Spectral AI Inc (NASDAQ:MDAI) has announced that its full-year 2023 revenue is expected to be approximately $17.4 million, while its revenue in 2024 is estimated to come in around $28.0 million.
The predictive AI company said it recently revealed the largest contract in its history, an award from the US Government valued at over $149.0 million, which brings its total US Government awards since 2019 to over $246.0 million.
"We are on the cusp of delivering a distinct, cutting-edge AI-driven wound healing assessment platform with the potential to significantly improve the current standard of care across multiple indications," Spectral AI CEO Wensheng Fan said in a statement.
"As we continue to advance our burn indication, we are as excited about the prospects for the use of DeepView for DFU (diabetic foot ulcers), an estimated $11.0 billion market that we believe is in dire need of a solution that provides clinicians with an immediate healing assessment for more accurate and timely diagnosis and therapeutic intervention," he added.
Fan also noted that Spectral AI intends to submit applications for FDA, UKCA, and CE mark approval for the DeepView DFU indication, as well as for 3D wound measurement capabilities, in 2024 subject to the completion of ongoing studies.
The company added that its 2024 financial guidance does not reflect the material financial contributions it expects would result from the commercialization of DeepView for DFU and 3D wound measurement following the receipt of necessary regulatory clearances.
Spectral AI previously disclosed that it has received regulatory approval for the DeepView SnapShot device and the company will now seek the approval of its integrated AI application to obtain both UKCA and FDA approval for the commercialization of the complete DeepView SnapShot System in the US and across the globe.
Spectral AI is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers.
Contact Sean at sean@proactiveinvestors.com