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™ Scanner, expanding international distribution and potential applications beyond supplemental breast imaging, according to the report.
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 highlighted potential applications in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. For investors tracking QT Imaging (NASDAQ: QTI), the initiation provides a detailed financial and clinical rationale.
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 (“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. The full report is available at https://ibn.fm/CpwHO.
QT Imaging Holdings, Inc. (Nasdaq: QTI) is a medical device company engaged in the research, development, and commercialization of innovative imaging systems that use low-frequency sound waves. The company strives to improve global health outcomes, with a strategy predicated on the fact 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. For more information, visit the company’s website at www.qtimaging.com.
The announcement matters for investors and the medical imaging industry because it offers an independent analyst’s view on QT Imaging’s commercial trajectory. The Buy rating and $9 price target signal confidence in the company’s ability to scale scanner shipments and expand internationally, while the projected revenue growth to $90.5 million by 2030 underscores the potential size of the market for radiation-free breast imaging. The report’s emphasis on applications beyond supplemental breast imaging, including diagnostic evaluation and oncology treatment monitoring, suggests additional revenue opportunities if clinical validation succeeds. However, the identified risks—commercialization, manufacturing, financing, regulatory and reimbursement—highlight the challenges that could affect the company’s growth trajectory. For readers, the initiation provides a framework for evaluating QT Imaging’s prospects as it pursues a direct-sales strategy targeting hospitals and imaging providers.
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