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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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $56M | $-21M | $19M | $-25M | 13.6% | 17.7% | - |
| 2024 | $48M | $-25M | $-72M | $-31M | -63.0% | -4.9% | - |
| 2023 | $50M | $-34M | $-36M | $-27M | -22.0% | 7.2% | - |
| 2022 | $47M | $-32M | $-34M | $-23M | -17.6% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 46.85 | 50.23 | 47.75 | 56.20 |
| Cost Of Revenue | 20.83 | 24.91 | 23.25 | 27.77 |
| Gross Profit | 26.02 | 25.32 | 24.50 | 28.42 |
| Operating Expense | 61.41 | 67.97 | 54.45 | 54.10 |
| Operating Income | -35.38 | -42.65 | -29.95 | -25.68 |
| EBITDA | -31.82 | -34.02 | -25.27 | -21.21 |
| EBIT | -33.43 | -36.41 | -29.95 | -25.68 |
| Pretax Income | -33.56 | -36.61 | -53.14 | -33.34 |
| Tax Provision | 0 | -0.21 | 0 | -0.07 |
| Net Income | -33.56 | -36.40 | -72.21 | 19.49 |
| Net Income Common Stockholders | -33.56 | -36.40 | -72.21 | 19.49 |
| Total Expenses | 82.23 | 92.88 | 77.70 | 81.88 |
| Interest Expense | 0.13 | 0.20 | 0 | 0 |
| Interest Income | 2.03 | 6.48 | 4.49 | 4.14 |
| Research And Development | 17.53 | 21.90 | 14.99 | 15.57 |
| Selling General And Administration | 43.88 | 46.07 | 39.46 | 38.53 |
| Normalized EBITDA | -31.82 | -33.92 | 2.17 | -7.47 |
| Normalized Income | -33.56 | -36.29 | -25.75 | -19.56 |
| Basic EPS | -1.07 | -1.13 | -2.12 | 0 |
| Diluted EPS | -1.07 | -1.13 | -2.12 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | -0.05 | -0.03 |
| Tax Rate For Calcs | 0 | 0.01 | 0 | 0 |
| Total Unusual Items | 0 | -0.11 | -27.44 | -13.74 |
| Total Unusual Items Excluding Goodwill | 0 | -0.11 | -27.44 | -13.74 |
| Net Income From Continuing Operation Net Minority Interest | -33.56 | -36.40 | -53.14 | -33.28 |
| Reconciled Depreciation | 1.61 | 2.38 | 4.68 | 4.46 |
| Reconciled Cost Of Revenue | 20.83 | 24.91 | 23.25 | 27.77 |
| Net Interest Income | 1.90 | 6.28 | 4.49 | 4.14 |
| Net Income From Continuing And Discontinued Operation | -33.56 | -36.40 | -72.21 | 19.49 |
| Total Operating Income As Reported | -35.38 | -42.76 | -57.39 | -39.42 |
| Diluted Average Shares | 31.49 | 32.24 | 34.08 | 0 |
| Basic Average Shares | 31.49 | 32.24 | 34.08 | 0 |
| Diluted NI Availto Com Stockholders | -33.56 | -36.40 | -72.21 | 19.49 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -33.56 | -36.40 | -72.21 | 19.49 |
| Net Income Discontinuous Operations | 0 | 0 | -19.07 | 52.77 |
| Net Income Continuous Operations | -33.56 | -36.40 | -53.14 | -33.28 |
| Other Income Expense | -0.08 | -0.24 | -27.68 | -11.80 |
| Other Non Operating Income Expenses | -0.08 | -0.13 | -0.24 | 1.94 |
| Special Income Charges | 0 | -0.11 | -27.44 | -13.74 |
| Impairment Of Capital Assets | 0 | 0 | 40.66 | 0 |
| Restructuring And Mergern Acquisition | 0 | 0.11 | -13.22 | 13.74 |
| Net Non Operating Interest Income Expense | 1.90 | 6.28 | 4.49 | 4.14 |
| Interest Expense Non Operating | 0.13 | 0.20 | 0 | 0 |
| Interest Income Non Operating | 2.03 | 6.48 | 4.49 | 4.14 |
| Operating Revenue | 46.85 | 50.23 | 47.75 | 56.20 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| 908 Devices Inc.this co. | MASS | $243M | - | 1.64 | 13.6% | -6.49 |
| Coherus Oncology, Inc. | CHRS | $261M | - | 3.45 | 275.4% | -0.83 |
| Codexis, Inc. | CDXS | $255M | - | 5.04 | -87.0% | -7.57 |
| Alector, Inc. | ALEC | $255M | - | 8.27 | -466.3% | -0.23 |
| Inhibikase Therapeutics, Inc. | IKT | $246M | - | 1.83 |
| -27.9% |
| -3.01 |
| Carlsmed, Inc. | CARL | $240M | - | 2.38 | -30.0% | -4.74 |
| Arcturus Therapeutics Holdings Inc. | ARCT | $239M | - | 1.12 | -30.7% | -0.45 |
| Nuvectis Pharma, Inc. | NVCT | $235M | - | 11.85 | -143.6% | - |
| Spok Holdings, Inc. | SPOK | $229M | 14.73 | 1.56 | 10.8% | 8.93 |
| Peer Median | - | 14.73 | 2.91 | -30.4% | -0.83 | |