Video source: YouTube, Rapid Micro Biosystems
The company posted full year revenue of $21.6 million, representing growth of 54% over 2020.
Full year recurring revenue was $7.8 million, representing growth of 100% over 2020.
Fourth quarter recurring commercial revenue was $2.3 million, representing growth of 91%.
The company increased its cumulative customer systems to 116 installed systems and 84 validated systems.
“Looking forward, our strong balance sheet positions us well to execute against our priorities which include expanding our global commercial team and enhancing their capabilities, developing and launching new products and investing in global manufacturing,” said Robert Spignesi, President and CEO.
Rapid Micro manufactures automation solutions to facilitate the efficient, safe manufacturing and release of products such as biologics, vaccines, cell and gene therapies and sterile injectables.
The Company’s flagship Growth Direct system automates and modernizes the antiquated, manual microbial quality control (“MQC”) testing workflows used in the largest and most complex pharmaceutical manufacturing operations across the globe.
This is purely a value play on a fallen IPO that, while not a glamorous therapeutics company, provides critical solutions to pharmaceutical manufacturing companies.
- Rapid Micro went public in July 2021, raising gross proceeds of $158 million at an initial offering price of $20 per share.
- After hitting a high of $27.04 in August, the stock has fallen over 77% to close Thursday at $6.10.
- This feels like an extreme overreaction, given the company's solid revenue growth over the past year and strong balance sheet.
- The company had $203.5 million in cash, equivalents and short-term investments as of Dec. 31, 2021.
- The company has no outstanding debt.
- The Company is reaffirming its prior full year 2022 outlook for commercial revenue of between $27 million and $32 million, representing growth of approximately 25% to 50%.
Source: Equities News