REG - Spectral MD Holdings - Trading Update

Spectral MD HoldingsAnnouncement

16/01/2023 07:00

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RNS Number : 7550M  Spectral MD Holdings, Ltd.  16 January 2023

 

Spectral MD Holdings, Ltd

("Spectral MD" or the "Company" or the "Group")

 

Full Year Trading update

Unaudited cash, revenue and loss for the year expected to be ahead of
expectations

 

LONDON, U.K AND DALLAS, TX, U.S. - Spectral MD Holdings, Ltd. (AIM: SMD), 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 31 December 2022.

 

Trading Update

The Company can confirm that its unaudited 31 December 2022 EBITDA losses and
unaudited cash position are expected to be materially ahead of current market
expectations. This has been primarily driven by lower costs per subject
associated with the Diabetic Foot Ulcer ("DFU") clinical study. Additionally,
unaudited grant revenue, deriving from the Company's US Biomedical Advanced
Research and Development Authority ("BARDA") funding contract for the Burn
indication, is also expected to be materially above market expectations.
Revenue was driven higher by strong execution of Burn clinical studies and
related development activities as well as the expansion of the Company's
current BARDA contract in August 2022, allowing the Company to expand the
number of clinical trial sites, supporting the development of DeepView®'s
Electronic Health Record ("EHR") interoperability with hospitals and other
intended sites of service as well as the acceleration of DeepView®
manufacturing readiness.

 

Wensheng Fan, CEO of Spectral MD Holdings, Ltd, said: "I'm pleased we beat
market expectations as we continue to expand our work with BARDA and advance
our clinical studies both around Burn and DFU. Additionally, the Company has
begun to further assess other disease indications and has made considerable
progress on horizon indications for the DeepView® System. Our Company
continues to execute on key milestones that we believe will provide a strong
foundation for market adoption of the DeepView® Wound Imaging System. Cash,
revenue and loss for the year are anticipated to have exceeded expectations. I
look forward to providing further updates at the time of the preliminary
results."

 

Market Abuse Regulation (MAR) Disclosure

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

For further information, please contact:

 Spectral MD Holdings, Ltd.                                                            https://investors.spectralmd.com/ (https://investors.spectralmd.com/)
 Wensheng Fan, Chief Executive Officer                                                 via Walbrook PR

 Nils Windler, Chief Financial Officer

 SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)                   +44 (0) 20 3470 0470
 Stuart Gledhill / Caroline Rowe (Corporate Finance)

 Vadim Alexandre / Rob Rees (Sales and Corporate Broking)

 Stifel Nicolaus Europe Limited (Joint Broker)                                         +44 (0) 20 7710 7600
 Charles Hoare / Ben Maddison / Will Palmer-Brown

 Walbrook PR Ltd (Media & Investor Relations)      +44 (0)20 7933 8780 or spectralMD@walbrookpr.com
 Paul McManus / Sam Allen                                                              +44 (0)79 8054 1893/ +44 (0)75 0255 8258

 Louis Ashe-Jepson                                                                     +44 (0) 7747 515393

 

 

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