908 Devices (MASS) The 44th Annual William Blair Growth Stock Conference summary

Business overview and growth

• Achieved 85% revenue growth since 2020, reaching $50 million in 2023, driven by handheld product portfolio for forensics applications.

• Over 2,900 devices placed globally, with a strong IP position of 115+ patents and recognition for innovation.

• Diverse customer base includes top 20 biopharma companies, government agencies, and academic institutions.

• About one-third of desktop devices are in top biopharma accounts, with recurring revenues making up a third of total revenues.

• Over $18 million in deferred revenue, reflecting strong demand for multi-year support and consumables contracts.

RedWave Technology acquisition

• Acquired RedWave Technology, a profitable, high-growth company with $13.7 million in 2023 revenue and 52% gross margins.

• Expands handheld portfolio from 1 to 4 products, targeting a $1.3 billion forensics market.

• RedWave's FTIR technology complements existing mass spec and Raman products, enhancing bioprocessing and forensics offerings.

• Acquisition expected to be immediately accretive to gross margins, with $5 million in synergies forecasted for 2026.

• Accelerates path to $100 million annual revenue and cash flow breakeven, leveraging combined sales infrastructure.

Product innovation and market positioning

• MX908 handheld mass spec and RedWave FTIR products provide comprehensive field forensics solutions.

• RedWave products can identify over 22,000 chemicals and 5,500 toxic gases, targeting replacement of 15,000 legacy FTIR units.

• Combined technologies offer fast, comprehensive detection for first responders, law enforcement, and industrial users.

• Cloud-based fleet management and 24/7 chemist support enhance customer value and recurring revenue potential.

• Strategic rationale includes revenue growth, sales synergies, improved scale, and expanded technology toolbox.