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DALLAS - Spectral AI, Inc. (NASDAQ:MDAI), a Dallas-based company specializing in medical diagnostics with its AI-driven DeepView® System, has announced its expected financial outcomes for the year ended December 31, 2024. The company, which is yet to complete its audited financial statements, anticipates surpassing its market guidance with annual revenue exceeding $28 million, marking the highest in its history. With a current market capitalization of approximately $41 million and a strong revenue growth of 45% over the last twelve months, the company has shown significant momentum. According to InvestingPro analysis, the stock appears to be trading near its Fair Value, while analysts have set price targets ranging from $3 to $8.10 per share.
This significant revenue growth has been attributed to the company's increased efforts to fulfill its contract with the Biomedical Advanced Research and Development Authority (BARDA) and has also led to an improved gross profit margin for the year. Additionally, Spectral AI expects to report a cash position of over $5.0 million.
The DeepView® System, which received Breakthrough Device Designation from the U.S. FDA in 2018, utilizes multi-spectral imaging and algorithms to predict the healing potential of burns, providing clinicians with objective and immediate assessments of wounds. This technology is aimed at transforming wound care management, initially focusing on burns and diabetic foot ulcers, by offering faster and more accurate treatment decisions that could lead to better patient outcomes and reduced healthcare costs.
While these preliminary financial results reflect the company's performance optimism, it is important to note that the final audited financial statements are pending and may be subject to adjustments. The company expects to release its complete financial results for 2024 in March 2025. InvestingPro data reveals that Spectral AI operates with a moderate level of debt and currently faces some liquidity challenges with a current ratio of 0.73. Subscribers to InvestingPro have access to over 30 additional financial metrics and insights about MDAI's financial health and growth potential.
Investors and readers are advised to consider the risks and uncertainties associated with these forward-looking statements, which are not guarantees of future performance. These statements are based on management's current expectations and involve risks, including potential adjustments to the preliminary financial data.
The information contained in this article is based on a press release statement from Spectral AI, Inc.
In other recent news, Spectral AI is facing potential delisting from the Nasdaq Stock Market due to non-compliance with the minimum market value requirement. The company has requested a hearing before the Nasdaq Listing Qualifications Panel to present its compliance plan and seek an extension. Meanwhile, Spectral AI has finalized its plan to spin off its intellectual property subsidiary, Spectral IP, into an independent publicly-traded entity. This strategic move is expected to enhance shareholder value and allow Spectral IP to explore opportunities beyond Spectral AI's primary focus.
In other significant developments, Spectral AI has completed the final clinical visits for its U.S. Burn Pivotal Study, marking a significant step towards the planned submission for U.S. Food and Drug Administration approval of its DeepView AI®-Burn system in 2025. The company has also successfully completed a proof-of-concept for a module within its DeepView System, aimed at enhancing burn care treatment decisions.
Financially, Spectral AI secured over $850,000 from the Medical (TASE:PMCN) Technology Enterprise Consortium for the development of its handheld predictive burn wound healing device, DeepView SnapShot M®. The company's R&D revenue is projected to reach approximately $28 million for the full year of 2024, marking a 55% year-over-year increase, according to BTIG. Furthermore, Spectral AI's patent portfolio has grown by 30%, now totaling 26 patents. These are among the recent developments for Spectral AI.
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