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Rapid Micro Biosystems, Inc. (Nasdaq: RPID) is a life sciences technology company specializing in automated microbial quality control (MQC) solutions for pharmaceutical manufacturing. The company develops, manufactures, and markets the Growth Direct system, a platform designed to accelerate and simplify MQC testing. Its offerings include proprietary consumables, software, and services that support the production of biologics, cell and gene therapies, vaccines, and sterile injectables.
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Product Revenue - Includes sales of the Growth Direct systems, consumables, and LIMS connection software. Growth Direct systems provide automated MQC testing, while consumables, such as Environmental Monitoring (EM) and Water/Bioburden (W/BB) products, are essential for system operation. LIMS connection software integrates the system with customers' laboratory management systems.
- Growth Direct Systems - Non-recurring revenue from the sale of automated MQC platforms.
- Consumables - Recurring revenue from essential products used in Growth Direct systems, including EM and W/BB consumables.
- LIMS Connection Software - Non-recurring revenue from software enabling system integration with laboratory management systems.
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Service Revenue - Includes validation services, service contracts, and field services to ensure system performance and customer support. These services provide ongoing maintenance and operational efficiency for Growth Direct systems.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
John Wilson Executive | Chief Operating Officer | None | John Wilson has been COO since January 2021. Previously held leadership roles at Becton Dickinson and Company, including VP of Global Operations. Holds an MBA from the University of San Francisco. | |
Robert Spignesi Executive | President and CEO | None | Robert Spignesi has been the CEO since October 2014. Previously held senior roles at Thermo Fisher Scientific and Fisher Scientific. Former U.S. Army Aviation Officer. Holds an MBA from Columbia University. | View Report → |
Sean Wirtjes Executive | Chief Financial Officer | None | Sean Wirtjes is the CFO of RPID. No specific achievements or prior roles at RPID are detailed in the documents. | |
Inese Lowenstein Board | Board Member | Board Member at PerkinElmer Limited | Board member since December 2021. No additional details about her achievements at RPID are provided. | |
Jeffrey Schwartz Board | Board Member | Partner at Bain Capital Life Sciences; Board Member at BCLS Acquisition Corp. | Board member since April 2018. Former Chair of the Board (2018-2023). Founding member of Bain Capital Life Sciences. Holds an MBA from Wharton. | |
Kirk D. Malloy, Ph.D. Board | Chair of the Board | Director at NanoString Technologies, DermTech, and Tagomics; Principal at BioAdvisors, LLC | Chair of the Board since July 2023. Former CEO of Verogen, Inc. and senior leader at Illumina. Holds a Ph.D. in Marine Biology/Biochemistry. | |
Melinda Litherland Board | Board Member | Board Member at Bio-Rad Laboratories | Board member since June 2021. Retired Partner at Deloitte & Touche LLP with 34 years of experience. Certified Public Accountant. | |
Natale Ricciardi Board | Board Member | Board Member at Dynavax Technologies and Prestige Consumer Healthcare | Board member since March 2016. Former President of Pfizer Global Manufacturing and Senior VP at Pfizer. Holds an MBA from Fordham University. | |
Richard Kollender Board | Board Member | CFO and CBO at Reaction Biology Corporation; Partner at Quaker Partners Management | Board member since July 2009 (with a gap from February 2017 to October 2018). Former CFO and CBO of RPID. Extensive experience in life sciences and healthcare investments. |
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Given that product margins were near breakeven at negative 1% in Q3 2024, despite improvements, when do you expect product gross margins to sustainably turn positive, and what are the key drivers that will enable this progression?
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With total operating expenses of $12.7 million in Q3 and a net loss of $11.3 million, and given your cash balance of approximately $61 million at quarter-end, how confident are you in achieving positive cash flow by the end of 2027 without additional financing, and what steps are you taking to bridge the gap given the expected cash burn of roughly $40 million in 2024?
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Considering the elongated purchasing cycles and increased scrutiny of capital equipment purchases you mentioned, how confident are you in meeting your guidance of placing at least 20 systems in 2024 and achieving total revenue of at least $27 million, especially with only 15 systems placed through September?
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Given that consumable revenue grew only in the mid-single digits in Q3 2024 compared to the prior year, what strategies are you implementing to accelerate consumables and recurring revenue growth, which are critical for your business model's long-term sustainability?
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While you have received positive feedback on your new Rapid Sterility application, can you detail the potential risks or barriers that might delay its adoption and affect its ability to contribute meaningfully to revenue in 2025, especially given that it's early in the launch phase?
Recent developments and announcements about RPID.
Earnings
New Earnings (Q4 2024)
·Feb 28, 2025, 4:22 PMView full earnings summary →RPID sees flat 2025 system placements at 21-25 units, but collaboration with MilliporeSigma starting in 2026 could significantly expand total addressable market, boosting revenue and margins. Large multi-system orders remain upside not yet in guidance.
8-K Filings
8-K Filing
·Feb 27, 2025, 11:01 PMFinancial ExhibitsRegulation FD DisclosureView full 8-K filing →Rapid Micro Biosystems filed an 8-K on March 4, 2025. FY2024 revenue reached $28.1M (25% growth) with Q4 at $8.2M (30% growth). The company now expects 2025 revenue of at least $32M with improved gross margins.