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Spectral AI Announces 2025 First Quarter Financial Results
Spectral AISpectral AI(US:MDAI) Globenewswire·2025-05-13 20:05

Core Insights - Spectral AI, Inc. reported financial results for Q1 2025, highlighting progress in its strategic plan and ongoing efforts towards FDA De Novo submission by mid-2025 [1][2] - The company completed a significant Burn Validation Study, demonstrating the effectiveness of its DeepView™ System in predicting burn wound healing potential [2][3] Financial Performance - Research & Development Revenue increased by 6.0% to $6.7 million in Q1 2025 from $6.3 million in Q1 2024, driven by heightened activity under the BARDA contract [5] - Gross margin improved to 47.2% in Q1 2025 from 46.6% in Q1 2024, attributed to a higher concentration of direct labor reimbursement under the BARDA contract [6] - General & Administrative expenses decreased to $4.1 million in Q1 2025 from $5.1 million in Q1 2024, reflecting a focused effort on the BARDA contract [10] - The company reported a net income of $2.9 million in Q1 2025, a significant turnaround from a net loss of $(3.2) million in Q1 2024, primarily due to changes in the fair value of warrant liabilities [12] Capital Structure and Financing - Cash reserves improved to $14.1 million as of March 31, 2025, up from $5.2 million at the end of 2024 [13] - The company secured a debt financing agreement of up to $15.0 million, with an initial drawdown of $8.5 million in March 2025, alongside raising $2.7 million in equity financing [9][13] - The company satisfied all obligations related to its SEPA in February 2025 [14] Business Highlights - The Burn Validation Study, one of the largest burn trials in the U.S., involved 164 patients, including 115 adults and 49 pediatric patients [3] - The DeepView™ System aims to revolutionize wound care management by providing objective assessments of burn wounds, potentially improving patient outcomes and reducing healthcare costs [17] Guidance - The company reiterated its revenue guidance of approximately $21.5 million for FY 2025, excluding contributions from the DeepView™ System sales [15]