Spectral AI Inc (NASDAQ:MDAI) announced that its predictive software DeepView AI-Burn has received the final stage of the UK Conformity Assessed (UKCA) authorization for aiding in burn wound diagnosis in the United Kingdom.
The medical devices firm said it expects to soon deploy six of its DeepView devices in the UK for customer evaluation which is expected to generate revenue starting in the second half of 2024.
Revenue from commercialization of the DeepView System in the UK is expected to contribute an additional $28 million on top of the company’s previous revenue guidance.
“In addition, this regulatory authorization opens up the ability to expand partnerships with regions such as the Middle East that recognize the UKCA authorization,” highlighted Spectral AI CEO Wensheng Fan in a statement.
The DeepView System wound imaging device uses AI-enabled algorithms trained on real-life patients' wounds to immediately distinguish between healthy and damaged tissue, including whether the tissue will heal naturally or requires surgery, within seconds.
It has a high level of accuracy of 92% compared to an accuracy of only 50% to 75% for clinicians relying on visual observation.
Shares of Spectral AI traded higher on the news, up 5.4% at $1.95.
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.