Detailed financial statements for 908 Devices Inc. (MASS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
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...
Analysis Summary
908 Devices Inc. reported revenue of $56.2M in the most recent fiscal year, growing at a 5-year CAGR of 15.9%.
Trailing-twelve-month margins: gross margin 49.8%, operating margin -46.0%, net margin -56.7%.
At the current price of $10.53, MASS has negative trailing earnings (P/E not meaningful) and an ROE of -25.50%. Market capitalisation stands at $432M.
Balance sheet quality for MASS: current ratio of 4.2, net cash position of $96.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $22.1M | $18.0M | $26.9M | $42.2M | $46.9M | $50.2M | $59.6M | $56.2M |
| Cost of Revenue | $9.7M | $9.8M | $12.0M | $19.0M | $20.8M | $24.9M | $29.7M | $29.4M |
| Gross Profit | $12.4M | $8.1M | $14.9M | $23.2M | $26.0M | $25.3M | $29.9M | $26.8M |
| Research & Development | $9.5M | $9.0M | $8.2M | $13.1M | $17.5M | $21.9M | $25.5M | $13.8M |
| Selling, General & Admin | $9.3M | 0 | 0 | $32.2M | $43.9M | 0 | 0 | $37.2M |
| Operating Expenses | $18.8M | $20.3M | $20.7M | $45.3M | $61.4M | $68.1M | $106.6M | $51.0M |
| Operating Income | -$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 |
| Interest Expense | $1.1M | $1.5M | $976000 | $486000 | $129000 | $201000 | 0 | 0 |
| Pre-tax Income | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.6M | -$72.5M | -$33.3M |
| Income Tax | $50000 | 0 | 0 | 0 | 0 | -$211000 | -$282000 | -$66000 |
| Net Income | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.4M | -$72.2M | -$36.6M |
| EPS | $-0.93 | $-2.02 | $-2.35 | $-0.79 | $-1.07 | $-1.13 | $-2.12 | $-1.01 |
| EPS (Diluted) | $-0.93 | $-2.02 | $-2.35 | $-0.79 | $-1.07 | $-1.13 | $-2.12 | $-0.94 |
| Shares Outstanding (Diluted) | $8.1M | $7.5M | $5.5M | $28.0M | $31.5M | $32.2M | $34.1M | $38.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $14.0M | $17.4M | $13.4M | $16.1M |
| Gross Profit | $6.9M | $8.7M | $6.4M | $8.3M |
| Operating Income | -$5.5M | -$3.2M | -$6.5M | -$12.8M |
| EBITDA | -$13.8M | $5.4M | -$10.8M | -$10.6M |
| Net Income | -$14.9M | $4.3M | -$12.0M | -$11.9M |
| EPS | $-0.41 | $0.12 | $-0.32 | $-0.32 |
| EPS (Diluted) | $-0.41 | $0.10 | $-0.32 | $-0.32 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.1M | $17.9M | $159.2M | $224.1M | $188.4M | $121.0M | $44.0M | $113.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $24.6M | $25.6M | 0 |
| Receivables | $6.3M | $5.1M | $6.8M | $16.6M | $10.0M | $9.0M | $12.6M | $11.3M |
| Inventory | $3.5M | $5.2M | $4.6M | $7.9M | $12.5M | $14.9M | $16.2M | $13.0M |
| Total Current Assets | $17.2M | $28.6M | $171.0M | $252.9M | $215.6M | $173.8M | $103.1M | $144.6M |
| Property, Plant & Equipment | $10.0M | $8.6M | $7.1M | $6.8M | $7.0M | $9.6M | $10.3M | $8.6M |
| Goodwill | 0 | 0 | 0 | 0 | $10.1M | $10.4M | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $8.5M | $7.9M | $45.3M | $36.4M |
| Total Assets | $27.7M | $37.7M | $178.8M | $260.9M | $242.6M | $203.0M | $159.5M | $190.1M |
| Accounts Payable | $645000 | $577000 | $1.0M | $1.4M | $1.4M | $1.2M | $2.1M | $8.4M |
| Short-term Debt | 0 | 0 | $500000 | 0 | 0 | $2.0M | $1.9M | $16.7M |
| Total Current Liabilities | $4.8M | $6.1M | $10.8M | $14.8M | $19.2M | $22.5M | $25.1M | $34.1M |
| Long-term Debt | $9.7M | $14.8M | $14.3M | $15.0M | $15.0M | 0 | 0 | 0 |
| Total Liabilities | $77.9M | $100.8M | $39.8M | $46.3M | $52.0M | $37.5M | $44.9M | $46.4M |
| Retained Earnings | -$52.3M | -$65.6M | -$78.5M | -$100.6M | -$134.2M | -$170.6M | -$242.8M | -$223.3M |
| Total Equity | -$50.2M | -$63.2M | $139.0M | $214.6M | $190.6M | $165.5M | $114.6M | $143.7M |
| Total Debt | $17.9M | $22.8M | $21.9M | $20.9M | $19.5M | $5.9M | $6.6M | $16.7M |
| Net Debt | $10.9M | $4.9M | -$137.4M | -$203.2M | -$168.9M | -$139.7M | -$63.0M | -$96.3M |
| Working Capital | $12.4M | $22.5M | $160.1M | $238.1M | $196.4M | $151.2M | $77.9M | $110.5M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $62.8M | $70.5M | $67.6M | $63.0M |
| Total Assets | $190.9M | $190.1M | $186.7M | $197.5M |
| Total Liabilities | $54.6M | $46.4M | $52.5M | $70.8M |
| Total Equity | $136.3M | $143.7M | $134.2M | $126.8M |
| Total Debt | $4.4M | $4.6M | $4.5M | $4.3M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$7.5M | -$13.4M | -$12.8M | -$22.2M | -$33.6M | -$36.4M | -$72.2M | $19.5M |
| Depreciation & Amortization | $896000 | $900000 | $831000 | $925000 | $1.6M | $2.4M | $4.7M | $3.8M |
| Stock-based Compensation | $217000 | $267000 | $525000 | $2.5M | $7.2M | $9.8M | $11.8M | $9.8M |
| Change in Working Capital | -$3.1M | $742000 | $10.0M | -$12.4M | $3.4M | -$1.6M | -$2.5M | -$15.3M |
| Operating Cash Flow | -$8.9M | -$11.0M | $4.1M | -$29.1M | -$20.9M | -$25.1M | -$30.2M | -$23.7M |
| Capital Expenditure | -$727000 | -$392000 | -$9000 | -$737000 | -$2.0M | -$2.0M | -$602000 | -$955000 |
| Acquisitions | 0 | 0 | 0 | 0 | -$13.8M | 0 | -$44.8M | -$2.0M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$9.6M | -$11.4M | $4.1M | -$29.8M | -$23.0M | -$27.1M | -$30.8M | -$24.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$4.2M | $1.3M | $1.1M | $3.2M |
| Capital Expenditure | -$680000 | $6000 | -$40000 | -$162000 |
| Free Cash Flow | -$4.9M | $1.3M | $1.0M | $3.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.4M | $2.8M | $2.4M | $2.3M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -18.5% | +49.6% | +56.9% | +11.0% | +7.2% | +18.7% | -5.8% | |
| Net Income Growth (YoY) | -77.5% | +4.1% | -72.9% | -51.4% | -8.4% | -98.4% | +49.3% | |
| EPS Growth (YoY) | -117.2% | -16.3% | +66.4% | -35.4% | -5.6% | -87.6% | +52.4% | |
| Shares Change (YoY) | -7.3% | -27.2% | +409.7% | +12.6% | +2.4% | +5.7% | +14.2% | |
| FCF Growth (YoY) | -18.4% | +136.2% | -823.4% | +23.0% | -18.0% | -13.8% | +20.1% | |
| Gross Margin | 56.2% | 45.3% | 55.5% | 55.0% | 55.5% | 50.4% | 50.2% | 47.7% |
| Operating Margin | -29.2% | -67.6% | -21.6% | -52.3% | -75.5% | -85.1% | -128.7% | -43.0% |
| EBITDA Margin | -24.9% | -62.6% | -18.5% | -49.2% | -67.9% | -80.2% | -73.6% | -51.4% |
| Net Margin | -34.2% | -74.4% | -47.7% | -52.5% | -71.6% | -72.5% | -121.1% | -65.2% |
| FCF Margin | -43.6% | -63.4% | 15.3% | -70.7% | -49.0% | -54.0% | -51.7% | -43.9% |
| Effective Tax Rate | -0.7% | -0.0% | -0.0% | -0.0% | -0.0% | 0.6% | 0.4% | 0.2% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-1.19 | $-1.51 | $0.75 | $-1.07 | $-0.73 | $-0.84 | $-0.91 | $-0.63 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $8.1M | $7.5M | $5.5M | $28.0M | $31.5M | $32.2M | $34.1M | $36.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -25.50% |
| Return on Invested Capital | -18.70% |
| Return on Assets | -17.46% |
| Gross Margin | 49.79% |
| Operating Margin | -46.01% |
| Net Margin | -56.68% |
Financial Health
| Debt / Equity | 0.03 |
| Current Ratio | 2.67 |
Key Ratios (10y)
| Year | 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/B | -7.93 | -5.84 | 2.25 | 3.37 | 1.26 | 2.18 | 0.65 | 1.32 |
| P/S | 18.04 | 20.53 | 11.61 | 17.14 | 5.12 | 7.20 | 1.26 | 3.38 |
| Gross Margin | 56.2% | 45.3% | 55.5% | 55.0% | 55.5% | 50.4% | 50.2% | 47.7% |
| Operating Margin | -29.2% | -67.6% | -21.6% | -52.3% | -75.5% | -85.1% | -128.7% | -43.0% |
| Net Margin | -34.2% | -74.4% | -47.7% | -52.5% | -71.6% | -72.5% | -121.1% | -65.2% |
Related companies: ACRS · CAPR · CERS · CVRX · NNOX · NPCE · QTRX
Explore sector: Healthcare · Medical - Specialties
More sections of MASS: Overview · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
Discover more: Radar — undervalued stock signals · Investment Academy — learn to analyze stocks