Spectral Medical (TSE:EDT)
TSX:EDT
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Spectral Medical
(TSX:EDT)
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Rating:48Neutral
Price Target:
C$1.50
▲(7.91% Upside)
Action:Reiterated
Date:05/10/26
The score is held down primarily by weak financial performance (very large losses, negative equity, and continued cash burn) despite improving revenue growth. Technicals are moderately supportive with price above key moving averages and mild positive momentum, but valuation remains challenged due to negative earnings and no indicated dividend yield.
Positive Factors
Revenue Growth
Consistent TTM revenue growth (13.1%) indicates improving market adoption of the PMX therapy and related diagnostics. Sustained top-line momentum provides a path to scale, helps absorb fixed costs, and is a durable lever for improving cash generation if margins and commercialization execute over the next several quarters.
Negative Factors
Highly Stressed Balance Sheet
The large equity deficit and minimal asset base limit financial flexibility and increase refinancing and dilution risk. With debt materially exceeding assets, the company is structurally dependent on external capital to operate, which constrains strategic optionality and heightens execution risk over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Growth
Consistent TTM revenue growth (13.1%) indicates improving market adoption of the PMX therapy and related diagnostics. Sustained top-line momentum provides a path to scale, helps absorb fixed costs, and is a durable lever for improving cash generation if margins and commercialization execute over the next several quarters.
Read all positive factors
Spectral Medical (EDT) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$404.92M
Dividend YieldN/A
Average Volume (3M)78.93K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth26.07%
EPS Growth-56.82%
CountryCA
Employees29
SectorHealthcare
Sector Strength45
IndustryMedical - Diagnostics & Research
Share Statistics
EPS (TTM)-0.14
Shares Outstanding293,418,980
10 Day Avg. Volume98,063
30 Day Avg. Volume78,934
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)-5.93
Price to Sales (P/S)169.36
P/FCF Ratio-42.55
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$3.50Price Target Upside151.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.03
Revenue Forecast (FY)C$2.67M
Spectral Medical Business Overview & Revenue Model
Company Description
Spectral Medical Inc., together with its subsidiaries, focuses on the development and commercialization of products for the treatment of septic shock and renal disease in North America. The company markets Endotoxin Activity Assay, a rapid in vitr...
How the Company Makes Money
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Spectral Medical Financial Statement Overview
Summary
Income Statement
9
Very Negative
Balance Sheet
6
Very Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.76M | 2.44M | 2.29M | 1.60M | 1.67M | 2.00M |
| Gross Profit | -2.19M | -5.16M | 1.02M | 662.00K | 983.00K | 1.16M |
| EBITDA | -35.21M | -11.44M | -11.97M | -13.96M | -7.18M | -6.38M |
| Net Income | -38.02M | -47.69M | -15.40M | -15.66M | -11.28M | -8.79M |
Balance Sheet | ||||||
| Total Assets | 4.58M | 6.10M | 5.32M | 5.21M | 12.00M | 11.55M |
| Cash, Cash Equivalents and Short-Term Investments | 1.92M | 4.07M | 2.99M | 2.95M | 8.41M | 8.89M |
| Total Debt | 22.27M | 21.09M | 14.93M | 8.56M | 7.57M | 582.00K |
| Total Liabilities | 75.34M | 75.82M | 32.87M | 21.76M | 14.55M | 7.47M |
| Stockholders Equity | -70.77M | -69.72M | -27.55M | -16.55M | -2.55M | 4.08M |
Cash Flow | ||||||
| Free Cash Flow | -11.14M | -9.72M | -8.85M | -10.91M | -9.93M | -9.18M |
| Operating Cash Flow | -11.11M | -9.52M | -8.82M | -10.72M | -9.90M | -8.70M |
| Investing Cash Flow | -195.00K | -195.00K | -27.00K | -185.00K | -33.00K | -325.00K |
| Financing Cash Flow | 11.56M | 12.91M | 8.88M | 5.44M | 9.46M | 12.16M |
Spectral Medical Technical Analysis
Positive
1.39
Price Trends
1.38
Positive
1.36
Positive
1.37
Positive
Market Momentum
<0.01
Positive
48.89
Neutral
27.49
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:EDT, the sentiment is Positive. The current price of 1.39 is above the 20-day moving average (MA) of 1.39, above the 50-day MA of 1.38, and above the 200-day MA of 1.37, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 48.89 is Neutral, neither overbought nor oversold. The STOCH value of 27.49 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:EDT.
Spectral Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
85 Outperform | C$426.75M | 13.68 | 25.69% | ― | 27.57% | 226.76% | |
63 Neutral | C$488.51M | -21.18 | -12.95% | ― | 25.70% | -229.48% | |
54 Neutral | C$347.02M | -11.64 | -75.55% | ― | 57.39% | -2.20% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | C$404.92M | -34.68 | ― | ― | 26.07% | -56.82% | |
48 Neutral | C$63.05M | -32.47 | ― | ― | -40.80% | 22.49% | |
41 Neutral | C$38.32M | -16.88 | -434.25% | ― | ― | 8.62% |
* Healthcare Sector Average
TSE:EDT
Spectral Medical
1.42
0.59
71.08%
TSE:CPH
Cipher Pharmaceuticals
16.76
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34.94%
TSE:BUX
BioMark Diagnostics
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100.00%
TSE:KSI
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-21.30%
TSE:PRN
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36.83%
TSE:SONA
Sona Nanotech Inc
0.33
-0.04
-12.16%
Spectral Medical Corporate Events
Business Operations and StrategyFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
Spectral Medical Advances PMX Toward FDA Submission After Positive Tigris Results
Positive
Mar 26, 2026
Spectral Medical reported its fourth quarter and full-year 2025 results alongside a corporate update that underscored major clinical and regulatory progress for its PMX therapy in endotoxic septic shock. The company highlighted completion of enrol...
Business Operations and StrategyProduct-Related Announcements
Spectral Medical’s Tigris Trial Shows Survival Benefit in Endotoxic Septic Shock
Positive
Mar 24, 2026
Spectral Medical and Vantive reported that full results from the Phase 3 Tigris trial of Polymyxin B Hemoadsorption in adults with endotoxic septic shock have been published in The Lancet Respiratory Medicine, confirming statistically robust survi...
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
Spectral Medical Pushes Back PMX-20R FDA Filing to Add 12-Month Mortality Data
Negative
Feb 26, 2026
Spectral Medical has delayed the timing of its Premarket Approval submission to the U.S. Food and Drug Administration for its PMX-20R hemoadsorption device to treat endotoxic septic shock, now targeting around late April to mid-May 2026 instead of...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.