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908 Devices Inc. (MASS)
:MASS
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908 Devices
(NASDAQ:MASS)
54Neutral
Positive Factors
Financial Performance
MASS has announced preliminary revenue of over $11.5M for continuing operations, indicating strong financial performance.
Growth Opportunities
MASS is now a pure play focused on a $2.5B forensics market opportunity, positioning itself for significant growth.
Negative Factors
Analyst Confidence
Analyst remains MP until gaining greater confidence in the funding outlook, funnel of handheld devices (MX908) and overall demand recovery.
Stock Performance
MASS shares traded down however on the print with the company reiterating the full-year outlook.
908 Devices (MASS) vs. S&P 500 (SPY)
Market Cap
$164.24M
Dividend YieldN/A
Average Volume (3M)509.69K
Price to Earnings (P/E)―
Beta (1Y)1.21
Revenue Growth21.06%
EPS Growth-99.70%
CountryUS
Employees246
SectorHealthcare
Sector Strength38
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.28
Shares Outstanding35,861,153
10 Day Avg. Volume533,614
30 Day Avg. Volume509,688
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)1.22
Price to Sales (P/S)0.00
P/FCF Ratio-4.71
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$5.50Price Target Upside20.09% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
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 specialized mass spectrometry devices. The company's key revenue streams include direct sales to customers in diverse sectors such as pharmaceuticals, public safety, and industrial processing. Additionally, they may earn from service contracts, maintenance, and support services associated with their devices. The company benefits from partnerships with research institutions and industrial organizations, which help in driving adoption and expanding market presence. Significant factors contributing to its earnings include the growing demand for portable analytical tools and the increasing emphasis on safety and compliance in various industries.
908 Devices Financial Statement Overview
Summary
908 Devices shows robust revenue growth in the medical equipment industry, yet struggles with profitability and cash flow generation. The balance sheet remains strong with low leverage and substantial equity, mitigating some financial risks. Continuous net losses and negative cash flows are areas of concern that need addressing for long-term sustainability.Income Statement
The company shows consistent revenue growth with the latest year seeing a 18.7% increase from 2023 to 2024. However, profitability remains a challenge, with a negative EBIT margin of -128.6% and a net profit margin of -121.1% in 2024. These figures indicate high expenses relative to revenue, impacting overall profitability.55
Neutral
Balance Sheet
The company maintains a strong equity position, with an equity ratio of 71.9% in 2024, suggesting financial stability. However, the return on equity is negative due to ongoing net losses. Debt levels are low, with a debt-to-equity ratio of 0.06, minimizing financial risk.60
Neutral
Cash Flow
Operating cash flows are negative, indicating challenges in generating cash from core operations. Free cash flow growth was negative, with a decline of 13.8% from 2023 to 2024. This highlights cash flow management issues despite having a substantial cash reserve.50
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 59.63M | 50.23M | 46.85M | 42.21M | 26.89M | Gross Profit |
| 29.86M | 25.32M | 26.02M | 23.23M | 14.92M | EBIT |
| -76.72M | -42.76M | -35.38M | -22.07M | -5.82M | EBITDA |
| -67.81M | -34.02M | -31.82M | -20.94M | -11.01M | Net Income Common Stockholders |
| -72.21M | -36.40M | -31.74M | -22.12M | -6.94M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 69.60M | 145.68M | 188.42M | 224.07M | 159.23M | Total Assets |
| 159.48M | 202.98M | 242.59M | 260.91M | 178.83M | Total Debt |
| 6.61M | 5.95M | 16.47M | 20.85M | 21.86M | Net Debt |
| -37.42M | -115.10M | -171.95M | -203.22M | -137.37M | Total Liabilities |
| 44.88M | 37.49M | 51.99M | 46.30M | 39.79M | Stockholders Equity |
| 114.59M | 165.49M | 190.60M | 214.60M | 139.04M |
| Cash Flow | Free Cash Flow | |||
| -30.85M | -27.10M | -22.98M | -29.82M | 4.12M | Operating Cash Flow |
| -30.25M | -25.06M | -20.93M | -29.08M | 4.13M | Investing Cash Flow |
| -46.32M | -26.40M | -15.81M | -737.00K | -9.00K | Financing Cash Flow |
| -376.00K | -15.94M | 1.18M | 94.72M | 137.19M |
908 Devices Technical Analysis
Positive
4.58
Price Trends
4.54
Positive
3.50
Positive
3.46
Positive
Market Momentum
0.08
Positive
45.04
Neutral
14.94
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MASS, the sentiment is Positive. The current price of 4.58 is below the 20-day moving average (MA) of 5.25, above the 50-day MA of 4.54, and above the 200-day MA of 3.46, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 45.04 is Neutral, neither overbought nor oversold. The STOCH value of 14.94 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 (52)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $5.69B | 69.87 | 4.92% | 0.55% | 14.84% | -80.87% | |
63 Neutral | $2.42B | 30.62 | -19.69% | ― | 7.97% | -592.40% | |
54 Neutral | $164.24M | ― | -44.97% | ― | 21.06% | -99.70% | |
52 Neutral | $5.15B | 3.05 | -44.13% | 2.84% | 16.42% | -0.48% | |
51 Neutral | $581.13M | ― | -29.16% | ― | 25.77% | 49.44% | |
43 Neutral | $138.08M | ― | -60.68% | ― | 19.84% | 5.77% | |
42 Neutral | $194.49M | ― | 271.41% | ― | 85.03% | 53.73% |
* Healthcare Sector Average
Performance Comparison
MASS
908 Devices
4.58
-2.27
-33.14%
BRKR
Bruker
37.53
-38.68
-50.75%
LIVN
LivaNova
44.40
-16.88
-27.55%
BFLY
Butterfly Network
2.35
1.31
125.96%
LUNG
Pulmonx
3.43
-5.49
-61.55%
TLSI
TriSalus Life Sciences
5.14
-5.01
-49.36%
908 Devices Earnings Call Summary
Earnings Call Date:May 13, 2025
(Q1-2025)
| % Change Since: -20.07%|
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 Corporate Events
Business Operations and StrategyFinancial Disclosures
908 Devices Restructures for Cost Efficiency and Growth
Neutral
Nov 12, 2024
908 Devices is undergoing a strategic shift by relocating its manufacturing operations from Boston to North Carolina and Connecticut, aiming for $2.4 million annual cost savings starting 2026. Concurrently, the company is implementing an 11% workforce reduction to streamline operations amid current market challenges, projected to save $4.2 million annually. Despite a 17% revenue growth in Q3 2024, driven by new handheld products, financial hurdles persist due to budget delays and market softness. These measures are part of broader efforts to enhance efficiency and capitalize on emerging growth opportunities.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.