Rapid Micro Biosystems, Inc. (Nasdaq: RPID) (the “Company”), an
innovative life sciences technology company providing mission
critical automation solutions to facilitate the efficient
manufacturing and fast, safe release of healthcare products, today
announced preliminary unaudited fourth quarter and full year 2023
revenue.
Select Fourth Quarter 2023 Highlights
and Preliminary Unaudited Revenue
-
Placed six new Growth Direct systems
-
Growth Direct platform selected by Samsung Biologics to automate
microbiology quality control testing
-
Growth Direct systems now placed with 100% of commercially approved
CAR-T therapy manufacturers
-
Completed nine validations
-
Cash, cash equivalents and investments of approximately $95 million
as of December 31, 2023; cash runway at least into the second half
of 2026
The Company currently expects total revenue of
between $6.2 million and $6.4 million in the fourth quarter of
2023, representing growth of approximately 45% compared to the
prior-year period.
Preliminary Unaudited Full Year 2023
Revenue
The Company currently expects total revenue of
between $22.4 million and $22.6 million for the full year of
2023. The Company placed 16 new systems with customers and
completed the validation of 18 new customer systems during
2023.
The preliminary financial results ranges
described herein have not been audited and are subject to
adjustment based on the Company’s completion of year-end financial
close processes.
The Company plans to announce complete financial
results for the fourth quarter and full year 2023 and host a
webcast to discuss those results as well as its 2024 outlook in
March.
Presentation at J.P. Morgan Healthcare
Conference
The Company is scheduled to present at the 42nd
Annual J.P. Morgan Healthcare Conference on Thursday, January 11,
2024, at 12:45 p.m. Eastern Time (9:45 a.m. Pacific Time). A live
webcast of the presentation will be available on the Rapid Micro
Biosystems investor relations website at
https://investors.rapidmicrobio.com/ and can be accessed here. The
webcast will then be archived and available for replay for at least
30 days after the event.
About Rapid Micro Biosystems
Rapid Micro Biosystems is an innovative life sciences technology
company providing mission critical automation solutions to
facilitate the efficient manufacturing and fast, safe release of
healthcare products such as biologics, vaccines, cell and gene
therapies, and sterile injectables. The Company’s flagship Growth
Direct System automates and modernizes the antiquated, manual
microbial quality control (“MQC”) testing workflows used in the
largest and most complex pharmaceutical manufacturing operations
across the globe. The Growth Direct System brings the quality
control lab to the manufacturing floor, unlocking the power of MQC
automation to deliver the faster results, greater accuracy,
increased operational efficiency, better compliance with data
integrity regulations, and quicker decision making that customers
rely on to ensure safe and consistent supply of important
healthcare products. The Company is headquartered and has U.S.
manufacturing in Lowell, Massachusetts, with global locations in
Lexington, Massachusetts, Switzerland, Germany, and the
Netherlands. For more information, please
visit www.rapidmicrobio.com or follow the Company on X
(formerly known as Twitter) at @rapidmicrobio or
on LinkedIn.
Available Information
Rapid Micro Biosystems announces material information to the
public about the Company, its products and services, and other
matters through a variety of means, including filings with the U.S.
Securities and Exchange Commission (“SEC”), press releases, public
conference calls, webcasts, the investor relations section of the
Company website at investors.rapidmicrobio.com, and the Company’s X
(formerly known as Twitter) account @rapidmicrobio in order to
achieve broad, non-exclusionary distribution of information to the
public and for complying with its disclosure obligations under
Regulation FD.
Forward-Looking Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements contained in this press release that do not
relate to matters of historical fact should be considered
forward-looking statements, including, but not limited to,
statements regarding guidance on financial results for the fourth
fiscal quarter and full year 2023; expectations regarding the
Company’s future revenue and growth; the Company’s anticipated use
of capital and ability to fund operations at least into the second
half of 2026; expected placements of Growth Direct systems,
anticipated timing of such placements and the impact on the
Company’s revenue; expectations regarding the Company’s commercial
execution for both products and services and improvements to the
sales and marketing processes; expectations regarding the impact of
macroeconomic uncertainty on the Company; and customer interest in
and adoption of the Company's Growth Direct system.
In some cases, you can identify forward-looking statements by
terminology such as “outlook,” “aim,” “anticipate,” “assume,”
“believe,” “contemplate,” “continue,” “could,” “due,” “estimate,”
“expect,” “goal,” “intend,” “may,” “objective,” “plan,” “predict,”
“potential,” “positioned,” “seek,” “should,” “target,” “will,”
“would” and other similar expressions that are predictions of or
indicate future events and future trends, or the negative of these
terms or other comparable terminology, although not all
forward-looking statements contain these words. Forward-looking
statements 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, but not limited to, the Company’s significant
losses since inception; the Company’s ability to meet its publicly
announced guidance and other expectations about its business and
operations; the Company’s limited experience in marketing and sales
and the effectiveness of its sales processes; the Company’s need to
develop new products and adapt to technological changes; the
Company’s ability to establish and maintain its position as a
leading provider of automated microbial quality control testing;
the Company’s ability to maintain its manufacturing facility; risks
related to third-parties; the Company’s ability to retain key
management and other employees; risks related to regulatory and
intellectual property matters; risks related to supply chain
disruptions and the impact of inflation; the impact of
macroeconomic volatility and public health crises on the Company’s
business and operations, including further delays in placements and
validation of new systems; and the other important factors outlined
under the caption “Risk Factors” in the Company's Annual Report on
Form 10-K filed with the SEC on March 10, 2023, as such factors may
be updated from time to time in its other filings with the SEC,
which are available on the SEC's website at www.sec.gov and the
Investor Relations page of its website at
investors.rapidmicrobio.com. 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.
Investor Contact:
Michael Beaulieu, CFA
Vice President, Investor Relations and Corporate Communications
mbeaulieu@rapidmicrobio.com
Media Contact:
media@rapidmicrobio.com
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