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DALLAS, Jan. 22, 2025 (GLOBE NEWSWIRE) -- Spectral AI (NASDAQ: MDAI) (“Spectral AI” or the “Company”), developer of the AI-driven DeepView® System, which received Breakthrough Device Designation from the U.S. FDA in 2018, that uses multi-spectral imaging and algorithms to predict burn healing potential, today announced an update on its operating results.
Pending the completion of its audited financial statements, the Company anticipates reporting annual revenue exceeding its $28 million market guidance. This represents the highest revenue in the Company’s history. This growth is partly driven by the Company’s increased focus on the completion of its BARDA contract, which has also contributed to an improved gross profit margin for the 2024 calendar year. In addition, the Company expects to report over $5.0 million in cash.
About Spectral AI
Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by “Seeing the Unknown®” with its DeepView® System. DeepView is a predictive device that offers clinicians an objective and immediate assessment of a wound’s healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal of exceeding the current standard of care in the future, DeepView is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about DeepView, visit www.spectral-ai.com.
Forward-Looking Statements
The estimated, projected or anticipated financial results, financial condition or other financial information discussed in this press release are based on management’s preliminary unaudited analysis of financial results for the year ended December 31, 2024. As of the date of this press release, the Company has not completed its financial statement reporting process for the year ended December 31, 2024, and the Company’s independent registered accounting firm has not audited the preliminary financial data discussed in this press release. During the course of the Company’s year-end closing procedures and review process, including the finalization of its financial statements for and as of the year ended December 31, 2024, the Company may identify items that would require it to make adjustments, which may be material to the information presented above. As a result, the estimates above constitute forward-looking information and are subject to risks and uncertainties, including possible adjustments to preliminary results. The Company expects to report complete full year 2024 financial results during March 2025.