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908 Devices (MASS)
NASDAQ:MASS
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908 Devices
(NASDAQ:MASS)
Rating:56Neutral
Price Target:
$6.50
▼(-1.52%Downside)
Positive Factors
Government Funding
The federal government's priority on tackling drug trafficking and border security should boost funding for these products.
Product Performance
MX908 performs trace level detection, minimizing risks to officers, which is crucial given the growing presence of fentanyl and fentanyl analogs.
Negative Factors
Market Confidence
Analyst remains MP until gaining greater confidence in the funding outlook, funnel of handheld devices (MX908) and overall demand recovery.
Pricing Challenges
Pricing of MX908 handheld mass spec device is a potential barrier to broader adoption among this customer base.
908 Devices (MASS) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$232.38M
Dividend YieldN/A
Average Volume (3M)707.65K
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth21.06%
EPS Growth-99.70%
CountryUS
Employees246
SectorHealthcare
Sector Strength47
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.28
Shares Outstanding35,861,153
10 Day Avg. Volume961,189
30 Day Avg. Volume707,648
Financial Highlights & Ratios
PEG Ratio-0.27
Price to Book (P/B)1.26
Price to Sales (P/S)0.00
P/FCF Ratio-10.44
Enterprise Value/Market Cap0.29
Enterprise Value/Revenue0.30
Enterprise Value/Gross Profit2.24
Enterprise Value/Ebitda-0.30
Forecast
1Y Price Target
$6.00Price Target Upside-9.09% Downside
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:May 13, 2025
(Q1-2025)
| % Change Since: 15.18%|
Next Earnings Date:Aug 12, 2025
Earnings Call Sentiment Neutral
The earnings call reflects strong revenue growth and strategic expansion, with significant contributions from the RedWave acquisition and increased recurring revenue. However, the company faces challenges with decreased gross margins and increased operating expenses. The overall sentiment is cautiously optimistic, with positive growth indicators balanced by financial challenges.Q1-2025 Updates
Positive Updates
Significant Revenue Growth
Revenue from continuing operations was $11.8 million, an increase of 59% over the prior-year period. This growth was driven by device sales, with mass spec devices accounting for roughly 60% of revenue and FTIR products making up the other 40%.
Recurring Revenue Increase
Recurring revenue increased 54% from the previous year and represented 37% of total revenues.
Improved Adjusted EBITDA
Adjusted EBITDA loss improved nearly 50% year-over-year in Q1 2025 compared to Q1 2024.
Strategic Orders and Partnerships
Secured a $2 million order from the Texas Department of Public Safety and additional orders from the Washington Metro Area Transit Authority and Homeland Security Investigations, indicating strong demand and expanding market presence.
Successful Integration of RedWave Technology
The acquisition of RedWave Technology has diversified the product portfolio and contributed significantly to revenue, with FTIR products accounting for 40% of Q1 revenue.
Strong Cash Position
The company ended the first quarter with $124.3 million in cash, cash equivalents, and marketable securities, supported by the $70 million cash sale of the bioprocessing portfolio.
Negative Updates
Decreased Gross Margin
Gross margin was 47% for the first quarter of 2025, down from 52% in the prior-year period, primarily due to intangible amortization from the RedWave acquisition.
Increased Operating Expenses
Operating expenses increased to $16.6 million in Q1 2025 from $11.5 million in the prior-year period, driven by a $2.5 million noncash charge and costs related to the RedWave acquisition.
Net Loss from Continuing Operations
Net loss from continuing operations for the first quarter of 2025 was $9.8 million, compared to $5.9 million in the prior-year period.
Company Guidance
During the first quarter of 2025, 908 Devices reported a revenue of $11.8 million from continuing operations, marking a 59% increase over the prior year, driven primarily by strong device sales. The company's mass spectrometry (mass spec) devices contributed to approximately 60% of this revenue, while FTIR products made up the remaining 40%. Recurring revenue rose by 54% compared to the previous year, accounting for 37% of total revenues. The adjusted EBITDA loss improved by nearly 50% year-over-year. For the full year 2025, the company reiterated its revenue guidance of $53 million to $55 million, representing an 11% to 15% increase over 2024. They also expect adjusted gross margins to rise to the mid- to high-50% range and aim for positive adjusted EBITDA by Q4 2025, with a goal of achieving cash flow positivity in 2026.908 Devices Financial Statement Overview
Summary
908 Devices demonstrates mixed financial performance. While revenue growth is positive at 3% and cost management is effective with a gross profit margin of 49.5%, the company struggles with profitability, as indicated by a negative net profit margin of -28.8% and negative free cash flow. The balance sheet is stable with low leverage, yet the continuous operational losses are concerning.Income Statement
908 Devices shows a mixed performance on the income statement front. The TTM (Trailing-Twelve-Months) Gross Profit Margin is approximately 49.5%, indicating good cost management. However, the company is struggling with profitability, as seen in a negative Net Profit Margin of -28.8% and negative EBIT and EBITDA margins, reflecting significant operational challenges. Revenue growth is positive at 3% from the previous year, which is a positive sign, but the overall profitability remains weak.45
Neutral
Balance Sheet
The balance sheet of 908 Devices is relatively stable. The Debt-to-Equity Ratio is low at approximately 0.02, indicating low leverage, which is a positive aspect. However, the company's Return on Equity (ROE) is negative, reflecting the ongoing losses. The Equity Ratio stands at 81.3%, suggesting that the company is primarily financed through equity, which is a safer financing structure but highlights concerns over profitability.55
Neutral
Cash Flow
The cash flow statement reveals challenges in generating positive cash flow. The company has negative Free Cash Flow and Operating Cash Flow, showing a deterioration in cash generation capabilities. The Operating Cash Flow to Net Income Ratio is negative, indicating inefficiencies in converting income to cash. Despite this, the company has managed its cash reserves well, maintaining a strong cash position.50
Neutral
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.42M | 59.63M | 50.23M | 46.85M | 42.21M | 26.89M |
| Gross Profit | 30.39M | 29.86M | 25.32M | 26.02M | 23.23M | 14.92M |
| EBITDA | -69.00M | -67.81M | -34.02M | -31.82M | -20.94M | -11.01M |
| Net Income | -17.69M | -72.21M | -36.40M | -31.74M | -22.12M | -6.94M |
Balance Sheet | ||||||
| Total Assets | 196.03M | 159.48M | 202.98M | 242.59M | 260.91M | 178.83M |
| Cash, Cash Equivalents and Short-Term Investments | 124.31M | 69.60M | 145.68M | 188.42M | 224.07M | 159.23M |
| Total Debt | 3.77M | 6.61M | 5.95M | 16.47M | 20.85M | 21.86M |
| Total Liabilities | 36.60M | 44.88M | 37.49M | 51.99M | 46.30M | 39.79M |
| Stockholders Equity | 159.42M | 114.59M | 165.49M | 190.60M | 214.60M | 139.04M |
Cash Flow | ||||||
| Free Cash Flow | -35.77M | -30.85M | -27.10M | -22.98M | -29.82M | 4.12M |
| Operating Cash Flow | -35.91M | -30.25M | -25.06M | -20.93M | -29.08M | 4.13M |
| Investing Cash Flow | 9.77M | -46.32M | -26.40M | -15.81M | -737.00K | -9.00K |
| Financing Cash Flow | 730.00K | -376.00K | -15.94M | 1.18M | 94.72M | 137.19M |
908 Devices Technical Analysis
Neutral
6.60
Price Trends
5.99
Positive
4.76
Positive
3.81
Positive
Market Momentum
0.23
Positive
50.63
Neutral
20.42
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 6.6 is below the 20-day moving average (MA) of 7.00, above the 50-day MA of 5.99, and above the 200-day MA of 3.81, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 50.63 is Neutral, neither overbought nor oversold. The STOCH value of 20.42 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 (49)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $6.35B | 79.79 | 4.92% | 0.48% | 14.84% | -80.87% | |
62 Neutral | $2.49B | 30.62 | -19.69% | ― | 7.97% | -592.40% | |
56 Neutral | $232.38M | ― | -44.97% | ― | 21.06% | -99.70% | |
50 Neutral | $195.58M | ― | 271.41% | ― | 85.03% | 53.73% | |
49 Neutral | AU$2.48B | 4.33 | -64.25% | 2.85% | 36.51% | 13.14% | |
47 Neutral | $479.74M | ― | -29.16% | ― | 25.77% | 49.44% | |
46 Neutral | $108.29M | ― | -60.68% | ― | 19.84% | 5.77% |
* Healthcare Sector Average
Performance Comparison
MASS
908 Devices
6.60
1.86
39.24%
BRKR
Bruker
42.46
-18.94
-30.85%
LIVN
LivaNova
46.08
-6.39
-12.18%
BFLY
Butterfly Network
1.96
0.97
97.98%
LUNG
Pulmonx
2.72
-3.77
-58.09%
TLSI
TriSalus Life Sciences
4.90
-0.91
-15.66%
908 Devices Corporate Events
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.