Full year 2023 total revenue expected to be between
Fourth quarter 2023 total revenue expected to be between
Finished 2023 with approximately
Company to present at the 42nd annual
Select Fourth Quarter 2023 Highlights and Preliminary Unaudited Revenue
- Placed six new Growth Direct systems
- Growth Direct platform selected by Samsung Biologics to automate microbiology quality control testing
- Growth Direct systems now placed with 100% of commercially approved CAR-T therapy manufacturers
- Completed nine validations
- Cash, cash equivalents and investments of approximately
$95 million as ofDecember 31, 2023 ; cash runway at least into the second half of 2026
The Company currently expects total revenue of between
Preliminary Unaudited Full Year 2023 Revenue
The Company currently expects total revenue of between
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 2023 and host a webcast to discuss those results as well as its 2024 outlook in March.
Presentation at
The Company is scheduled to present at the 42nd Annual
About
Available Information
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 regarding guidance on financial results for the fourth fiscal quarter and full year 2023; expectations regarding the Company’s future revenue and growth; the Company’s anticipated use of capital and ability to fund operations at least into the second half of 2026; expected placements of Growth Direct systems, anticipated timing of such placements and the impact on the Company’s revenue; expectations regarding the Company’s commercial execution for both products and services and improvements to the sales and marketing processes; expectations regarding the impact of macroeconomic uncertainty on the Company; and customer interest in and adoption of the Company's Growth Direct system.
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 Company’s significant losses since inception; the Company’s ability to meet its publicly announced guidance and other expectations about its business and operations; the Company’s 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 facility; 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; the impact of macroeconomic volatility and public health crises on the Company’s business and operations, including further delays in placements and validation of new systems; and the other important factors outlined under the caption “Risk Factors” in the Company's Annual Report on Form 10-K filed with the
Investor Contact:Michael Beaulieu , CFA Vice President, Investor Relations and Corporate Communications mbeaulieu@rapidmicrobio.com Media Contact: media@rapidmicrobio.com
Source:
2024 GlobeNewswire, Inc., source