D. Boral Capital initiated coverage of QT Imaging (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 cited growing adoption of the company’s Breast Acoustic CT™ Scanner, expanding international distribution, and potential applications beyond supplemental breast imaging as key drivers for the bullish stance.
The scanner produces three-dimensional images without radiation, breast compression, or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. This technology addresses a significant unmet need in breast cancer screening, where traditional mammography often falls short for women with dense breasts. The report also highlighted potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation, which could substantially expand the company’s addressable market.
D. Boral Capital forecasts 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 projects 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.
The report identified commercialization, manufacturing, financing, regulatory, and reimbursement risks as factors that could affect the company’s growth trajectory. Despite these risks, the initiation of coverage with a Buy rating signals growing analyst confidence in QT Imaging’s technology and business model. For investors, the report provides a detailed roadmap of the company’s potential, emphasizing the scanner’s differentiated value proposition in breast imaging.
QT Imaging Holdings is a medical device company engaged in the research, development, and commercialization of innovative imaging systems that use low-frequency sound waves. The company’s strategy is predicated on the belief that medical imaging should be safe, affordable, accessible, and centered on the patient’s experience. For more information, visit www.qtimaging.com.
The full D. Boral Capital report can be accessed at https://ibn.fm/CpwHO. The announcement was distributed by InvestorWire, a specialized communications platform that is part of the Dynamic Brand Portfolio at IBN. InvestorWire provides editorial syndication to 5,000+ outlets and social media distribution, among other corporate communications solutions. Full terms of use and disclaimers are available at https://www.InvestorWire.com/Disclaimer.
