Spectral AI expands burn assessment tech in Australia

DALLAS - Spectral AI, Inc. (NASDAQ: MDAI), a medical diagnostics company specializing in predictive AI with a market capitalization of $30.04 million, has announced the installation of its DeepView System at three hospitals in Australia. According to InvestingPro data, the company’s stock has experienced significant volatility, currently trading at $1.54, down nearly 45% year-to-date despite showing promising revenue growth of 44.52% in the last twelve months. The installations took place at Concord Repatriation General Hospital in Sydney, Royal Adelaide Hospital in Adelaide, and Fiona Stanley Hospital in Murdoch (Perth), marking a significant step in the company’s global expansion strategy.

The DeepView System, which leverages multi-spectral imaging and AI algorithms to predict burn healing potential, is designed to give clinicians an immediate and objective assessment of a burn wound’s healing potential. The technology has been developed to improve treatment decisions and patient outcomes in wound care.

The system operates non-invasively and is cart-based, providing mobility within healthcare settings. It utilizes an image processing algorithm trained and tested against a proprietary database of over 340 billion clinically validated data points.

Professor Peter Maitz, Director of the Burn Unit at Concord Repatriation General Hospital, expressed optimism about the technology, stating that it has the potential to enhance patient care and improve outcomes. Dr. J. Michael DiMaio, MD, Chairman of the Board at Spectral AI, highlighted the significance of these device trials in Australia and the potential impact on the future FDA submission.

Spectral AI’s partnership with PolyNovo Limited, a leader in burn wound therapy, facilitated the use of the Australian Special Access Scheme (SAS) for the deployment of the DeepView Systems. This collaboration underscores the company’s commitment to advancing wound care management and providing value care by potentially reducing healthcare costs.

The company’s progress in field trials and clinician evaluations is expected to support its near-term FDA submission. Spectral AI’s efforts reflect its mission to revolutionize wound care management by providing data-driven assessment tools for clinicians.

This announcement is based on a press release statement from Spectral AI, Inc. and does not include any promotional content or subjective claims. The information aims to provide a balanced view of the company’s recent developments in the medical diagnostics field. Analysts maintain a positive outlook on the stock, with target prices ranging from $3.00 to $8.10 per share. For deeper insights into Spectral AI’s financial health and growth potential, including additional ProTips and detailed metrics, visit InvestingPro.

In other recent news, Spectral AI announced it expects to achieve record annual revenue for the year ending December 31, 2024, with projections surpassing $28 million. This anticipated growth is largely due to fulfilling a contract with the Biomedical Advanced Research and Development Authority, leading to an improved gross profit margin. However, the company is also facing potential delisting from the Nasdaq Stock Market for not meeting the minimum market value requirement of $35 million over the past 30 consecutive business days. Spectral AI has requested a hearing with the Nasdaq Listing Qualifications Panel to present its compliance plan and seek an extension. Meanwhile, the company completed pediatric enrollment for its U.S. Burn Pivotal Study, which aims to validate its AI-driven DeepView® System. The results of this study will be used to pursue a De Novo classification from the FDA. Spectral AI remains optimistic about regaining compliance with Nasdaq’s requirements and anticipates maintaining a market capitalization above the necessary threshold. Investors are advised to stay informed on the company’s financial outcomes and regulatory status.

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