# 908 Devices Inc. (MASS)

> Source: Nexqual · https://nexqual.com/MASS · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, 908 Devices Inc. (MASS), nexqual.com/MASS" · informational, not investment advice.

**Price:** USD 11.35 (-3.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 11.8 · day 11.15–11.78 · 52w 5.03–13.35 · market cap $469M · NGM

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $60.8M, net income -$34.7M (-57.0% margin), free cash flow $615K (SEC filings).
- 1 of 80 tracked superinvestors hold MASS (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Analysts: Buy (mean 2.00 on a 1–5 scale) (6 analysts), mean target USD 13.38 (range 12–14).
- Total return with dividends: 1Y +35.1% vs S&P 500 +14.9%; 5Y -67.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-10, EPS estimate USD -0.11, revenue estimate $18.3M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $42.2M | $46.9M | $50.2M | $47.7M | $56.2M | $60.8M |
| Gross profit | $23.2M | $26.0M | $25.3M | $24.5M | $28.4M | — |
| Operating income | -$22.1M | -$35.4M | -$42.8M | -$57.4M | -$39.4M | -$38.9M |
| Net income | -$22.2M | -$33.6M | -$36.4M | -$72.2M | $19.5M | -$34.7M |
| EPS (diluted) | -$0.79 | -$1.07 | -$1.13 | -$2.12 | $0.54 | — |
| Free cash flow | -$29.8M | -$23.0M | -$27.1M | -$30.8M | -$24.6M | $615K |
| Gross margin | 55.0% | 55.5% | 50.4% | 51.3% | 50.6% | — |
| Operating margin | -52.3% | -75.5% | -85.1% | -120.2% | -70.1% | -64.0% |
| Net margin | -52.5% | -71.6% | -72.5% | -151.2% | 34.7% | -57.0% |
| Revenue growth | +56.9% | +11.0% | +7.2% | -4.9% | +17.7% | — |
| Cash + short-term investments | $224M | $188M | $146M | $69.6M | $113M | — |
| Total debt | $15.0M | $15.0M | — | — | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 7.7x · P/FCF 762.8x · P/B 3.7x · FCF yield 0.13% · Earnings yield -7.39%
P/E at fiscal year-ends: Dec 2025 9.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MASS. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $8.1M | Added +15.7% |

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 6 analysts; mean target USD 13.38 (low 12, high 14).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-10 | Canaccord Genuity | Initiated | Buy | $13.5 |
| 2026-08-12 | Stifel | Target raised | Buy | $10 → $12 |
| 2026-08-12 | Roth Capital | Target raised | Buy | $11 → $13 |
| 2026-07-29 | Roth Capital | Initiated | Buy | $11 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +35.1% | -67.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +35.3% | -20.0% |
| Volatility (annualized) | 60.6% | 81.3% |
| Max drawdown | -40.2% (Oct 2025→Jan 2026) | -94.6% (Nov 2021→Dec 2024) |

## Peers (Medical Devices)
NVCR (NovoCure Limited) USD 15.1 -3.14% · BFLY (Butterfly Network, Inc.) USD 6.81 -4.08% · ESTA (Establishment Labs Holdings Inc) USD 63.52 +1.99% · ALMR (Alamar Biosciences, Inc.) USD 29.72 -5.50% · INSP (Inspire Medical Systems, Inc.) USD 72.66 +2.24% · AXGN (AxoGen, Inc.) USD 36.68 +0.55%

## More
Full page: https://nexqual.com/MASS · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MASS's own 10-K filed 2026-03-09 (https://www.sec.gov/Archives/edgar/data/1555279/000110465926024877/mass-20251231x10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | REPLIGEN CORP (RGEN) | "On the Closing Date, the company entered into a Supply Agreement with Repligen under which the Company will supply certain components to Repligen related to the Rebel product offering." |
| Competitor | Thermo Fisher (TMO) | "We have a range of competitors extending from small, privately held companies with single-point solutions to large, publicly-held corporations, including those with a portfolio of Mass Spec and/or spectroscopy products, …" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product | $13.0M | 80.7% | +35.5% |
| Device Sales | $11.0M | 68.6% | +33.1% |
| Recurring | $4.9M | 30.8% | +4.5% |
| Service | $3.1M | 19.3% | -10.4% |
| Contract | $104,000 | 0.6% | +420.0% |
| Total revenue | $16.1M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $11.8M | 73.7% | +8.4% |
| EMEA | $2.3M | 14.3% | +68.5% |
| Asia Pacific | $1.5M | 9.6% | +130.4% |
| Americas Other | $383,000 | 2.4% | +463.2% |
| Total revenue | $16.1M | 100% | — |

## Customer concentration

Period ended 2026-06-30: 13% of revenue from unnamed direct customers (10-Q, filed 2026-08-11).

## Company outlook (8-K filed 2026-08-11)

- "Revenue increased 23% compared to prior year Updated full year 2026 outlook reflects 21% to 25% year-over-year growth ​ BURLINGTON, Mass. – August 11, 2026 – 908 Devices Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.10 | $-0.08 | +31.3% | $18.3M | 4 |
| Next quarter (ends 2026-12-31) | $-0.06 | $-0.03 | +88.9% | $21.3M | 3 |
| Current fiscal year (ends 2026-12-31) | $-0.48 | $-0.36 | +32.1% | $69.1M | 3 |
| Next fiscal year (ends 2027-12-31) | $-0.31 | $-0.29 | +7.3% | $82.5M | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±26.5%; last 8 reports averaged ±21%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 99.4% | ±26.5% |
| 2027-02-19 | 119 | 70.1% | ±34.4% |
| 2027-05-21 | 210 | 71.9% | ±42.9% |