Estados financieros detallados de 908 Devices Inc. (MASS): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
908 Devices Inc. registró ingresos de $56.2M en el último ejercicio fiscal, con un CAGR de 5 años del 15.9%.
Márgenes de los últimos 12 meses: margen bruto 49.8%, margen operativo -46.0%, margen neto -56.7%.
Al precio actual de $9.92, MASS presenta beneficios negativos (P/E no significativo) y un ROE del -25.50%. La capitalización bursátil es de $407M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Ingresos | $22.1M | $18.0M | $26.9M | $42.2M | $46.9M | $50.2M | $59.6M | $56.2M |
| Coste de Ventas | $9.7M | $9.8M | $12.0M | $19.0M | $20.8M | $24.9M | $29.7M | $29.4M |
| Beneficio Bruto | $12.4M | $8.1M | $14.9M | $23.2M | $26.0M | $25.3M | $29.9M | $26.8M |
| I+D | $9.5M | $9.0M | $8.2M | $13.1M | $17.5M | $21.9M | $25.5M | $13.8M |
| Generales y Administrativos | $9.3M | 0 | 0 | $32.2M | $43.9M | 0 | 0 | $37.2M |
| Gastos Operativos | $18.8M | $20.3M | $20.7M | $45.3M | $61.4M | $68.1M | $106.6M | $51.0M |
| Beneficio Operativo | -$6.4M | -$12.1M | -$5.8M | -$22.1M | -$35.4M | -$42.8M | -$76.7M | -$24.2M |
| EBITDA | -$5.5M | -$11.2M | -$5.0M | -$20.8M | -$31.8M | -$40.3M | -$43.9M | -$28.9M |
| Gastos por Intereses | $1.1M | $1.5M | $976000 | $486000 | $129000 | $201000 | 0 | 0 |
| Beneficio Antes de Impuestos | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.6M | -$72.5M | -$33.3M |
| Impuestos | $50000 | 0 | 0 | 0 | 0 | -$211000 | -$282000 | -$66000 |
| Beneficio Neto | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.4M | -$72.2M | -$36.6M |
| BPA | $-0.93 | $-2.02 | $-2.35 | $-0.79 | $-1.07 | $-1.13 | $-2.12 | $-1.01 |
| BPA Diluido | $-0.93 | $-2.02 | $-2.35 | $-0.79 | $-1.07 | $-1.13 | $-2.12 | $-0.94 |
| Acciones en Circulación (Diluidas) | $8.1M | $7.5M | $5.5M | $28.0M | $31.5M | $32.2M | $34.1M | $38.9M |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Caja y Equivalentes | $7.1M | $17.9M | $159.2M | $224.1M | $188.4M | $121.0M | $44.0M | $113.0M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | $24.6M | $25.6M | 0 |
| Cuentas por Cobrar | $6.3M | $5.1M | $6.8M | $16.6M | $10.0M | $9.0M | $12.6M | $11.3M |
| Inventario | $3.5M | $5.2M | $4.6M | $7.9M | $12.5M | $14.9M | $16.2M | $13.0M |
| Activos Corrientes | $17.2M | $28.6M | $171.0M | $252.9M | $215.6M | $173.8M | $103.1M | $144.6M |
| Inmovilizado Material | $10.0M | $8.6M | $7.1M | $6.8M | $7.0M | $9.6M | $10.3M | $8.6M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | $10.1M | $10.4M | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | $8.5M | $7.9M | $45.3M | $36.4M |
| Activos Totales | $27.7M | $37.7M | $178.8M | $260.9M | $242.6M | $203.0M | $159.5M | $190.1M |
| Cuentas por Pagar | $645000 | $577000 | $1.0M | $1.4M | $1.4M | $1.2M | $2.1M | $8.4M |
| Deuda a Corto | 0 | 0 | $500000 | 0 | 0 | $2.0M | $1.9M | $16.7M |
| Pasivos Corrientes | $4.8M | $6.1M | $10.8M | $14.8M | $19.2M | $22.5M | $25.1M | $34.1M |
| Deuda a Largo | $9.7M | $14.8M | $14.3M | $15.0M | $15.0M | 0 | 0 | 0 |
| Pasivos Totales | $77.9M | $100.8M | $39.8M | $46.3M | $52.0M | $37.5M | $44.9M | $46.4M |
| Reservas | -$52.3M | -$65.6M | -$78.5M | -$100.6M | -$134.2M | -$170.6M | -$242.8M | -$223.3M |
| Patrimonio Neto | -$50.2M | -$63.2M | $139.0M | $214.6M | $190.6M | $165.5M | $114.6M | $143.7M |
| Deuda Total | $17.9M | $22.8M | $21.9M | $20.9M | $19.5M | $5.9M | $6.6M | $16.7M |
| Deuda Neta | $10.9M | $4.9M | -$137.4M | -$203.2M | -$168.9M | -$139.7M | -$63.0M | -$96.3M |
| Capital Circulante | $12.4M | $22.5M | $160.1M | $238.1M | $196.4M | $151.2M | $77.9M | $110.5M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Beneficio Neto | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.4M | -$72.2M | $19.5M |
| Amortizaciones | $896000 | $900000 | $831000 | $925000 | $1.6M | $2.4M | $4.7M | $3.8M |
| Compensación en Acciones | $217000 | $267000 | $525000 | $2.5M | $7.2M | $9.8M | $11.8M | $9.8M |
| Cambio en Capital Circulante | -$3.1M | $742000 | $10.0M | -$12.4M | $3.4M | -$1.6M | -$2.5M | -$15.3M |
| Flujo de Caja Operativo | -$8.9M | -$11.0M | $4.1M | -$29.1M | -$20.9M | -$25.1M | -$30.2M | -$23.7M |
| Inversiones (CapEx) | -$727000 | -$392000 | -$9000 | -$737000 | -$2.0M | -$2.0M | -$602000 | -$955000 |
| Adquisiciones | 0 | 0 | 0 | 0 | -$13.8M | 0 | -$44.8M | -$2.0M |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$9.6M | -$11.4M | $4.1M | -$29.8M | -$23.0M | -$27.1M | -$30.8M | -$24.6M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Crecimiento Ingresos (anual) | -18.5% | +49.6% | +56.9% | +11.0% | +7.2% | +18.7% | -5.8% | |
| Crecimiento Beneficio Neto (anual) | -77.5% | +4.1% | -72.9% | -51.4% | -8.4% | -98.4% | +49.3% | |
| Crecimiento BPA (anual) | -117.2% | -16.3% | +66.4% | -35.4% | -5.6% | -87.6% | +52.4% | |
| Cambio en Acciones (anual) | -7.3% | -27.2% | +409.7% | +12.6% | +2.4% | +5.7% | +14.2% | |
| Crecimiento FCF (anual) | -18.4% | +136.2% | -823.4% | +23.0% | -18.0% | -13.8% | +20.1% | |
| Margen Bruto | 56.2% | 45.3% | 55.5% | 55.0% | 55.5% | 50.4% | 50.2% | 47.7% |
| Margen Operativo | -29.2% | -67.6% | -21.6% | -52.3% | -75.5% | -85.1% | -128.7% | -43.0% |
| Margen EBITDA | -24.9% | -62.6% | -18.5% | -49.2% | -67.9% | -80.2% | -73.6% | -51.4% |
| Margen Neto | -34.2% | -74.4% | -47.7% | -52.5% | -71.6% | -72.5% | -121.1% | -65.2% |
| Margen FCF | -43.6% | -63.4% | 15.3% | -70.7% | -49.0% | -54.0% | -51.7% | -43.9% |
| Tasa Impositiva Efectiva | -0.7% | -0.0% | -0.0% | -0.0% | -0.0% | 0.6% | 0.4% | 0.2% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF por Acción | $-1.19 | $-1.51 | $0.75 | $-1.07 | $-0.73 | $-0.84 | $-0.91 | $-0.63 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $8.1M | $7.5M | $5.5M | $28.0M | $31.5M | $32.2M | $34.1M | $36.2M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -25.50% |
| Rentabilidad sobre capital invertido | -18.70% |
| Rentabilidad sobre activos | -17.46% |
| Margen bruto | 49.79% |
| Margen operativo | -46.01% |
| Margen neto | -56.68% |
Salud financiera
| Deuda / Patrimonio | 0.03 |
| Ratio corriente | 2.67 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -52.69 | -24.26 | -24.23 | -32.75 | -7.12 | -9.93 | -1.04 | -5.20 |
| P/VC | -7.93 | -5.84 | 2.25 | 3.37 | 1.26 | 2.18 | 0.65 | 1.32 |
| P/V | 18.04 | 20.53 | 11.61 | 17.14 | 5.12 | 7.20 | 1.26 | 3.38 |
| Margen Bruto | 56.2% | 45.3% | 55.5% | 55.0% | 55.5% | 50.4% | 50.2% | 47.7% |
| Margen Operativo | -29.2% | -67.6% | -21.6% | -52.3% | -75.5% | -85.1% | -128.7% | -43.0% |
| Margen Neto | -34.2% | -74.4% | -47.7% | -52.5% | -71.6% | -72.5% | -121.1% | -65.2% |
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Explorar sector: Healthcare · Medical - Specialties
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