908 Devices Inc.

Thank you for standing by, and welcome to the 908 Devices First Quarter 2021 Financial Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press star 1 on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star 0. I would now like to hand the conference over to your speaker today, Carrie Mendigo, Investor Relations. Please go ahead.

Thank you. This morning, 908 Devices released financial results for the quarter ended March 31st, 2021. If you have not received this news release, or if you'd like to be added to the company's distribution list, please send an email to irat908devices.com. Joining me today from 908 is Kevin Knopp, Chief Executive Officer and Co-Founder, and Joe Griffith, Chief Financial Officer. Before we begin, I'd like to remind you that management will make statements during this call that are forward-looking statements within the meaning of federal securities laws. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated. Additional information regarding these risks and uncertainties appears in the section entitled Forward-Looking Statements in the Press Release 908 issued today. For a more complete list and description, please see the Risk Factors section of the company's annual report on Form 10-K for the year ended December 31st, 2020, and in its other filings for the Securities and Exchange Commission. Except as required by law, 908 disclaims any intention or obligation to update or revise any financial projections or forward-looking statements, whether because of new information, future events, or otherwise. This conference call contains time-sensitive information and is accurate only as of the live broadcast May 13th, 2021. With that, I would like to turn the call over to Kevin.

Thanks, Kerry. Good morning and thank you for joining our first quarter 2021 earnings call. We started the year strong with the first quarter revenue growing 39% to 5.5 million, and we placed 66 devices during the quarter, bringing our installed base to over 1,400 devices across our three products. This is double the number of devices placed compared to the first quarter of 2020. Over the course of the quarter, our team continued to execute and made outstanding progress towards our vision of democratizing mass spec by breaking it out of the confines of the central lab and bringing its power to the point of need. To continue this momentum throughout 2021, we're executing to drive expansion across our sales channels, customers, and platform. And since we last updated you at the end of March, we've continued to make incredible progress across all three of these dimensions of our business. Starting with our sales channels and commercial team, we ended the quarter with 41 sales, marketing, and product management employees, adding 11 employees over the course of just the first quarter. I'm really pleased by the incredible talent we're attracting to 908. We're continuing to track toward our goal of reaching 60 employees by Q1 2022, doubling the number of sales and marketing employees from the third quarter of 2020. To further support, growth across our entire organization, we're excited to announce Michelle Fournier as our new VP, Chief People Officer, who joined our team in mid-April. Prior to coming on board at 908, Michelle most recently served as the Chief Human Resource Officer at Paracel International, a large clinical research organization. She brings a wealth of global experience in attracting and retaining top talent and will be instrumental as we ramp up our commercial organization. Moving on to customer traction, we continue to see strong adoption from both new and existing customers. Across our product portfolio, we focus on leveraging our customer success in testing, trials, and pilots into enterprise-wide standardization for both devices and consumables. We are particularly encouraged by the adoption of our product by industry-leading customers whose influence will be critical as we grow across the sector. Specifically, with our handhelds, such adoption helps progress our efforts to have our devices become the standard-bearer and go-to tool for all responders, especially those combating the opioid crisis. We're pleased to announce that the United States Department of State purchased multiple MX908 devices during the first quarter. The State Department partners with countries worldwide, sharing best practices and building capacity to identify and exploit vulnerabilities at each level of the international drug supply chain. The MX-908 devices will be used with these global partner countries to detect and identify a range of suspected narcotics and illegal drug substances. Another key handheld customer that purchased during the first quarter was the LSU National Center for Biomedical Research and Training, which is a nationally recognized organization that provides thousands of trainings each year to the emergency response community throughout the United States and across the globe. This partnership is a great step in our efforts to have our handheld mass spec become industry standard of safety response. In April, we are proud to announce that the U.S. Border Patrol has adopted more than 60 MX-908s in 2020 to standardize its trace detection at 20 field locations across U.S. borders. We're encouraged by the value we're adding to our customers and are honored to be partnered with these premier organizations. Turning now to our desktops, we deepened traction within biopharma with multiple Revl devices placed with existing customers. To date, approximately 40% of our total installed base is across top 20 biopharma companies. During the quarter, we onboarded several new customers that will use Revl for cell and gene therapy applications. Other key players, including Bristol-Myers Squibb, are already leveraging Revl for this use. BMS is currently using Rebel devices across their domestic and global operations, including in their CAR T cell therapy process engineering and technology development lab. And finally, moving to expansion of our platform, as we shared on our last earnings call, we are continuing to expand our platform's capability to increase the areas of use for our customers and continue to open up our addressable market. Over the next 12 to 18 months, you should expect to see a continued cadence of new capabilities to enhance our devices to further support our customers' needs. These will include analyte panel expansions, new software applications, additional assay kits, accessory modules, third-party hardware and software integrations, and other scientific demonstrations of the ultimate reach of our platform. To that end, we recently announced significant updates to our MX908 handheld device. These enhancements include an aerosol module accessory to detect and identify aerosolized chemical hazards, added targets allowing for responders to identify additional priority drug substances, and a Bluetooth capability which enables seamless sharing of important information, facilitates data transfer, and accelerates support in the field. These added capabilities are aimed to address gaps in the responders' workflows, increased engagement, and drive utilization. With this update, the onboard machine learning algorithms can now detect and identify cathinones and cannabinoids. In the United States Drug Enforcement Administration's annual report, the agency reported synthetic cannabinoids and cathinones are the most commonly abused drug substances in the United States, and the number of new classes and variances of these substances is constantly growing. These additions to the MX908 analyte capabilities are pivotal for responders in our local communities. We're also continuing to develop and release updates and new capabilities for our desktop devices, specifically for our Rebel product, We're enabling new software and data integrations with third parties, which include process data management and multivariate data software. Rebel provides a wealth of new data to our customers, and we are committed to making it easier and easier for them to mine it and garner critical insights. We've previously discussed our goal to create a bioanalytics platform that leverages our versatile technologies from biotherapeutic development through production. FDA's widely publicized quality by design initiative has stressed the importance of understanding, monitoring, and controlling process parameters to ensure finished biopharmaceutical products meet proper critical quality attributes, also known as CQAs. The pharmaceutical industry also recognizes that enhanced process understanding and control leads to improved yields and predictability, particularly important with the newer therapeutic modalities. Our devices are directly positioned to serve these needs. Our REBEL product continues to expand its reach and impact in culture media qualification, bioprost characterization and development. For example, yesterday at the American Society of Gene and Cell Therapy Conference, Bristol-Myers Squibb presented on the utility of REBEL for CAR T process understanding, development, and ultimately control, ensuring the right first-time production of CAR T immunotherapies for clinical trials and production. Our efforts are also expanding downstream into late-stage development and finished product quality domains. Recently, we announced a joint collaboration to develop an extended CQA workflow solution for protein characterization. Biotechni, owner of the leading protein analysis portfolio called Protein Simple, will pair its Maurice CIEF separations instrumentation with our Zip Chip device to deliver a seamless workflow for deeper protein characterization. The protein simple line of CIEF systems are considered the benchmark for protein size and charge heterogeneity quantitation, but are limited when detailed identification and speciation is required. The pairing of Maurice and ZipChip allows in-depth characterization of biotherapeutics on an intact and near native level and a vastly simplified and time-saving workflow. Our ZipChip product line provides rapid, high-resolution identification and speciation of intact proteoforms with Thermo, Brooker, and Cy-X mass spectrometers with minimal sample preparation. CQA assays are necessary from lead optimization phase of drug development through production and release testing. A growing need in the biologics market is the ability to measure multiple CQAs simultaneously for protein therapeutics. One such method is referred to as the multi-attribute monitoring, or MAM, method. MAM is a growing initiative to obsolete the many disparate and often low-tech legacy analytical techniques by measuring CQAs with mass spec-based methods capable of measuring a broad array of CQAs simultaneously and with higher informing power. A publication from Amgen recently called attention to the severe throughput limitations imposed by liquid chromatography in CQA analysis. In their published comparison of optimized UPLC mass spec to ZipChip mass spec for MAM of 15 CQAs, they concluded ZipChip shows potential to improve efficiency by increasing throughput by up to 20x, 10 minutes versus 200 minutes, while providing results comparable to those acquired using conventional UHPLC separations. In addition to finished product CQA analysis, the publication noted that Zipchip shows great potential to streamline early phase molecule assessment, directly impacting development timelines by expediting lead candidate selection. We were particularly pleased to see that their Zipchip analysis was completing using our turnkey tips and chips without further optimization or modification, making analysis fast and remarkably easy. We're excited that our customers are seeing impact across the stages of biotherapeutic development. We're also proud to highlight that our customer, Transcensa, a global biotherapeutic company, has announced that its continuous perfusion cell culture platform has achieved industry-leading volumetric productivity of greater than six grams per liter per day while maintaining process and product quality attributes in the states of control for a four-week culture. Transcensa relies upon REVL for process monitoring and ZipChips for rapid product quality attribute testing. Whether for fedbats or continuous perfusion processes, we see roles for our devices. To guide our platform expansion into the future, we recently announced expansion of our scientific advisory board and a focus panel on bioprocessing and biotherapeutics. We're excited to welcome these six new members. This new formed panel of world-renowned experts spans academic leaders at the forefront of cell and gene therapy and process optimization. to seasoned industry experts in process development, scale-up, and production. The depth and breadth of this panel will be instrumental in providing feedback and guidance on our near and long-term technology roadmap. Overall, I'm really encouraged by the momentum we're seeing from customers, the talent we are adding to our team, and the technology platform progress we are making. With that, I'll turn the call over to Joe for more details on our financials.