Rapid Micro Biosystems, Inc. reported a total revenue of $28.1 million for the fiscal year ended December 31, 2024, marking a 24.6% increase from $22.5 million in 2023. The company incurred a net loss of $46.9 million, a slight improvement from the $52.5 million loss reported in the previous year. As of December 31, 2024, Rapid Micro had an accumulated deficit of $475.3 million. The increase in revenue was primarily driven by a rise in Growth Direct system placements and higher consumable shipment volumes, alongside increased selling prices for both consumables and systems.
The company has made significant strides in its operational efficiency, implementing a program aimed at achieving positive cash flow by the end of 2027. This initiative includes workforce reductions and cost-saving measures expected to yield annual savings of approximately $6 million to $7 million. Additionally, Rapid Micro entered into a Distribution and Collaboration Agreement with Millipore S.A.S., granting the latter co-exclusive rights to sell its products globally, which is anticipated to enhance market penetration and revenue generation.
Operationally, Rapid Micro has placed a total of 162 Growth Direct systems across 46 customers, including 70% of the top twenty largest pharmaceutical companies. The company reported that 41% of its customers have deployed Growth Direct systems at multiple sites, indicating strong product adoption. The number of validated systems also increased, with 137 cumulative validations as of December 31, 2024. The company’s recurring revenue from consumables and service contracts accounted for 55.1% of total revenue, reflecting the ongoing demand for its products.
Looking ahead, Rapid Micro aims to continue expanding its customer base and increasing the utilization of its Growth Direct platform. The company plans to invest in research and development to enhance its product offerings, including the recently launched rapid sterility application. However, the company acknowledges the challenges posed by market conditions, including inflation and potential supply chain disruptions, which could impact future performance. Rapid Micro's management remains focused on executing its growth strategy while navigating these uncertainties.
About RAPID MICRO BIOSYSTEMS, INC.
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