Spectral AI, Inc. (MDAI) Stock

Spectral AI, Inc. (MDAI) is a Healthcare stock trading at $1.57 (as of 2026-08-20), with a market capitalization of $50.53M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Spectral AI, Inc. (MDAI) is an AI company focused on medical diagnostics in wound care, including burns and diabetic foot ulcers. Its DeepView predictive diagnostic device is designed to provide clinicians an objective assessment of a wound’s healing potential before treatment decisions.

Understand Spectral AI, Inc.: how it makes money

Spectral AI, Inc. builds AI-driven medical diagnostics for faster wound care treatment decisions, using its DeepView predictive diagnostic device to provide clinicians an objective, immediate assessment of wound healing potential, and it reports Research and Development Revenue as a revenue line.

Gross margin is 50.8%, but operating margin is -49.4%, which means operating expenses are currently large relative to gross profit.

Revenue by segment (latest quarter)
R&D$0.0B

Business quality (Weak): The company provides clear clinical-program KPIs (burn and diabetic foot ulcer studies) alongside profitability signals (50.8% gross margin, -49.4% operating margin), but the latest reported revenue is 0.0B, so near-term monetization evidence is limited in the provided data.

Bull case

  • Burn study enrollment strength: Burn Center Enrollment Percentage for the United States Burn Pivotal Study is 85.0%.
  • Completion signal in pediatric burn centers: Pediatric Burn Center Enrollment Completion is 100.0%.
  • Ongoing trial infrastructure: United States Clinical Sites Including Burn Centers and Emergency Departments is 16.0.
  • Intellectual property: Granted Patents is 26.0.

Bear case

  • Profitability remains deeply negative: Operating margin is -49.4% in the latest reported period.
  • No revenue is shown in the latest snapshot: Total revenue is 0.0B, and the only provided segment revenue candidate (Research and Development Revenue) is also 0.0B.
  • Pivotal study progress appears partial: Burn Pivotal Study Enrollment Progress is 20.0%, which may indicate the study is still in progress.
Valuation — source: SEC EDGAR (first-party)
Price$1.57
Market Cap$50.53M
Price / Sales3.30
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$19.65M
Net Margin-38.5%
Revenue Growth (YoY)-33.6%
EPS Growth (YoY)-65.9%
Financial Health — source: SEC EDGAR
Altman Z-Score-3.02 (distress)
Valuation vs Sector & Industry
Sector P/E (Healthcare)21.6
Industry P/E (Medical Equipment)32.9
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderHudson Bay Capital Management LP ($2.17M)
Institutional Holders Tracked10
Company
SectorHealthcare
IndustryMedical Equipment
CEOVincent Stanley Capone
Employees78
CountryUS
IPO Date2021-04-06

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MDAI earnings history · MDAI institutional & insider holders · MDAI KPIs & operating metrics · MDAI financials · MDAI investor presentations & press releases · MDAI SEC filings · MDAI peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.