D. Boral Capital has initiated coverage on QT Imaging (NASDAQ: QTI) with a Buy rating and a $9 price target, according to 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 significance of the initiation lies in its validation of QT Imaging’s technology and its commercial trajectory. The Breast Acoustic CT Scanner produces three-dimensional images without radiation, breast compression, or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. This positions the company to address a significant unmet need in breast cancer screening and diagnosis, where traditional mammography often struggles with dense tissue. 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 total 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. These projections underscore the potential for QT Imaging to achieve significant scale if it executes on its commercialization plans.
However, the report identified commercialization, manufacturing, financing, regulatory, and reimbursement risks as factors that could affect the company’s growth trajectory. Investors should weigh these risks against the potential upside. For a deeper dive, the full report is available at https://ibn.fm/CpwHO. 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. For more information, visit the company’s website at www.qtimaging.com.
The announcement was distributed by InvestorWire, a specialized communications platform within the Dynamic Brand Portfolio at IBN, which provides editorial syndication to 5,000+ outlets and other services. The coverage initiation could raise QT Imaging’s profile among investors and potentially improve liquidity and access to capital as it pursues its growth strategy.
