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 2022
revenue.
Select Fourth Quarter 2022 Highlights
and Preliminary Unaudited Revenue
-
Placed two Growth Direct systems and completed the validation of
three systems
-
Added new global Top 20 pharma customer in the U.S. and new large
pharma customer in Japan
-
Launched RMBNucleus™ Mold Alarm software
The Company currently expects total commercial
revenue of between $4.2 and $4.4 million in the fourth quarter of
2022.
Preliminary Unaudited Full Year 2022
Revenue
The Company currently expects total commercial
revenue of between $17.0 to $17.2 million for the full year of
2022. The Company placed nine new systems and completed the
validation of 19 new systems during 2022.
Robert Spignesi, President and CEO, said, “We
are pleased with our fourth quarter performance, which was in line
with our expectations. As in-person customer interactions and
commercial execution continue to improve, we are confident we will
further capitalize on the market opportunity for the Growth Direct®
system. We have the industry leading platform and a strong balance
sheet to help us usher in our next chapter of robust, sustainable
growth.”
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 2022 and host a
webcast to discuss those results as well as its 2023 outlook in
March.
Presentation at J.P. Morgan Healthcare
Conference
The Company is scheduled to present at the 41st
Annual J.P. Morgan Healthcare Conference on Thursday, January 12,
2023 at 9:45am Pacific Time (12:45pm Eastern 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 in-line/at-the-line MQC automation to deliver 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
Twitter at @rapidmicrobio or on LinkedIn.
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 relating to guidance on financial results for the
fourth fiscal quarter and full year 2022; expectations regarding
the Company’s preliminary commercial revenue outlook for the full
year 2023; the Company’s expectations for future revenue and
growth; acceleration of growth initiatives; expectations for the
RMBNucleus™ Mold Alarm; expectations regarding the Company’s
improvements in commercial execution and enhanced sales and
marketing processes; and customer interest in and adoption of the
Company's Growth Direct microbial quality control platform.
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 impact of
macroeconomic volatility and COVID-19 and its variants on the
Company’s business and operations, including further delays in
placements and validation of new systems; our significant losses
since inception; the Company’s ability to meet its publicly
announced guidance and other expectations about its business and
operating results; the Company’s ability to manage our future
growth effectively; our 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 facilities;
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; and the other important
factors outlined under the caption “Risk Factors” in the Company’s
Annual Report on Form 10-K, filed with the Securities and Exchange
Commission (“SEC”) on March 24, 2022, as such factors may be
updated from time to time in subsequent 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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