908 Devices (MASS) TD Cowen 46th Annual Health Care Conference summary

Business transformation and financial performance

• Achieved 18% year-over-year top-line revenue growth and reached adjusted EBITDA positive of $0.7 million in Q4, reflecting a successful transformation and cost structure overhaul after divesting the desktop business.

• Focused exclusively on handheld chemical detection tools for health, safety, and defense applications, leveraging a single sales channel for efficiency.

Market drivers and end-market outlook

• Growth driven by demand in illicit drug detection, toxic industrial chemical monitoring, and global defense concerns, with strong tailwinds from increased funding and geopolitical unrest.

• U.S. state and local sales channels outperformed expectations, supported by robust grant funding and a compelling product portfolio.

• International defense spending, especially in NATO countries and Eastern Europe, is boosting demand for monitoring and detection devices.

Product portfolio and innovation

• VipIR, launched in July, integrates Raman and FTIR spectroscopy, saw strong initial uptake with over 40 placements and significant Q4 revenue.

• XplorIR introduced a quantification model, shipping over 150 devices, and AVCAD is expected to contribute $2–3 million in 2026, with potential to reach $10 million annually at full production.

• MX908 continues to benefit from opioid funding and international events, with a next-generation platform in development targeting a 2027 full-year impact.