18,820 14,351 59,631 50,229 Cost of revenue: Product cost of revenue 7,466 5,191 21,645 18,428 Service and contract cost of revenue 2,251 1,885 8,130 6,479 Total cost of revenue 9,717 7,076 29,775 24,907 Gross profit 9,103 7,275 29,856 25,322 Operating expenses: Research and development 6,536 5,444 25,495 21,904 Selling, general and administrative 13,759 11,544 53,636 46,069 Change in fair value of contingent consideration (1,075 ) — (13,216 ) 107 Goodwill Impairment 10,136 — 40,659 — Total operating expenses 29,356 16,988 106,574 68,080 Loss from operations (20,253 ) (9,713 ) (76,718 ) (42,758 ) Other income, net 736 2,282 4,230 6,148 Loss from operations before income taxes (19,517 ) (7,431 ) (72,488 ) (36,610 ) Benefit for income taxes 71 2 282 211 Net loss $ (19,446 ) $ (7,429 ) (72,206 ) (36,399 ) Net loss per share attributable to common stockholders $ (0.56 ) $ (0.23 ) $ (2.12 ) $ (1.13 ) Weighted average common shares outstanding 34,670,638 32,199,156 34,076,321 32,239,394 908 DEVICES INC. Condensed Consolidated Balance Sheets (in thousands) (unaudited) December 31, December 31, 2024 2023 Assets Current assets: Cash, cash equivalents and marketable securities $ 69,600 $ 145,682 Accounts receivable, net 12,627 8,989 Inventory 16,173 14,938 Prepaid expenses and other current assets 4,655 4,181 Total current assets 103,055 173,790 Operating lease, right-of-use assets 6,910 6,233 Property and equipment, net 3,421 3,342 Goodwill — 10,367 Intangible, net 45,261 7,860 Other long-term assets 829 1,389 Total assets $ 159,476 $ 202,981 Liabilities and Stockholders' Equity Current liabilities: Accounts payable and accrued expenses $ 11,159 $ 9,904 Deferred revenue 12,125 10,629 Operating lease liabilities 1,865 2,016 Total current liabilities 25,149 22,549 Deferred revenue, net of current portion 10,679 3,929 Other long-term liabilities 9,056 11,012 Total liabilities 44,884 37,490 Total stockholders' equity 114,592 165,491 Total liabilities and stockholders' equity $ 159,476 $ 202,981 908 DEVICES INC. Reconciliations of GAAP to Non-GAAP Financial Measures (Unaudited, amounts in thousands, except percentage and per share data) In all tables below, totals may not add due to rounding Reconciliation from Gross Profit (GAAP) to Adjusted Gross Profit (Non-GAAP) and Margin Percentage: Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Gross Profit (GAAP) $ 9,103 $ 7,275 $ 29,856 $ 25,322 Intangible amortization 741 107 2,121 428 Acquisition and integration costs - - - - Restructuring 69 - 69 - Stock-based compensation 157 167 753 577 Adjusted Gross Profit (Non-GAAP) $ 10,070 $ 7,549 $ 32,799 $ 26,327 Gross Margin Percentage (GAAP) 48 % 51 % 50 % 50 % Adjusted Gross Margin Percentage (Non-GAAP) 54 % 53 % 55 % 52 % Reconciliation from Net Loss (GAAP) to Adjusted EBITDA (Non-GAAP): Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023 Net Loss (GAAP) $ (19,446 ) $ (7,429 ) $ (72,206 ) $ (36,399 ) Adjustments: Other income, net (736 ) (2,282 ) (4,230 ) (6,148 ) Benefit for income taxes (71 ) (2 ) (282 ) (211 ) Depreciation 514 380 1,942 1,466 Intangible amortization 903 219 2,746 877 Goodwill impairment 10,136 - 40,659 - Acquisition and integration costs 162 44 2,492 44 Restructuring 539 - 710 524 Stock-based compensation 2,825 2,339 11,763 9,787 Change in fair value of contingent consideration (1,075 ) (228 ) (13,216 ) 107 Adjusted EBITDA (Non-GAAP) $ (6,249 ) $ (6,961 ) $ (29,622 ) $ (29,953 ) View source version on Contacts Investor Contact: Carrie MendivilIR@ Media Contact:Barbara Russobrusso@
Yahoo
04-03-2025
- Business
- Yahoo
Repligen Purchases Bioprocessing Analytics Portfolio from 908 Devices
Portfolio includes PAT devices for real-time process monitoring, control and analysis WALTHAM, Mass. and BOSTON, March 04, 2025 (GLOBE NEWSWIRE) -- Repligen Corporation (Nasdaq: RGEN), a life sciences company focused on bioprocessing technology leadership, and 908 Devices Inc. (Nasdaq: MASS), a pioneer in purpose-built handheld and desktop devices for chemical analysis, announce that Repligen has purchased 908 Devices' desktop portfolio of four devices for bioprocessing process analytical technology (PAT) applications. 908 Devices remains focused on the growth of its newly expanded handheld device portfolio for vital health and safety applications. The addition of these desktop assets complements and strengthens Repligen's differentiated PAT portfolio that provides its biopharmaceutical and CDMO customers with actionable insights to optimize development processes and improve manufacturing efficiencies. Products acquired from 908 Devices include MAVERICK and MAVEN for real-time monitoring and control of critical bioprocess parameters; REBEL, an at-line cell culture media analyzer; and ZipChip, a high-resolution sample separations device used in the characterization of product quality attributes. Olivier Loeillot, President and Chief Executive Officer at Repligen said, 'We are really excited to onboard the 908 bioprocessing team and the four differentiated upstream PAT technologies that are commercialized today. They are the perfect complement to our downstream analytics portfolio and will enable Repligen to further penetrate a broad set of modalities and offer analytics solutions across the entire bioprocess workflow. This asset acquisition is a true win-win for both organizations, and a significant step forward for Repligen as our customers increasingly embed digitization technologies in their production processes.' 'Repligen's leadership in commercializing innovative solutions that advance bioprocessing is a great fit for our novel desktop devices and our bioprocessing team. I wish them continued success,' said Kevin J. Knopp, CEO and Co-founder, 908 Devices. 'Going forward, 908 Devices will continue to advance chemical detection at the point of need with our handheld analytical devices in vital health and safety applications.' Transaction Terms and Advisors The purchase consideration is a payment of $70 million in cash. Centerview Partners LLC is acting as financial advisor and Goodwin Procter is serving as legal counsel to Repligen Corporation. Perella Weinberg Partners is acting as financial advisor and Paul Hastings LLP is serving as legal counsel to 908 Devices Inc. Webcast Information 908 Devices will discuss the divestiture of its desktop assets on a conference call for its fourth quarter 2024 financial results before market open on Tuesday, March 4, 2025 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time. A webcast of the conference call can be accessed from the company's Investor Relations website. About Repligen Corporation Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are 'inspiring advances in bioprocessing' for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company see our website at and follow us on LinkedIn. About 908 Devices 908 Devices is revolutionizing chemical analysis with its simple handheld and desktop devices, addressing life-altering applications. The Company's devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in forensics, bioprocessing, pharma/biopharma, life science research and adjacent markets. The Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of complementary analytical technologies, microfluidic sampling and separations, software automation, and machine learning. To learn more, visit Repligen Forward Looking Statements This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of the federal securities laws including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding the expected results of our purchase of the bioprocessing analytics portfolio from 908 Devices on Repligen's future financial performance, expected synergies following such purchase, the expected performance of our business, customer adoption and demand of 908 Devices' technologies, the expected expansion of Repligen's product lines and modalities, are based on management's current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, our ability to integrate 908 Devices' desktop portfolio and relevant personnel into our existing business and to achieve expected synergies; our ability to maintain or expand historical sales of 908 Devices' desktop portfolio; our ability to accurately forecast the asset acquisition, related costs and allocation of the purchase price and other intangibles related to the transaction and other asset adjustments; our ability to forecast customer demand of the acquired assets, and other risks and uncertainties detailed in Repligen's most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K on file with the Securities and Exchange Commission (the Commission) as well as our upcoming Annual Report on form 10-K for the year ended December 31, 2024 and any subsequent filings made with the Commission, which are available at the Commission's website at Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management's current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. 908 Devices Forward Looking Statements This press release includes 'forward looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company's future revenue and growth, statements relating to the transaction, including statements regarding the benefits of the transaction. Words such as 'may,' 'will,' 'expect,' 'plan,' 'anticipate,' 'estimate,' 'intend' and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management's current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. These risks include but are not limited to: our ability to implement successfully strategic initiatives; risks relating to our ability to achieve the anticipated benefits from the transaction; actions and initiatives taken by both current and potential competitors; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional risks are outlined under 'Risk Factors' and elsewhere in the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q which are available on the SEC's website at Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law. Repligen Contact:Sondra S. Newman, Global Head of Investor Relations(781) 419-1881investors@ 908 Devices Media ContactBarbara Russobrusso@ 908 Devices Investor Contact Carrie Mendivil IR@
Associated Press
04-03-2025
- Business
- Associated Press
Repligen Purchases Bioprocessing Analytics Portfolio from 908 Devices
Repligen Corporation (Nasdaq: RGEN), a life sciences company focused on bioprocessing technology leadership, and 908 Devices Inc. (Nasdaq: MASS), a pioneer in purpose-built handheld and desktop devices for chemical analysis, announce that Repligen has purchased 908 Devices' desktop portfolio of four devices for bioprocessing process analytical technology (PAT) applications. 908 Devices remains focused on the growth of its newly expanded handheld device portfolio for vital health and safety applications. The addition of these desktop assets complements and strengthens Repligen's differentiated PAT portfolio that provides its biopharmaceutical and CDMO customers with actionable insights to optimize development processes and improve manufacturing efficiencies. Products acquired from 908 Devices include MAVERICK and MAVEN for real-time monitoring and control of critical bioprocess parameters; REBEL, an at-line cell culture media analyzer; and ZipChip, a high-resolution sample separations device used in the characterization of product quality attributes. Olivier Loeillot, President and Chief Executive Officer at Repligen said, 'We are really excited to onboard the 908 bioprocessing team and the four differentiated upstream PAT technologies that are commercialized today. They are the perfect complement to our downstream analytics portfolio and will enable Repligen to further penetrate a broad set of modalities and offer analytics solutions across the entire bioprocess workflow. This asset acquisition is a true win-win for both organizations, and a significant step forward for Repligen as our customers increasingly embed digitization technologies in their production processes.' 'Repligen's leadership in commercializing innovative solutions that advance bioprocessing is a great fit for our novel desktop devices and our bioprocessing team. I wish them continued success,' said Kevin J. Knopp, CEO and Co-founder, 908 Devices. 'Going forward, 908 Devices will continue to advance chemical detection at the point of need with our handheld analytical devices in vital health and safety applications.' Transaction Terms and Advisors The purchase consideration is a payment of $70 million in cash. Centerview Partners LLC is acting as financial advisor and Goodwin Procter is serving as legal counsel to Repligen Corporation. Perella Weinberg Partners is acting as financial advisor and Paul Hastings LLP is serving as legal counsel to 908 Devices Inc. Webcast Information 908 Devices will discuss the divestiture of its desktop assets on a conference call for its fourth quarter 2024 financial results before market open on Tuesday, March 4, 2025 at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time. A webcast of the conference call can be accessed from the company's Investor Relations website. About Repligen Corporation Repligen Corporation is a global life sciences company that develops and commercializes highly innovative bioprocessing technologies and systems that enable efficiencies in the process of manufacturing biological drugs. We are 'inspiring advances in bioprocessing' for the customers we serve; primarily biopharmaceutical drug developers and contract development and manufacturing organizations (CDMOs) worldwide. Our focus areas are Filtration and Fluid Management, Chromatography, Process Analytics and Proteins. Our corporate headquarters are located in Waltham, Massachusetts, and the majority of our manufacturing sites are in the U.S., with additional key sites in Estonia, France, Germany, Ireland, the Netherlands and Sweden. For more information about the company see our website at and follow us on LinkedIn. About 908 Devices 908 Devices is revolutionizing chemical analysis with its simple handheld and desktop devices, addressing life-altering applications. The Company's devices are used at the point-of-need to interrogate unknown and invisible materials and provide quick, actionable answers to directly address some of the most critical problems in forensics, bioprocessing, pharma/biopharma, life science research and adjacent markets. The Company is headquartered in the heart of Boston, where it designs and manufactures innovative products that bring together the power of complementary analytical technologies, microfluidic sampling and separations, software automation, and machine learning. To learn more, visit Repligen Forward Looking Statements This press release contains forward-looking statements, which are made pursuant to and in reliance upon the safe harbor provisions of the federal securities laws including the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statements contained herein which do not describe historical facts, including, among others, any express or implied statements or guidance regarding the expected results of our purchase of the bioprocessing analytics portfolio from 908 Devices on Repligen's future financial performance, expected synergies following such purchase, the expected performance of our business, customer adoption and demand of 908 Devices' technologies, the expected expansion of Repligen's product lines and modalities, are based on management's current expectations and beliefs and are forward-looking statements which involve risks and uncertainties that could cause actual results to differ materially from those discussed in such forward-looking statements. Such risks and uncertainties include, among others, our ability to integrate 908 Devices' desktop portfolio and relevant personnel into our existing business and to achieve expected synergies; our ability to maintain or expand historical sales of 908 Devices' desktop portfolio; our ability to accurately forecast the asset acquisition, related costs and allocation of the purchase price and other intangibles related to the transaction and other asset adjustments; our ability to forecast customer demand of the acquired assets, and other risks and uncertainties detailed in Repligen's most recent Annual Report on Form 10-K and subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K on file with the Securities and Exchange Commission (the Commission) as well as our upcoming Annual Report on form 10-K for the year ended December 31, 2024 and any subsequent filings made with the Commission, which are available at the Commission's website at Actual results may differ materially from those Repligen contemplated by these forward-looking statements, which reflect management's current views, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions, and are based only on information currently available to us. Repligen cautions you not to place undue reliance on any forward-looking statements, which speak only as of the date they are made. Repligen disclaims any obligation to update or revise any such statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based, or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements. 908 Devices Forward Looking Statements This press release includes 'forward looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including, without limitation, statements regarding the Company's future revenue and growth, statements relating to the transaction, including statements regarding the benefits of the transaction. Words such as 'may,' 'will,' 'expect,' 'plan,' 'anticipate,' 'estimate,' 'intend' and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These forward-looking statements are based on management's current expectations and involve known and unknown risks, uncertainties and assumptions which may cause actual results to differ materially from any results expressed or implied by any forward-looking statement. These risks include but are not limited to: our ability to implement successfully strategic initiatives; risks relating to our ability to achieve the anticipated benefits from the transaction; actions and initiatives taken by both current and potential competitors; as well as the effects of more general factors such as changes in general market, economic or political conditions or in legislation, regulation or public policy. Additional risks are outlined under 'Risk Factors' and elsewhere in the Company's filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q which are available on the SEC's website at Additional information will be made available in our annual and quarterly reports and other filings that we make from time to time with the SEC. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it cannot guarantee future results. The Company has no obligation, and does not undertake any obligation, to update or revise any forward-looking statement made in this press release to reflect changes since the date of this press release, except as may be required by law. Sondra S. Newman, Global Head of Investor Relations (781) 419-1881 [email protected] Devices Media Contact Barbara Russo [email protected] Devices Investor Contact Carrie Mendivil [email protected] KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS SOURCE: 908 Devices Inc. Copyright Business Wire 2025. PUB: 03/04/2025 07:30 AM/DISC: 03/04/2025 07:30 AM
