tiprankstipranks
Rapid Micro Biosystems Reports Strong Q3 2024 Growth
Company Announcements

Rapid Micro Biosystems Reports Strong Q3 2024 Growth

Rapid Micro Biosystems, Inc. Class A ( (RPID) ) has released its Q3 earnings. Here is a breakdown of the information Rapid Micro Biosystems, Inc. Class A presented to its investors.

Don't Miss Our Christmas Offers:

Rapid Micro Biosystems, Inc. is an innovative life sciences technology company specializing in automation solutions that enhance the manufacturing and release processes of healthcare products, with a focus on microbial quality control testing. The company recently reported robust financial results for the third quarter of 2024, achieving record revenue of $7.6 million, a 24% increase from the previous year, and a significant improvement in gross margins to 8%. Key highlights include the placement of seven Growth Direct® systems, the highest since 2021, and a notable multi-system order from a top 20 global pharmaceutical customer. Furthermore, the company managed to reduce its net loss to $11.3 million from $13.4 million in the same quarter of 2023, while maintaining a strong cash position with $61 million in cash, cash equivalents, and investments. Looking ahead, Rapid Micro Biosystems reaffirms its full-year revenue guidance of at least $27 million, signaling continued confidence in its strategic direction and commitment to enhancing shareholder value.

Related Articles
TipRanks Auto-Generated NewsdeskRapid Micro Biosystems Reports Record Q3 2024 Revenue
TheFlyRapid Micro Biosystems reports Q3 EPS (26c) vs. (31c) last year
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App