Spectral Ai, Inc. Class A ( (MDAI) ) has released its Q3 earnings. Here is a breakdown of the information Spectral Ai, Inc. Class A presented to its investors.
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Spectral AI, Inc. is a Dallas-based artificial intelligence company specializing in medical diagnostics to enhance wound care treatment decisions, prominently featuring their DeepView AI® System for burn and diabetic foot ulcer indications. In their recent third-quarter financial report for 2024, Spectral AI announced a significant increase in revenue and reaffirmed their timeline for regulatory submission to the U.S. FDA.
The company’s revenue rose to $8.2 million, marking a 138% increase in research and development revenue primarily driven by work on government contracts. Spectral AI also highlighted the completion of patient visits for their U.S. Burn Pivotal Study, with results expected by the end of 2024, and a new funding award for their DeepView SnapShot® M device.
Key financial metrics showed improvement, as the company reported a narrowed net loss of $1.5 million compared to $10.6 million the previous year, alongside an improved gross margin. Operating expenses decreased, reflecting a strategic focus on advancing their government-backed projects.
Looking forward, Spectral AI is on track for a regulatory submission in mid-2025 and plans to spin off its subsidiary, Spectral IP, to maximize shareholder value. The company remains optimistic about its future, supported by substantial government funding and strategic initiatives.
