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Spectral AI, Inc., an artificial intelligence (AI) company, focuses on predictive medical diagnostics in the United States. The company offers DeepView System, which uses proprietary AI algorithms to distinguish between fully damaged, partially damaged, and healthy human tissue characteristics invisible to the naked eye at the initial time point of wound presentation and delivers a binary prediction on the wounds capacity to heal by a specified time point in the future to assist the physician in making a more accurate, timely, and informed decision regarding the treatment of the patient's wounds. Its system also develops AI-Burn software and MSI imaging technology, which consists of proprietary multi-spectral optics and sensors that capture injured tissue images. Spectral AI, Inc. is headquartered in Dallas, Texas.
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Public disclosures for Spectral AI Inc. (NASDAQ: MDAI) are limited; the company describes activities in artificial intelligence and spectral data analytics but provides few operational details. The firm's long-term growth drivers could include broader adoption of AI-based analytics, expanding use cases for spectral and sensor data across industries, and scalable software deployment models. These characteristics may make the company attractive to investors seeking exposure to AI-enabled data analytics in emerging application areas, provided execution and financial fundamentals improve.
Key investment risks include limited public information and transparency, early-stage or unproven commercial traction, thin trading liquidity, and execution and financing risk that could materially affect outlook.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | -7.56M | -15.04M | -20.84M | -2.81M | -4.09M |
| Net income | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Selling general administrative | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| Gross profit | 8.93M | 13.27M | 7.88M | 10.84M | 7.05M |
| Reconciled depreciation | 0.64M | 0.59M | 0.72M | 0.57M | 0.00M |
| Ebit | -6.05M | -12.08M | -20.84M | -2.45M | -4.29M |
| Ebitda | -5.42M | -11.49M | -20.12M | -1.88M | -4.29M |
| Depreciation and amortization | 0.64M | 0.59M | 0.72M | 0.57M | 0.00M |
| Operating income | -8.60M | -6.58M | -12.98M | -2.65M | -4.18M |
| Other operating expenses | 28.25M | 36.16M | 31.04M | 28.02M | 19.42M |
| Interest expense | 1.51M | 2.96M | 0.00M | - | - |
| Tax provision | 0.01M | 0.27M | 0.01M | 0.11M | -0.10M |
| Interest income | - | 0.01M | 0.17M | - | - |
| Net interest income | -2.39M | -2.95M | 0.17M | -0.01M | -0.02M |
| Income tax expense | 0.01M | 0.27M | 0.01M | 0.11M | -0.10M |
| Total revenue | 19.65M | 29.58M | 18.06M | 25.37M | 15.24M |
| Total operating expenses | 17.53M | 19.86M | 20.86M | 13.48M | 11.23M |
| Cost of revenue | 10.72M | 16.31M | 10.18M | 14.53M | 8.19M |
| Total other income expense net | 1.04M | -8.46M | -7.86M | -0.15M | 0.11M |
| Net income from continuing ops | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Net income applicable to common shares | - | - | - | -2.91M | -5.25M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 21.41M | 12.10M | 10.69M | 18.72M | 18.54M |
| Other current assets | 1.95M | 2.04M | 0.80M | 0.60M | 0.84M |
| Total liab | 27.13M | 19.35M | 12.40M | 6.72M | 4.79M |
| Total stockholder equity | -5.73M | -7.25M | -1.71M | 12.00M | 13.75M |
| Other current liab | 13.87M | 9.47M | 6.12M | 2.76M | 2.77M |
| Common stock | 0.00M | 0.00M | 0.00M | 0.14M | 0.14M |
| Capital stock | 0.00M | 0.00M | 0.00M | 0.14M | 0.14M |
| Retained earnings | -55.80M | -48.10M | -32.79M | -11.93M | -9.02M |
| Other assets | - | - | - | - | 0.04M |
| Cash | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Total current liabilities | 20.63M | 17.64M | 12.40M | 6.37M | 4.79M |
| Current deferred revenue | 0.15M | 0.96M | 2.31M | 2.63M | 0.02M |
| Net debt | -5.30M | -0.47M | -3.50M | -12.97M | -15.54M |
| Short term debt | 3.59M | 2.99M | 1.29M | 0.85M | 0.58M |
| Short long term debt | 2.85M | 2.79M | 0.44M | 0.17M | 0.58M |
| Short long term debt total | 10.09M | 4.69M | 1.29M | 1.20M | 0.58M |
| Other stockholder equity | 50.03M | 40.85M | 31.07M | 23.80M | 22.64M |
| Property plant equipment | - | - | - | 1.03M | 0.03M |
| Total current assets | 19.45M | 10.12M | 9.90M | 17.69M | 18.47M |
| Net tangible assets | - | - | - | 12.00M | 13.75M |
| Net receivables | 1.27M | 2.50M | 2.35M | 2.91M | 1.51M |
| Long term debt | 5.54M | - | - | - | - |
| Inventory | 0.84M | 0.42M | 0.23M | - | - |
| Accounts payable | 3.01M | 4.04M | 2.68M | 2.76M | 1.41M |
| Accumulated other comprehensive income | 0.04M | 0.00M | 0.01M | - | - |
| Non currrent assets other | 0.29M | - | - | - | 0.04M |
| Non current assets total | 1.95M | 1.97M | 0.79M | 1.03M | 0.07M |
| Capital lease obligations | 1.70M | 1.90M | 0.85M | 1.03M | 0.00M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | - | - | - | 0.00M | -0.01M |
| Change to liabilities | - | - | - | 0.80M | -2.47M |
| Total cashflows from investing activities | - | - | - | - | -0.01M |
| Net borrowings | 6.76M | 5.34M | -0.48M | -0.79M | -0.70M |
| Total cash from financing activities | 20.12M | 9.57M | 3.84M | -0.79M | 13.92M |
| Change to operating activities | - | - | - | 0.14M | 1.22M |
| Net income | -7.57M | -15.31M | -20.85M | -2.91M | -3.99M |
| Change in cash | 10.24M | 0.37M | -9.38M | -1.95M | 11.00M |
| Begin period cash flow | 5.16M | 4.79M | 14.17M | 16.12M | 5.12M |
| End period cash flow | 15.39M | 5.16M | 4.79M | 14.17M | 16.12M |
| Total cash from operating activities | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
| Issuance of capital stock | 10.64M | 4.06M | 3.35M | 0.00M | 14.62M |
| Depreciation | 0.64M | 0.59M | 0.72M | 0.57M | 0.00M |
| Change to inventory | -0.41M | -0.20M | -0.23M | - | - |
| Change to account receivables | 1.24M | -0.16M | 0.57M | -0.86M | 1.26M |
| Other cashflows from financing activities | - | 0.18M | 0.98M | - | 0.00M |
| Change to netincome | - | - | - | 1.10M | 1.07M |
| Capital expenditures | 0.00M | 0.00M | 0.00M | 0.00M | 0.01M |
| Change in working capital | -2.03M | -1.87M | 1.63M | 0.08M | 0.00M |
| Stock based compensation | 1.11M | 1.03M | 1.24M | 1.16M | 1.36M |
| Other non cash items | -2.07M | 6.37M | 4.01M | -0.06M | -0.30M |
| Free cash flow | -9.92M | -9.20M | -13.24M | -1.16M | -2.92M |
Sector: Healthcare Industry: Medical Devices
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| MDAI Spectral AI Inc. |
0.10 7.25% |
1.48 | - | 52.36 | 3.32 | 26.08 | 3.51 | -3.41 |
| ABT Abbott Laboratories |
-2.71 2.39% |
110.89 | 25.97 | 17.24 | 3.57 | 3.20 | 3.81 | 16.75 |
| MDT Medtronic PLC |
-2.29 2.18% |
102.55 | 26.60 | 15.87 | 3.35 | 2.08 | 3.90 | 14.12 |
| SYK Stryker Corporation |
-9.53 2.84% |
325.55 | 29.23 | 16.86 | 4.18 | 4.51 | 4.63 | 17.16 |
| SEMHF Siemens Healthineers AG |
-2.15 4.12% |
49.85 | 39.57 | 21.32 | 3.01 | 3.29 | 2.95 | 16.92 |
Spectral AI, Inc., an artificial intelligence (AI) company, focuses on predictive medical diagnostics in the United States. The company offers DeepView System, which uses proprietary AI algorithms to distinguish between fully damaged, partially damaged, and healthy human tissue characteristics invisible to the naked eye at the initial time point of wound presentation and delivers a binary prediction on the wounds capacity to heal by a specified time point in the future to assist the physician in making a more accurate, timely, and informed decision regarding the treatment of the patient's wounds. Its system also develops AI-Burn software and MSI imaging technology, which consists of proprietary multi-spectral optics and sensors that capture injured tissue images. Spectral AI, Inc. is headquartered in Dallas, Texas.
| Name | Title | Year Born |
|---|---|---|
| Dr. Jeffrey Thatcher Ph.D. | Chief Scientist | 1984 |
| Dr. Jeffrey E. Carter F.A.C.S., M.D. | Chief Medical Consultant | NA |
| Mr. Wensheng Fan | Co-Founder, Chief Innovation Strategist & Senior Advisor to the CEO | 1970 |
| Mr. Vincent Stanley Capone | CFO, General Counsel & Corporate Secretary | 1967 |
| Ms. Christine Marks | Vice President of Marketing & Commercialization | NA |
| Mr. Stan Micek | Interim Chief Operating Officer | NA |
| Prof. Paul Chadwick | Executive Vice President of UK & EMEA | NA |
| Mr. Jeremiah A. Sparks MBA | Chief Commercialization Officer | NA |
| Mr. David Bronson | Financial Controller | NA |
| Dr. John Michael DiMaio M.D. | Founder & Chairman | 1956 |
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