Spectral AI, Inc.
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Range $4 – $4
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About the company
Spectral AI, Inc. , an artificial intelligence (AI) company, focuses on predictive medical diagnostics in the United States. The company offers DeepView System, which uses proprietary AI algorithms to distinguish between fully damaged, partially damaged, and healthy human tissue characteristics invisible to the naked eye at the initial time point of wound presentation; and delivers a binary prediction on the wounds capacity to heal or not heal by a specified time point in the future to assist the physician in making a more accurate, timely, and informed decision regarding the treatment of the patient’s wounds.
- CEO
- Vincent S. Capone
- IPO
- 2021
- Employees
- 65
- HQ
- Dallas, TX, US
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Similar companies
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- Market Cap
- $49.96M
- P/E
- -4.50
- PEG
- 0.07
- P/S
- 3.30
- P/B
- -4.18
- EV/EBITDA
- -6.17
- Div Yield
- 0.00%
- Gross Margin
- 41.51%
- Op Margin
- -79.95%
- Net Margin
- -69.27%
- ROE
- 120.69%
- ROIC
- -288.36%
Latest fiscal year · YoY change
- Revenue
- $19.65M-33.6%
- Gross Profit
- $8.93M-32.8%
- Op Income
- $-8,603,000
- Net Income
- $-7,571,000+50.6%
- EPS
- $-0.29+65.9%
- OCF Growth
- -7.8%
- FCF Growth
- -7.8%
- 52W High
- $2.97
- 52W Low
- $1.18
- 50D MA
- $1.70
- 200D MA
- $1.71
- Beta
- 1.18
- RSI (14)
- 43
- Avg Volume
- 465.01K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
Spectral AI used FDA de novo clearance to shift from development toward commercialization, reiterated 2026 revenue guidance of about $18.5 million, and highlighted initial burn-market rollout plans backed by BARDA funding.· August 11, 2026
- FDA de novo clearance for the DeepView burn system was the main milestone, and management framed it as the start of a commercial-stage transition.
- The company reiterated 2026 revenue guidance of approximately $18.5 million, with no significant contribution expected yet from DeepView system sales.
- Near-term commercialization is focused on up to 30 U.S. placements under the BARDA CLIN II / Project BioShield program, with recurring software and services revenue expected after placement.
- Management said cash was $14 million at June 30, 2026, with access to more than $60 million of additional non-dilutive BARDA funding and no principal payments due until March 2027.
- International expansion remains in process, with expanded UKCA clearance expected in Q4 2026 and initial sales/placements targeted in the U.K., Australia, or GCC countries.
Q2 2026 revenue was $3.5 million, down from $5.1 million in Q2 2025. Gross margin was 31.6% versus 45.2% a year ago, and for the first six months gross margin was 41.8% versus 46.4%. R&D expense was $1.7 million, sales and marketing was $700,000, and general and administrative was $3.1 million. Net loss was $4.2 million, or $0.13 per share, versus a net loss of $8.0 million, or $0.31 per share, in Q2 2025. Management reiterated full-year 2026 revenue guidance of approximately $18.5 million, including the effect of new BARDA funding from March, and said that guidance excludes any significant DeepView system sales.
Vincent Capone said the FDA de novo clearance validates the science and marks a shift from a development company to a commercial organization. He emphasized a disciplined rollout focused on burn centers first, then broader expansion across the U.S. and select international markets, while also building out additional indications and a platform technology strategy. His tone was optimistic and energized, but he repeatedly tied that optimism to execution on procurement, commercialization infrastructure, and clinical relationships.
David McGuire described Q2 as transitional, with revenue down because BARDA work moved into a cost-sharing phase and the company was between major study phases. He said the lower gross margin of 31.6% reflected that cost share, while the commercial model should eventually support better margins because it combines device placement with recurring software and service revenue on minimum three-year terms. He noted cash of $14 million at June 30, 2026, total debt of $14.9 million, the $6.5 million second tranche draw on the Avenue Capital facility, no principal payments until March 2027, and continued access to BARDA funding and the Yorkville equity facility if needed.
Analysts focused on the commercial ramp: how many salespeople Spectral needs, what the rollout timeline looks like, and what barriers could slow deployment. Management said the current sales force is two people, plus at least two more budgeted hires, and said some sites will move quickly because of existing KOL relationships while others will take longer due to procurement, cybersecurity, and AI committee reviews. Questions also covered the handheld prototype and international expansion; management said the MTEC prototype work is complete, further government funding is possible but uncertain, and the first international installs are expected to be in the U.K. and Australia, with other geographies possible later.
The key positive is that Spectral AI now has FDA de novo clearance, which management says creates a credible path to commercialization for a differentiated burn assessment product. The company also has BARDA support for the first 30 U.S. placements, more than $60 million of potential non-dilutive funding, and management believes the pricing study supports margins above the development-stage model once sales begin.
The near-term business still depends on a rollout that management admits will face procurement, cybersecurity, and AI review hurdles, especially at sites without strong existing relationships. Revenue and gross margin were both down year over year in Q2 because the company is still in transition, and management explicitly said the 2026 revenue guide does not include meaningful DeepView sales yet.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 71.5%
- Shares Outstanding
- 31.82M
- Float Shares
- 22.74M
of shares held by institutions
27 13F filers
Buy/sell ratio 0.00. Sells can include pre-scheduled 10b5-1 plan sales, not just discretionary selling.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Vanguard Group Inc | 842.05K | ▲ 228.78K |
Held by 22 ETFs
Biggest fund positions in MDAI by dollar value.
Recent insider transactions
Who's buying, who's selling, and how much.
| Date | Insider | Type | Shares |
|---|---|---|---|
| Aug 13, 26 | DiMaio John Michael | other | 35,000 |
| Jun 29, 26 | DiMaio John Michael | other | 15,000 |
| Jun 25, 26 | DiMaio John Michael | other | 14,700 |
| Jun 24, 26 | DiMaio John Michael | other | 14,300 |
| May 29, 26 | DiMaio John Michael | other | 15,000 |
| May 28, 26 | DiMaio John Michael | other | 2,500 |
| May 26, 26 | DiMaio John Michael | other | 32,233 |
| Apr 24, 26 | Sadagopan Deepak | other | 25,000 |
| May 18, 26 | Cotton Richard John | other | 8,818 |
| May 15, 26 | Cotton Richard John | other | 5,882 |
A “Sell” may be a pre-scheduled 10b5-1 plan sale rather than a discretionary decision — read insider selling with that in mind.
Our MDAI coverage
Recent articles, reports, and earnings notes.
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Generate MDAI report →Spectral AI, Inc. (MDAI) Q2 2026 Earnings Call Transcript
seekingalpha.com · Aug 11
Spectral AI Q2 Earnings Call Highlights
marketbeat.com · Aug 11
Spectral AI Announces 2026 Second Quarter Financial Results
globenewswire.com · Aug 11
Spectral AI Schedules 2026 Second Quarter Financial Results and Conference Call
globenewswire.com · Jul 29
Spectral AI Names Darcy Bajko Chief Commercial Officer to Lead Global Sales Launch of FDA-Cleared DeepView® System for Burn Indication
globenewswire.com · Jul 8
DeepView® System Highlighted at the 2026 British Burn Association Annual Conference
globenewswire.com · Jun 25
Spectral AI Joins the American Board of Wound Management Foundation in Celebrating Wound Healing Awareness Month
globenewswire.com · Jun 12
Spectral AI to Participate in 2026 British Burn Association Annual Conference
globenewswire.com · Jun 11
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.