Spectral Ai, Inc. Class A ( (MDAI) ) has released its Q4 earnings. Here is a breakdown of the information Spectral Ai, Inc. Class A presented to its investors.
Spectral AI, Inc. is a Dallas-based artificial intelligence company specializing in medical diagnostics to enhance treatment decisions in wound care, particularly for burn patients. The company recently announced its financial results for the fourth quarter and full year of 2024, highlighting significant achievements and ongoing projects. Spectral AI reported a substantial increase in research and development revenue, reaching $30 million for the year, largely driven by their BARDA PBS contract. The company also successfully completed a US Burn Validation Study and is preparing for regulatory submissions for its DeepView System, which has shown promising results in improving wound care diagnostics. Despite a net loss of $15.3 million for the year, Spectral AI has strengthened its financial position through new financing agreements and government contracts, providing a solid foundation for future growth. Looking ahead, the company is focused on transitioning its DeepView System from clinical trials to commercialization, with expectations of generating commercial revenue from multiple platforms within the next three years.