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.” The move matters because it places a public valuation marker on a medical technology company whose Breast Acoustic CT™ Scanner offers a radiation-free, compression-free alternative for breast imaging, a potentially significant shift in a field long dominated by mammography.
Analyst Patrick McCann cited growing adoption of the scanner, expanding international distribution, and potential applications beyond supplemental breast imaging. The scanner produces three-dimensional images without radiation, breast compression, or contrast injections, which could improve the experience for women, particularly those with dense breast tissue who often require additional imaging. The report also highlighted potential uses in diagnostic evaluation and oncology treatment monitoring, subject to further clinical validation. This is important because it suggests a broader addressable market than supplemental screening alone.
D. Boral Capital forecasts revenue increasing from approximately $39 million in 2026 to $46.7 million in 2027 and $90.5 million by 2030, driven 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 imply that the company could achieve meaningful scale if execution meets expectations, but the report also identified commercialization, manufacturing, financing, regulatory, and reimbursement risks as factors that could affect the growth trajectory.
For investors, the initiation provides a detailed financial framework and a bullish stance from a firm willing to attach specific revenue and earnings estimates. The report’s emphasis on international expansion and a direct-sales push underscores where near-term execution will be tested. QT Imaging’s technology aims to make imaging safer, more affordable, and more patient-centered, and the Buy rating suggests that D. Boral Capital sees a credible path to that vision. The full report is available at https://ibn.fm/CpwHO.
The announcement was distributed through InvestorWire, a specialized communications platform and part of the Dynamic Brand Portfolio @ IBN. Such distribution networks help ensure that research-driven developments reach a wide audience of investors and industry observers. QT Imaging’s website is www.qtimaging.com. The report’s timing and specificity may prompt closer scrutiny of the company’s commercialization milestones, international approvals, and sales execution in the coming quarters.
