Spectral AI, Inc. (MDAI) 10-Year Financial Performance & Capital Metrics

MDAI • • Industrial / General

HealthcareMedical DevicesDiagnostic & Imaging EquipmentPoint-of-Care Diagnostics

AboutSpectral AI, Inc. operates as an artificial intelligence (AI) company. The company focuses on medical diagnostics for faster and accurate treatment decisions in wound care with applications involving patients with burns and diabetic foot ulcers. Its products include DeepView, a predictive diagnostic device that offers clinicians an objective and immediate assessment of a wound's healing potential prior to treatment or other medical intervention. The company is based in Dallas, Texas.Show more

Revenue $30M +63.8%
EBITDA -$6M +51.1%
Net Income -$15M +26.6%
EPS (Diluted) -0.85 +42.6%
Gross Margin 44.87% +2.8%
EBITDA Margin -20.26% +70.2%
Operating Margin -22.25% +69.1%
Net Margin -51.77% +55.2%
ROE -
ROIC -
Debt/Equity -
Interest Coverage -2.22

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Efficient asset utilization: 2.4x turnover

✗Weaknesses

✗Negative free cash flow
✗Shares diluted 27.3% in last year
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-

5Y-

3Y24.74%

TTM-15.02%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-47.18%

EPS CAGR

10Y-

5Y-

3Y-

TTM-13.12%

ROCE

10Y Avg-98.3%

5Y Avg-98.3%

3Y Avg-132.25%

Latest-

Peer Comparison

Point-of-Care Diagnostics

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	Debt/Equity
PAVMPAVmed Inc.	8.06M	8.75	17.64	22.15%	-217914.55%	-245.07%
SMLRSemler Scientific, Inc.	310.75M	20.33	3.96	-17.44%	130.8%	10.51%	0.00
BJDXBluejay Diagnostics, Inc.	1.18M	0.65	-0.02			-185.51%	0.04
HSCSHeartSciences Inc.	10.17M	3.20	-0.34	-76.61%	-1042.38%	-216.05%	14.55
LUCDLucid Diagnostics Inc.	163.87M	1.25	-1.19	79%	-8.6%	-404.1%	3.94
BMRABiomerica, Inc.	8.09M	2.68	-1.24	-1.92%	-90.29%	-90.76%	0.11
MDAISpectral AI, Inc.	49.41M	1.61	-1.89	63.83%	-70.64%
CODXCo-Diagnostics, Inc.	6.12M	2.92	-2.35	-42.53%	-63.36%	-80.8%	0.04

Profit & Loss

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	15.24M	25.37M	18.06M	29.58M
Revenue Growth %	-	0.66%	-0.29%	0.64%
Cost of Goods Sold+	8.19M	14.53M	10.18M	16.31M
COGS % of Revenue	0.54%	0.57%	0.56%	0.55%
Gross Profit+	7.05M	10.84M	7.88M	13.27M
Gross Margin %	0.46%	0.43%	0.44%	0.45%
Gross Profit Growth %	-	0.54%	-0.27%	0.68%
Operating Expenses+	11.23M	13.48M	20.86M	19.86M
OpEx % of Revenue	0.74%	0.53%	1.16%	0.67%
Selling, General & Admin	11.23M	13.48M	20.86M	19.86M
SG&A % of Revenue	0.74%	0.53%	1.16%	0.67%
Research & Development	0	0	0	29.58M
R&D % of Revenue	-	-	-	1%
Other Operating Expenses	0	0	0	-29.58M
Operating Income+	-4.18M	-2.65M	-12.98M	-6.58M
Operating Margin %	-0.27%	-0.1%	-0.72%	-0.22%
Operating Income Growth %	-	0.37%	-3.91%	0.49%
EBITDA+	-4.18M	-2.08M	-12.26M	-5.99M
EBITDA Margin %	-0.27%	-0.08%	-0.68%	-0.2%
EBITDA Growth %	-	0.5%	-4.9%	0.51%
D&A (Non-Cash Add-back)	1K	568K	722K	588K
EBIT	-4.18M	-2.65M	-20.84M	-12.08M
Net Interest Income+	0	21K	172K	-2.95M
Interest Income	0	21K	172K	14K
Interest Expense	0	0	0	2.96M
Other Income/Expense	93K	-159K	-7.86M	-8.46M
Pretax Income+	-4.09M	-2.81M	-20.84M	-15.04M
Pretax Margin %	-0.27%	-0.11%	-1.15%	-0.51%
Income Tax+	-98K	106K	11K	271K
Effective Tax Rate %	0.98%	1.04%	1%	1.02%
Net Income+	-3.99M	-2.91M	-20.85M	-15.31M
Net Margin %	-0.26%	-0.11%	-1.15%	-0.52%
Net Income Growth %	-	0.27%	-6.16%	0.27%
Net Income (Continuing)	-3.99M	-2.91M	-20.85M	-15.31M
Discontinued Operations	0	0	0	0
Minority Interest	0	0	0	0
EPS (Diluted)+	-0.33	-0.16	-1.48	-0.85
EPS Growth %	-	0.52%	-8.25%	0.43%
EPS (Basic)	-0.33	-0.16	-1.48	-0.85
Diluted Shares Outstanding	17.88M	17.88M	14.09M	17.93M
Basic Shares Outstanding	17.88M	17.88M	14.09M	17.93M
Dividend Payout Ratio	-	-	-	-

Balance Sheet

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	18.47M	17.69M	9.9M	10.12M
Cash & Short-Term Investments	16.12M	14.17M	4.79M	5.16M
Cash Only	16.12M	14.17M	4.79M	5.16M
Short-Term Investments	0	0	0	0
Accounts Receivable	1.51M	2.91M	2.35M	2.5M
Days Sales Outstanding	36.07	41.9	47.42	30.91
Inventory	0	0	230K	425K
Days Inventory Outstanding	-	-	8.25	9.51
Other Current Assets	526.88K	270K	1.08M	746K
Total Non-Current Assets+	72K	1.03M	790K	1.97M
Property, Plant & Equipment	32K	1.03M	790K	1.97M
Fixed Asset Turnover	476.22x	24.65x	22.86x	14.99x
Goodwill	0	0	0	0
Intangible Assets	0	0	0	0
Long-Term Investments	253.03M	4.63M	0	0
Other Non-Current Assets	-252.99M	-4.63M	0	0
Total Assets+	18.54M	18.72M	10.69M	12.1M
Asset Turnover	0.82x	1.36x	1.69x	2.45x
Asset Growth %	-	0.01%	-0.43%	0.13%
Total Current Liabilities+	4.79M	6.37M	12.4M	17.64M
Accounts Payable	1.41M	2.76M	2.68M	4.04M
Days Payables Outstanding	63.04	69.3	96.24	90.32
Short-Term Debt	583K	175K	436K	2.79M
Deferred Revenue (Current)	23K	0	1000K	960K
Other Current Liabilities	1.14M	129K	1.82M	6.64M
Current Ratio	3.86x	2.77x	0.80x	0.57x
Quick Ratio	3.86x	2.77x	0.78x	0.55x
Cash Conversion Cycle	-	-	-40.56	-49.89
Total Non-Current Liabilities+	19M	346K	0	1.7M
Long-Term Debt	0	0	0	0
Capital Lease Obligations	0	346K	0	1.7M
Deferred Tax Liabilities	0	0	0	0
Other Non-Current Liabilities	19M	0	0	0
Total Liabilities	4.79M	6.72M	12.4M	19.35M
Total Debt+	583K	1.2M	1.29M	4.69M
Net Debt	-15.54M	-12.97M	-3.5M	-467K
Debt / Equity	0.04x	0.10x	-	-
Debt / EBITDA	-	-	-	-
Net Debt / EBITDA	-	-	-	-
Interest Coverage	-	-	-	-2.22x
Total Equity+	13.75M	12M	-1.71M	-7.25M
Equity Growth %	-	-0.13%	-1.14%	-3.24%
Book Value per Share	0.77	0.67	-0.12	-0.40
Total Shareholders' Equity	13.75M	12M	-1.71M	-7.25M
Common Stock	135K	1K	2K	2K
Retained Earnings	-9.02M	-11.93M	-32.79M	-48.1M
Treasury Stock	0	0	0	0
Accumulated OCI	0	0	12K	3K
Minority Interest	0	0	0	0

Cash Flow

	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	-2.92M	-1.16M	-13.24M	-9.2M
Operating CF Margin %	-0.19%	-0.05%	-0.73%	-0.31%
Operating CF Growth %	-	0.6%	-10.39%	0.31%
Net Income	-3.99M	-2.91M	-20.85M	-15.31M
Depreciation & Amortization	1K	568K	722K	588K
Stock-Based Compensation	1.36M	1.16M	1.24M	1.03M
Deferred Taxes	0	0	0	0
Other Non-Cash Items	-298K	-57K	4.01M	6.37M
Working Capital Changes	2K	84K	1.63M	-1.87M
Change in Receivables	1.19M	-1.41M	566K	-159K
Change in Inventory	0	0	-230K	-195K
Change in Payables	-2.4M	1.34M	-935K	1.43M
Cash from Investing+	-7K	0	0	0
Capital Expenditures	-7K	0	0	0
CapEx % of Revenue	0%	-	-	-
Acquisitions	-	-	-	-
Investments	-	-	-	-
Other Investing	0	0	0	0
Cash from Financing+	13.92M	-785K	3.84M	9.57M
Debt Issued (Net)	-	-	-	-
Equity Issued (Net)	-	-	-	-
Dividends Paid	0	0	0	0
Share Repurchases	-	-	-	-
Other Financing	4K	0	976K	177K
Net Change in Cash	-	-	-	-
Free Cash Flow+	-2.92M	-1.16M	-13.24M	-9.2M
FCF Margin %	-0.19%	-0.05%	-0.73%	-0.31%
FCF Growth %	-	0.6%	-10.39%	0.31%
FCF per Share	-0.16	-0.06	-0.94	-0.51
FCF Conversion (FCF/Net Income)	0.73x	0.40x	0.63x	0.60x
Interest Paid	12K	23K	29K	11K
Taxes Paid	255K	53K	114K	11K

Key Ratios

Metric	2021	2022	2023	2024
Return on Equity (ROE)	-29%	-22.62%	-405.44%	-
Gross Margin	46.28%	42.72%	43.64%	44.87%
Net Margin	-26.17%	-11.48%	-115.5%	-51.77%
Debt / Equity	0.04x	0.10x	-	-
Interest Coverage	-	-	-	-2.22x
FCF Conversion	0.73x	0.40x	0.63x	0.60x
Revenue Growth	-	66.47%	-28.82%	63.83%

Frequently Asked Questions

Growth & Financials

Spectral AI, Inc. (MDAI) reported $23.2M in revenue for fiscal year 2024. This represents a 52% increase from $15.2M in 2021.

Spectral AI, Inc. (MDAI) grew revenue by 63.8% over the past year. This is strong growth.

Spectral AI, Inc. (MDAI) reported a net loss of $16.4M for fiscal year 2024.

Dividend & Returns

Spectral AI, Inc. (MDAI) had negative free cash flow of $4.4M in fiscal year 2024, likely due to heavy capital investments.

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