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1. Company Snapshot

1.a. Company Description

908 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.

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1.b. Last Insights on MASS

Here is a 90-word analysis of the negative drivers behind 908 Devices Inc.'s recent stock performance: Preliminary Q4 2024 revenue of $17.2 million, while up 20% year-over-year, may be viewed as disappointing given the company's growth expectations. The partnership with Getinge to integrate bioreactors with 908 Devices' MAVEN may not have been enough to offset concerns about rising competition in the handheld and desktop devices for chemical analysis market. Additionally, the lack of significant new product launches or acquisitions in recent months may have contributed to the negative sentiment.

1.c. Company Highlights

2. 908 Devices Inc. Delivers Strong Q3 2025 Results with Progress Towards Profitability

908 Devices Inc. reported revenue from continuing operations of $14 million for Q3 2025, down 4% year over year but up 8% sequentially, driven by the growth of their FTIR devices, which accounted for 42% of revenue. The company's adjusted EBITDA loss was $1.8 million, a significant improvement of more than $5 million year over year. The adjusted gross margin was 58%, and the company ended the quarter with a strong cash position of $112.1 million. The EPS loss was $0.15, wider than the estimated loss of $0.115.

Publication Date: Nov -20

📋 Highlights
  • Revenue Growth from FTIR Devices: Q3 revenue reached $14M, with FTIR devices contributing 42% and Explorer shipments up 30% quarter-over-quarter.
  • Adjusted EBITDA Improvement: Loss narrowed to $1.8M (-53% sequentially, +$5M YoY improvement), on track for positive EBITDA in Q4 2025.
  • Strong Cash Position: $112M in cash, cash equivalents, and marketable securities with no debt, supporting 2025-2026 growth initiatives.
  • Viper and AvCAD Product Launches: Viper shipments to Southeast Asia and channel partners, plus AvCAD program validation, position for 2026 growth (20% product growth target).
  • Enterprise and International Pipeline: $3M in Q4 enterprise orders and international opportunities, including 35 Viper units and export-licensed deals, drive 2026 expectations.

Segment Performance and Key Highlights

The company's handheld product and service revenue was $13.2 million, with recurring revenue representing 35% of total revenues, a 10% increase over the prior year period. Notable highlights include the U.S. Coast Guard's purchase of 23 MX908 devices and a record-setting quarter for Explorer shipments. The company is making progress in its three focus areas: increasing adoption of its devices, advancing its next-gen analytical tools portfolio, and strengthening its financial position.

Guidance and Outlook

The company expects revenue from continuing operations to be in the range of $54 million to $56 million for full-year 2025, representing growth of 13% to 17% over full-year 2024. The company is confident in achieving positive adjusted EBITDA in Q4 2025, supported by its Q4 revenue projection, anticipated mix, and resulting gross margin, and lower operating costs. Analysts estimate next year's revenue growth at 19.5%.

Valuation and Metrics

With a P/S Ratio of 3.52 and an EV/EBITDA of -3.1, the company's valuation appears to be reflecting its growth prospects. The company's ROE is -2.96%, and the ROIC is -42.21%, indicating that the company is still in a phase of investment and growth. The current valuation metrics suggest that the market is pricing in a significant improvement in the company's financial performance.

Growth Drivers and Risks

3. NewsRoom

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908 Devices Inc. (MASS) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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908 Devices Inc. (MASS) Reports Q3 Loss, Tops Revenue Estimates

Nov -10

Source: zacks.com

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United States Coast Guard Purchases 908 Devices' Handheld Mass Spec Devices for Chemical Threat Identification

Oct -28

Source: businesswire.com

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908 Devices Inc. (NASDAQ:MASS) Receives Consensus Rating of “Moderate Buy” from Analysts

Oct -23

Source: defenseworld.net

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908 Devices (NASDAQ:MASS) Trading 5% Higher – What’s Next?

Oct -21

Source: defenseworld.net

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United States Marine Corps Purchases 908 Devices' XplorIR Gas Identification Devices

Oct -16

Source: businesswire.com

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908 Devices (MASS) Surges 7.0%: Is This an Indication of Further Gains?

Sep -22

Source: zacks.com

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908 Devices (MASS) Q2 Revenue Jumps 14%

Aug -06

Source: fool.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.14%)

6. Segments

Handheld

Expected Growth: 10.27%

The 10.27% growth of Handheld from 908 Devices Inc. is driven by increasing adoption in bioprocessing and pharmaceutical industries, rising demand for portable analytical instruments, and expansion into new geographic markets. Additionally, the company's focus on innovation, strategic partnerships, and strong sales and marketing efforts contribute to its growth momentum.

Handheld - Recurring

Expected Growth: 8.5%

The 8.5% growth in Handheld - Recurring from 908 Devices Inc. is driven by increasing adoption of handheld mass spectrometry devices in bioprocessing, expansion into new geographic markets, and growing demand for analytical instruments in the life sciences industry.

Desktop - Recurring

Expected Growth: 4.83%

The 4.83% growth in Desktop - Recurring from 908 Devices Inc. is driven by increasing adoption of remote patient monitoring solutions, expansion into new markets, and a growing need for real-time data analytics in the healthcare industry, leading to a rise in demand for connected medical devices and associated recurring services.

Desktop

Expected Growth: 9.27%

The 9.27% growth of Desktop from 908 Devices Inc. is driven by increasing demand for handheld and portable mass spectrometry devices in life sciences and biotechnology industries, coupled with the company's innovative product offerings and expanding distribution channels.

Contract

Expected Growth: 8.5%

908 Devices Inc.'s 8.5% growth is driven by increasing adoption of its handheld and portable mass spectrometry devices in the bioprocessing and pharmaceutical industries, coupled with growing demand for rapid and accurate analytical testing solutions. Additionally, strategic partnerships and expanding product offerings are contributing to the company's accelerated growth.

7. Detailed Products

MX908

A handheld, battery-powered mass spectrometer designed for rapid, on-site detection and identification of chemical threats, including chemical warfare agents, toxic industrial chemicals, and explosives.

MX4000

A high-performance, benchtop mass spectrometer designed for laboratory analysis of complex samples, including pharmaceuticals, biologics, and chemicals.

Rebel

A compact, high-performance mass spectrometer designed for laboratory analysis of small molecules, including pharmaceuticals, chemicals, and biomarkers.

ZipChip

A microfluidic-based separation device designed for high-sensitivity, high-resolution separations of complex biological samples, including proteins, peptides, and nucleic acids.

8. 908 Devices Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for 908 Devices Inc. is moderate, as there are some alternative products available in the market, but they are not highly attractive to customers.

Bargaining Power Of Customers

The bargaining power of customers for 908 Devices Inc. is low, as customers have limited options and the company's products are highly specialized.

Bargaining Power Of Suppliers

The bargaining power of suppliers for 908 Devices Inc. is moderate, as the company relies on a few key suppliers, but they do not have significant bargaining power.

Threat Of New Entrants

The threat of new entrants for 908 Devices Inc. is high, as the market is attractive and there are low barriers to entry.

Intensity Of Rivalry

The intensity of rivalry for 908 Devices Inc. is high, as the market is highly competitive and there are several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 3.47%
Debt Cost 3.95%
Equity Weight 96.53%
Equity Cost 9.02%
WACC 8.84%
Leverage 3.59%

11. Quality Control: 908 Devices Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
SI-BONE

A-Score: 4.7/10

Value: 7.0

Growth: 5.8

Quality: 5.6

Yield: 0.0

Momentum: 6.0

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
908 Devices

A-Score: 4.3/10

Value: 7.2

Growth: 2.9

Quality: 4.8

Yield: 0.0

Momentum: 10.0

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Silk Road Medical

A-Score: 3.8/10

Value: 6.2

Growth: 5.6

Quality: 5.0

Yield: 0.0

Momentum: 5.0

Volatility: 1.0

1-Year Total Return ->

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Stock-Card
Avanos Medical

A-Score: 3.6/10

Value: 8.9

Growth: 2.3

Quality: 4.5

Yield: 0.0

Momentum: 0.5

Volatility: 5.7

1-Year Total Return ->

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Stock-Card
Cerus

A-Score: 3.5/10

Value: 5.6

Growth: 6.9

Quality: 3.4

Yield: 0.0

Momentum: 2.5

Volatility: 2.3

1-Year Total Return ->

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Stock-Card
TELA Bio

A-Score: 3.3/10

Value: 7.8

Growth: 5.8

Quality: 3.6

Yield: 0.0

Momentum: 1.0

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.57$

Current Price

6.57$

Potential

-0.00%

Expected Cash-Flows