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908 Devices Inc. (MASS)
:MASS
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908 Devices
(NASDAQ:MASS)
Rating:56Neutral
Price Target:
$7.50
▲(13.12% Upside)
Positive Factors
Financial Performance
Second-quarter results came in ahead of expectations across the board, and guidance was raised commensurate with the beat.
Market Position
The company continues to demonstrate solid execution in the core business now two quarters post the desktop/bioprocessing divestment.
Product Development
New product launches, including recent VipIR FTIR/Raman device and upcoming next-gen MX908 launch, are poised to supplement growth in 2026 and beyond.
Negative Factors
Funding Environment
Post-desktop divestment, the company has a leaner and more focused product lineup, reducing exposure to broader macro funding headwinds.
Market Competition
The company is serving a $2.5B market with a 15k install base replacement opportunity in just FT-IR instruments.
Market Valuation
Shares trade at 2.0 times the midpoint of guidance for 2025 revenue from continuing operations, and the stock is rated Outperform.
908 Devices (MASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$239.25M
Dividend YieldN/A
Average Volume (3M)301.75K
Price to Earnings (P/E)―
Beta (1Y)1.28
Revenue Growth14.65%
EPS Growth-86.36%
CountryUS
Employees246
SectorHealthcare
Sector Strength49
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.36
Shares Outstanding36,085,697
10 Day Avg. Volume343,533
30 Day Avg. Volume301,746
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 Cap0.59
Enterprise Value/Revenue2.35
Enterprise Value/Gross Profit4.83
Enterprise Value/Ebitda-2.33
Forecast
1Y Price Target
$8.50Price Target Upside28.21% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
908 Devices Business Overview & Revenue Model
Company Description908 Devices Inc., a commercial-stage technology company, provides various purpose-built handheld and desktop mass spectrometry (Mass Spec) devices to interrogate unknown and invisible materials in life sciences research, bioprocessing, industrial biotech, forensics, and adjacent markets. The company's products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of gas, liquid, and solid materials of unknown identity; Rebel, a small desktop analyzer that provides real-time information on the extracellular environment in bioprocesses; and ZipChip solution, a plug-and-play, high-resolution separation platform that optimizes Mass Spec sample analysis. It operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company was incorporated in 2012 and is headquartered in Boston, Massachusetts.
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: 1.69%|
Next Earnings Date:Nov 18, 2025
Earnings Call Sentiment Positive
The earnings call reflected a positive outlook with significant growth in revenue and device placements, supported by successful product launches and favorable legislative funding. Although there were challenges in terms of adjusted EBITDA loss and a decline in gross margins, the company's strategic moves towards operational efficiency and legislative tailwinds indicate a strong potential for future growth.Q2-2025 Updates
Positive Updates
Increased Revenue and Growth
Revenue from continuing operations was $13 million, an increase of 14% over the prior year period. Growth was driven by strong device sales, with mass spec devices accounting for 60% of revenue.
Record Device Placements
The company placed 164 devices, including a record number of XplorIR units, marking the highest quarterly performance for XplorIR.
Launch of VipIR Product
Successfully launched VipIR, a new 3-in-1 handheld chemical analyzer, aimed at global customs organizations, combining FTIR and Raman spectroscopy.
Legislative Support and Funding
Recent U.S. legislative actions, including the U.S. budget FY '26 reconciliation bill, provide approximately $1.7 billion in grant funding, representing an 11% increase from 2024 levels.
Operational Efficiency Improvements
Completed transfer of MX908 manufacturing to a lower-cost facility in Danbury, Connecticut, and completed the relocation of the corporate office to a smaller site in Burlington, Massachusetts.
Negative Updates
Adjusted EBITDA Loss
Adjusted EBITDA loss was $3.9 million for the quarter, although it was an improvement of more than 45% year-over-year.
Decline in Gross Margin
Gross margin decreased to 49% from 54% in the prior year period, primarily due to intangible amortization, restructuring charges, and an increase in warranty costs.
Noncash Charge Impact
Operating expenses increased due to a $6.8 million noncash charge for a change in the fair value of the contingent consideration liability.
Company Guidance
During the 908 Devices Second Quarter 2025 Financial Results Conference Call, the company reported a revenue of $13 million, up 14% from the prior year, driven by a 164-device placement, including a record number of XplorIR units. This growth was largely fueled by mass spectrometry devices, accounting for 60% of revenue, and FKR products making up the remaining 40%. The adjusted EBITDA loss was $3.9 million, improving by over 45% year-over-year and 15% quarter-over-quarter. The company anticipates being adjusted EBITDA positive by Q4 2025, with a full-year revenue projection of $54-56 million, reflecting a 13-17% growth over 2024. Legislative actions, including the One Big Beautiful Bill, are expected to enhance funding landscapes, supporting growth projections of over 20% in 2026. The company also launched VipIR, a new handheld chemical analyzer, and completed strategic operational consolidations to improve margins.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 stable gross profit margin and low leverage, negative net profit 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
Neutral
6.63
Price Trends
6.87
Negative
5.89
Positive
4.32
Positive
Market Momentum
-0.02
Negative
48.34
Neutral
77.78
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MASS, the sentiment is Neutral. The current price of 6.63 is below the 20-day moving average (MA) of 6.80, below the 50-day MA of 6.87, and above the 200-day MA of 4.32, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 48.34 is Neutral, neither overbought nor oversold. The STOCH value of 77.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
57 Neutral | $2.96B | 30.62 | -17.87% | ― | 8.57% | -1154.64% | |
56 Neutral | $239.25M | ― | -46.85% | ― | 14.65% | -86.36% | |
51 Neutral | kr6.00B | 8.79 | -28.70% | 2.24% | 51.61% | 19.20% | |
50 Neutral | $5.10B | 64.21 | 4.43% | 0.60% | 10.36% | -78.26% | |
46 Neutral | $226.90M | ― | 271.41% | ― | 45.50% | 53.07% | |
45 Neutral | $63.56M | ― | -66.88% | ― | 18.24% | 4.81% | |
44 Neutral | $354.95M | ― | -29.42% | ― | 23.13% | 46.62% |
* Healthcare Sector Average
Performance Comparison
MASS
908 Devices
6.63
2.37
55.63%
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33.52
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53.72
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1.43
0.45
45.92%
LUNG
Pulmonx
1.56
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TLSI
TriSalus Life Sciences
4.55
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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.
The most recent analyst rating on (MASS) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on 908 Devices stock, see the MASS Stock Forecast page.
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.
The most recent analyst rating on (MASS) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on 908 Devices stock, see the MASS Stock Forecast page.
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.
The most recent analyst rating on (MASS) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on 908 Devices stock, see the MASS Stock Forecast page.
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.