Spectral AI (NASDAQ:MDAI) Issues Earnings Results, Hits Estimates

Spectral AI (NASDAQ:MDAI) released its earnings results on Tuesday. The company reported ($0.14) EPS for the quarter, hitting the consensus estimate of ($0.14), Zacks reports. The company had revenue of $2.86 million during the quarter, compared to analysts’ expectations of $5.33 million.

Here are the key takeaways from Spectral AI’s conference call:

• Spectral AI began manufacturing its first 30 DeepView AI Systems for BARDA-supported U.S. burn-center deployments, with initial commercial sales still considered achievable in 2026. Management said procurement discussions are progressing, though deployments depend on working through each center’s purchasing process.
• The company cut its 2026 R&D revenue outlook to approximately $13 million from $18.5 million, citing completion of the MTEC program and BARDA development work shifting to later periods. The outlook excludes device sales and any new or extended government awards.
• Spectral AI is advancing studies and reimbursement pathways intended to support adoption: its U.K. label-expansion study has enrolled 10 patients, and the U.S. TNT study is expected to start at four to five burn centers in early December. The company has also applied for a hospital-focused Medicare add-on payment, with a decision expected by August 2027.
• Q3 R&D revenue fell 24.7% year over year to $2.9 million, and gross margin declined to 27.2% from 42.7%, reflecting a narrower BARDA contract scope and shared development costs. Cash was $11.2 million at quarter-end, while the company reported a $3.7 million net loss.
• The company now expects updated U.K. approval for its improved system in early 2027, later than its prior year-end expectation, delaying planned initial international sales until approval is received.

Spectral AI Stock Performance

MDAI stock traded down $0.15 during mid-day trading on Wednesday, reaching $1.39. The company had a trading volume of 189,119 shares, compared to its average volume of 437,619. The firm has a fifty day simple moving average of $1.57 and a 200 day simple moving average of $1.69. The company has a market capitalization of $44.74 million, a price-to-earnings ratio of -3.97 and a beta of 1.25. Spectral AI has a fifty-two week low of $1.18 and a fifty-two week high of $2.97.

Analyst Ratings Changes

Several research analysts have commented on MDAI shares. Northland Securities upgraded Spectral AI to a “strong-buy” rating in a report on Monday, July 27th. Weiss Ratings raised shares of Spectral AI from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, October 28th. Finally, Wall Street Zen raised Spectral AI from a “sell” rating to a “hold” rating in a report on Saturday, September 12th. One analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $4.00.

Spectral AI Company Profile

Spectral AI, Inc. is a medical diagnostic technology company focused on using artificial intelligence and advanced imaging to support earlier, more objective assessment of wound healing. The company develops predictive diagnostic systems intended to help clinicians evaluate wounds and make treatment decisions. Its principal product is the DeepView System, a noninvasive imaging and artificial intelligence platform designed to assess burn wounds and predict the likelihood that injured tissue will heal without surgical intervention.