Spectral AI, Inc.(MDAI)Earnings, Financials & Key Ratios
MDAI•NASDAQ
$2.22
$60M mkt cap·Price updated May 6, 2026
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 Margin44.87%+2.8%
- EBITDA Margin-20.26%+70.2%
- Operating Margin-22.25%+69.1%
- Net Margin-51.77%+55.2%
- Interest Coverage-2.22
MDAI Key Insights
Spectral AI, Inc. (MDAI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
✓Strengths
- ✓Momentum leader: RS Rating 84 (top 16%)
- ✓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
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
MDAI Price & Volume
Spectral AI, Inc. (MDAI) stock price & volume — 10-year historical chart
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MDAI Growth Metrics
Spectral AI, Inc. (MDAI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Revenue CAGR
10 Years-
5 Years-
3 Years24.74%
TTM-15.02%
Profit CAGR
10 Years-
5 Years-
3 Years-
TTM-47.18%
EPS CAGR
10 Years-
5 Years-
3 Years-
TTM-13.12%
Return on Capital
10 Years-98.3%
5 Years-98.3%
3 Years-132.25%
Last Year-
MDAI Peer Comparison
Spectral AI, Inc. (MDAI) competitors in Aesthetics, dermatology, and wound care — business model, growth, and fundamentals comparison
| Company | Market Cap | Stock Price | P/E Ratio (TTM) | Revenue Growth 1Y | Net Margin | Return on Equity (ROE) | FCF Yield | Debt / Equity |
|---|---|---|---|---|---|---|---|---|
 GMED | 12.07B | 89.22 | 22.76 | 16.65% | 18.3% | 12.4% | 0.03 | |
 AEYE | 95.09M | 7.66 | -30.64 | 14.52% | -7.63% | -47.8% | 0.15 | |
 LNSR | 65.13M | 5.39 | -1.88 | 9.24% | -58.66% | |||
 ISRG | 160.44B | 451.73 | 57.40 | 20.51% | 28.15% | 16.89% | 0.02 | |
 MASI | 9.35B | 178.49 | -63.74 | -27.1% | 4.9% | 9.08% | 0.78 | |
 INVA | 1.91B | 22.52 | 6.82 | 18.52% | 118.91% | 46.47% | 0.23 | |
 TNDM | 1.24B | 18.03 | -5.93 | 7.93% | -20.17% | -141.98% | 2.86 | |
 NVCR | 1.88B | 16.50 | -13.52 | 8.28% | -25.66% | -50.82% | 0.85 |
Compare MDAI vs Peers
Spectral AI, Inc. (MDAI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
MDAI Income Statement
Spectral AI, Inc. (MDAI) annual income statement — 10-year revenue, gross profit & net income history
10Y historyFree accessUpdated daily
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Sales/Revenue | 15.24M | 25.37M | 18.06M | 29.58M | 23.17M |
| Revenue Growth % | - | 66.47% | -28.82% | 63.83% | -15.02% |
| Cost of Goods Sold | 8.19M | 14.53M | 10.18M | 16.31M | 12.74M |
| COGS % of Revenue | 53.72% | 57.28% | 56.36% | 55.13% | - |
| Gross Profit | 7.05M▲ 0% | 10.84M▲ 53.7% | 7.88M▼ 27.3% | 13.27M▲ 68.5% | 10.43M▲ 0% |
| Gross Margin % | 46.28% | 42.72% | 43.64% | 44.87% | 45.01% |
| Gross Profit Growth % | - | 53.67% | -27.29% | 68.45% | - |
| Operating Expenses | 11.23M | 13.48M | 20.86M | 19.86M | 17.9M |
| OpEx % of Revenue | 73.7% | 53.15% | 115.55% | 67.12% | - |
| Selling, General & Admin | 11.23M | 13.48M | 20.86M | 19.86M | 17.7M |
| SG&A % of Revenue | 73.7% | 53.15% | 115.55% | 67.12% | - |
| Research & Development | 0 | 0 | 0 | 29.58M | 6.6M |
| R&D % of Revenue | - | - | - | 100% | - |
| Other Operating Expenses | 0 | 0 | 0 | -29.58M | -2M |
| Operating Income | -4.18M▲ 0% | -2.65M▲ 36.7% | -12.98M▼ 390.5% | -6.58M▲ 49.3% | -7.47M▲ 0% |
| Operating Margin % | -27.42% | -10.43% | -71.91% | -22.25% | -32.25% |
| Operating Income Growth % | - | 36.66% | -390.52% | 49.31% | - |
| EBITDA | -4.18M | -2.08M | -12.26M | -5.99M | -7.3M |
| EBITDA Margin % | -27.42% | -8.2% | -67.91% | -20.26% | -31.49% |
| EBITDA Growth % | - | 50.24% | -489.8% | 51.12% | 5.98% |
| D&A (Non-Cash Add-back) | 1K | 568K | 722K | 588K | 175K |
| EBIT | -4.18M | -2.65M | -20.84M | -12.08M | -12.94M |
| Net Interest Income | 0 | 21K | 172K | -2.95M | -1.92M |
| Interest Income | 0 | 21K | 172K | 14K | 14K |
| Interest Expense | 0 | 0 | 0 | 2.96M | 1.94M |
| Other Income/Expense | 93K | -159K | -7.86M | -8.46M | -8.7M |
| Pretax Income | -4.09M▲ 0% | -2.81M▲ 31.3% | -20.84M▼ 642.8% | -15.04M▲ 27.8% | -16.17M▲ 0% |
| Pretax Margin % | -26.81% | -11.06% | -115.44% | -50.86% | -69.79% |
| Income Tax | -98K | 106K | 11K | 271K | 197K |
| Effective Tax Rate % | 2.4% | -3.78% | -0.05% | -1.8% | -1.22% |
| Net Income | -3.99M▲ 0% | -2.91M▲ 27.0% | -20.85M▼ 616.1% | -15.31M▲ 26.6% | -16.36M▲ 0% |
| Net Margin % | -26.17% | -11.48% | -115.5% | -51.77% | -70.64% |
| Net Income Growth % | - | 26.98% | -616.14% | 26.56% | -47.18% |
| Net Income (Continuing) | -3.99M | -2.91M | -20.85M | -15.31M | -16.36M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.33▲ 0% | -0.16▲ 51.5% | -1.48▼ 825.0% | -0.85▲ 42.6% | -0.62▲ 0% |
| EPS Growth % | - | 51.52% | -825% | 42.57% | -13.12% |
| EPS (Basic) | -0.33 | -0.16 | -1.48 | -0.85 | - |
| Diluted Shares Outstanding | 17.88M | 17.88M | 14.09M | 17.93M | 26.32M |
| Basic Shares Outstanding | 17.88M | 17.88M | 14.09M | 17.93M | 26.32M |
| Dividend Payout Ratio | - | - | - | - | - |
MDAI Balance Sheet
Spectral AI, Inc. (MDAI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Total Current Assets | 18.47M | 17.69M | 9.9M | 10.12M | 13.46M |
| Cash & Short-Term Investments | 16.12M | 14.17M | 4.79M | 5.16M | 10.49M |
| Cash Only | 16.12M | 14.17M | 4.79M | 5.16M | 10.49M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 1.51M | 2.91M | 2.35M | 2.5M | 990K |
| Days Sales Outstanding | 36.07 | 41.9 | 47.42 | 30.91 | 27.83 |
| Inventory | 0 | 0 | 230K | 425K | 454K |
| Days Inventory Outstanding | - | - | 8.25 | 9.51 | 12.73 |
| Other Current Assets | 526.88K | 270K | 1.08M | 746K | 1.52M |
| Total Non-Current Assets | 72K | 1.03M | 790K | 1.97M | 1.84M |
| Property, Plant & Equipment | 32K | 1.03M | 790K | 1.97M | 1.84M |
| Fixed Asset Turnover | 476.22x | 24.65x | 22.86x | 14.99x | 11.86x |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 253.03M | 4.63M | 0 | 0 | 0 |
| Other Non-Current Assets | -252.99M | -4.63M | 0 | 0 | 0 |
| Total Assets | 18.54M▲ 0% | 18.72M▲ 1.0% | 10.69M▼ 42.9% | 12.1M▲ 13.1% | 15.3M▲ 0% |
| Asset Turnover | 0.82x | 1.36x | 1.69x | 2.45x | 1.45x |
| Asset Growth % | - | 0.95% | -42.87% | 13.12% | 94.03% |
| Total Current Liabilities | 4.79M | 6.37M | 12.4M | 17.64M | 15.77M |
| Accounts Payable | 1.41M | 2.76M | 2.68M | 4.04M | 2.54M |
| Days Payables Outstanding | 63.04 | 69.3 | 96.24 | 90.32 | 83.59 |
| Short-Term Debt | 583K | 175K | 436K | 2.79M | 1.93M |
| Deferred Revenue (Current) | 23K | 0 | 2.31M | 960K | 2.29M |
| Other Current Liabilities | 1.14M | 129K | 1.82M | 6.64M | 11.06M |
| Current Ratio | 3.86x | 2.77x | 0.80x | 0.57x | 0.57x |
| Quick Ratio | 3.86x | 2.77x | 0.78x | 0.55x | 0.55x |
| Cash Conversion Cycle | - | - | -40.56 | -49.89 | -43.03 |
| Total Non-Current Liabilities | 19M | 346K | 0 | 1.7M | 7.74M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 7.74M |
| Capital Lease Obligations | 0 | 346K | 0 | 1.7M | 4.57M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 19M | 0 | 0 | 0 | 0 |
| Total Liabilities | 4.79M | 6.72M | 12.4M | 19.35M | 23.5M |
| Total Debt | 583K | 1.2M | 1.29M | 4.69M | 9.66M |
| Net Debt | -15.54M | -12.97M | -3.5M | -467K | -830K |
| Debt / Equity | 0.04x | 0.10x | - | - | -1.18x |
| Debt / EBITDA | - | - | - | - | -1.32x |
| Net Debt / EBITDA | - | - | - | - | 0.11x |
| Interest Coverage | - | - | - | -2.22x | -6.68x |
| Total Equity | 13.75M▲ 0% | 12M▼ 12.8% | -1.71M▼ 114.2% | -7.25M▼ 324.3% | -8.2M▲ 0% |
| Equity Growth % | - | -12.78% | -114.25% | -324.28% | -508.2% |
| Book Value per Share | 0.77 | 0.67 | -0.12 | -0.40 | -0.31 |
| Total Shareholders' Equity | 13.75M | 12M | -1.71M | -7.25M | -8.2M |
| Common Stock | 135K | 1K | 2K | 2K | 3K |
| Retained Earnings | -9.02M | -11.93M | -32.79M | -48.1M | -56.85M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 12K | 3K | 39K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
MDAI Cash Flow Statement
Spectral AI, Inc. (MDAI) cash flow — operating, investing & free cash flow history
| Line item | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|
| Cash from Operations | -2.92M | -1.16M | -13.24M | -9.2M | -9.2M |
| Operating CF Margin % | -19.15% | -4.58% | -73.33% | -31.1% | - |
| Operating CF Growth % | - | 60.18% | -1039.41% | 30.52% | 147.08% |
| Net Income | -3.99M | -2.91M | -20.85M | -15.31M | -16.36M |
| Depreciation & Amortization | 1K | 568K | 722K | 588K | 425K |
| Stock-Based Compensation | 1.36M | 1.16M | 1.24M | 1.03M | 785K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | -298K | -57K | 4.01M | 6.37M | 9.56M |
| Working Capital Changes | 2K | 84K | 1.63M | -1.87M | -1.31M |
| Change in Receivables | 1.19M | -1.41M | 566K | -159K | 1.84M |
| Change in Inventory | 0 | 0 | -230K | -195K | -11K |
| Change in Payables | -2.4M | 1.34M | -935K | 1.43M | -1.5M |
| Cash from Investing | -7K | 0 | 0 | 0 | 0 |
| Capital Expenditures | -7K | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | 0.05% | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 13.92M | -785K | 3.84M | 9.57M | 13.68M |
| Debt Issued (Net) | -701K | -785K | -483K | 5.34M | 5.32M |
| Equity Issued (Net) | 14.62M | 0 | 3.35M | 4.06M | 5.63M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 4K | 0 | 976K | 177K | 2.73M |
| Net Change in Cash | 11M▲ 0% | -1.95M▼ 117.7% | -9.38M▼ 382.0% | 367K▲ 103.9% | 6.79M▲ 0% |
| Free Cash Flow | -2.92M▲ 0% | -1.16M▲ 60.3% | -13.24M▼ 1039.4% | -9.2M▲ 30.5% | -4.4M▲ 0% |
| FCF Margin % | -19.19% | -4.58% | -73.33% | -31.1% | -18.98% |
| FCF Growth % | - | 60.27% | -1039.41% | 30.52% | 63.48% |
| FCF per Share | -0.16 | -0.06 | -0.94 | -0.51 | -0.51 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.40x | 0.63x | 0.60x | 0.27x |
| Interest Paid | 12K | 23K | 29K | 11K | 22K |
| Taxes Paid | 255K | 53K | 114K | 11K | 1K |
MDAI Key Ratios
Spectral AI, Inc. (MDAI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|
| Return on Equity (ROE) | -22.62% | -405.44% | - | 249.55% |
| Return on Invested Capital (ROIC) | - | - | - | 68.52% |
| Gross Margin | 42.72% | 43.64% | 44.87% | 45.01% |
| Net Margin | -11.48% | -115.5% | -51.77% | -70.64% |
| Debt / Equity | 0.10x | - | - | -1.18x |
| Interest Coverage | - | - | -2.22x | -6.68x |
| FCF Conversion | 0.40x | 0.63x | 0.60x | 0.27x |
| Revenue Growth | 66.47% | -28.82% | 63.83% | -15.02% |
MDAI Frequently Asked Questions
Spectral AI, Inc. (MDAI) stock FAQ — growth, dividends, profitability & financials explained
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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Spectral AI, Inc. (MDAI) financial analysis — history, returns, DCA and operating performance tools
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