财报电话会议:Rapid Micro Biosystems预计收入增长，计划增长

Rapid Micro Biosystems是自动化微生物质量控制解决方案的领导者，该公司报告称，到2024年，该公司的总收入增长了11%，第一季度达到560万美元。这一业绩得益于消费品销售创纪录的季度增长，与去年同期相比增长了22%。

该公司还放置了三个新的Growth Direct系统。展望未来，Rapid Micro Biosystems重申其2024年全年收入指导至少为2700万美元，表明至少增长20%，并计划至少放置20个系统。

关键的外卖

• Rapid Micro Biosystems报告称，2024年第一季度总收入增长11%，达到560万美元。
• 有限公司易耗品销售额同比增长22%贡献了创纪录的季度业绩。
• 公司公司确认其全年收入至少为2700万美元和至少20个系统配置的指导。
• 预计今年下半年毛利率将为正，重点是减少现金消耗。
• 由于与即将推出的快速无菌相关的活动，研发费用增加了22%。
• 2024年的运营费用预计在4800万美元至5200万美元之间，其中现金消耗约为4000万美元。

公司前景

• Rapid Micro Biosystems预计在整个2024年保持强劲的收入增长。
• 预计下半年营收和系统安装量将增加。
• 该公司的目标是在未来几年减少现金消耗，至少有足够的资金维持到2026年下半年。

悲观的亮点

• 有限公司消耗品收入预计将在第二季度下降，但预计将在第三季度和第四季度反弹。
• 公司正在经历衰退来自客户的持续预算审查。

乐观的亮点

• 预计毛利率将从第二季度开始改善，并在下半年转为正值。
• 强烈的客户对即将推出的快速无菌的兴趣。
• 该公司预计，客户网站销售将在今年下半年产生积极影响。

错过

• 尽管有内部文件，但没有正式的快速无菌技术白皮书发表心理状态已经到位。
• 收入有限公司特定站点的贡献将达不到2023年的水平。

问答集锦

• 这家公司是。有信心在2024年实现至少16次验证。
• Rapid Micro Biosystems拥有一支配备齐全的销售团队，并正在增加与客户公司高层决策者的接触。
• 预计将有不同的客户群体参加6月份的快速无菌演示，包括生物制剂、细胞和基因治疗以及无菌注射制造部门的客户。

Rapid Micro Biosystems(股票代码:RPID)在其2024年第一季度财报电话会议上展示了弹性和战略远见。凭借今年的良好开局和未来发展的清晰规划，公司将继续坚定不移地致力于创新和市场扩张。预计将推出Rapid不育，并将战略重点放在系统配售和提高毛利率上，这将推动公司实现今年的财务目标。尽管面临一些挑战，例如消耗品收入的预期波动和客户持续的预算审查，但Rapid Micro Biosystems的整体前景仍然乐观，客户兴趣浓厚，设备齐全的销售团队随时准备推动新产品的成功。

InvestingPro见解

Rapid Micro Biosystems在2024年有了一个良好的开端，重点是增长和运营效率。以下是InvestingPro的一些见解，可以进一步了解该公司的财务状况和市场地位:

InvestingPro数据显示，该公司的市值为3809万美元，这表明该公司在生物技术行业的规模相对较小。尽管截至2023年第四季度，过去12个月的收入增长了31.44%，但该公司的毛利率为-24.36%，突显了其在实现盈利方面面临的挑战。这进一步反映在该公司的负市盈率为-0.73，这表明投资者目前更看重公司的增长前景，而不是目前的收益。

一个值得注意的InvestingPro提示是，Rapid Micro Biosystems正在迅速烧钱，这与该公司报告的研发费用增加和预计约4000万美元的现金消耗一致。这条建议尤其重要，因为它强调了公司在下半年减少现金消耗和实现正毛利率的战略举措的重要性。

另一个InvestingPro提示指出，分析师预计该公司今年不会盈利。这一见解与文章中提到的公司致力于减少现金消耗和提高毛利率相辅相成，表明尽管实现盈利的道路可能充满挑战，但公司正在采取措施解决这些问题。

对更深入的分析感兴趣的读者，可以在http://k1.fpubli.cc/file/upload/202405/04/z3yuvfbjgwi上找到更多的InvestingPro Tips。这可能为该公司的财务状况和股票表现提供进一步的指引。使用优惠券代码PRONEWS24可以获得每年或两年一次的Pro和Pro+订阅额外10%的折扣，并获得全方位的专家见解和提示。

全反式脚本-快速微生物系统(RPID)第一季度2024:

接线员:谢谢您的等待。我叫约翰，今天我是您的会议接线员。所有线路都调成静音，以防止任何背景噪音。发言人发言后，将有问答环节。[操作说明]谢谢。现在我想把电话交给投资者关系部主管迈克·比留。请继续。

Michael Beaulieu:早上好，感谢大家参加Rapid Micro Biosystems公司2024年第一季度财报电话会议。和我一起参加电话会议的是Rob Spignesi，总裁兼首席执行官;首席财务官Sean Wirtjes。今天早些时候，我们发布了一份新闻稿，宣布了我们2024年第一季度的财务业绩。该新闻稿的副本可在该公司网站的rapidmicrobio.com的“新闻与事件”部分的“投资者”下获得。在我们开始之前，我想提醒大家，本次电话会议期间的许多陈述可能被视为联邦证券法意义上的前瞻性陈述，这些陈述是根据1995年《私人证券诉讼改革法案》的安全港条款作出的。本电话中包含的与对未来事件、结果或业绩的预期或预测有关的任何陈述均为前瞻性陈述，包括但不限于与Rapid Micro财务状况有关的陈述;预计未来的现金使用和现金跑道;2024年的指导，包括收入、费用、毛利率、系统配置和验证活动;对与公司业务发展和成长有关的活动的期望和计划;客户利益和采用增长直接系统;关于快速无菌的计划发射和商业化的声明;以及宏观经济不确定性对Rapid Micro业务的潜在影响。由于各种因素，实际结果可能与前瞻性陈述中所表达或暗示的内容存在重大差异。有关与Rapid Micro业务相关的风险和不确定性的列表和描述，请参阅我们向美国证券交易委员会提交的10-K表格的最新年度报告中的风险因素部分，并在我们随后向美国证券交易委员会提交的文件中不时更新。我们敦促您考虑这些因素，您应该意识到这些陈述应仅被视为估计，而不是对未来业绩的保证。此电话会议包含时间敏感信息，仅在今天(2024年5月3日)直播时准确。除非法律要求更新或修改任何财务预测或前瞻性陈述，无论是由于新信息、未来事件或其他原因，Rapid Micro不承担任何意图或义务。说到这里，我现在把电话交给罗伯。

Robert Spignesi: Thank you, Mike. Good morning, everyone and thank you for joining us. I will begin this morning's call with an overview of our first quarter performance and highlights, followed by a review of our priorities for 2024. I will then turn the call over to Sean for a more detailed review of our financial results and outlook. First quarter total revenue increased 11% to $5.6 million, compared to the first quarter of 2023. This performance is ahead of the guidance we provided in March and represents the sixth quarter in a row that our revenue exceeded guidance. We placed three Growth Direct systems in the quarter, all to existing customers. First quarter recurring revenue increased 15% compared to Q1 2023 and has now grown by double-digits in each of the 11 quarters since we became a public company. Consumable sales, which are part of recurring revenue, increased 22% year-over-year and achieved a new quarterly record, exceeding our prior record set in the second quarter of 2023. This strength in consumables demonstrates that customers are actively using their Growth Direct systems and are realizing value across their global manufacturing networks. In total, our first quarter results reflect a solid start to 2024 and we are reaffirming our full year 2024 revenue guidance of at least $27 million, representing at least 20% growth and at least 20 system placements. We continue to execute against our strategic priorities of accelerating system placements, improving gross margins, commercializing innovative new products and prudently managing our cash. I'd like to provide a brief update and context for these priorities. Over the past few months, I visited with customers across North America and Europe. These meetings are always productive. I would like to provide some recent customer feedback. The Growth Direct value proposition is resonating and customers are realizing meaningful benefits. They continue to plan further deployment of Growth Direct systems across their global manufacturing networks. Many benefits of the Growth Direct's full automation include enhanced data integrity, improved accuracy, reduced human error and lower hands on labor costs. In addition, the Growth Direct offers operational efficiencies, which can enable faster product release, less waste and reduced inventories. Moreover, given the clear demand in the industry for increased manufacturing capacity, Growth Direct's speed and efficiency provide critical flexibility to manufacturing and quality control operations and can enable customers to unlock additional production capacity. importantly, these operational efficiencies which are highly suited for these advanced modalities of biologics and cell and gene therapies are also therapies are also effective for other segments such as vaccines, sterile injectables and small molecule manufacturing. The pace of growth in advanced modalities and the need for improved data integrity industry-wide is accelerating the adoption of automation. As customers implement automation across their manufacturing networks, we are confident that the Growth Direct is an important part of the solution. We continue to expect an acceleration in system placements in the second half of the year. Our confidence is underpinned by the size and quality of our sales funnel, a fully-staffed global sales team and visibility into Growth Direct purchases from our customers' senior level executives. Turning to our next priority, which is improving gross margins. We expect to continue to benefit from our initiatives focused on product cost reduction, manufacturing efficiency and service productivity improvements. We remain on track for an inflection to positive gross margins in the second half of the year. Next, we look forward to the successful launch and commercialization of Rapid Sterility. Since our announcement earlier this year, customer interest with this breakthrough technology has been growing and has exceeded our expectations. Our commercial teams are trained and we are completing the technology transfer from R&D and into manufacturing with the associated scale up activities. In June, we are hosting customers at our Lexington Innovation Center and Demonstration lab for a live hands on experience with the Growth Direct's Rapid Sterility platform. We remain on schedule for a mid-2024 launch and look forward to providing an update on our second quarter earnings call in early August. Turning to cash management, we are focused on reducing our cash burn, by tightly controlling operating expenses, capital expenditures and working capital. So to summarize our key messages from the first quarter. It was a solid start to 2024, including a record quarter in consumable revenue. The Growth Direct is providing a strong value proposition by delivering full automation, operational efficiencies and improved data integrity. Customers continue to plan further deployment of Growth Direct systems across our global manufacturing networks. Early customer interest in Rapid Sterility is strong and we are on schedule for a mid-year launch. Wrapping up my prepared remarks, I remain excited about our long-term outlook. We have a world-class customer base consisting of 70% of the top 20 global pharma companies. A proven technology with a strong value proposition that is embedded in customer workflows, an attractive high growth business model with durable recurring revenue. We are focused on our path to profitability and expect our cost, efficiency and productivity initiatives to lead to positive gross margins in the second half of 2024 with continued improvement thereafter. With that, I'll now turn the call over to Sean to discuss our first quarter performance and our outlook in more detail. Sean?

Sean Wirtjes: Thanks, Rob, and good morning, everyone. I'll start my comments today with a review of our first quarter results and then discuss our second quarter and full year 2024 outlook. Q1 revenue increased 11% to $5.6 million compared to $5 million in Q1 2023. During the first quarter, we placed three Growth Direct systems compared to three in the first quarter last year. We also completed three validations in the quarter compared to two in the first quarter last year. Product revenue, which is comprised of systems and consumables, increased 12% to $3.7 million in the quarter compared to $3.3 million in Q1 last year. The growth in product revenue was primarily driven by a record quarter in consumables as a result of continued growth in validated systems as well as several shipments made during Q1 that were originally expected in Q2. Service revenue increased 11% to $1.9 million in the first quarter compared to $1.7 million in Q1 last year. Service revenue growth was impacted in Q1 by some planned validation revenue that shifted into early Q2. The increase compared to the prior year quarter was primarily driven by a higher level of validation activity as well as higher revenue from service contracts due to the increase in the number of validated Growth Direct systems. First quarter recurring revenue, which consists of consumables and annual service contracts, increased 15% to $3.7 million, compared to $3.3 million in Q1 last year. Non-recurring revenue, which is comprised mainly of systems and validation revenue was $1.9 million in Q1, compared to $1.8 million in the prior year quarter. Turning to gross margins. Product margins were negative $1.5 million in Q1 compared to negative $1.7 million in the first quarter last year. As we expected and is typical for our business, Q1 product margin stepped down from Q4 2023 mainly due to lower system placements and revenue. Compared to Q1 last year, the improvement was attributable to continued benefits from actions we've taken to lower product costs and increased manufacturing efficiency. These benefits were partially offset by some customer site readiness delays, which shifted $0.2 million in high margin LIMS software revenue from Q1 into Q2 and unfavorable product mix due to the higher proportion of consumable revenue in Q1 this year. Service margins were slightly negative in the first quarter, largely due to non-recurring expenses. This compares to negative $0.1 million in the first quarter last year. On a combined basis, our first quarter gross margin was negative $1.5 million or negative 27% compared to negative $1.8 million or negative 36% in Q1 last year. We continue to expect our Q1 gross margins to be the lowest of the year. We then expect meaningful improvement as we work our way through the remaining quarters, as volumes and revenue increase and we continue to make progress on our initiatives focused on product cost reduction and manufacturing efficiency as well as service productivity. Continuing down the P&L, total operating expenses were $12.8 million in the first quarter, compared to $13.1 million in the prior year quarter, a reduction of approximately 3% versus the prior year period. R&D expenses were $3.8 million in Q1, an increase of 22% versus the prior year period, largely due to activities associated with the upcoming launch of Rapid Sterility. Sales and marketing expenses were $3.3 million and G&A expenses were $5.6 million in the first quarter, representing a combined 10% reduction versus the prior year quarter, as we tightly control spending in the business. Net loss was $13.3 million in Q1. This compares to a net loss of $13.9 million in Q1 last year. Net loss per share was $0.31 in Q1 compared to net loss per share of $0.32 in the prior year quarter. With respect to non-cash expenses and capital expenditures, depreciation and amortization expenses were $0.8 million, stock compensation expense was $1.1 million and capital expenditures were $0.6 million in the first quarter. We ended the first quarter with approximately $80 million of cash and investments on our balance sheet. I'll now turn to our Q2 and full year 2024 outlook. We continue to expect total revenue of at least $27 million for the full year 2024, which assumes that we will place at least 20 systems. This implies year-over-year revenue growth of at least 20%. This guidance continues to reflect some uncertainty related to the timing and scale of customer purchase decisions. For the second quarter, we expect total revenue of at least $6 million, which assumes at least four system placements. We then expect revenue and placements to increase sequentially in Q3 and peak in Q4, consistent with our typical annual cadence and the guidance we provided in March. Looking at consumables, we expect revenue to decrease sequentially in Q2 compared to Q1, due primarily for the timing of customer orders and shipments. We then expect consumable revenue to increase sequentially in Q3 and then again in Q4, as mortgage systems complete validation and enter routine use. With respect to service, we expect revenue to be between $2 million and $2.5 million each quarter over the balance of the year, with variability within this range primarily driven by the timing of validation activities. We are reaffirming our guidance of at least 16 validations in 2024, including at least four in the Q2. Turning to gross margins. We expect meaningful sequential improvement in the second quarter compared to the first quarter, but we still expect Q2 margins to be negative. Thereafter, we continue to expect positive gross margins in both Q3 and Q4 as well as for the full year. We expect product margins to improve each quarter, based on ongoing cost reduction and manufacturing efficiency initiatives as well as increasing volume, but remain negative. We expect double-digit positive service margins in each of the remaining three quarters of the year, based on higher revenue and improved productivity. Looking forward, we remain confident in our ability to meaningfully improve our gross margins in 2024 and beyond, as we continue to grow revenue, reduce product costs, drive higher manufacturing efficiency, control manufacturing overhead costs and increased service productivity. We continue to expect operating expenses to be in a range of $48 million to $52 million in 2024, with depreciation and amortization expense of approximately $3 million, stock compensation expense of approximately $5 million, CapEx of approximately $3 million and other income, which is comprised primarily of interest income of approximately $4 million. Finally, we continue to expect cash burn of roughly $40 million for the full year 2024. Looking out further, our goal is to reduce cash burn meaningfully over each of the next several years, as we drive towards profitability through a combination of revenue growth, margin improvement and management of our OpEx, CapEx and working capital. This supports our expectation that our existing cash and investments provide us with runway at least into the second half of 2026. That concludes my comments. At this point, we'll open the call up for questions. Operator?

话务员:[话务员说明]第一个问题来自摩根士丹利的Tejas Savant。请继续。

身份不明的分析师:早上好。这是(Yuko)对光辉战机的提问。你的一些同行已经看到日益恶化的预算压力导致销售周期进一步延长。你能详细说明你是否看到了类似的动态吗?你如何看待客户对大规模资本支出采购的看法?

罗伯特·斯皮格内西:我是罗伯。因此，我们对客户预算的看法和经验与前几个季度相似。我想说，我们看到的是，对资本支出采购的持续预算审查，至少我们对质量控制实验室的审查力度更大。它也可以捕捉到你问题的第二部分。过去几个季度没有明显不同的变化。但我得说，我们看到了更多的审查。审批过程的周期更长，得到答案的速度也更慢。话虽如此，我们正在执行它。此外，对于Rapid Micro Biosystems，另一个需要了解的重要动态是，Growth Direct在许多情况下被认为是一个战略项目和计划，影响客户全球制造网络的多个站点。虽然这并不能使我们免受这些动态的影响，但我们已经看到了一些值得注意的案例，我们的增长直接采购项目继续被优先考虑。

匿名分析师:一个单独的后续问题，无菌火箭预计在年中发射，你能详细说明在商业发射之前还有哪些工作要做吗?然后，这是你主动与客户沟通的东西还是你在客户活动之前一直保留的东西?如果你已经在积极沟通即将发布的游戏，你能告诉我们你所看到的用户兴趣吗?

罗伯特·斯皮格内西:是的。相反，我们一直在与客户沟通。我们是在最近的一次贸易展上得知这一点的，今年早些时候的PDA年度展，正如我们所料，兴趣相当强烈。它重申了我们的信念和我们的客户工作的声音，即市场需要一个快速无菌自动化系统，我称之为与目前市场上可用的不同的功能。这意味着更快的检测时间，更快的结果时间，完全自动化以及Growth Direct提供的价值主张的完整补充，走开，完全自动化，数据完整性。在我们看来，这些特性在当今市场上的其他技术支持的解决方案中是不可用的，当然在遗留的配套手动方法中也不可用，而这种方法仍然占市场的大部分。你问题的第一部分是关于无菌发射的，是我们开发过程的最后一个要素，包括转移到制造。这可以看作是研发过程的最后阶段，然后逐步移交给制造组织，制造组织将负责扩大产品的商业发布和向客户发货。

接线员:下一个问题来自Stifel公司的丹·阿里亚斯。

Daniel Arias: Rob，你能不能谈谈你对仪器放置轨迹加速的信心?我认为到今年年底，你会寻找比你仅仅基于那个评论更高的东西。但我们应该考虑一到两个更高的系统吗?或者到第四季度的时候，我的收入是第一季度的两倍多。我只是想确认一下，你是否走在正确的道路上，销售漏斗是否暗示着你不仅仅是提高了几个盒子，这样全年的销售额就会与我们的水平保持一致?

罗伯特·斯皮格内西:是的。在我们的全年指南中，至少有20个系统的安置，信心是由许多因素驱动的。销售团队在全球范围内执行一个人员齐全的团队。尤其是漏斗，我们希望它能支持我们的指导，规模和组成，地理多样性，客户多样性。客户——我们继续花很多时间与客户在一起，这也是我们信心的来源——客户也越来越多地计划——继续计划在我们的制造网络中部署。越来越多地，我看到自动化被视为跨客户网络的关键战略优先事项，包括我们的自动化。我也提到过，这对我们的指导很有帮助，我们继续接触客户的高级管理人员。我们正变得更像战略性的a、平台和B，从实际的角度来看，我们在一些大客户的高质量制造业务中投入了更多的资金。因此，我们可以更好地接触到高层决策者，这也是我花费大量时间的地方。这也提供了洞察力和信心。最后一个是不育。我想我们提到过，我们预计今年不会有任何巨大的影响，但我们正在为上行的权利服务。因此，尽管优子提出的预算审查问题可能会产生影响，但这些因素相互作用，让我们对我们的指南充满信心。

丹尼尔·阿里亚斯:然后可能在消耗品方面这可能是肖恩的一个问题，但你能谈谈你在这里的一致性吗?还有一个问题是关于上个季度出售网站的客户的，我相信，这是有影响的。你能谈谈这个季度的情况吗，然后你是否对那个客户的重新加速有所了解?

Sean Wirtjes:是的，当然。我认为这个季度，正如我们在事先准备好的讲话中提到的，我们确实有一些我们在第二季度预期的事情发生在第一季度。Rob提到的22%的增长是业务中以及不同产品和服务系列中最高的增长。这确实反映了一个艰难的竞争，因为你提到的客户网站销售。我们在第一季度没有从中受益。去年第一季度，我们在该网站上的消耗品销售显然处于持续的高水平。如果不是因为这一富有挑战性的薪酬，这个数字还会更高。展望未来，指引在第二季度环比下降，主要基于订单的时间和耗材的出货量。过去几年你已经看到了。我们确实有从一个季度到另一个季度反弹的趋势。我认为更重要的是看年度趋势，以及在这一过程中事情的发展方向。本季度的通过率超过80%。我想我们上个季度谈到了今年的情况，今年看起来相对平稳，部分原因是去年的网站销售，部分原因是今年的情况，抱歉。我认为，我们与他们保持着联系。我确实预计，我们将在下半年看到他们做出更多的贡献。我不认为它会特别接近该网站在2023年或2023年上半年的购买水平，但这对我们来说是一个积极的迹象，感觉事情正在朝着一个方向发展。我们将从零开始，并在下半年从该网站获得一些收入贡献。

丹尼尔·阿里亚斯:为了结束这个想法，感觉就像，我知道我们还在2024年的上半年。但如果我想到2025年，你是否觉得，我们不需要在年初解释这种情况，实际上与今年的竞争相比，这可能是一股顺风?

Sean Wirtjes:是的。我不明白为什么会这样，我的意思是，如果有的话，明年的比赛应该会有一点顺风。是的，我不认为这将是25年的一个负面讨论项目。

接线员:下一个问题来自TD Cowen公司的Steven Mah。

Steven Mah:在6月的演示中，你能给我们介绍一下参会的组织的兴趣和类型吗?

罗伯特·斯皮格内西:是的。我们还在收集所有的客户，史蒂夫，但我们希望我们现有的客户群能有一个代表，他们倾向于生物制剂、细胞和基因疗法。但也有来自其他领域的客户，比如无菌注射剂制造业，在我们目前的布局中，我们的代表较少。围绕无菌的方法和策略当然是渗透到我们当前的客户中，这是很重要的。如你所知，我们拥有全球前20名中的大部分。我想说的是，吸引新的全球前20强公司，我们不需要包括新的部门。我们确实希望这些活动能吸引到各种各样的客户。

Steven Mah:也许继续讨论快速无菌法，我想你在之前的电话中提到过在会议上有一个技术演示。那是你提到的贸易展吗?

罗伯特·斯皮格内西:是的。

Steven Mah:我们发布了一个数据。

罗伯特·斯皮格内西:对不起。

Steven Mah:这些数据是在什么地方发布的还是白皮书?

罗伯特·斯皮涅西:不。我们在展会上公开提供了一些内部文件，但我们还没有正式的白皮书，我们最终计划与我们的内部团队或客户一起做。我们所拥有的是，我们的内部测试数据和目前可用的顶级产品声明。

Steven Mah:最后一个问题，坚持快速无菌法。关于专门的快速无菌销售团队，这个销售团队现在是否已经配备齐全，准备好上市了?

罗伯特·斯皮格内西:是的。上次通话中我们谈到了这个。我们的核心商业方法是利用我们现有的销售队伍，他们已经接受了培训，并将继续在平台上接受越来越多的培训。我们可能会有一个或多个无菌专家，可以帮助与客户讨论应用程序的特定元素。但我们不会设想每个人都有一个专门的无菌销售团队。

Robert Spignesi:谢谢你的问题，Steve和大家。感谢大家今天的到来。周末愉快。

接线员:女士们，先生们，今天的电话会议到此结束。谢谢你的参与。您现在可以断开连接。

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