Spectral AI Unveils Advanced AI-Powered Burn Measurement Technology

Spectral AI unveils advanced burn measurement tech By Investing.com

DALLAS - Spectral AI, Inc. (NASDAQ:MDAI), a company specializing in artificial intelligence for medical diagnostics, has recently completed a proof-of-concept for a module within its DeepView® System, which aims to enhance the treatment decisions in burn care. The module is designed to accurately calculate the total body surface area (TBSA) affected by burns, which is critical for immediate and precise treatment. The current standard for wound size measurement often falls short in its ability to measure the three dimensions of a wound - distance, area, and volume. This can lead to inaccuracies in wound sizing and consequentially, suboptimal treatment decisions. Spectral AI's new technology, integrated into the DeepView AI®-Burn, addresses this issue by using image capture to provide sub-millimetric accuracy in assessing burn wounds without the need for external markers or manual placement of stickers. According to Peter M. Carlson, CEO of Spectral AI, the technology provides a more comprehensive representation of an acute burn injury than current methods. He believes the new technology will improve the standardization and uniformity of burn care and help reduce human error, offering crucial support to clinicians across various care settings. The DeepView® System is designed to differentiate between healing and non-healing tissue, providing a binary prediction of wound healing potential on the first day, which can inform clinical decision-making. Spectral AI aims to revolutionize wound care management by providing an objective assessment of a wound's healing potential before any treatment or medical intervention. The Dallas-based company is focused on predictive AI for faster and more accurate treatment decisions, with initial applications targeting patients with burns and diabetic foot ulcers. The DeepView® System is part of the company's effort to change the current standard of care in wound treatment by providing timely and accurate treatment insights. This announcement is based on a press release statement from Spectral AI, Inc. and reflects the company's commitment to advancing medical diagnostics through AI technology. As the technology progresses, it may potentially alter how clinicians approach burn wound treatment, aiming for improved patient outcomes and reduced healthcare costs. In other recent news, Spectral AI, Inc. has been making significant strides in its operations. The company has completed patient enrollment for its U.S. Burn Pivotal Study, which aims to validate the AI-driven algorithm of its DeepView® System for burn indication. Spectral AI plans to submit a De Novo request to the FDA in the second quarter of 2025 for classification of DeepView AI®-Burn as a Class II medical device. Additionally, Spectral AI has secured over $850,000 from the Medical Technology Enterprise Consortium for the development of its handheld predictive burn wound healing device, DeepView SnapShot M®. The company's R&D revenue has seen a significant increase, with projections for full-year 2024 R&D revenue to be approximately $28 million, marking a 55% year-over-year increase, according to an analysis by BTIG. Furthermore, Spectral AI's patent portfolio has grown by 30%, now totaling 26 patents, which are integral to the company's future commercialization initiatives. The company has also expanded its clinical trial sites for the 2024 Burn Pivotal Study, adding the University of California San Diego and the University of Utah to its network. In response to concerns over possible manipulative trading practices affecting its stock, Spectral AI, led by board member and largest shareholder, Erich Spangenberg, has urged Nasdaq and state securities regulators in Florida, Louisiana, and Texas to investigate. These are recent developments for Spectral AI. While Spectral AI's innovative DeepView® System shows promise in revolutionizing burn care management, investors should be aware of the company's current financial situation. According to InvestingPro data, Spectral AI has a market capitalization of $17.78 million, reflecting its small-cap status in the medical technology sector. The company's revenue for the last twelve months as of Q2 2023 stands at $22.53 million, with a modest revenue growth of 0.3% over the same period. However, it's worth noting that the quarterly revenue growth in Q2 2023 was significantly higher at 75.91%, which could indicate improving sales momentum for their AI-driven diagnostic tools. Despite these positive indicators, InvestingPro Tips highlight some challenges. The company is not currently profitable, with a negative P/E ratio of -1.36 for the last twelve months as of Q2 2023. This aligns with another InvestingPro Tip suggesting that analysts do not anticipate the company to be profitable this year. The stock's recent performance has been concerning, with InvestingPro data showing a 30.82% price decline over the past month and a 45.99% drop over the last three months. This downward trend is further emphasized by an InvestingPro Tip indicating that the stock has taken a significant hit over the last week. For investors interested in a deeper analysis, InvestingPro offers 8 additional tips for Spectral AI, providing a more comprehensive view of the company's financial health and market position.

Spectral AI Completes Proof of Concept for Wound Measurement Technology - Spectral AI (NASDAQ:MDAIW), Spectral AI (NASDAQ:MDAI)

DALLAS, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Spectral AI, Inc. 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 announced the completion of a proof-of-concept module of its wound measurement technology that calculates the total body surface area ("TBSA") of a burn. This technology, which is currently integrated into the Company's DeepView® System for burn indication ("DeepView AI®-Burn"), provides a fast, accurate, and standardized measurement that the Company believes is a significant improvement over current wound size measurement technology and can improve patient treatment decisions. Burn size estimation is a crucial component of acute burn management. The speed and accuracy of determining burn size at the earliest stages of care is critical in making treatment decisions. Current wound size measurement methods are limited in their ability to measure the three wound dimensions of distance, area and volume. This limitation can cause miscalculations in accurately sizing the wound and result in suboptimal treatment decisions. In contrast, Spectral AI's proprietary wound measurement technology utilizes the same image capture produced by DeepView AI®-Burn that provides an immediate, objective and binary assessment of a burn wound's healing trajectory to also deliver distance, area and volume measurements with sub-millimetric accuracy without reference to any attendant markers or manually placed stickers. In seconds, a burn size and depth calculation is generated to further aid clinicians in determining next step treatment decisions. "Our wound measurement technology delivers a more comprehensive representation of an acute burn injury than currently used methods, and provides a level of accuracy, uniformity, and standardization that we believe has been missing from burn care," said Peter M. Carlson, Chief Executive Officer. "We believe that this data can help reduce human error and provide invaluable clinician support regardless of the care setting. This technology strengthens our conviction that DeepView AI®-Burn has the potential to change the standard of care in burn wound treatment." Spectral AI's DeepView® System for burn indication is designed to distinguish between healing and non-healing tissue by providing an immediate and binary prediction of wound healing on Day One that can support clinical decision-making regarding next step treatment plans. About Spectral AI Spectral AI, Inc. is a Dallas-based predictive AI company focused on medical diagnostics for faster and more accurate treatment decisions in wound care, with initial applications involving patients with burns and diabetic foot ulcers. The Company is working to revolutionize the management of wound care by "Seeing the Unknown®" with its DeepView® System. The DeepView® System is a predictive device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention. With algorithm-driven results and a goal to change the current standard of care, the DeepView® System is expected to provide faster and more accurate treatment insight towards value care by improving patient outcomes and reducing healthcare costs. For more information about the DeepView® System, visit www.spectral-ai.com. Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995, including statements regarding the Company's strategy, plans, objectives, initiatives and financial outlook. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. As such, readers are cautioned not to place undue reliance on any forward-looking statements. Investors should carefully consider the foregoing factors and the other risks and uncertainties described in the "Risk Factors" sections of the Company's filings with the SEC, including the Registration Statement and the other documents filed by the Company. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Investors: The Equity Group Devin Sullivan Managing Director dsullivan@equityny.com Conor Rodriguez Analyst crodriguez@equityny.com Market News and Data brought to you by Benzinga APIs