Spectral MD Holdings Ltd (AIM:SMD), a predictive analytics company with proprietary AI algorithms and optical technology for faster and more accurate treatment decisions in wound care, has said it expects to exceed year-end expectations across revenues, gross margins, and EBITDA performance.
The AIM-quoted company expects its 2022 grant revenue to be materially ahead of market expectations and nearly 60% ahead of grant revenues received in 2021.
This translates to a significantly better gross margin than expected and a considerably reduced EBITDA loss, with both expected to be ahead of market expectations, it added.
Grant revenue from the Biomedical Advanced Research and Development Authority (BARDA) has been driven higher by the strong execution of Burn clinical studies and related developments of the contract in the second half of 2022.
In a statement, Spectral MD chief executive officer Wensheng Fan said: "I am delighted to report that we continue to make good progress on our clinical and regulatory pathway and that the financial performance of the business is exceeding market expectations on all levels.
“2022 is proving to be another exciting year for Spectral MD and we remain focused on completing enrollment in both Burn and DFU clinical studies and continuing to support an accelerated pathway to commercial readiness."