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Friday 6 November 2026
Export MASS’s income statement to Excel — free account
908 Devices Inc.
MASS Healthcare Medical Devices
908 Devices Inc.’s revenue for fiscal 2025 (year ended December 2025) was $56.2 million, up 17.7% from fiscal 2024.
- Revenue
- +23.3%
- EPS
- +13.5%
- Free cash flow
- +151.0%
Quarter to June 2026, against a year earlier
10.67
0.52
+5.12%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | 22 | 18 | 27 | 42 | 47 | 50 | 48 | 56 | 61 | +14.3% | 69 | 83 | 98 | +20.2% | |
| Gross margin, % | — | — | 56.19 | 45.31 | 55.49 | 55.05 | 55.54 | 50.41 | 51.31 | 50.58 | 52.16 | (5.6) pt | ||||||
| EBT | — | — | (8) | (13) | (13) | (22) | (34) | (37) | (53) | (33) | (35) | +23.7% | ||||||
| EBT margin, % | — | — | (34.17) | (74.41) | (47.66) | (52.53) | (71.64) | (72.89) | (111.30) | (59.33) | (56.82) | (25.2) pt | ||||||
| Net income | — | 0 | (8) | (13) | (13) | (22) | (34) | (36) | (72) | 19 | (35) | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | 0.84 | 3.60 | 4.90 | 1.51 | 1.49 | 1.56 | 1.40 | 1.57 | 1.61 | +9.3% | |||||
| Earnings | — | — | (0.29) | (2.68) | (2.35) | (0.79) | (1.07) | (1.13) | (2.12) | 0.54 | (0.94) | n/m | ||||||
| Cash flow | — | — | (0.34) | (2.21) | 0.75 | (1.04) | (0.66) | (0.78) | (0.89) | (0.66) | 0.04 | +10.0% | ||||||
| Capex | — | — | 0.00 | (0.08) | 0.00 | (0.03) | (0.06) | (0.06) | (0.02) | (0.03) | (0.02) | n/m | ||||||
| Free cash flow | — | — | (0.34) | (2.28) | 0.75 | (1.07) | (0.73) | (0.84) | (0.91) | (0.69) | 0.02 | +10.6% | ||||||
| Book value | — | — | 0.11 | (12.66) | 25.35 | 7.68 | 6.05 | 5.13 | 3.36 | 4.00 | 3.36 | +66.8% | ||||||
| Shares, m | — | — | 26 | 5 | 5 | 28 | 31 | 32 | 34 | 36 | 37 | +4.6% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9.38 | 0.00 | 1.2 | |||||
| P/S | — | — | 8.30 | 8.30 | 14.70 | 17.14 | 4.93 | 6.37 | 1.57 | 3.35 | 6.34 | 8.1 | ||||||
| P/B | — | — | 0.00 | 0.00 | 2.84 | 3.37 | 1.21 | 1.93 | 0.65 | 1.31 | 3.04 | 1.4 | ||||||
| EV/Sales | — | — | 8.38 | 8.38 | 9.33 | 12.20 | 1.24 | 3.78 | 0.45 | 1.62 | 4.92 | 5.7 | ||||||
| EV/FCF | — | — | (25.75) | (25.75) | 60.88 | (17.26) | (2.53) | (7.00) | (0.70) | (3.69) | 487.07 | (2.7) | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | (9) | (11) | 4 | (29) | (21) | (25) | (30) | (24) | 1 | +15.0% | |||||
| Capex | — | — | (1) | 0 | 0 | (1) | (2) | (2) | (1) | (1) | (1) | +4.0% | ||||||
| Free cash flow | — | — | (9) | (11) | 4 | (30) | (23) | (27) | (31) | (25) | 1 | +15.7% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | 12 | 23 | 160 | 238 | 196 | 151 | 78 | 110 | 83 | +36.6% | |||||
| Net debt | — | — | 11 | (2) | (144) | (209) | (173) | (146) | (69) | (113) | (102) | n/m | ||||||
| Shareholders’ equity | — | — | 3 | (63) | 139 | 215 | 191 | 165 | 115 | 144 | 127 | +74.5% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | (54.87) | (41.22) | (11.93) | (10.08) | (13.33) | (16.34) | (39.84) | 11.15 | (17.81) | +66.0 pt | |||||
| ROIC | — | — | 0.00 | 0.00 | 0.00 | (249.38) | (128.74) | (134.91) | (78.54) | (80.18) | (96.41) | (80.2) pt | ||||||
| ROE | — | — | 13.43 | 23.79 | (34.03) | (12.54) | (16.57) | (20.44) | (51.56) | 15.09 | (25.15) | +1.7 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | 101 | 177 | 227 | 230 | 246 | 172 | — | +11.2% | |||||
| Revenue/emp, $m | — | — | 0.00 | 0.00 | 0.27 | 0.24 | 0.21 | 0.22 | 0.19 | 0.33 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
908 Devices Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DCTH Delcath Systems, Inc. | $502.8M | 1,455× | — (loss-making) | +20.60% (above 0%: growing) | −12.50% (below 0%: shrinking) | −24.45% (below 0%: shrinking) | 89.75% | 8.22% | Compare |
| NPCE NeuroPace, Inc. | $435.6M | — (loss-making) | — (loss-making) | −2.95% (below 0%: shrinking) | n/m | −78.70% (below 0%: shrinking) | 82.83% | (22.53%) | Compare |
| CERS Cerus Corporation | $430.2M | — (loss-making) | — (loss-making) | +6.28% (above 0%: growing) | n/m | +2,471.28% (above 0%: growing) | 57.12% | 0.60% | Compare |
| BWAY Brainsway Ltd. Sponsored ADR | $427.1M | 21.2× | — (loss-making) | +35.43% (above 0%: growing) | +40.00% (above 0%: growing) | −51.68% (below 0%: shrinking) | 74.62% | 13.98% | Compare |
| SI Shoulder Innovations, Inc. | $424.1M | — (loss-making) | — (loss-making) | +37.73% (above 0%: growing) | n/m | +38.63% (above 0%: growing) | 78.47% | (46.92%) | Compare |
| SENS Senseonics Holdings, Inc. | $422.5M | — (loss-making) | — (loss-making) | +117.82% (above 0%: growing) | n/m | −223.24% (below 0%: shrinking) | 59.10% | (248.48%) | Compare |
| MASS 908 Devices Inc. | $419.5M | — (loss-making) | — (loss-making) | +23.31% (above 0%: growing) | n/m | +150.95% (above 0%: growing) | 51.90% | (79.69%) | |
| RCEL Avita Medical Inc. | $389.5M | — (loss-making) | — (loss-making) | +53.05% (above 0%: growing) | n/m | +86.66% (above 0%: growing) | 84.02% | (17.95%) | Compare |
| SSII SS Innovations International, Inc. | $380.9M | — (loss-making) | — (loss-making) | +39.39% (above 0%: growing) | n/m | −16.62% (below 0%: shrinking) | 50.94% | (16.29%) | Compare |
| Median of peers | $425.6M | — | — | +36.58% | — | −20.53% | 76.55% | (17.12%) |
Pay and ownership Proxy statement filed 29 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 1.55m | 3.05m | 46.79 |
| 2024 | 1.99m | 29.39k | 19.61 |
Ownership
Directors and executive officers, together
28.20%
First Light Asset Management LLC
15.90%
Keith L. Crandell
15.50%
ARCH Venture Fund VII, L.P.
15.30%
AWM Investment Company, Inc.
13.90%
ARK Investment Management LLC
5.20%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement