Key Takeaways:
QT Imaging Holdings (NASDAQ: QTI) reported first-quarter revenue of $6.5 million, a 133 percent increase from the prior-year period, as the medical device maker shipped more than double the number of its breast imaging scanners.
"We continued to execute during the first quarter, making meaningful progress across commercialization, regulatory execution, and clinical validation," Dr. Raluca Dinu, Chief Executive Officer of QT Imaging, said in a statement.
The company's revenue for the three months ended March 31 grew from $2.8 million in the first quarter of 2025. The increase was driven by the shipment of 13 Breast Acoustic CT scanners, compared to six in the year-ago period. However, the company posted a net loss of $3.4 million, or $0.25 per share, a significant improvement from a net loss of $11.1 million, or $1.21 per share, in the same quarter last year. Gross margin for the quarter was 41 percent.
QT Imaging reaffirmed its full-year 2026 revenue guidance of approximately $39 million. The outlook is supported by committed minimum order quantities from its U.S. and international distribution partners.
QT Imaging announced several key developments, including securing a new Category III CPT code from the American Medical Association for its 3D quantitative transmission volumetric ultrasound tomography system. The code, which becomes effective January 1, 2027, is expected to facilitate reimbursement and broader adoption.
The company also received U.S. Food and Drug Administration (FDA) 510(k) clearance for an updated scanner configuration designed to enhance visualization of posterior breast tissue.
Internationally, QT Imaging expanded its footprint with regulatory clearance in the United Arab Emirates. The company has an exclusive distribution agreement in the UAE that includes committed minimum orders for 43 scanners through 2028, representing expected revenue of more than $24 million.
Operating expenses in the first quarter increased to $5.0 million from $2.9 million in the prior-year period, primarily due to higher employee compensation and professional service costs. The company ended the quarter with $7.0 million in cash and cash equivalents.
Subsequent to the quarter's close, QT Imaging amended its senior secured term loan, extending the maturity date by two years to March 31, 2029, providing additional financial flexibility.
The reaffirmed guidance and commercial traction suggest management is confident in its growth strategy, centered on its radiation-free and compression-free breast imaging technology. Investors will be watching for continued sales momentum and progress in securing reimbursement to validate the company's long-term potential.
This article is for informational purposes only and does not constitute investment advice.
