Spectral MD

Spectral AI, founded in Dallas, Texas, is an artificial intelligence company specializing in medical diagnostics for wound care, with a focus on burn injuries.

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Develops AI-powered diagnostic tools for faster and more accurate wound care treatment decisions.

Spectral AI, founded in Dallas, Texas, is an artificial intelligence company specializing in medical diagnostics for wound care, with a focus on burn injuries. The company’s flagship product, the DeepView System, aims to revolutionize wound care by providing clinicians with predictive diagnostic tools for faster and more accurate treatment decisions. Spectral AI’s development work is supported by significant funding, including a $31.7 million contract with BARDA (Biomedical Advanced Research and Development Authority) under the Project BioShield initiative.

The company submitted its De Novo 510(k) application to the FDA in June 2025 and is awaiting market authorization. In Q1 2026, Spectral AI reported $4.0 million in R&D revenue, a decline from $6.7 million in the same period the previous year, reflecting the transition from the base phase of its BARDA contract. The company expects full-year 2026 revenues of approximately $18.5 million, driven by continued development of the DeepView System.

Spectral AI’s financial condition remains stable, with $11.7 million in cash as of March 31, 2026, and a net loss of $3.4 million for the quarter. The company has strengthened its leadership team with the appointment of David McGuire as CFO, bringing public company experience to the role. Spectral AI was named to TIME’s list of World’s Top HealthTech companies in 2025, underscoring its growing influence in the medical AI space.

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Who buys this

  • Burn care hospitals
  • Military medical facilities
  • Emergency response units
  • Wound care clinics
  • Government healthcare agencies

Strengths and what to watch

Strengths

  • Significant BARDA funding ($31.7 million) for DeepView System development
  • FDA De Novo 510(k) application submitted in June 2025
  • Named to TIME’s World’s Top HealthTech companies list in 2025

Watch for

  • Pending FDA approval for DeepView System
  • Decline in R&D revenue from $6.7M to $4.0M in Q1 2026
  • Net loss of $3.4M in Q1 2026

Recent moves

Key Information

Founded
2009
Headquarters
Dallas, Texas

Frequently Asked Questions

What does Spectral MD do?

Spectral MD develops AI diagnostic tools for wound care, specializing in burn injuries. Their DeepView System helps clinicians make faster, more accurate treatment decisions. The Texas-based company received $31.7M BARDA funding and submitted for FDA approval in 2025. Recognized in TIME's 2025 Top HealthTech list.

How does Spectral MD's DeepView System work?

The DeepView System uses AI to analyze wounds, particularly burns, providing predictive diagnostics to guide treatment. It aims to improve accuracy and speed in clinical decisions. Spectral MD submitted its FDA De Novo 510(k) application in June 2025 and awaits market authorization.

Is Spectral MD's DeepView System FDA approved?

As of 2026, Spectral MD's DeepView System has submitted its De Novo 510(k) application to the FDA but hasn't received approval yet. The company continues development under its $31.7M BARDA contract while awaiting regulatory authorization for clinical use.

How is Spectral MD performing financially?

In Q1 2026, Spectral MD reported $4.0M R&D revenue (down from $6.7M in 2025) and a $3.4M net loss. The company maintains $11.7M cash reserves and projects $18.5M annual revenue, supported by ongoing DeepView System development and BARDA funding.

What is Spectral MD's BARDA contract for?

Spectral MD secured $31.7M from BARDA under Project BioShield to develop its DeepView System. This government funding supports AI diagnostic tools for wound care, particularly burn injuries. The contract represents significant validation of the technology's potential in emergency and military medical applications.

Why was Spectral MD named to TIME's HealthTech list?

Spectral MD earned a 2025 TIME Top HealthTech spot for its innovative AI wound diagnostics. The DeepView System's potential to transform burn care, combined with BARDA backing and FDA submission, demonstrated impactful healthcare technology advancement.

Sources

  1. www.globenewswire.com — Financial results and BARDA funding details
  2. finance.yahoo.com — Q1 2026 financial results announcement
  3. investors.spectral-ai.com — DeepView System development and FDA application
  4. edge.prnewswire.com — TIME’s World’s Top HealthTech companies list 2025