Spectral AI Inc (NASDAQ:MDAI) has reiterated its 2024 research and development (R&D) revenue guidance of $28 million which notably does not include expected contributions from the commercialization of its DeepView burn wound care system in the United Kingdom.
The predictive AI company focused on medical diagnostics for improved wound care achieved revenue of $18.1 million for 2023, it reported after Wednesday’s closing bell.
It said fourth quarter R&D revenue was $5.3 million.
Looking ahead to 2024, Spectral AI expects to realize its first commercial product revenue in the second half of this year for the DeepView system, having deployed its first burn device in March.
“Given the pace of our product development and clinical activities in the US and internationally, we believe that we are on the proper path to generate commercial revenue across four separate DeepView System platforms covering burn and diabetic foot ulcer within the next three years,” CEO Peter Carlson said.
The company is pursuing the commercialization of our DeepView System for the assessment of diabetic foot ulcers in the US and the UK and expects to submit regulatory filings for the approval of this indication in the US and UK in 2024.
It also plans on submitting regulatory filings for the DeepView System burn indication in the US in the first half of 2025.
“Our recent financing agreements in combination with the multi-year, non-dilutive funding provided by our US Government contracts provide us with a sound financial foundation to pursue these objectives,” Carlson said.
The company exited 2023 with $4.8 million in cash and no long-term debt.
For the fourth quarter, the company’s net loss was $3.5 million, compared to a net loss of $1.7 million for the year-ago quarter.