908 Devices stock barely budged after earnings, inching up 0.1% to about $10 even after a strong quarter on the headline metric that matters most here: handheld revenue growth. The real story sits beyond today’s muted tape. Revenue reached $16.1m in the quarter and management tightened full year guidance to $68m to $70m, with adjusted gross margin around the high 50s. For an unprofitable diagnostics and detection hardware company still investing heavily, the question now is how long this mix of double digit growth and smaller losses can keep supporting the recent share price run.

Is 908 Devices trading at a sensible premium for its handheld growth, or has the recent rally stretched the story too far? Compare revenue momentum, losses…