Why 908 Devices Stock Is Sinking Today
Shares of 908 Devices (NASDAQ: MASS) were down 19% as of 11 a.m. ET on Monday. The steep decline came after the maker of handheld and desktop mass spec devices for chemical and biomolecular analysis announced its third-quarter results earlier in the morning.
908 Devices reported Q3 revenue of $15.8 million, up 26% year over year. This narrowly topped the consensus estimate of $15.7 million. The company posted a net loss of $6.3 million, or $0.20 per share. This loss was one penny wider than in the prior-year period. However, it wasn't as bad as the average analysts' estimate of a net loss of $0.22 per share.
With better-than-expected top and bottom lines in Q3, why is the healthcare stock falling so much today? You can blame it on 908 Devices' full-year guidance. The company now expects 2022 revenue will be between $46 million and $49 million. Its previous forecast was for full-year revenue in the range of $52 million to $55 million.
Source Fool.com
