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,” according to an announcement issued through InvestorWire. Analyst Patrick McCann based the call on growing adoption of the company’s Breast Acoustic CT(TM) Scanner, expanding international distribution and potential uses beyond supplemental breast imaging.
The scanner produces three-dimensional images without radiation, breast compression or contrast injections, offering additional imaging capabilities particularly for women with dense breast tissue. The report also pointed to potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. For investors, the initiation matters because it attaches third-party financial projections and a formal valuation to a medical technology company still in the commercialization phase, giving the market a framework for assessing its growth trajectory.
D. Boral Capital forecasts revenue rising from approximately $39 million in 2026 to $46.7 million in 2027 and $90.5 million by 2030. That growth is expected to be 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. Recurring revenue streams are significant for imaging device makers because they can provide more predictable income than one-time equipment sales.
The $9 price target is based on a discounted cash flow analysis using a 15% discount rate and a 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 matter for readers weighing the opportunity: reimbursement decisions and regulatory approvals in particular can determine how quickly a new imaging platform reaches routine clinical use.
QT Imaging Holdings describes itself as a medical device company engaged in the research, development and commercialization of innovative imaging systems that use low-frequency sound waves. The company states that its strategy is predicated on the view that medical imaging is critical to the detection, diagnosis and treatment of disease and that it should be safe, affordable, accessible and centered on the patient’s experience. Additional information about the company is available at www.qtimaging.com, and readers can review QT Imaging (NASDAQ: QTI) market research data.
The full D. Boral Capital report can be viewed at https://ibn.fm/CpwHO. The announcement was distributed through InvestorWire, a communications platform focused on wire-grade press release syndication that is part of the Dynamic Brand Portfolio at IBN. The platform also provides editorial syndication to 5,000+ outlets and other corporate communications services. The broader implication is that the analyst’s estimates, if realized, would represent a more than doubling of revenue between 2026 and 2030, making execution on approvals and sales strategy the key variables for the company and its investors.
