|Over a month ago|
Rapid Micro Biosystems downgraded to Neutral from Overweight at JPMorgan » 07:2108/1608/16/22
JPMorgan analyst Rachel…
JPMorgan analyst Rachel Vatnsdal downgraded Rapid Micro Biosystems to Neutral from Overweight and withdrew her prior $10 price target on the shares after the company reported a disappointing set of Q2 results and FY22 outlook last Friday. Rapid also announced that the company would be initiating a review of strategic alternatives and implement an organizational restructuring plan that involves the departure of the CCO and a 20% reduction to the company's non-commercial workforce, Vatnsdal noted. The Q2 results and commentary show that recent lackluster performance is less transitory and pandemic-related than she'd thought and "more structural in nature," the analyst tells investors.
Fly Intel: Pre-market Movers » 08:5908/1208/12/22
UBX, APLT, RPID, AIRS, PAYO, TOST, RIVN, LPTX, PLXP, SPB, CODX, ILMN, LAW, ELF
Check out this morning's…
Rapid Micro Biosystems adopts stockholder rights plan » 07:0808/1208/12/22
Rapid Micro Biosystems…
Rapid Micro Biosystems also announced that its Board has unanimously adopted a limited-duration stockholder rights plan. The Rights Plan is intended to enable all shareholders to realize the full value of their investment in the Company, and to protect the Company and its shareholders from efforts to obtain control of the Company that the Board determines are not in the best interests of the Company and its shareholders. It will also provide the Board with the appropriate time and flexibility to conduct its review of strategic alternatives and pursue the best course of action for all shareholders. The Rights Plan does not preclude the Board from engaging with parties or considering an offer that it believes recognizes the full value of the Company and is in the best interests of Rapid Micro Biosystems and its shareholders. The Rights Plan is similar to shareholder rights plans adopted by other publicly traded companies. The rights will become exercisable if an entity, person or group acquires beneficial ownership of 15% or more of the Company's outstanding Class A common stock. In the event that the rights become exercisable due to the triggering ownership threshold being crossed, each right will entitle its holder to receive shares of common stock of the Company having a market value equal to two times the Exercise Price. Under the Rights Plan, any person, entity or group which currently owns more than the triggering percentage may continue to own its shares of common stock but may not acquire any additional shares of Class A common stock without triggering the Rights Plan. The Rights Plan does not contain any dead-hand, slow-hand, no-hand or similar feature that would limit the ability of a future Board of Directors to redeem the rights. The Rights Plan will automatically expire on the day after the Company's 2023 Annual Meeting of Stockholders, unless approved by the Company's stockholders at the 2023 Annual Meeting, in which case it will expire in one year, on August 11, 2023.
Rapid Micro Biosystems announces review of strategic alternatives » 07:0708/1208/12/22
Rapid Micro Biosystems…
Rapid Micro Biosystems announced that its Board of Directors has initiated a review of strategic alternatives to maximize shareholder value. The Board has retained Morgan Stanley & Co. LLC as its financial advisor and Goodwin Procter as its legal advisor to assist in its review of a wide range of options including, among other things a sale, merger or other strategic transaction. In addition, the Company announced that its Board of Directors has unanimously rejected an unsolicited non-binding proposal from Kennedy Lewis Investment Management to acquire all of the outstanding shares of the Company for $5.00 per share in cash. Following a comprehensive review, in consultation with its financial and legal advisors, the Board determined that the proposal is inadequate and is not in the best interest of the Company or its shareholders. "The Company is taking decisive action to right-size its cost structure to allow continued focus on enhanced commercial execution and key product development initiatives while also managing its significant cash balance and long cash runway," said Jeffrey Schwartz, Chairperson of the Board of Directors. "As we seek to accelerate this work and best position our business for the future, the Board believes now is the right time to explore alternatives to determine the best path to maximize shareholder value. The Board is committed to exploring a range of alternatives, while simultaneously prioritizing and advancing important initiatives within the business, that we believe will enhance value for our shareholders."
Rapid Micro Biosystems rejects non-binding proposal from Kennedy Lewis » 07:0608/1208/12/22
In addition, the Company…
In addition, the Company announced that its Board of Directors has unanimously rejected an unsolicited non-binding proposal from Kennedy Lewis Investment Management to acquire all of the outstanding shares of the Company for $5.00 per share in cash. Following a comprehensive review, in consultation with its financial and legal advisors, the Board determined that the proposal is inadequate and is not in the best interest of the Company or its shareholders.
Rapid Micro Biosystems CCO Andy Keys departs » 07:0508/1208/12/22
In connection with the…
In connection with the organizational restructuring plan, the Company also announced that Andy Keys is leaving his role as Chief Commercial Officer effective immediately and Mr. Spignesi is assuming commercial leadership responsibilities.
Rapid Micro Biosystems announces restructuring plan with 20% workforce reduction » 07:0508/1208/12/22
The Company is…
The Company is implementing an organizational restructuring plan to right-size its cost structure based on its lowered 2022 outlook. The Company will continue to invest in key growth initiatives including enhancing commercial execution and key product development programs that are expected to drive future revenue growth. The plan involves an approximately 20% reduction in the Company's workforce, which is largely focused on non-commercial functions. The Company expects the organizational restructuring plan to result in approximately $8.0 - $9.0 million in annualized cost savings by the first quarter 2023. It expects to incur restructuring charges of approximately $1.5 million to be recognized in the third quarter of fiscal year 2022.
Rapid Micro Biosystems lowers FY22 revenue view to at least $17M » 07:0308/1208/12/22
Consensus $28.01M. The…
Consensus $28.01M. The Company is updating its prior full year 2022 revenue outlook to at least $17.0 million. This assumes that the Company will place between three and five systems in the second half of the year, with most or all of those placements made in the fourth quarter. The Company's lowered guidance reflects expectations for fewer systems placements in fiscal year 2022 as it continues to ramp its commercial team and optimize its commercial execution as well as macro-economic uncertainty that is expected to persist through the second half of the year.
Rapid Micro Biosystems reports Q2 EPS (31c) vs. ($20.01) last year » 07:0208/1208/12/22
Reports Q2 revenue…
Reports Q2 revenue $3.86M, consensus $4.57M. "While we placed two systems in the second quarter in line with our guidance, revenue was slightly below our expectations mainly due to slower-than-expected progress on a few system validations in the second half of the quarter as well as third-party logistics delays in the final days of the quarter that pushed revenue from several significant consumable shipments into the third quarter. We expect substantially all of the impacted revenues to be recognized in the third quarter. Excluding the impact of the delays in consumables, recurring revenue grew over 40% compared to the second quarter of last year, evidencing the continued strength of our business model and customer value proposition," said Robert Spignesi, President and CEO. "As access to customer sites and in-person engagement continued to improve gradually as we moved through the second quarter and into the third quarter, we have learned more about the challenges the pandemic created for our customers in advancing capital purchasing decisions and for us in accurately assessing the timing of sales opportunities. We have also identified opportunities to improve aspects of our sales process and sales team training. At the same time, macroeconomic uncertainty is impacting the timing of some customer purchase decisions. As a result of our post-quarter analysis, we now anticipate fewer system placements for the full year and, accordingly, we are lowering our 2022 revenue outlook. We are taking decisive actions to enhance our commercial execution and right-size our cost structure to maintain our ability to invest in key growth initiatives while also managing our significant cash balance and long cash runway. We are confident these actions will better position us to capitalize on the large and growing market opportunity for our Growth Direct System."
|Over a quarter ago|
Rapid Micro confirms receipt of non-binding proposal from Kennedy Lewis » 14:3706/3006/30/22
Rapid Micro Biosystems…
Rapid Micro Biosystems confirmed that it has received an unsolicited, non-binding proposal from Kennedy Lewis Investment Management LLC to acquire all of the outstanding shares of the Company for $5.00 per share in cash. Consistent with its fiduciary duties and in consultation with its independent advisors, the Rapid Micro Biosystems Board of Directors will carefully review the unsolicited proposal to determine the course of action that it believes is in the best interest of the Company and all Rapid Micro Biosystems shareholders. Rapid Micro Biosystems shareholders do not need to take any action at this time.