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908 Devices Inc. (MASS) 10-Year Financial Performance & Capital Metrics

MASS • • Industrial / General
HealthcareMedical DevicesDiagnostic & Imaging EquipmentMedical Imaging Systems
About908 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.Show more
  • Revenue $60M +18.7%
  • EBITDA -$72M -78.4%
  • Net Income -$72M -98.4%
  • EPS (Diluted) -2.12 -87.6%
  • Gross Margin 50.18% -0.5%
  • EBITDA Margin -120.8% -50.3%
  • Operating Margin -128.65% -51.1%
  • Net Margin -121.09% -67.1%
  • ROE -51.56% -152.2%
  • ROIC -90.21% -1.4%
  • Debt/Equity 0.06 +60.5%
  • Interest Coverage -
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Strong 5Y sales CAGR of 27.1%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Low quality earnings: Net income not backed by cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y27.11%
3Y12.21%
TTM20.7%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM93.14%

EPS CAGR

10Y-
5Y-
3Y-
TTM93.22%

ROCE

10Y Avg-24.85%
5Y Avg-20.3%
3Y Avg-28.33%
Latest-48.75%

Peer Comparison

Medical Imaging Systems
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IRIXIRIDEX Corporation23.21M1.35-2.50-6.17%-10.04%-108.67%2.21
MASS908 Devices Inc.199.79M5.52-2.6018.72%-7.17%-3.03%0.06

Profit & Loss

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+22.05M17.97M26.89M42.21M46.85M50.23M59.63M
Revenue Growth %--0.19%0.5%0.57%0.11%0.07%0.19%
Cost of Goods Sold+9.66M9.83M11.97M18.97M20.83M24.91M29.71M
COGS % of Revenue0.44%0.55%0.45%0.45%0.44%0.5%0.5%
Gross Profit+12.39M8.14M14.92M23.23M26.02M25.32M29.93M
Gross Margin %0.56%0.45%0.55%0.55%0.56%0.5%0.5%
Gross Profit Growth %--0.34%0.83%0.56%0.12%-0.03%0.18%
Operating Expenses+18.83M20.29M20.74M45.3M61.41M68.08M106.64M
OpEx % of Revenue0.85%1.13%0.77%1.07%1.31%1.36%1.79%
Selling, General & Admin9.3M0032.23M43.88M00
SG&A % of Revenue0.42%--0.76%0.94%--
Research & Development9.53M8.99M8.23M13.07M17.53M21.9M25.5M
R&D % of Revenue0.43%0.5%0.31%0.31%0.37%0.44%0.43%
Other Operating Expenses50K11.29M12.5M0046.18M81.15M
Operating Income+-6.44M-12.14M-5.82M-22.07M-35.38M-42.76M-76.72M
Operating Margin %-0.29%-0.68%-0.22%-0.52%-0.76%-0.85%-1.29%
Operating Income Growth %--0.89%0.52%-2.8%-0.6%-0.21%-0.79%
EBITDA+-5.54M-11.24M-4.98M-21.14M-33.77M-40.37M-72.04M
EBITDA Margin %-0.25%-0.63%-0.19%-0.5%-0.72%-0.8%-1.21%
EBITDA Growth %--1.03%0.56%-3.24%-0.6%-0.2%-0.78%
D&A (Non-Cash Add-back)896K900K831K925K1.61M2.38M4.68M
EBIT-6.39M-12.14M-5.82M-21.68M-33.43M-42.65M-48.56M
Net Interest Income+-1.15M-1.53M-976K62K1.9M6.28M4.49M
Interest Income000548K2.03M6.48M4.49M
Interest Expense1.15M1.53M976K486K129K201K0
Other Income/Expense-1.1M-1.23M-7M-100K1.82M6.15M4.23M
Pretax Income+-7.54M-13.37M-12.82M-22.17M-33.56M-36.61M-72.49M
Pretax Margin %-0.34%-0.74%-0.48%-0.53%-0.72%-0.73%-1.22%
Income Tax+50K0000-211K-282K
Effective Tax Rate %1%1%1%1%1%0.99%1%
Net Income+-7.54M-13.37M-12.82M-22.17M-33.56M-36.4M-72.21M
Net Margin %-0.34%-0.74%-0.48%-0.53%-0.72%-0.72%-1.21%
Net Income Growth %--0.77%0.04%-0.73%-0.51%-0.08%-0.98%
Net Income (Continuing)-7.54M-13.37M-12.82M-22.17M-33.56M-36.4M-72.21M
Discontinued Operations0000000
Minority Interest0000000
EPS (Diluted)+-0.93-2.02-2.35-0.79-1.07-1.13-2.12
EPS Growth %--1.17%-0.16%0.66%-0.35%-0.06%-0.88%
EPS (Basic)-0.93-2.02-2.35-0.79-1.07-1.13-2.12
Diluted Shares Outstanding8.12M7.53M5.49M27.96M31.49M32.24M34.08M
Basic Shares Outstanding8.12M7.53M5.49M27.96M31.49M32.21M34.08M
Dividend Payout Ratio-------

Balance Sheet

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+17.2M28.58M170.97M252.89M215.63M173.79M103.06M
Cash & Short-Term Investments7.07M17.91M159.23M224.07M188.42M145.68M69.6M
Cash Only7.07M17.91M159.23M224.07M188.42M121.04M44.03M
Short-Term Investments0000024.64M25.57M
Accounts Receivable6.34M5.08M6.83M16.57M10.03M8.99M12.63M
Days Sales Outstanding104.86103.1592.63143.3478.1665.3277.29
Inventory3.52M5.24M4.57M7.92M12.51M14.94M16.17M
Days Inventory Outstanding133.1194.48139.28152.33219.27218.91198.72
Other Current Assets00060K4.66M4.18M4.66M
Total Non-Current Assets+10.54M9.08M7.86M8.01M26.96M29.19M56.42M
Property, Plant & Equipment10.01M8.57M7.14M6.79M7.04M9.57M10.33M
Fixed Asset Turnover2.20x2.10x3.77x6.22x6.66x5.25x5.77x
Goodwill000010.05M10.37M0
Intangible Assets00008.49M7.86M45.26M
Long-Term Investments00000171K0
Other Non-Current Assets531K511K723K1.23M1.38M1.22M829K
Total Assets+27.75M37.66M178.83M260.91M242.59M202.98M159.48M
Asset Turnover0.79x0.48x0.15x0.16x0.19x0.25x0.37x
Asset Growth %-0.36%3.75%0.46%-0.07%-0.16%-0.21%
Total Current Liabilities+4.76M6.05M10.83M14.84M19.23M22.55M25.15M
Accounts Payable645K577K1M1.37M1.4M1.19M2.06M
Days Payables Outstanding24.3721.4330.6126.3824.4817.4525.35
Short-Term Debt00500K002.02M1.86M
Deferred Revenue (Current)951K1000K1000K01000K1000K1000K
Other Current Liabilities1.82M1.02M2.07M6.75M3.94M2.72M9.1M
Current Ratio3.61x4.72x15.78x17.05x11.22x7.71x4.10x
Quick Ratio2.87x3.86x15.36x16.51x10.56x7.04x3.45x
Cash Conversion Cycle213.6276.2201.3269.29272.95266.78250.66
Total Non-Current Liabilities+73.17M94.78M28.95M31.47M32.76M14.94M19.73M
Long-Term Debt9.65M14.77M14.33M15M15M00
Capital Lease Obligations7.97M6.94M5.84M4.51M3.04M3.93M4.74M
Deferred Tax Liabilities-8.11M0002.67M2.44M2.03M
Other Non-Current Liabilities55.18M72.5M194K11.96M555K02.28M
Total Liabilities77.92M100.83M39.79M46.3M51.99M37.49M44.88M
Total Debt+17.93M22.79M21.86M20.85M19.51M5.95M6.61M
Net Debt10.86M4.88M-137.37M-203.22M-168.91M-115.1M-37.42M
Debt / Equity--0.16x0.10x0.10x0.04x0.06x
Debt / EBITDA-------
Net Debt / EBITDA-------
Interest Coverage-5.61x-7.94x-5.96x-45.41x-274.28x-212.73x-
Total Equity+-50.18M-63.17M139.04M214.6M190.6M165.49M114.59M
Equity Growth %--0.26%3.2%0.54%-0.11%-0.13%-0.31%
Book Value per Share-6.18-8.3925.357.686.055.133.36
Total Shareholders' Equity-50.18M-63.17M139.04M214.6M190.6M165.49M114.59M
Common Stock5K5K27K31K32K33K35K
Retained Earnings-52.28M-65.65M-78.47M-100.64M-134.2M-170.6M-242.81M
Treasury Stock0000000
Accumulated OCI-2.46M000798K1.36M1.15M
Minority Interest0000000

Cash Flow

Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-8.9M-11M4.13M-29.08M-20.93M-25.06M-30.25M
Operating CF Margin %-0.4%-0.61%0.15%-0.69%-0.45%-0.5%-0.51%
Operating CF Growth %--0.24%1.38%-8.04%0.28%-0.2%-0.21%
Net Income-7.54M-13.37M-12.82M-22.17M-33.56M-36.4M-72.21M
Depreciation & Amortization896K900K831K925K1.61M2.38M4.68M
Stock-Based Compensation217K267K525K07.21M9.79M11.76M
Deferred Taxes444K000-129K-305K-283K
Other Non-Cash Items208K460K5.55M4.6M584K1.05M28.34M
Working Capital Changes-3.13M742K10.04M-12.44M3.36M-1.57M-2.54M
Change in Receivables2.53M1.26M-1.82M-11.28M5.93M680K-2.93M
Change in Inventory-989K-1.86M223K-4.48M-5.47M-3.9M-1.66M
Change in Payables-2.95M002.75M000
Cash from Investing+-1.17M-392K-9K-737K-15.81M-26.4M-46.32M
Capital Expenditures-727K-392K-9K-737K-2.04M-2.04M-602K
CapEx % of Revenue0.03%0.02%0%0.02%0.04%0.04%0.01%
Acquisitions-------
Investments-------
Other Investing-440K000000
Cash from Financing+3.99M22.24M137.19M94.72M1.18M-15.94M-376K
Debt Issued (Net)-------
Equity Issued (Net)-------
Dividends Paid0000000
Share Repurchases-------
Other Financing71K-78K-1.84M93.91M-374K-1.87M-1.52M
Net Change in Cash-------
Free Cash Flow+-9.63M-11.4M4.12M-29.82M-22.98M-27.1M-30.85M
FCF Margin %-0.44%-0.63%0.15%-0.71%-0.49%-0.54%-0.52%
FCF Growth %--0.18%1.36%-8.23%0.23%-0.18%-0.14%
FCF per Share-1.19-1.510.75-1.07-0.73-0.84-0.91
FCF Conversion (FCF/Net Income)1.18x0.82x-0.32x1.31x0.62x0.69x0.42x
Interest Paid01.16M913K0135K0184K
Taxes Paid0000000

Key Ratios

Metric2018201920202021202220232024
Return on Equity (ROE)---33.79%-12.54%-16.57%-20.44%-51.56%
Return on Invested Capital (ROIC)----253.57%-160.5%-88.98%-90.21%
Gross Margin56.19%45.31%55.49%55.05%55.54%50.41%50.18%
Net Margin-34.17%-74.41%-47.66%-52.53%-71.64%-72.47%-121.09%
Debt / Equity--0.16x0.10x0.10x0.04x0.06x
Interest Coverage-5.61x-7.94x-5.96x-45.41x-274.28x-212.73x-
FCF Conversion1.18x0.82x-0.32x1.31x0.62x0.69x0.42x
Revenue Growth--18.51%49.64%56.93%11.01%7.21%18.72%

Revenue by Segment

2021202220232024
Product and service revenue14.52M16.51M49.86M59.63M
Product and service revenue Growth-13.70%201.99%19.60%
Device Sales--33.38M35.99M
Device Sales Growth---7.83%
Recurring--16.48M23.32M
Recurring Growth---41.52%
Contract--370K317K
Contract Growth----14.32%
Device sales33.29M28.76M--
Device sales Growth--13.61%--
Consumables and service7.82M15.72M--
Consumables and service Growth-100.97%--
License and contract revenue1.1M2.38M--
License and contract revenue Growth-116.48%--

Revenue by Geography

2021202220232024
UNITED STATES-37.59M38.17M41.97M
UNITED STATES Growth--1.54%9.93%
Europe, Middle East and Africa4.46M6.29M9.38M13.46M
Europe, Middle East and Africa Growth-41.14%48.98%43.56%
Asia Pacific-2.89M1.82M3.34M
Asia Pacific Growth---36.79%83.18%
Americas other-76K853K860K
Americas other Growth--1022.37%0.82%

Frequently Asked Questions

Growth & Financials

908 Devices Inc. (MASS) reported $57.6M in revenue for fiscal year 2024. This represents a 161% increase from $22.1M in 2018.

908 Devices Inc. (MASS) grew revenue by 18.7% over the past year. This is strong growth.

908 Devices Inc. (MASS) reported a net loss of $4.1M for fiscal year 2024.

Dividend & Returns

908 Devices Inc. (MASS) has a return on equity (ROE) of -51.6%. Negative ROE indicates the company is unprofitable.

908 Devices Inc. (MASS) had negative free cash flow of $28.4M in fiscal year 2024, likely due to heavy capital investments.

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