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908 Devices (MASS)
NASDAQ:MASS
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908 Devices
(NASDAQ:MASS)
Rating:50Neutral
Price Target:
$6.50
▲(19.49% Upside)
Positive Factors
Financial Performance
Second-quarter results came in ahead of expectations across the board, and guidance was raised commensurate with the beat.
Growth Expectations
908 Devices has turned into a forensics and threat detection pure-play that is positioned to see upside to their growth expectations.
Product Innovation
MASS is fundamentally a technology innovator in these markets and will continue to drive growth from new handheld products.
Negative Factors
Install Base
MASS has an install base of ~2.9k MX908, which is believed to be still in early innings and could expand further with next-gen MX908.
Market Valuation
Shares trade at 2.0 times the midpoint of guidance for 2025 revenue from continuing operations, and the stock is rated Outperform.
Product Lineup
Post-desktop divestment, the company has a leaner and more focused product lineup, reducing exposure to broader macro funding headwinds.
908 Devices (MASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$196.31M
Dividend YieldN/A
Average Volume (3M)276.45K
Price to Earnings (P/E)―
Beta (1Y)1.30
Revenue Growth14.65%
EPS Growth-86.36%
CountryUS
Employees246
SectorHealthcare
Sector Strength52
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.36
Shares Outstanding36,085,697
10 Day Avg. Volume253,131
30 Day Avg. Volume276,448
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap0.72
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit4.83
Enterprise Value/Ebitda-2.33
Forecast
1Y Price Target
$9.25Price Target Upside70.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
908 Devices Business Overview & Revenue Model
Company Description908 Devices Inc. (NASDAQ: MASS) is a technology company that specializes in analytical devices for chemical and biomolecule analysis. The company operates in the scientific and industrial sectors, offering a range of portable, handheld, and desktop mass spectrometry devices. These devices are used to detect, identify, and analyze chemical and biological substances in various applications, including safety, security, life sciences research, and industrial processes.
How the Company Makes Money908 Devices generates revenue primarily through the sale of its mass spectrometry devices and related services. The company's revenue streams include direct sales of devices to end-users in sectors such as pharmaceuticals, biotechnology, safety and security, and industrial markets. Additionally, the company offers complementary software and services, including maintenance, training, and support, which provide ongoing revenue. Strategic partnerships and collaborations with organizations and research institutions also contribute to their earnings by expanding market reach and enabling co-development of new technologies and applications.
908 Devices Earnings Call Summary
Earnings Call Date:Aug 05, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Neutral
The earnings call presented a positive outlook with significant revenue growth, strategic product launches, and improved operational efficiencies. However, these positives were offset by increased operating expenses and a decline in gross margin. Despite these challenges, the company's strategic initiatives and legislative support provide a promising outlook.Q2-2025 Updates
Positive Updates
Strong Revenue Growth
Revenue from continuing operations was $13 million, an increase of 14% over the prior year period, driven by strong device sales.
Record Device Placements
Placed 164 devices in Q2, including a record number of XplorIR units, marking the highest quarterly performance for XplorIR.
Improvement in Adjusted EBITDA
Adjusted EBITDA loss was $3.9 million for the quarter, an improvement of more than 45% year-over-year and reduced by 15% quarter-over-quarter.
Legislative Support and Funding Increases
Recent U.S. legislative actions, like the One Big Beautiful Bill, increased funding for law enforcement and security initiatives, providing a favorable environment for device sales.
Launch of VipIR
Successful launch of VipIR, a new 3-in-1 handheld chemical analyzer, designed for high-stakes environments, enhancing the product portfolio.
Operational Efficiency Improvements
Completed transfer of MX908 manufacturing to a lower-cost facility and acquisition of KAF Manufacturing to enhance supply chain and margin improvement.
Negative Updates
Decline in Gross Margin
Gross margin was 49% for the second quarter, a decrease from 54% in the prior year period, primarily due to restructuring charges and increased warranty costs.
Increase in Operating Expenses
Operating expenses rose to $21.5 million from $14.7 million in the prior year, driven by noncash charges and additional facility and restructuring costs.
Net Loss from Continuing Operations
Net loss from continuing operations was $12.9 million, compared to $7.6 million in the prior year period, largely due to noncash charges.
Company Guidance
During the 908 Devices Second Quarter 2025 Financial Results Conference Call, the company delivered a revenue of $13 million, marking a 14% increase over the prior year. The growth was fueled by robust device sales, with mass spec devices comprising 60% of revenue, while FKR products accounted for 40%. The adjusted EBITDA loss for the quarter was $3.9 million, reflecting a 45% year-over-year improvement. The company placed 164 devices, including a record number of XplorIR units. Legislative actions in the U.S., including over $1.7 billion in grant funding, are expected to support future growth. The company also launched VipIR, a new handheld chemical analyzer, and completed strategic initiatives to enhance financial performance, aiming for adjusted EBITDA positivity by Q4 2025.908 Devices Financial Statement Overview
Summary
908 Devices is facing significant financial challenges with declining revenue growth and persistent losses impacting profitability and cash flow. Despite a low debt-to-equity ratio, negative net profit margins and cash flow issues highlight the need for strategic improvements.Income Statement
908 Devices has experienced declining revenue growth, with a negative growth rate in the TTM period. The company is facing significant profitability challenges, as evidenced by negative net profit, EBIT, and EBITDA margins. The gross profit margin remains relatively stable, but the overall financial performance is weak due to persistent losses.35
Negative
Balance Sheet
The company's balance sheet shows a low debt-to-equity ratio, indicating conservative leverage. However, the return on equity is negative, reflecting ongoing losses and inefficiencies in generating shareholder returns. The equity ratio is not explicitly calculated but appears stable given the low debt levels.45
Neutral
Cash Flow
Cash flow metrics reveal a challenging situation with negative operating and free cash flows. The free cash flow to net income ratio is slightly above 1, indicating that cash flow is closely aligned with net income, albeit negative. The company is struggling to generate positive cash flow, impacting its financial flexibility.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 60.41M | 59.63M | 50.23M | 46.85M | 42.21M | 26.89M |
| Gross Profit | 29.35M | 29.86M | 25.32M | 26.02M | 23.23M | 14.92M |
| EBITDA | -60.69M | -67.81M | -34.02M | -31.82M | -20.94M | -11.01M |
| Net Income | -18.44M | -72.21M | -36.40M | -31.74M | -22.12M | -6.94M |
Balance Sheet | ||||||
| Total Assets | 191.70M | 159.48M | 202.98M | 242.59M | 260.91M | 178.83M |
| Cash, Cash Equivalents and Short-Term Investments | 118.58M | 69.60M | 145.68M | 188.42M | 224.07M | 159.23M |
| Total Debt | 4.43M | 6.61M | 5.95M | 16.47M | 20.85M | 21.86M |
| Total Liabilities | 42.88M | 44.88M | 37.49M | 51.99M | 46.30M | 39.79M |
| Stockholders Equity | 148.82M | 114.59M | 165.49M | 190.60M | 214.60M | 139.04M |
Cash Flow | ||||||
| Free Cash Flow | -29.28M | -30.85M | -27.10M | -22.98M | -29.82M | 4.12M |
| Operating Cash Flow | -28.65M | -30.25M | -25.06M | -20.93M | -29.08M | 4.13M |
| Investing Cash Flow | 43.30M | -46.32M | -26.40M | -15.81M | -737.00K | -9.00K |
| Financing Cash Flow | 285.00K | -376.00K | -15.94M | 1.18M | 94.72M | 137.19M |
908 Devices Technical Analysis
Negative
5.44
Price Trends
6.58
Negative
6.18
Negative
4.51
Positive
Market Momentum
-0.27
Positive
32.12
Neutral
8.91
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MASS, the sentiment is Negative. The current price of 5.44 is below the 20-day moving average (MA) of 6.24, below the 50-day MA of 6.58, and above the 200-day MA of 4.51, indicating a neutral trend. The MACD of -0.27 indicates Positive momentum. The RSI at 32.12 is Neutral, neither overbought nor oversold. The STOCH value of 8.91 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MASS.
908 Devices Risk Analysis
908 Devices disclosed 67 risk factors in its most recent earnings report. 908 Devices reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
908 Devices Peers Comparison
Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $3.17B | 30.62 | -17.87% | ― | 8.57% | -1154.64% | |
55 Neutral | $4.68B | 58.85 | 4.43% | 0.65% | 10.36% | -78.26% | |
51 Neutral | $7.95B | -0.40 | -42.50% | 2.21% | 22.29% | -1.85% | |
50 Neutral | $196.31M | ― | -46.85% | ― | 14.65% | -86.36% | |
49 Neutral | $392.72M | ― | -29.42% | ― | 23.13% | 46.62% | |
47 Neutral | $248.84M | ― | 271.41% | ― | 45.50% | 53.07% | |
44 Neutral | $70.90M | ― | -66.88% | ― | 18.24% | 4.81% |
* Healthcare Sector Average
Performance Comparison
MASS
908 Devices
5.44
1.95
55.87%
BRKR
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30.83
-32.33
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LIVN
LivaNova
57.97
10.88
23.10%
BFLY
Butterfly Network
1.56
-0.30
-16.13%
LUNG
Pulmonx
1.74
-5.37
-75.53%
TLSI
TriSalus Life Sciences
4.99
<0.01
0.20%
908 Devices Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
908 Devices Appoints Dr. Brandi Vann to Board
Positive
Aug 4, 2025
On August 4, 2025, 908 Devices announced the appointment of Dr. Brandi Vann, a former U.S. Department of Defense leader in nuclear, chemical, and biological defense, to its Board of Directors. This strategic move aligns with the company’s focus on enhancing its capabilities in public health, safety, and defense technology. Dr. Vann’s extensive experience is expected to bolster the company’s efforts in commercializing advanced chemical detection devices, while Jeff George, a veteran biopharma leader, has stepped down from the board as part of this strategic refocus.
Executive/Board Changes
908 Devices Appoints Dr. Brown to Board
Positive
Jun 16, 2025
On June 16, 2025, 908 Devices announced the appointment of Dr. Christopher D. Brown to its Board of Directors. Dr. Brown, a co-founder of 908 Devices and former Chief Technology Officer, brings extensive expertise in advanced analytical technologies. His return to the company is seen as a strategic move to leverage his vision and leadership, potentially enhancing the company’s technological advancements and market positioning.
Executive/Board ChangesShareholder Meetings
908 Devices Holds Annual Meeting, Elects Directors
Neutral
Jun 13, 2025
On June 12, 2025, 908 Devices Inc. held its Annual Meeting of Stockholders, where 70.8% of the company’s shares were represented. The meeting resulted in the election of Class II Directors and the ratification of PricewaterhouseCoopers LLP as the independent accounting firm for 2025, indicating a stable governance structure and continued financial oversight.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.