Rapid Micro Biosystems, Inc. (RPID) Bundle
A Brief History of Rapid Micro Biosystems
Founded in 2014, Rapid Micro Biosystems, Inc. is a life sciences technology company that specializes in automation solutions for microbial quality control in pharmaceutical manufacturing. The company is headquartered in Lexington, Massachusetts, with manufacturing facilities located in Lowell, Massachusetts, and additional global locations in Switzerland, Germany, and the Netherlands.
Financial Performance Overview
As of the third quarter of 2024, Rapid Micro Biosystems reported total revenue of $7.6 million, representing a 24% increase compared to $6.1 million in the same period in 2023. The revenue breakdown is as follows:
| Type of Revenue | Q3 2024 (in millions) | Q3 2023 (in millions) | Growth (%) |
|---|---|---|---|
| Product Revenue | 5.3 | 4.2 | 25% |
| Service Revenue | 2.3 | 1.9 | 21% |
| Total Revenue | 7.6 | 6.1 | 24% |
The company also achieved a gross margin of 8% in Q3 2024, a significant improvement from a negative gross margin of -27% in Q3 2023. This improvement is attributed to a reduction in the total cost of revenue, which was $7.0 million in Q3 2024, down from $7.8 million in Q3 2023.
Operating Expenses and Net Loss
Operating expenses for the third quarter of 2024 totaled $12.7 million, consistent with the prior year. The specific expenses include:
| Type of Expense | Q3 2024 (in millions) | Q3 2023 (in millions) | Change (%) |
|---|---|---|---|
| Research and Development | 3.6 | 3.1 | 16% |
| Sales and Marketing | 3.4 | 3.5 | -3% |
| General and Administrative | 5.7 | 6.2 | -9% |
The net loss for the third quarter of 2024 was $11.3 million, an improvement from a net loss of $13.4 million in Q3 2023. The net loss per share for Q3 2024 was $0.26, compared to $0.31 in the same quarter of the previous year.
Balance Sheet Highlights
As of September 30, 2024, Rapid Micro Biosystems reported total assets of $105.8 million, a decrease from $143.5 million at the end of 2023. Key components of the balance sheet include:
| Asset Type | September 30, 2024 (in thousands) | December 31, 2023 (in thousands) |
|---|---|---|
| Cash and Cash Equivalents | 22,044 | 24,285 |
| Short-term Investments | 38,788 | 67,768 |
| Total Assets | 105,843 | 143,452 |
Current liabilities were reported at $15.9 million as of September 30, 2024, down from $19.0 million at the end of 2023. The total stockholders' equity was $84.4 million at the same date.
Strategic Developments
In the third quarter of 2024, the company placed seven new Growth Direct® systems, marking the highest number of placements since the third quarter of 2021. The company has reaffirmed its full-year 2024 revenue guidance of at least $27 million, which represents a growth of at least 20% compared to the full-year 2023 figures. The company aims to place at least 20 systems by year-end 2024.
A Who Owns Rapid Micro Biosystems, Inc. (RPID)
Shareholder Composition
As of 2024, the ownership structure of Rapid Micro Biosystems, Inc. (RPID) is primarily composed of institutional investors, retail investors, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage | Number of Shares Owned |
|---|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 12.5% | 5,458,000 |
| Institutional Investor | BlackRock, Inc. | 10.2% | 4,450,000 |
| Institutional Investor | State Street Corporation | 8.9% | 3,900,000 |
| Retail Investor | Various Retail Holders | 40.0% | 17,500,000 |
| Insider | Robert Spignesi (CEO) | 1.5% | 650,000 |
| Insider | Other Executives and Board Members | 1.0% | 430,000 |
Stock Performance
The stock performance of Rapid Micro Biosystems has shown fluctuations in 2024. The following details provide insights into stock price trends:
| Date | Stock Price (USD) | Market Capitalization (USD) |
|---|---|---|
| January 1, 2024 | 4.50 | 196 million |
| April 1, 2024 | 5.20 | 227 million |
| July 1, 2024 | 6.00 | 261 million |
| October 1, 2024 | 7.50 | 327 million |
Financial Overview
Rapid Micro Biosystems reported significant financial metrics for the third quarter of 2024, highlighting a positive trajectory in revenue growth:
| Financial Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $7.6 million | $6.1 million |
| Net Loss | ($11.3 million) | ($13.4 million) |
| Gross Margin | 8% | (27%) |
| Product Revenue | $5.3 million | $4.2 million |
| Service Revenue | $2.3 million | $1.9 million |
Recent Developments
As of November 1, 2024, Rapid Micro Biosystems has placed seven Growth Direct® systems within the third quarter, indicating a strong demand and expansion within their customer base. This includes an order from a top 20 global pharmaceutical customer, further solidifying their market position.
Rapid Micro Biosystems, Inc. (RPID) Mission Statement
Rapid Micro Biosystems, Inc. is committed to providing innovative life sciences technology solutions that facilitate the efficient manufacturing and fast, safe release of healthcare products, including biologics, vaccines, cell and gene therapies, and sterile injectables. The flagship Growth Direct® system automates and modernizes microbial quality control (MQC) testing workflows in pharmaceutical manufacturing.
Financial Performance
As of the third quarter of 2024, Rapid Micro Biosystems reported significant growth in its financial performance:
| Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $7.6 million | $6.1 million | 24% |
| Product Revenue | $5.3 million | $4.2 million | 25% |
| Service Revenue | $2.3 million | $1.9 million | 21% |
| Recurring Revenue | $3.7 million | $3.4 million | 8% |
| Net Loss | $11.3 million | $13.4 million | 15.6% |
| Net Loss per Share | $0.26 | $0.31 | 16.1% |
Operational Highlights
In Q3 2024, the company achieved notable operational milestones:
- Placed seven new Growth Direct® systems, the highest number since Q3 2021.
- Completed validation of four customer systems.
- Achieved a gross margin of 8%, up from a negative 27% in Q3 2023.
Outlook for 2024
Rapid Micro Biosystems has reaffirmed its full-year 2024 revenue guidance:
| Metric | 2024 Guidance | 2023 Comparison |
|---|---|---|
| Total Revenue | At least $27.0 million | Growth of at least 20% |
| System Placements | At least 20 systems | Increase from previous year |
Balance Sheet Highlights
As of September 30, 2024, Rapid Micro Biosystems' balance sheet reflects:
| Asset/Liability | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $22,044 |
| Short-term Investments | $38,788 |
| Total Current Assets | $87,934 |
| Total Assets | $105,843 |
| Total Liabilities | $21,470 |
| Total Stockholders’ Equity | $84,373 |
The company operates with no outstanding debt and a solid cash position, supporting its growth initiatives and operational strategies moving forward.
For more details, please refer to the official reports and financial statements available on the company's investor relations page.
How Rapid Micro Biosystems, Inc. (RPID) Works
Company Overview
Rapid Micro Biosystems, Inc. (RPID) is a life sciences technology company focused on automating microbial quality control (MQC) testing for the pharmaceutical industry. The flagship product, the Growth Direct® system, streamlines the microbial testing process, integrating it into manufacturing workflows to enhance efficiency and compliance.
Financial Performance
For the third quarter of 2024, Rapid Micro Biosystems reported:
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenue | $7.6 million | $6.1 million |
| Product Revenue | $5.3 million | $4.2 million |
| Service Revenue | $2.3 million | $1.9 million |
| Recurring Revenue | $3.7 million | $3.4 million |
| Gross Margin | 8% | -27% |
| Net Loss | $11.3 million | $13.4 million |
| Net Loss per Share | $0.26 | $0.31 |
In the first nine months of 2024, the cumulative figures were:
| Metric | 2024 | 2023 |
|---|---|---|
| Total Revenue | $19.8 million | $16.2 million |
| Net Loss | $37.2 million | $41.3 million |
Operational Highlights
During the third quarter of 2024, Rapid Micro Biosystems achieved significant operational milestones:
- Placed seven new Growth Direct® systems.
- Completed validation of four customer systems.
- Noted a 24% increase in total revenue year-over-year.
- Achieved a gross margin of 8%, a 35 percentage point improvement compared to Q3 2023.
Cost Structure
The cost of revenue for Q3 2024 was $7.0 million, reflecting a 10% decrease from $7.8 million in Q3 2023. Total operating expenses were $12.7 million in Q3 2024, with the breakdown as follows:
| Expense Type | Q3 2024 | Q3 2023 |
|---|---|---|
| Research and Development | $3.6 million | $3.1 million |
| Sales and Marketing | $3.4 million | $3.5 million |
| General and Administrative | $5.7 million | $6.2 million |
Balance Sheet Overview
As of September 30, 2024, Rapid Micro Biosystems' balance sheet showed:
| Assets | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $22,044 |
| Short-term Investments | $38,788 |
| Accounts Receivable | $3,740 |
| Inventory | $21,253 |
| Total Assets | $105,843 |
Liabilities included:
| Liabilities | Amount (in thousands) |
|---|---|
| Current Liabilities | $15,920 |
| Total Liabilities | $21,470 |
| Total Stockholders’ Equity | $84,373 |
Market Position and Guidance
Rapid Micro Biosystems maintains a strong position in the life sciences industry, focusing on automation and efficiency in microbial quality control. The company has reaffirmed its total revenue guidance for 2024 at a minimum of $27 million, indicating a growth of at least 20% compared to 2023. It aims to place at least 20 new systems throughout the year, reflecting ongoing demand and expansion in the pharmaceutical sector.
How Rapid Micro Biosystems, Inc. (RPID) Makes Money
Revenue Streams
Rapid Micro Biosystems, Inc. generates revenue through various streams, primarily from the sale of its innovative Growth Direct® systems and associated services.
- Product Revenue: In the third quarter of 2024, product revenue reached $5.3 million, up from $4.2 million in the same period in 2023, representing a 25% increase.
- Service Revenue: The company reported service revenue of $2.3 million in Q3 2024, compared to $1.9 million in Q3 2023, marking a 21% increase.
- Recurring Revenue: This segment increased by 8% to $3.7 million from $3.4 million year-over-year.
Financial Performance
For the third quarter of 2024, Rapid Micro Biosystems recorded total revenue of $7.6 million, a 24% increase from $6.1 million in Q3 2023. The company’s total cost of revenue was $7.0 million, which decreased by 10% compared to $7.8 million in the prior year.
| Financial Metric | Q3 2024 | Q3 2023 | Change (%) |
|---|---|---|---|
| Total Revenue | $7.6 million | $6.1 million | 24% |
| Product Revenue | $5.3 million | $4.2 million | 25% |
| Service Revenue | $2.3 million | $1.9 million | 21% |
| Recurring Revenue | $3.7 million | $3.4 million | 8% |
| Cost of Revenue | $7.0 million | $7.8 million | -10% |
Operating Expenses
Total operating expenses for Q3 2024 were $12.7 million, remaining flat compared to the previous year. Breakdown of expenses includes:
- General and Administrative: Decreased by 9% to $5.7 million.
- Research and Development: Increased by 16% to $3.6 million.
- Sales and Marketing: Decreased by 3% to $3.4 million.
Net Loss
The company reported a net loss of $11.3 million for Q3 2024, an improvement from a net loss of $13.4 million in Q3 2023. The net loss per share was $0.26, compared to $0.31 in the prior year.
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Loss | $11.3 million | $13.4 million |
| Net Loss per Share | $0.26 | $0.31 |
Outlook for 2024
Rapid Micro Biosystems has reaffirmed its full-year 2024 revenue guidance of at least $27 million, expecting growth of at least 20% compared to 2023. The company anticipates the placement of at least 20 Growth Direct systems during the year.
Cash Position
As of September 30, 2024, the company reported cash, cash equivalents, and short-term investments totaling approximately $61 million, with no outstanding debt.
| Cash Position Metric | Amount (as of September 30, 2024) |
|---|---|
| Cash and Cash Equivalents | $22.0 million |
| Short-term Investments | $38.8 million |
| Total Cash and Investments | $60.8 million |
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Article updated on 8 Nov 2024
Resources:
- Rapid Micro Biosystems, Inc. (RPID) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Rapid Micro Biosystems, Inc. (RPID)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Rapid Micro Biosystems, Inc. (RPID)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.