Spectral MD Holdings Ltd (AIM:SMD). said it reached the milestones outlined for 2021 when the predictive-analytics company went public and ended the period with a higher-than-expected cash position.
The company, which develops AI algorithms and optical technology for treatment decisions in wound care, had US$16.1mln of cash as of 31 December 2021 after raising close to that amount last year in its initial public offering in June on AIM.
Key performance numbers from expanded proof of concept showed accuracies of 92% and 88% in the detection of thermal burn injury in adults and children respectively, it said. It was also awarded new contracts with the US Biomedical Advanced Research and Development Authority valued at US$40.5mln, it said.
The company posted a net loss of US$5.4mln from a profit of US$1.2mln a year earlier as “general and administrative expenses” rose to US$11.3mln from US$6.5mln a year earlier. Research and development income slipped to US$15.2mln from US$17.3mln.