Brief: Rapid Micro Biosystems reports Q2 results

Rapid Micro Biosystems

12/08/2022 12:13

Aug 12 (Reuters) - Rapid Micro Biosystems Inc  RPID.O :
    * RAPID MICRO BIOSYSTEMS PROVIDES BUSINESS UPDATE AND
REPORTS
SECOND QUARTER 2022 FINANCIAL RESULTS
    * Q2 LOSS PER SHARE $0.31
    * LOWERS FULL YEAR 2022 COMMERCIAL REVENUE GUIDANCE TO AT
LEAST
$17.0 MILLION
    * ANNOUNCES REVIEW OF STRATEGIC ALTERNATIVES AND REJECTION
OF
KENNEDY LEWIS MANAGEMENT PROPOSAL
    * RAPID MICRO BIOSYSTEMS - EXPECTS ORGANIZATIONAL
RESTRUCTURING
PLAN TO RESULT IN APPROXIMATELY $8.0 - $9.0 MILLION IN
ANNUALIZED COST SAVINGS BY Q1 2023
    * EXPECTS TO INCUR RESTRUCTURING CHARGES OF APPROXIMATELY
$1.5
MILLION TO BE RECOGNIZED IN Q3 OF FISCAL YEAR 2022
    * PLAN INVOLVES AN APPROXIMATELY 20% REDUCTION IN COMPANY'S
WORKFORCE, WHICH IS LARGELY FOCUSED ON NON-COMMERCIAL FUNCTIONS
    * CEO ROBERT SPIGNESI TO ASSUME COMMERCIAL LEADERSHIP
RESPONSIBILITIES
    * TOTAL (COMMERCIAL) REVENUE FOR Q2 OF 2022 WAS $3.9
MILLION,
COMPARED TO COMMERCIAL REVENUE OF $5.7 MILLION IN Q2 OF 2021
    * Q2 EARNINGS PER SHARE VIEW $-0.32 -- REFINITIV IBES DATA
    * IS UPDATING ITS PRIOR FULL YEAR 2022 REVENUE OUTLOOK TO AT
LEAST
$17.0 MILLION
    * RAPID MICRO BIOSYSTEMS - ASSUMES CO WILL PLACE BETWEEN
THREE AND
FIVE SYSTEMS IN SECOND HALF OF YEAR, WITH MOST OR ALL OF THOSE
PLACEMENTS MADE IN Q4

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