Spectral AI (NasdaqCM:MDAI) Q4 2025 Earnings call March 24, 2026 05:00 PM ET Company ParticipantsDevin Sullivan - Managing DirectorThomas Spieth - Corporate ControllerVincent Capone - CEOConference Call ParticipantsCarl Byrnes - Managing Director and Senior Research AnalystJohn Vandermosten - Senior AnalystRaghuram Selvaraju - Managing Director and Senior Healthcare AnalystRyan Zimmerman - Managing Director and Medical Technology AnalystOperatorI would now like to turn the conference over to Devin Sullivan, ...

Spectral AI (NasdaqCM:MDAI) Q4 2025 Earnings call March 24, 2026 05:00 PM ET Company ParticipantsDevin Sullivan - Managing DirectorThomas Spieth - Corporate ControllerVincent Capone - CEOConference Call ParticipantsCarl Byrnes - Managing Director and Senior Research AnalystJohn Vandermosten - Senior AnalystRaghuram Selvaraju - Managing Director and Senior Healthcare AnalystRyan Zimmerman - Managing Director and Medical Technology AnalystOperatorI would now like to turn the conference over to Devin Sullivan, ...

Spectral AI (NasdaqCM:MDAI) Q4 2025 Earnings call March 24, 2026 05:00 PM ET Speaker3I would now like to turn the conference over to Devin Sullivan, Managing Director of The Equity Group. Please go ahead.Speaker1Thank you, Gary. Good afternoon, everyone, and thank you for joining us today for Spectral AI's 2025 fourth quarter and full year financial results conference call. Our speakers for today will be Vincent Capone, the company's Chief Executive Officer, and Thomas Spieth, our Corporate Controller. Befo ...

Financial Data and Key Metrics Changes - Research and development revenue for Q1 2025 rose 6% to $6,700,000 from $6,300,000 in Q1 2024, reflecting increased activity under the BARDA Project BioShield contract [12] - Gross margin increased to 47.2% from 46.6% in the same period last year due to a higher concentration of direct labor [12] - General and administrative expenses decreased significantly from $5,100,000 in Q1 2024 to $4,100,000 in Q1 2025, primarily due to a focus on the BARDA contract and cost-cutting measures [12] - Operating loss for Q1 2025 was $896,000 compared to a net loss of $2,100,000 in Q1 2024 [13] - Net income for Q1 2025 was $2,900,000, a significant improvement from a net loss of $3,200,000 in the previous year [13] - Cash and cash equivalents totaled $14,100,000 as of March 31, 2025, up from $5,200,000 on December 31, 2024 [14] Business Line Data and Key Metrics Changes - The company is focused on advancing the DeepView system and preparing for FDA submission, which is expected by the end of Q2 2025 [5][8] - The burn validation study, one of the largest burn trials in the U.S., utilized over 340 billion clinically validated data points and demonstrated superior performance of the DeepView technology [6][7] Market Data and Key Metrics Changes - The company reiterated its revenue guidance for 2025 at approximately $21,500,000, which does not include contributions from sales of the DeepView system in the UK or Australia [14] Company Strategy and Development Direction - The company is transitioning from a research-focused organization to a commercial entity with a well-defined business focus for 2025 and beyond [4] - The company aims to leverage its relationship with BARDA and continue developing the DeepView system while also advancing the DeepView Snapshot M for military applications [9][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the revenue guidance and the progress made towards the FDA submission, highlighting a strong start to the year [18][19] - The company is actively working to de-risk the FDA submission process through extensive pre-submission meetings and collaboration with BARDA [22][23] Other Important Information - The company completed a debt financing agreement of up to $15,000,000, with an initial drawdown of $8,500,000, and raised approximately $2,700,000 in equity financing [8] - The healthcare intellectual property subsidiary, Spectral IP, is in the SEC registration process for its initial public offering [10] Q&A Session Summary Question: Guidance on revenue expectations - Management indicated that the revenue guidance of $21,500,000 seems reasonable, with potential for restating guidance if performance continues to exceed expectations [18][19] Question: Preparation for FDA submission - Management highlighted a strong relationship with BARDA and over 10 pre-submission meetings with the FDA, expressing confidence in the submission process [22][23] Question: General administrative expenses outlook - Management anticipates general and administrative expenses to remain consistent with Q1 results, focusing on operational efficiencies [32] Question: Development of Snapshot M and military applications - Management confirmed ongoing work on the Snapshot M device and emphasized the importance of the FDA submission for the DeepView system [38][41] Question: Future relationships with the Department of Defense - Management acknowledged the long-term nature of developing relationships with the DoD and expressed optimism about future contracts [50][51]