Rapid Micro Biosystems Announces Preliminary Unaudited Fourth Quarter and Full Year 2023 Revenue

Full year 2023 total revenue expected to be between $22.4 million and $22.6 million, representing growth of over 30% compared to the prior year

Fourth quarter 2023 total revenue expected to be between $6.2 million and $6.4 million, representing growth of approximately 45% compared to the prior-year period  

Finished 2023 with approximately $95 million in cash and investments

Company to present at the 42nd annual J.P. Morgan Healthcare Conference on January 11, 2024

LOWELL, Mass., Jan. 10, 2024 (GLOBE NEWSWIRE) -- 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 2023 revenue.

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 of December 31, 2023; cash runway at least into the second half of 2026
  

The Company currently expects total revenue of between $6.2 million and $6.4 million in the fourth quarter of 2023, representing growth of approximately 45% compared to the prior-year period.

Preliminary Unaudited Full Year 2023 Revenue

The Company currently expects total revenue of between $22.4 million and $22.6 million for the full year of 2023. The Company placed 16 new systems with customers and completed the validation of 18 new customer systems during 2023.

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 J.P. Morgan Healthcare Conference

The Company is scheduled to present at the 42nd Annual J.P. Morgan Healthcare Conference on Thursday, January 11, 2024, at 12:45 p.m. Eastern Time (9:45 a.m. Pacific 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.