DALLAS, February 7, 2022 (Newswire.com) - Spectral MD, a predictive analytics company that develops proprietary AI algorithms and optical technology for faster and more accurate treatment decisions in wound care, provides a trading update for the year ended Dec. 31, 2021.
The Company can confirm that both its unaudited loss for the year and negative EBITDA are expected to be materially ahead of current market expectations with the Dec. 31, 2021, unaudited cash position also marginally ahead of expectations. This has been primarily driven by lower costs per subject associated with the Diabetic Foot Ulcer ("DFU") clinical training study. Additionally, unaudited grant revenue, deriving from the Company's BARDA funding contract for the Burn indication, is expected to be broadly in line with market expectations.
Notice of Results
The Company intends to publish its audited preliminary results for the year ended Dec. 31, 2021, by the end of March.
Wensheng Fan, CEO of Spectral MD, said: "Spectral MD continues to make good progress on its clinical and regulatory pathway, and the Company is on track to deliver on its expected milestones notwithstanding the continued challenges of the COVID pandemic. Cash and loss for the year are both expected to have exceeded expectations, with BARDA contract revenue broadly in line with expectations. I look forward to providing further updates at the time of the preliminary results."
Funding and technical support for development of DeepView® Wound Imaging System is provided by the Biomedical Advanced Research and Development Authority (BARDA), under the Assistant Secretary for Preparedness and Response (ASPR), within the U.S. Department of Health and Human Services (HHS), under ongoing USG Contract No. 75A50119C00033. For more information about BARDA, refer to https://www.medicalcountermeasures.gov/.
About Spectral MD:
We are a dedicated team of forward-thinkers striving to revolutionize the management of wound care by "Seeing the Unknown" ® with our DeepView® Wound Imaging System.
Spectral MD devices are in various stages of research and development including pre-clinical testing and clinical investigations. At this time, no Spectral MD devices have received marketing authorization and therefore, are not available for sale in the USA.
Source: Spectral MD