D. Boral Capital initiated coverage of QT Imaging Holdings, Inc. (NASDAQ: QTI) with a Buy rating and a $9 price target in an Oct. 23, 2026, research report titled “Beyond the Mammogram.” Analyst Patrick McCann pointed to growing adoption of the company’s Breast Acoustic CT™ Scanner, expanding international distribution and potential applications beyond supplemental breast imaging as key drivers.
The scanner generates three-dimensional images without radiation, breast compression or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. That technological profile matters because conventional mammography can be less effective in dense tissue, and the company’s approach seeks to address that gap without exposing patients to ionizing radiation.
The report also highlighted potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. Those adjacent uses, if validated, could broaden the addressable market well beyond supplemental screening—an implication that underpins the analyst’s longer-term revenue forecasts.
D. Boral Capital projects revenue increasing from approximately $39 million in 2026 to $46.7 million in 2027 and $90.5 million by 2030, supported by increased scanner shipments, international regulatory approvals and a developing direct-sales strategy targeting hospitals and imaging providers. The firm also forecasts adjusted EBITDA reaching $21.8 million by 2030, with recurring maintenance and software revenue contributing to growth. The $9 price target is based on a discounted cash flow analysis using a 15% discount rate and 1% terminal growth rate.
For investors, the initiation provides a third-party valuation framework for a medical device company still in commercialization. The report identified commercialization, manufacturing, financing, regulatory and reimbursement risks as factors that could affect the company’s growth trajectory—risks that are especially relevant for a scanner-dependent business model.
QT Imaging describes itself as engaged in the research, development and commercialization of innovative imaging systems that use low-frequency sound waves, with a strategy built on the premise that medical imaging should be safe, affordable, accessible and centered on the patient’s experience. More information is available at www.qtimaging.com.
The full D. Boral Capital report can be viewed at https://ibn.fm/CpwHO. The coverage was distributed through InvestorWire, part of the Dynamic Brand Portfolio at IBN, which provides services including editorial syndication to 5,000+ outlets. Terms of use and disclaimers are available at https://www.InvestorWire.com/Disclaimer.
