Spectral AI Announces 2024 Third Quarter Financial Results
Spectral AI (Nasdaq: MDAI) announced its Q3 2024 financial results, highlighting a 138% increase in research and development revenue to $8.2 million, driven by Project BioShield and other U.S. Government contracts. The company's gross margin improved to 44.9%, while general and administrative expenses declined to $4.6 million. Operating loss narrowed to $0.9 million, and net loss decreased to $1.5 million, or $0.08 per share. Spectral AI completed the last patient visit in its U.S. Burn Pivotal Study, with top-line results expected in Q4 2024, and remains on track for a Q2 2025 FDA submission for its DeepView AI®-Burn system. The company announced plans to spin off its Spectral IP subsidiary. As of September 30, 2024, Spectral AI had $3.7 million in cash and short-term notes payable of $5.0 million. The company reiterated its FY 2024 revenue guidance of approximately $28.0 million.
Spectral AI (Nasdaq: MDAI) ha annunciato i risultati finanziari del terzo trimestre 2024, evidenziando un aumento del 138% delle entrate da ricerca e sviluppo a 8,2 milioni di dollari, sostenuto dal Progetto BioShield e da altri contratti con il governo degli Stati Uniti. Il margine lordo dell'azienda è migliorato al 44,9%, mentre le spese generali e amministrative sono diminuite a 4,6 milioni di dollari. La perdita operativa si è ridotta a 0,9 milioni di dollari, e la perdita netta è scesa a 1,5 milioni di dollari, ovvero 0,08 dollari per azione. Spectral AI ha completato l'ultimo incontro con il paziente nel suo Studio Pivotal sul Bruciore negli Stati Uniti, con risultati preliminari attesi nel quarto trimestre 2024, e rimane in linea per una presentazione alla FDA nel secondo trimestre 2025 per il suo sistema DeepView AI®-Burn. L'azienda ha annunciato piani per scorporare la sua sussidiaria Spectral IP. Al 30 settembre 2024, Spectral AI aveva 3,7 milioni di dollari in contanti e note a breve termine per 5,0 milioni di dollari. L'azienda ha ribadito la sua previsione di entrate per l'esercizio 2024 di circa 28,0 milioni di dollari.
Spectral AI (Nasdaq: MDAI) anunció sus resultados financieros del tercer trimestre de 2024, destacando un incremento del 138% en los ingresos por investigación y desarrollo, alcanzando los 8.2 millones de dólares, impulsado por el Proyecto BioShield y otros contratos del gobierno de EE. UU. El margen bruto de la empresa mejoró al 44.9%, mientras que los gastos generales y administrativos disminuyeron a 4.6 millones de dólares. La pérdida operativa se redujo a 0.9 millones de dólares y la pérdida neta disminuyó a 1.5 millones de dólares, o 0.08 dólares por acción. Spectral AI completó la última visita a pacientes en su Estudio Pivotal de quemaduras en EE. UU., con resultados preliminares esperados para el cuarto trimestre de 2024, y se mantiene en camino para una presentación a la FDA en el segundo trimestre de 2025 para su sistema DeepView AI®-Burn. La empresa anunció planes para escindir su subsidiaria Spectral IP. Hasta el 30 de septiembre de 2024, Spectral AI tenía 3.7 millones de dólares en efectivo y notas a corto plazo por 5.0 millones de dólares. La empresa reiteró su guía de ingresos para el año fiscal 2024 de aproximadamente 28.0 millones de dólares.
스펙트럴 AI(Nasdaq: MDAI)는 2024년 3분기 재무 결과를 발표하며 연구개발 수익이 1억 820만 달러로 138% 증가했다고 강조했습니다. 이는 바이오실드 프로젝트와 기타 미국 정부 계약 덕분입니다. 회사의 총 마진은 44.9%로 개선되었으며, 일반 및 관리 비용은 460만 달러로 감소했습니다. 운영 손실은 90만 달러로 줄어들었고, 순손실은 150만 달러 또는 주당 0.08 달러로 감소했습니다. 스펙트럴 AI는 미국 화상 주요 연구의 마지막 환자 방문을 완료했으며, 2024년 4분기에 최종 결과가 예상되며, 2025년 2분기에는 DeepView AI®-Burn 시스템에 대한 FDA 제출이 예정되어 있습니다. 회사는 자회사 스펙트럴 IP를 분사할 계획을 발표했습니다. 2024년 9월 30일 기준으로 스펙트럴 AI는 370만 달러의 현금과 500만 달러의 단기 지급어음을 보유하고 있었습니다. 이 회사는 2024 회계연도 매출 가이던스인 약 2,800만 달러를 재확인했습니다.
Spectral AI (Nasdaq: MDAI) a annoncé ses résultats financiers pour le troisième trimestre 2024, soulignant une augmentation de 138 % des revenus de recherche et développement, atteignant 8,2 millions de dollars, grâce au projet BioShield et à d'autres contrats avec le gouvernement américain. La marge brute de l'entreprise a progressé à 44,9 %, tandis que les frais généraux et administratifs ont diminué à 4,6 millions de dollars. La perte d'exploitation s'est réduite à 0,9 million de dollars, et la perte nette a diminué à 1,5 million de dollars, soit 0,08 dollar par action. Spectral AI a terminé la dernière visite de patient dans son étude pivot sur les brûlures aux États-Unis, avec des résultats préliminaires attendus pour le quatrième trimestre 2024, et reste sur la bonne voie pour une soumission à la FDA au deuxième trimestre 2025 pour son système DeepView AI®-Burn. L'entreprise a annoncé des projets de scission de sa filiale Spectral IP. Au 30 septembre 2024, Spectral AI disposait de 3,7 millions de dollars en liquidités et de 5 millions de dollars de créances à court terme. L'entreprise a réitéré ses prévisions de revenus pour l'exercice 2024 d'environ 28 millions de dollars.
Spectral AI (Nasdaq: MDAI) hat seine finanziellen Ergebnisse für das dritte Quartal 2024 bekannt gegeben und berichtet von einem Anstieg der Einnahmen aus Forschung und Entwicklung um 138% auf 8,2 Millionen Dollar, unterstützt durch das Projekt BioShield und andere Verträge mit der US-Regierung. Die Bruttomarge des Unternehmens verbesserte sich auf 44,9%, während die allgemeinen und Verwaltungsaufwendungen auf 4,6 Millionen Dollar sanken. Der operative Verlust verringerte sich auf 0,9 Millionen Dollar und der Nettverlust sank auf 1,5 Millionen Dollar oder 0,08 Dollar pro Aktie. Spectral AI hat den letzten Patientenbesuch in seiner US-Brandstudie abgeschlossen, wobei die Top-Ergebnisse im vierten Quartal 2024 erwartet werden. Das Unternehmen ist auf Kurs, im zweiten Quartal 2025 einen Antrag bei der FDA für sein DeepView AI®-Burn-System zu stellen. Das Unternehmen gab Pläne zur Abspaltung seiner Tochtergesellschaft Spectral IP bekannt. Zum 30. September 2024 verfügte Spectral AI über 3,7 Millionen Dollar in bar und kurzfristige Schulden in Höhe von 5 Millionen Dollar. Das Unternehmen bestätigte seine Umsatzprognose für das Geschäftsjahr 2024 von etwa 28 Millionen Dollar.
- Research and development revenue rose 138% to $8.2 million.
- Gross margin improved to 44.9%.
- General and administrative expenses declined to $4.6 million.
- Operating loss narrowed to $0.9 million.
- Net loss decreased to $1.5 million, or $0.08 per share.
- Completion of last patient visit in U.S. Burn Pivotal Study.
- Top-line study results expected in Q4 2024.
- On track for Q2 2025 FDA submission for DeepView AI®-Burn.
- Plans to spin off Spectral IP subsidiary.
- Reiterated FY 2024 revenue guidance of $28.0 million.
- Net loss included $1.1 million in borrowing related costs.
Insights
Q3 2024 shows significant financial improvement with
The upcoming FDA submission in Q2 2025 and expected Q4 2024 pivotal study results are key catalysts. The
The completion of patient enrollment in the U.S. Burn Pivotal Study marks a important milestone for DeepView AI®-Burn. The development of wound measurement technology calculating total body surface area (TBSA) addresses a significant clinical need in burn assessment. This technology could standardize burn measurement, potentially reducing subjective variability in treatment decisions. The DeepView SnapShot® M's continued development for battlefield assessment, backed by
Revenue Rose to
Company Reaffirms Timeline for Regulatory Submission to U.S. FDA
Q3 2024 Overview
- Research & Development Revenue Rose
138% to$8.2 Million - Last Patient Out at Burn Centers for U.S. Burn Pivotal Study; Top Line Study Results Expected in Q4 2024
- U.S. FDA Submission on Track for Q2 2025
- Completed Proof-of-Concept Module for Wound Measurement Technology
DALLAS, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today announced financial results for the third quarter ended September 30, 2024 (“Q3 2024”) and provided an update on ongoing activities to commercialize its proprietary, AI-driven DeepView® System for burn indication (“DeepView AI®-Burn”).
Dr. J. Michael DiMaio, the Company’s Founder and recently appointed Chairman of the Board of Directors, said, “My confidence in the potential of DeepView AI®-Burn to change the standard of care in burn wound assessment and improve patient outcomes has never been greater. We achieved a critical clinical milestone with the announcement of last patient out at our U.S. Burn Pivotal Study and remain on schedule for our De Novo submission to the U.S. Food and Drug Administration (“FDA”) in the second quarter of 2025 for the use of DeepView AI®-Burn in burn centers. We are prioritizing our regulatory pathways for burn, fortifying our long-standing relationships with U.S. Government agencies, developing strategic partnerships that can expand our global reach, and capitalizing on the platform nature of our proprietary technology to pursue additional pipeline applications. We are fortunate to have the support of a team of dedicated professionals, an engaged and committed management team and Board, and
DeepView AI®-Burn Highlights
- Final group of burn center patients in U.S. Burn Pivotal Study completed clinical visits, with top line study results expected in December 2024.
- Received a new award of over
$850,000 from the Medical Technology Enterprise Consortium (“MTEC”) to support the ongoing development of DeepView SnapShot® M, the Company’s handheld predictive burn wound healing device targeted for use in battlefield assessment. Total non-dilutive U.S. Government funding for DeepView SnapShot® M now exceeds$7.0 million . - Completion of a proof-of-concept module for the Company’s wound measurement technology that calculates the total body surface area (“TBSA”) of a burn. This technology provides an accurate, and standardized measurement that the Company believes is a significant improvement over current wound size measurement technology and can improve patient treatment decisions.
Upcoming Milestones
- Top line results from U.S. Burn Pivotal Study Expected Q4 2024
- U.S. FDA submission for the use of DeepView AI®-Burn in burn centers in Q2 2025
Plan to Spin-Off Spectral IP Subsidiary
On November 6, 2024, the Company announced its intent to spin-off its Spectral IP, Inc. subsidiary (“Spectral IP”) to continue to seek ways to maximize shareholder value. The Company anticipates that the transaction will be in the form of a stock distribution to its shareholders of Spectral IP, which will become a new, independent publicly-traded company.
Q3 2024 FINANCIAL RESULTS OVERVIEW
All comparisons are to the third quarter ended September 30, 2023 (“Q3 2023”) unless otherwise stated.
Research and Development Revenue1
Research & Development Revenue for Q3 2024 rose
Gross Margin
Gross margin for Q3 2024 improved to
General & Administrative Expense
General & administrative expenses in Q3 2024 declined to
Operating Loss
Operating loss narrowed to
Net Loss
Net loss for Q3 2024 was
Adjusted EBITDA
Adjusted EBITDA loss for Q3 2024 was
Financial Condition
As of September 30, 2024, the Company had
2024 Guidance
The Company reiterates its revenue guidance of approximately
CONFERENCE CALL
The Company will host a conference call today at 5:00 pm Eastern Time to discuss these results.
Investors interested in participating in the live call can dial:
- 833-630-1956 – U.S.
- 412-317-1837 – International
A simultaneous webcast of the call may be accessed online from the Events & Presentations section of the Investor Relations page of the Company’s website at https://investors.spectral-ai.com/news-events/events.
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
Certain statements made in this release are “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements.
Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” sections of the Company’s filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.
Investors:
The Equity Group
Devin Sullivan
Managing Director
dsullivan@equityny.com
Conor Rodriguez
Analyst
crodriguez@equityny.com
| Spectral AI, Inc. Unaudited Condensed Consolidated Balance Sheets (in thousands, except share and per share data) | |||||||
| September 30, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash | $ | 3,702 | $ | 4,790 | |||
| Accounts receivable, net | 2,834 | 2,346 | |||||
| Inventory | 443 | 230 | |||||
| Deferred offering costs | - | 283 | |||||
| Prepaid expenses | 1,506 | 1,452 | |||||
| Other current assets | 1,011 | 801 | |||||
| Total current assets | 9,496 | 9,902 | |||||
| Non-current assets: | |||||||
| Property and equipment, net | 5 | 12 | |||||
| Right-of-use assets | 2,101 | 778 | |||||
| Total Assets | $ | 11,602 | $ | 10,692 | |||
| Commitments and contingencies (Note 8) | |||||||
| Liabilities and Stockholders’ Deficit | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,797 | $ | 2,683 | |||
| Accrued expenses | 3,253 | 4,300 | |||||
| Deferred revenue | 731 | 2,311 | |||||
| Lease liabilities, short-term | 212 | 853 | |||||
| Notes payable | 597 | 436 | |||||
| Notes payable - at fair value | 4,377 | - | |||||
| Warrant liabilities | 1,101 | 1,818 | |||||
| Total current liabilities | 13,068 | 12,401 | |||||
| Notes payable - related party | 1,000 | - | |||||
| Lease liabilities, long-term | 1,870 | - | |||||
| Total Liabilities | 15,938 | 12,401 | |||||
| Stockholders’ Deficit | |||||||
| Preferred stock ( | - | - | |||||
| Common stock ( | 2 | 2 | |||||
| Additional paid-in capital | 35,998 | 31,065 | |||||
| Accumulated other comprehensive income | 25 | 12 | |||||
| Accumulated deficit | (40,361 | ) | (32,788 | ) | |||
| Total Stockholders’ Deficit | (4,336 | ) | (1,709 | ) | |||
| Total Liabilities and Stockholders’ Deficit | $ | 11,602 | $ | 10,692 | |||
The accompanying notes are an integral part of these condensed consolidated financial statements
| Spectral AI, Inc. Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Research and development revenue | $ | 8,173 | $ | 3,440 | $ | 21,977 | $ | 12,769 | |||||||
| Cost of revenue | (4,506 | ) | (1,968 | ) | (12,051 | ) | (7,325 | ) | |||||||
| Gross profit | 3,667 | 1,472 | 9,926 | 5,444 | |||||||||||
| Operating costs and expenses: | |||||||||||||||
| General and administrative | 4,553 | 5,638 | 15,397 | 15,499 | |||||||||||
| Total operating costs and expenses | 4,553 | 5,638 | 15,397 | 15,499 | |||||||||||
| Operating loss | (886 | ) | (4,166 | ) | (5,471 | ) | (10,055 | ) | |||||||
| Other income (expense): | |||||||||||||||
| Net interest (expense) income | (8 | ) | 42 | - | 128 | ||||||||||
| Borrowing related costs | (1,059 | ) | - | (2,034 | ) | - | |||||||||
| Change in fair value of warrant liability | 350 | 1,069 | 718 | 1,004 | |||||||||||
| Change in fair value of notes payable | 94 | - | (7 | ) | -- | ||||||||||
| Foreign exchange transaction loss, net | (9 | ) | (24 | ) | (34 | ) | (11 | ) | |||||||
| Other income (expenses), including transactions costs | 51 | (7,604 | ) | (617 | ) | (8,342 | ) | ||||||||
| Total other expense, net | (581 | ) | (6,517 | ) | (1,974 | ) | (7,221 | ) | |||||||
| Loss before income taxes | (1,467 | ) | (10,683 | ) | (7,445 | ) | (17,276 | ) | |||||||
| Income tax benefit (provision) | (37 | ) | 54 | (128 | ) | (32 | ) | ||||||||
| Net loss | $ | (1,504 | ) | $ | (10,629 | ) | $ | (7,573 | ) | $ | (17,308 | ) | |||
| Net loss per share of common stock | |||||||||||||||
| Basic and Diluted | $ | (0.08 | ) | $ | (0.77 | ) | $ | (0.44 | ) | $ | (1.29 | ) | |||
| Weighted average common shares outstanding | |||||||||||||||
| Basic and Diluted | 17,862,240 | 13,822,990 | 17,342,203 | 13,410,287 | |||||||||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency translation adjustments | $ | 15 | $ | (3 | ) | $ | 13 | $ | - | ||||||
| Total comprehensive loss | $ | (1,489 | ) | $ | (10,632 | ) | $ | (7,560 | ) | $ | (17,308 | ) | |||
The accompanying notes are an integral part of these condensed consolidated financial statements
| Spectral AI, Inc. Unaudited Condensed Consolidated Statements of Cash Flows (in thousands, except share and per share data) | |||||||
| Nine months ended September 30, | |||||||
| 2024 | 2023 | ||||||
| Cash flows from operating activities: | |||||||
| Net loss | $ | (7,573 | ) | $ | (17,308 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation expense | 7 | 7 | |||||
| Stock-based compensation | 858 | 975 | |||||
| Amortization of right-of-use assets | 448 | 530 | |||||
| Issuance of shares for transaction costs | - | 1,800 | |||||
| Commitment to issue shares for transaction costs | - | 2,550 | |||||
| Change in fair value of warrant liabilities | (718 | ) | (1,004 | ) | |||
| Change in fair value of notes payable | 7 | - | |||||
| Costs from issuance of common stock | 372 | - | |||||
| Issuance of shares for borrowing related costs | 280 | - | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (488 | ) | 982 | ||||
| Inventory | (213 | ) | (220 | ) | |||
| Unbilled revenue | - | 491 | |||||
| Prepaid expenses | 542 | (469 | ) | ||||
| Other assets | (208 | ) | (197 | ) | |||
| Accounts payable | 188 | (554 | ) | ||||
| Accrued expenses | (1,047 | ) | 1,225 | ||||
| Deferred revenue | (1,580 | ) | 795 | ||||
| Lease liabilities | (542 | ) | (468 | ) | |||
| Net cash used in operating activities | (9,668 | ) | (10,865 | ) | |||
| Cash flows from financing activities: | |||||||
| Proceeds from issuance of common stock | 2,667 | 3,351 | |||||
| Cash received in Business Combination | - | 660 | |||||
| Proceeds from notes payable | 11,500 | - | |||||
| Proceeds from notes payable - related party | 1,000 | - | |||||
| Payments for notes payable | (6,600 | ) | (288 | ) | |||
| Stock option exercises | - | 316 | |||||
| Net cash provided by financing activities | 8,567 | 4,039 | |||||
| Effect of exchange rate changes on cash | 13 | - | |||||
| Net decrease in cash | (1,088 | ) | (6,826 | ) | |||
| Cash, beginning of period | 4,790 | 14,174 | |||||
| Cash, end of period | $ | 3,702 | $ | 7,348 | |||
| Supplemental cash flow information: | |||||||
| Cash paid for interest | $ | - | $ | 6 | |||
| Cash paid for taxes | $ | 20 | $ | 114 | |||
| Noncash operating and financing activities disclosure: | |||||||
| Recognition of Right-of-use assets and related lease liabilities upon lease amendment | $ | 1,771 | $ | 483 | |||
| Issuance of common stock for net liabilities upon Business Combination | $ | - | $ | 3,034 | |||
| Prepaid asset acquired, net of cancellation, for debt and accounts payable | $ | 596 | $ | 955 | |||
| Issuance of common stock to settle accounts and notes payable | $ | 1,245 | $ | 150 | |||
The accompanying notes are an integral part of these condensed consolidated financial statements
Spectral AI, Inc.
Reconciliation of GAAP Net Loss to EBITDA and ADJUSTED EBITDA
Adjusted EBITDA
We define Adjusted EBITDA as net loss excluding income taxes, depreciation of property and equipment, net interest income, stock compensation, transaction costs and any non-operating financial income and expense.
The following table presents our Adjusted EBITDA for the three and nine months ended September 30, 2024 and 2023 (in thousands):
| Three Months Ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (In thousands) | |||||||||||||||
| Net loss | $ | (1,504 | ) | $ | (10,629 | ) | $ | (7,573 | ) | $ | (17,308 | ) | |||
| Adjust: | |||||||||||||||
| Depreciation expense | 2 | 2 | 7 | 7 | |||||||||||
| Provision for income taxes | 37 | (54 | ) | 128 | 32 | ||||||||||
| Net interest (income) expense | 8 | (42 | ) | - | (128 | ) | |||||||||
| EBITDA | (1,457 | ) | (10,723 | ) | (7,438 | ) | (17,397 | ) | |||||||
| Additional adjustments: | |||||||||||||||
| Stock-based compensation | 173 | 279 | 858 | 975 | |||||||||||
| Borrowing related costs | 1,059 | - | 2,034 | - | |||||||||||
| Change in fair value of warrant liability | (350 | ) | (1,069 | ) | (718 | ) | (1,004 | ) | |||||||
| Change in fair value of notes payable | (94 | ) | - | 7 | - | ||||||||||
| Foreign exchange transaction (gain) loss | 9 | 24 | 34 | 11 | |||||||||||
| Other (income) expenses, including transaction costs | (51 | ) | 7,604 | 617 | 8,342 | ||||||||||
| Adjusted EBITDA | $ | (711 | ) | $ | (3,885 | ) | $ | (4,606 | ) | $ | (9,073 | ) | |||
We use Adjusted EBITDA as a non-GAAP metric when measuring performance, including when measuring current period results against prior periods’ Adjusted EBITDA. This non-GAAP financial measure should be considered in addition to results prepared in accordance with GAAP and should not be considered as a substitute for, or superior to, GAAP results. In addition, Adjusted EBITDA should not be construed as an indicator of our operating performance, liquidity or cash flows generated by operating, investing and financing activities, as there may be significant factors or trends that it fails to address.
Because of their non-standardized definitions, non-GAAP measures (unlike GAAP measures) may not be comparable to the calculation of similar measures of other companies. We caution investors that non-GAAP financial information, by its nature, departs from traditional accounting conventions. Supplemental non-GAAP measures are presented solely to permit investors to more fully understand how Spectral AI’s management assesses underlying performance.
_____________________
1Research and Development Revenue consisted primarily of funding from the Biomedical Advanced Research and Development Authority (BARDA), part of the Administration for Strategic Preparedness and Response (ASPR) within the U.S. Department of Health and Human Services.
FAQ
What were Spectral AI's Q3 2024 financial results?
What is the timeline for Spectral AI's FDA submission for DeepView AI®-Burn?
What milestone did Spectral AI achieve in its U.S. Burn Pivotal Study?
What are Spectral AI's financial projections for FY 2024?
What are the details of Spectral AI's planned spin-off?
