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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