Spectral AI (MDAI) Stock Analysis & Winston Score

Spectral AI is a small medical technology company that makes a device to help doctors treat burn wounds. Its main product, DeepView, uses light and artificial intelligence to scan a burn injury and predict whether it will heal on its own or need surgery. The main customers are hospitals, burn centers, and military medical units.

The company earns revenue by selling or licensing its DeepView system, and it has received funding from the U.S. Department of Defense to develop the technology for battlefield use. Spectral AI operates primarily in the United States and is still in an early commercial stage, which explains its deeply negative operating margins and very high cash burn. The biggest risk the company faces is proving that enough hospitals will pay for the device at scale, since it has not yet reached consistent revenue to cover its operating costs.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-40.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-184.6% YoY

YoY Growth Rate

Earnings declining

Insider Activity

28.5%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~5 months

$12M cash & investments

Short runway — potential dilution ahead through share issuance

Cash watch

Spectral AI has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

50.8%

Healthy — 50.8% gross margin

Operating Margin

-49.4%

Losing money on operations — -49.4%

ROCE

-174.7%

Weak — -174.7% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-44.3%

Shrinking sales (-44.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-95.1%

Burning cash (-95.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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