Healthcare · Medical - Specialties
Price
$8.78
Market Cap
$332.0M
Employees
172
Beta
0.64
Avg Volume
275,275
CEO
Kevin J. Knopp
Business Description
908 Devices Inc. provides purpose-built handheld mass spectrometry and fourier transform infrared (FTIR) devices for use in vital health and safety applications. The company’s products include MX908, a handheld, battery-powered, and Mass Spec device that is designed for rapid analysis of solid, liquid, vapor, and aerosol materials of unknown identity; XplorIR, a handheld device that uses FTIR spectroscopy to identify, quantify, and track gases and vapors; ThreatID, a portable FTIR device that rapidly detects and identifies approximately 28,000 unknown gas, vapor, powder, and liquid chemical hazards; ProtectIR, a handheld FTIR device that can identify approximately 23,000 solid and liquid chemical hazards; and VipIR, a handheld 3-in-1 analyzer that integrates FTIR, Raman spectroscopy, and smart spectral processing (SSP), a proprietary algorithm, to provide a single result from just one sample. It operates in the United States, Europe, the Middle East, Africa, the Asia Pacific, and rest of Americas. The company was incorporated in 2012 and is headquartered in Burlington, Massachusetts.
Business History
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
API Direct from provider
CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALCStock Price / EPS (Diluted)
16.26
Stock Price: $8.78
EPS (Diluted): 0.54
EPS (Diluted): 0.54
P/B Ratio (Price vs net asset value)
APIStock Price / Book Value Per Share
1.32
Stock Price: $8.78
Total Equity: $143.70M
Shares: 38,918,441
Total Equity: $143.70M
Shares: 38,918,441
EV/EBITDA (Total value vs operating profit)
APIEnterprise Value / EBITDA
-3.25
Market Cap: $332.00M
Total Debt: $16.71M
Cash: $112.97M
EBITDA: -$28.88M
Total Debt: $16.71M
Cash: $112.97M
EBITDA: -$28.88M
Enterprise Value (Takeover price (cap + debt - cash))
APIMarket Cap + Total Debt - Cash
$93.9M
Market Cap: $332.00M
Total Debt: $16.71M
Cash: $112.97M
Total Debt: $16.71M
Cash: $112.97M
P/S Ratio (Price per dollar of revenue)
APIStock Price / Revenue Per Share
3.38
Stock Price: $8.78
Revenue: $56.20M
Shares: 38,918,441
Revenue: $56.20M
Shares: 38,918,441
EV/Sales (Total value vs revenue — works when P/E can't)
API1.67
Gross Margin (Revenue left after direct costs)
APIGross Profit / Revenue
47.7%
Gross Profit: $26.80M
Revenue: $56.20M
Revenue: $56.20M
Operating Margin (Revenue left after all operations)
APIOperating Income / Revenue
-43.0%
Operating Income: -$24.18M
Revenue: $56.20M
Revenue: $56.20M
Net Margin (Revenue left as actual profit)
APINet Income / Revenue
-65.2%
Net Income: -$36.64M
Revenue: $56.20M
Revenue: $56.20M
ROE (Profit from shareholder equity)
CALCNet Income / Total Equity
-25.5%
Net Income: -$36.64M
Total Equity: $143.70M
Total Equity: $143.70M
ROIC (Profit from all invested capital)
CALCNOPAT / Invested Capital
-50.9%
Operating Income: -$24.18M
Tax Rate: 0.2%
Equity: $143.70M
Total Debt: $16.71M
Cash: $112.97M
Tax Rate: 0.2%
Equity: $143.70M
Total Debt: $16.71M
Cash: $112.97M
Current Ratio (Can it pay short-term bills)
APICurrent Assets / Current Liabilities
4.24
Current Assets: $144.56M
Current Liabilities: $34.06M
Current Liabilities: $34.06M
Debt/Equity (Leverage — debt vs equity)
CALCTotal Debt / Total Equity
0.12
Short-Term Debt: $16.71M
Long-Term Debt: $0.00
Total Debt: $16.71M
Total Equity: $143.70M
Long-Term Debt: $0.00
Total Debt: $16.71M
Total Equity: $143.70M
Rev/Share (Top-line per share)
CALCRevenue / Shares Outstanding
$1.44
Revenue: $56.20M
Shares: 38,918,441
Shares: 38,918,441
Book Value/Share (Net assets per share)
CALC(Total Assets - Total Liabilities) / Shares
$3.69
Total Equity: $143.70M
Shares: 38,918,441
Shares: 38,918,441
FCF/Share (Real cash generated per share)
CALC(Operating Cash Flow + CapEx) / Shares
$-0.63
Operating CF: -$23.69M
CapEx: -$955,000
Shares: 38,918,441
CapEx: -$955,000
Shares: 38,918,441
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
APILast Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $8.78
Stock Price: $8.78
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$36.64M
Net Income: -$36.64M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares MASS against LLM-researched typical ranges for its
industry. One research call per industry, cached indefinitely — every stock in the same industry
reuses the same baseline.
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
0
Company Classification
— What type of company is this?
1
Industry Landscape
— Where is the industry headed?
2
Company Momentum
— Where is this company trending?
3
Forward Projection
— 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a
DCF Valuation
— Present value of future cash flows
4b
Earnings Power Value
— Floor value — worth with zero growth
4c
Anchored PE
— Industry PE adjusted for growth differential
4d
Reverse DCF
— What growth is the market pricing in?
4e
Revenue-Based DCF
— For growth/narrative companies (skip if mature earner)
4f
Anchored P/S
— Price-to-Sales peer comparison (skip if mature earner)
4g
Scenario Analysis
— Bull / Base / Bear (skip if mature earner)
4h
Dividend Discount Model
— For dividend/income stocks only
4i
Book Value Analysis
— For deep value / turnaround stocks only
4j
Insider Activity
— Are insiders buying or selling?
4f
Cash Flow Quality
— How trustworthy is the FCF?
4g
Debt Maturity Risk
— Can it handle its debt?
4h
Macro Environment
— Rates, market valuation, volatility
4i
Sector Intelligence
— How does this company compare within its sector?
4j
Revenue Confidence
— How reliable is the growth projection?
4k
Sensitivity Analysis
— How fragile is the fair value estimate?
4l
Sector Demand Cycle
— Is the sector in a boom, steady state, or contraction?
5
AI Investigation
— Adaptive research engine (Claude)
5b
Thesis Evaluation
— What does the market believe? (narrative/platform stocks only)
6
Valuation Synthesis
— Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Last updated: Jun 21, 2026 7:35pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $42.2M | $46.9M | $50.2M | $59.6M | $56.2M |
| Cost of Revenue | $19.0M | $20.8M | $24.9M | $29.7M | $29.4M |
| Gross Profit | $23.2M | $26.0M | $25.3M | $29.9M | $26.8M |
| Operating Expenses | $45.3M | $61.4M | $68.1M | $106.6M | $51.0M |
| Operating Income | -$22.1M | -$35.4M | -$42.8M | -$76.7M | -$24.2M |
| Net Income | -$22.2M | -$33.6M | -$36.4M | -$72.2M | -$36.6M |
| EBITDA | -$20.8M | -$31.8M | -$40.3M | -$43.9M | -$28.9M |
| EPS | $-0.79 | $-1.07 | $-1.13 | $-2.12 | $0.54 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 21, 2026 7:35pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $224.1M | $188.4M | $121.0M | $44.0M | $113.0M |
| Total Current Assets | $252.9M | $215.6M | $173.8M | $103.1M | $144.6M |
| Total Assets | $260.9M | $242.6M | $203.0M | $159.5M | $190.1M |
| Current Liabilities | $14.8M | $19.2M | $22.5M | $25.1M | $34.1M |
| Long-Term Debt | $15.0M | $15.0M | $0 | $0 | $0 |
| Total Liabilities | $46.3M | $52.0M | $37.5M | $44.9M | $46.4M |
| Total Equity | $214.6M | $190.6M | $165.5M | $114.6M | $143.7M |
| Retained Earnings | -$100.6M | -$134.2M | -$170.6M | -$242.8M | -$223.3M |
Cash Flow (Annual)
Last updated: Jun 21, 2026 7:35pm (5d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | -$29.1M | -$20.9M | -$25.1M | -$30.2M | -$23.7M |
| Capital Expenditure | $-737,000 | -$2.0M | -$2.0M | $-602,000 | $-955,000 |
| Free Cash Flow | -$29.8M | -$23.0M | -$27.1M | -$30.8M | -$24.6M |
| Acquisitions (net) | $0 | -$13.8M | $0 | -$44.8M | -$2.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | $0 | $0 | $0 | $0 | $0 |
| Net Change in Cash | $64.9M | -$35.5M | -$67.4M | -$77.0M | $26.4M |
Analyst Estimates (Annual)
Last updated: Jun 27, 2026 12:47am (8h ago)| Metric | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|
| Revenue |
$68.6M $68.0M – $69.5M
|
$82.4M $81.0M – $83.1M
|
$100.4M $98.8M – $101.7M
|
$101.8M $100.2M – $103.1M
|
| EBITDA |
-$44.2M -$44.8M – -$43.8M
|
-$53.1M -$53.5M – -$52.2M
|
-$64.7M -$65.5M – -$63.7M
|
-$65.6M -$66.5M – -$64.6M
|
| Net Income |
-$11.3M -$11.5M – -$11.1M
|
-$16.7M -$20.8M – -$3.0M
|
-$9.3M -$9.5M – -$9.1M
|
-$7.8M -$7.9M – -$7.6M
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 21, 2026 7:35pm (5d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +11.0% | +7.2% | +18.7% | -5.8% |
| Gross Profit Growth | +12.0% | -2.7% | +18.2% | -10.5% |
| Operating Income Growth | -60.3% | -20.8% | -79.4% | +68.5% |
| Net Income Growth | -51.4% | -8.4% | -98.4% | +49.3% |
| EBITDA Growth | -53.3% | -26.5% | -9.0% | +34.2% |
Narrative Economics
The story the market is telling about this stock — the intangible X-factor
(founder mythology, cult dynamics, TAM-of-imagination) that moves price beyond
what cash flows alone explain. After Shiller, Narrative Economics.
No narrative profile yet for MASS — it's generated by the pipeline (
market-narrative step).
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My Notes
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.352 · d1100787 · 2026-06-26 11:39:30