Spectral MD - 1Q23 Results
As part of the business combination with Rosecliff Acquisition (Rosecliff) which was announced in April, inaugural quarterly reporting for Spectral MD has commenced, starting with results for 1Q23. Rosecliff has also recently published its full prospectus relating to the transaction which is expected to complete in 3Q23. Under the terms of the transaction, the current shareholders of Spectral MD are expected to own a pro-forma 81.6% of the resultant business, with a conditional pro-forma enterprise value of US$186m, based on a US$10/share price for the combined business. For 1Q23, Spectral MD reported revenue of US$5.1m, a loss per share of US$0.03 and adjusted negative EBITDA of US$3.3m, down YoY, mainly reflecting the expanded work completed by Spectral MD in applications of its technology outside the BARDA funded burn indication.
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