The following is a summary of the Spectral AI, Inc. (MDAI) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Spectral AI reported Q1 research and development revenue of $6.3 million, a 24.6% increase from the previous year, driven by increased activity under the BARDA Project BioShield contract.

• The gross margin improved to 46.6% from 42.9% in Q1 2023 due to a higher reimbursement rate under the BioShield contract.

• The company's net loss shrunk to $3.2 million or $0.19 per share from $3.6 million or $0.27 per share in the previous year.

• The company's 2024 revenue guidance is $28 million, up by 55% from $18.1 million in 2023.

Business Progress:

• Spectral AI has UKCA authorization to commence sales of DeepView AI-Burn in the U.K, with systems now operational in 3 U.K. hospitals.

• There are deployment plans for 6 more DeepView devices locations across the UK in the summer.

• The company is conducting clinical trials for burns and diabetic foot ulcers in the US and the UK.

• Spectral AI expects to begin a $95 million award contract for procurement and deployment of devices across US burn centers in H1 2026.

• Commercial transactions are estimated to commence in H2 this year.

• The company announced two new leadership appointments and established a new healthcare-focused subsidiary, Spectral IP.

• Spectral AI expects to add to its revenues from anticipated commercialization in the U.K. and the U.S.

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