Spectral Medical (EDT) Q2 2024 earnings summary

Executive summary

• Enrolled 45 patients in Q2 2024, reaching 126 of 150 target for the Tigris trial, with accelerated enrollment and strong site engagement.

• Secured approximately $11 million in funding since April, ensuring resources to complete Tigris enrollment.

• Working closely with commercialization partner on post-approval marketing and device integration.

Financial highlights

• Q2 2024 revenue was $471,000, up 54% year-over-year; six-month revenue was $1,139,000, up 36%.

• Q2 2024 product revenue rose 56% year-over-year to $218,000; six-month product revenue up 51%.

• Q2 2024 net loss was $4,402,000 ($0.02/share), compared to $4,239,000 ($0.02/share) in Q2 2023.

• Six-month net loss was $8,562,000 ($0.03/share), compared to $5,377,000 ($0.02/share) year-over-year.

• Cash at June 30, 2024 was $7,536,000, up from $2,952,000 at December 31, 2023.

Outlook and guidance

• Tigris trial expected to complete enrollment by late 2024, with FDA submission to follow.

• Commercial launch preparations underway, including device integration and marketing plans.