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Spectral AI Provides 2023-2024 Annual Revenue Guidance
Highlights Path Forward and Opportunities Associated with AI-Driven DeepView® Wound Imaging Technology DALLAS, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Spectral AI,
About this update from Spectral Ai, Inc.
[{"type":"text","content":"Highlights Path Forward and Opportunities Associated with AI-Driven DeepView® Wound Imaging Technology\nDALLAS, Oct. 23, 2023 (GLOBE NEWSWIRE) -- Spectral AI, Inc. (Nasdaq: MDAI) (“Spectral AI” or the “Company”), an artificial intelligence (AI) company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, today provided annual revenue guidance for the fiscal years ending December 31, 2023 and 2024 and highlighted plans and opportunities associated with the ongoing development and commercialization of its AI-Driven DeepView® Wound Imaging Technology for diabetic foot ulcers (“DFU”), burn and other indications. The Company recently announced the largest contract in its history, an award from the U.S. Government valued at over $149.0 million, which brings the total U.S. Government awards to the Company since 2019 to over $246.0 million. With this contract in hand, the Company now has far greater visibility into its research and development revenues for 2023 and 2024 and is pleased to provide this information to the Company’s shareholders. Financial Guidance Research & Development Revenue (“Revenue”) for FY2023 is expected to approximate $17.4 millionRevenue for FY2024 is expected to approximate $28.0 million “We are on the cusp of delivering a distinct, cutting-edge AI-driven wound healing assessment platform with the potential to significantly improve the current standard of care across multiple indications,” said Wensheng Fan, CEO of Spectral AI. “As we continue to advance our burn indication, we are as excited about the prospects for the use of DeepView® for DFU, an estimated $11.0 billion market that we believe is in dire need of a solution that provides clinicians with an immediate healing assessment for more accurate and timely diagnosis and therapeutic intervention. We intend to submit applications for FDA, UKCA, and CE mark approval for the DeepView® DFU indication, as well as for 3D wound measurement capabilities, in FY2024 subject to the completion of ongoing studies.” The Company noted that the financial guidance for FY2024 does not reflect the material financial contributions it expects would result from the commercialization of DeepView® for DFU and 3D wound measurement following the receipt of necessary regulatory clearances. As previously disclosed, the Company has received re...