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 cited growing adoption of the company’s Breast Acoustic CT(TM) Scanner, expanding international distribution, and potential applications beyond supplemental breast imaging, according to the report.
The endorsement matters for a small-cap medical device maker still building a commercial footprint. QT Imaging’s scanner produces three-dimensional images without radiation, breast compression or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. That differentiation could matter in a breast imaging market where dense tissue often complicates standard mammography. The report also highlighted potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. Investors can review the full report at https://ibn.fm/CpwHO.
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 earnings before interest, taxes, depreciation and amortization 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. Those caveats are relevant for readers tracking the broader adoption of new breast imaging technologies, where reimbursement decisions and regulatory clearances can shape commercial uptake. QT Imaging, which describes itself as a medical device company engaged in the research, development, and commercialization of innovative imaging systems that use low-frequency sound waves, maintains a corporate website at www.qtimaging.com.
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For readers and industry observers, the initiation puts a public analyst projection behind QT Imaging’s commercial ambitions. The forecast hinges on scanner shipments, international approvals and a direct-sales buildout, while the technology’s radiation-free, compression-free approach could influence how hospitals and imaging providers evaluate supplemental breast screening options. The report’s risk list underscores that clinical validation, reimbursement and manufacturing scale remain central to whether those projections materialize.
