Spectral AI, Inc., an artificial intelligence (AI) company, focuses on predictive medical diagnostics in the United States. The company offers DeepView System, ...
Spectral AI, Inc. (Nasdaq: MDAI) is a healthcare technology company headquartered in Dallas, Texas, dedicated to advancing predictive diagnostics through artificial intelligence. Founded in 2009 by Dr. J. Michael DiMaio, the company has evolved from its origins as Spectral MD, Inc. into a public entity focused on wound care management. ...Spectral AI, Inc. (Nasdaq: MDAI) is a healthcare technology company headquartered in Dallas, Texas, dedicated to advancing predictive diagnostics through artificial intelligence. Founded in 2009 by Dr. J. Michael DiMaio, the company has evolved from its origins as Spectral MD, Inc. into a public entity focused on wound care management. The core product, the DeepView System, integrates proprietary AI algorithms with multi-spectral imaging (MSI) technology to assess tissue damage at the initial presentation of a wound, distinguishing between healthy, partially damaged, and fully damaged tissue. The system provides a binary prediction of a wound's healing potential by a future time point, enabling clinicians to make timely and informed treatment decisions. The company's target applications include burn wounds and diabetic ulcers, addressing a significant unmet clinical need. Financially, Spectral AI has a market capitalization of approximately $54 million, with a price-to-sales ratio of 3.59. The company reported a negative net profit margin of -69.3%, reflecting its investment in R&D and commercialization efforts. Key financial metrics indicate a challenging liquidity position, with a current ratio of 0.895 and negative working capital. Despite this, the company has invested heavily in research and development, with R&D expenses representing 50.2% of revenue. The leadership team includes CEO Vincent S. Capone, appointed in February 2026, and co-founder Wensheng Fan, who serves as a key technology leader. The company's strategic focus is on regulatory approvals and market adoption of its predictive diagnostics, aiming to transform wound care through 'Day One' healing predictions. With a team of 65 full-time employees, Spectral AI is positioned as a pioneer in the emerging field of AI-driven medical diagnostics.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$19.6M
-33.6%
-11.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-7.6M
+50.6%
-22.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+45.4%
+1.2%
-37.8%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-43.8%
-96.8%
-148.5%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-38.5%
+25.6%
-38.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-9.9M
-7.8%
-9.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-50.5%
-62.3%
-24.5%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
-176.3%
-172.5%
-19.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
0.94x
+64.4%
+19.2%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Good afternoon, and welcome to the Spectral AI Inc. Second Quarter 2026 Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Devin Sullivan, Managing Director of the Equity Group. Please go ahead.
Devin Sullivan: Thank you, Gary. Good afternoon, everyone. Thank you for joining us for Spectral AI's 2026 second quarter financial results conference call. Our speakers for today will be Vincent Capone, the company's chief executive officer; and David McGuire, chief financial officer. Before we begin, I'd like to remind everyone that during this call, certain statements made 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 during this call, 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 the company's control that could cause actual results or outcomes to differ from those forward looking statements. As such, listeners 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 section of the company's filing with the SEC including the registration statement and 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. With that said, I would like to turn the call over to Vincent Capone, Spectral AI's Chief Executive officer. Vince, please go ahead.
Vincent Capone: Thanks, Devin, and thank you all for joining us today. We issued our earnings release this afternoon, which contains additional details of our operating results, and we will also file our Form 10-Q with the SEC this afternoon. We've had some significant developments since we last spoke. In May, we achieved a major benchmark with the FDA de novo clearance for our DeepView System for the burn indication, marking a major milestone in Spectral AI's history. This clearance validates the strength of our science, the groundbreaking research and development efforts and also sets the stage for our company's transformation to a commercial organization. Over the next several years, our main focus will be on a …