- Reports record fourth quarter 2025 total revenue of
$11.3 million , representing 37% growth compared to fourth quarter 2024 - Reports full year 2025 total revenue of
$33 .6 million, representing 20% growth compared to 2024 - Amgen expands global Growth Direct system rollout with significant multi-system order in the fourth quarter 2025; will sponsor North American Growth Direct Day in the second quarter 2026
- Samsung Biologics continues to expand Growth Direct deployment across its manufacturing network with a meaningful multi-system order in the first quarter 2026
- For the full year 2026, the Company expects total revenue in the range of
$37.0 million to$41.0 million including a range of 30 to 38 Growth Direct system placements and gross margin percentage of approximately 20%
“We closed 2025 with significant momentum, delivering 20% year-over-year revenue growth,” said
Fourth Quarter Financial Results
Total revenue for the fourth quarter of 2025 was
Total cost of revenue was
Total operating expenses increased by 6% to
Net loss for the fourth quarter of 2025 was
Cash, cash equivalents, short-term investments, and restricted cash were approximately
Full Year 2025 Financial Results
Total revenue for the full year was
Total cost of revenue was
Total operating expenses decreased by 3% or
Net loss was
Full Year 2026 Outlook
For the full year 2026, the Company expects total revenue in the range of
Webcast Details
The Company will host a conference call before the market opens today,
About
Non-GAAP Financial Measures
In addition to reporting financial measures in accordance with generally accepted accounting principles (“GAAP”), the Company is including in this press release "non-GAAP adjusted product gross margin," "non-GAAP adjusted product gross margin percentage," “non-GAAP adjusted total gross margin,” and “non-GAAP adjusted total gross margin percentage,” all of which are non-GAAP financial measures. The Company defines non-GAAP adjusted product gross margin as product gross margin adjusted for certain charges to write-off unusable inventory and related warranty expense. Non-GAAP adjusted product gross margin percentage is defined as non-GAAP adjusted product gross margin divided by product revenue. The Company defines non-GAAP adjusted total gross margin as total gross margin adjusted for certain charges to write-off unusable inventory and related warranty expense. Non-GAAP adjusted total gross margin percentage is defined as non-GAAP adjusted total gross margin divided by total revenue.
The Company includes these non-GAAP financial measures because it believes they allow investors to understand and evaluate the Company’s core operating performance and trends. In particular, the exclusion of certain items in calculating non-GAAP adjusted product gross margin, non-GAAP adjusted product gross margin percentage, non-GAAP adjusted total gross margin, and non-GAAP adjusted total gross margin percentage can provide useful measures for period-to-period comparisons of the Company’s core business. These non-GAAP financial measures have limitations as analytical tools, including the fact that such non-GAAP financial measures may not be comparable to similarly titled measures presented by other companies because other companies may calculate non-GAAP adjusted product gross margin, non-GAAP adjusted product gross percentage, non-GAAP adjusted total gross margin, and non-GAAP adjusted total gross margin percentage differently than the Company does. For more information regarding these non-GAAP financial measures, see the tables included at the end of this press release.
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 the Company’s guidance for 2026, including with respect to total revenue, Growth Direct system placements and gross margins; expected placements of Growth Direct systems, anticipated timing of such placements and the impact on the Company’s revenue; expectations and goals with respect to continued improvement in gross margins and cash management.
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 effectiveness of the Company’s sales and marketing efforts; the Company’s ability to sell and place its products with customers; the Company’s ability to develop new products and adapt to technological change; the Company’s ability to establish and maintain its position as a leading provider of automated microbial quality control testing; competition within the Company’s industry; the Company’s ability to maintain its manufacturing operations; the Company’s efforts to improve gross margins for its products; the Company’s ability to maintain and grow its relationships with its collaborators, including
Unaudited Consolidated Statements of Operations
(in thousands, except share and per share amounts)
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Revenue: | |||||||||||||||
| Product revenue | $ | 9,309 | $ | 5,223 | $ | 23,426 | $ | 18,728 | |||||||
| Service revenue | 1,973 | 2,995 | 10,161 | 9,323 | |||||||||||
| Total revenue | 11,282 | 8,218 | 33,587 | 28,051 | |||||||||||
| Costs and operating expenses: | |||||||||||||||
| Cost of product revenue | 10,073 | 5,637 | 25,979 | 21,041 | |||||||||||
| Cost of service revenue | 1,538 | 1,599 | 6,561 | 7,119 | |||||||||||
| Research and development | 3,221 | 3,401 | 13,603 | 14,597 | |||||||||||
| Sales and marketing | 3,322 | 2,982 | 12,082 | 13,266 | |||||||||||
| General and administrative | 5,340 | 4,827 | 22,754 | 21,947 | |||||||||||
| Total costs and operating expenses | 23,494 | 18,446 | 80,979 | 77,970 | |||||||||||
| Loss from operations | (12,212 | ) | (10,228 | ) | (47,392 | ) | (49,919 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Interest income | 457 | 588 | 1,509 | 3,204 | |||||||||||
| Interest expense | (809 | ) | (13 | ) | (1,090 | ) | (40 | ) | |||||||
| Other expense, net | 80 | (21 | ) | (110 | ) | (112 | ) | ||||||||
| Total other income, net | (272 | ) | 554 | 309 | 3,052 | ||||||||||
| Loss before income taxes | (12,484 | ) | (9,674 | ) | (47,083 | ) | (46,867 | ) | |||||||
| Income tax expense | 14 | (9 | ) | 40 | 22 | ||||||||||
| Net loss | $ | (12,498 | ) | $ | (9,665 | ) | $ | (47,123 | ) | $ | (46,889 | ) | |||
| Net loss per share — basic and diluted | $ | (0.28 | ) | $ | (0.22 | ) | $ | (1.05 | ) | $ | (1.08 | ) | |||
| Weighted average common shares outstanding — basic and diluted | 44,619,124 | 43,768,689 | 44,679,341 | 43,575,705 | |||||||||||
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
| 2025 | 2024 | ||||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | $ | 20,030 | $ | 16,911 | |
| Short-term investments | 18,266 | 33,821 | |||
| Accounts receivable | 3,134 | 7,519 | |||
| Inventory, net | 17,593 | 20,200 | |||
| Prepaid expenses and other current assets | 2,145 | 2,466 | |||
| Total current assets | 61,168 | 80,917 | |||
| Property and equipment, net | 8,972 | 11,193 | |||
| Right-of-use assets | 4,109 | 5,163 | |||
| Long-term investments | — | — | |||
| Other long-term assets | 319 | 531 | |||
| Restricted cash | 284 | 365 | |||
| Total assets | $ | 74,852 | $ | 98,169 | |
| Liabilities and Stockholders’ Equity | |||||
| Current liabilities: | |||||
| Accounts payable | $ | 4,139 | $ | 2,535 | |
| Accrued expenses and other current liabilities | 8,316 | 7,217 | |||
| Deferred revenue | 4,734 | 6,599 | |||
| Lease liabilities, short-term | 1,298 | 1,214 | |||
| Total current liabilities | 18,487 | 17,565 | |||
| Notes payable, net | 18,902 | — | |||
| Warrant liability | 186 | — | |||
| Lease liabilities, long-term | 3,674 | 4,954 | |||
| Other long-term liabilities | 397 | 298 | |||
| Total liabilities | 41,646 | 22,817 | |||
| Total stockholders’ equity | 33,206 | 75,352 | |||
| Total liabilities and stockholders’ equity | $ | 74,852 | $ | 98,169 | |
Unaudited Cash, Cash Equivalents, Investments and Restricted Cash
(in thousands)
| Year Ended | |||||
| 2025 | 2024 | ||||
| Cash and cash equivalents | $ | 20,030 | $ | 16,911 | |
| Short-term investments | 18,266 | 33,821 | |||
| Restricted cash | 284 | 365 | |||
| Cash, cash equivalents, investments and restricted cash | $ | 38,580 | $ | 51,097 | |
Unaudited Product Gross Margin to Non-GAAP Adjusted Product Gross Margin Reconciliation and Calculation of Product Gross Margin Percentage and Non-GAAP Adjusted Product Gross Margin Percentage
(in thousands)
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Product revenue | $ | 9,309 | $ | 5,223 | $ | 23,426 | $ | 18,728 | |||||||
| Cost of product revenue | 10,073 | 5,637 | 25,979 | 21,041 | |||||||||||
| Product gross margin | (764 | ) | (414 | ) | (2,553 | ) | (2,313 | ) | |||||||
| Write-off of unusable inventory and related warranty expense | 1,122 | — | 1,122 | — | |||||||||||
| Non-GAAP adjusted product gross margin | $ | 358 | $ | (414 | ) | $ | (1,431 | ) | $ | (2,313 | ) | ||||
| Product gross margin percentage | (8 | )% | (8 | )% | (11 | )% | (12 | )% | |||||||
| Non-GAAP adjusted product gross margin percentage | 4 | % | (8 | )% | (6 | )% | (12 | )% | |||||||
Unaudited Total Gross Margin to Non-GAAP Adjusted Total Gross Margin
Reconciliation and Calculation of Total Gross Margin Percentage
and Non-GAAP Adjusted Total Gross Margin Percentage
(in thousands)
| Three Months Ended | Year Ended | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Total revenue | $ | 11,282 | $ | 8,218 | $ | 33,587 | $ | 28,051 | |||||||
| Cost of product revenue | 10,073 | 5,637 | 25,979 | 21,041 | |||||||||||
| Cost of service revenue | 1,538 | 1,599 | 6,561 | 7,119 | |||||||||||
| Total gross margin | (329 | ) | 982 | 1,047 | (109 | ) | |||||||||
| Write-off of unusable inventory and related warranty expense | 1,122 | — | 1,122 | — | |||||||||||
| Non-GAAP adjusted total gross margin | $ | 793 | $ | 982 | $ | 2,169 | $ | (109 | ) | ||||||
| Total gross margin percentage | (3 | )% | 12 | % | 3 | % | — | % | |||||||
| Non-GAAP adjusted total gross margin percentage | 7 | % | 12 | % | 6 | % | — | % | |||||||
Investor Contact:Michael Beaulieu , CFAVice President, Investor Relations and Corporate Communicationsinvestors@rapidmicrobio.com Media Contact:media@rapidmicrobio.com
