Spectral AI projects record revenue surpassing $28 million, driven by its innovative DeepView® System and BARDA contract progress.
Quiver AI Summary
Spectral AI announced that it expects to report record annual revenues exceeding $28 million for the year ended December 31, 2024, pending the completion of its audited financial statements. This growth is attributed to an intensified focus on its BARDA contract and an improved gross profit margin. The company, which developed the AI-driven DeepView® System for predicting burn healing potential, also anticipates having over $5 million in cash. Spectral AI aims to enhance wound care management through its technology, which offers objective assessments of wound healing potential, ultimately striving to improve patient outcomes and reduce healthcare costs. The full financial results are expected to be released in March 2025.
Potential Positives
- Anticipates reporting annual revenue exceeding $28 million, the highest in the company's history.
- Improved gross profit margin driven by increased focus on BARDA contract completion.
- Expecting to report over $5.0 million in cash, indicating strong liquidity and financial health.
Potential Negatives
- The financial results are based on preliminary unaudited data, which raises concerns about the accuracy and reliability of the reported figures.
- Potential for material adjustments to the projected financial results could lead to discrepancies that might affect investor trust.
- The reliance on forward-looking statements creates uncertainty, which could negatively impact investors' confidence in the company's future performance.
FAQ
What is the DeepView® System developed by Spectral AI?
The DeepView® System uses multi-spectral imaging and algorithms to predict burn healing potential, enhancing wound care diagnostics.
What are Spectral AI's projected annual revenues for 2024?
Spectral AI anticipates reporting annual revenue exceeding $28 million, marking the highest in the company's history.
What factors contribute to Spectral AI's revenue growth?
The revenue growth is driven by an increased focus on completing the BARDA contract and improving gross profit margins.
When will Spectral AI release its complete financial results for 2024?
The company expects to report full year 2024 financial results in March 2025 following the completion of its financial statements.
How does DeepView® improve wound care diagnosis?
DeepView® offers clinicians an objective assessment of a wound’s healing potential, providing faster and more accurate treatment insights.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
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Full Release
DALLAS, Jan. 22, 2025 (GLOBE NEWSWIRE) --
Spectral AI (NASDAQ: MDAI) (“Spectral AI” or the “Company”)
, developer of the AI-driven DeepView
®
System, which received Breakthrough Device Designation from the U.S. FDA in 2018, that uses multi-spectral imaging and algorithms to predict burn healing potential, today announced an update on its operating results.
Pending the completion of its audited financial statements, the Company anticipates reporting annual revenue exceeding its $28 million market guidance. This represents the highest revenue in the Company’s history. This growth is partly driven by the Company’s increased focus on the completion of its BARDA contract, which has also contributed to an improved gross profit margin for the 2024 calendar year. In addition, the Company expects to report over $5.0 million in cash.
About Spectral AI
Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by “Seeing the Unknown
®
” with its DeepView
®
System. DeepView is a predictive device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal of exceeding the current standard of care in the future, DeepView is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about
DeepView
, visit
www.spectral-ai.com
.
Forward-Looking Statements
The estimated, projected or anticipated financial results, financial condition or other financial information discussed in this press release are based on management’s preliminary unaudited analysis of financial results for the year ended December 31, 2024. As of the date of this press release, the Company has not completed its financial statement reporting process for the year ended December 31, 2024, and the Company’s independent registered accounting firm has not audited the preliminary financial data discussed in this press release. During the course of the Company’s year-end closing procedures and review process, including the finalization of its financial statements for and as of the year ended December 31, 2024, the Company may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary results. The Company expects to report complete full year 2024 financial results during March 2025.
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s intention to separate its Spectral IP subsidiary from the Company, and each Company’s strategy, plans, objectives, initiatives, strategic goals, financial outlook or other non-historical matters. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements. Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Spectral AI undertakes no obligation to update any forward-looking statements except as otherwise required by law.
For Media and Investor Relations, please contact
:
David Kugelman
Atlanta Capital Partners LLC
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Email:
dk@atlcp.com
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