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MDAI (Spectral AI) Piotroski F-Score : N/A (As of Mar. 16, 2025)


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What is Spectral AI Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Spectral AI has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

The historical rank and industry rank for Spectral AI's Piotroski F-Score or its related term are showing as below:

During the past 3 years, the highest Piotroski F-Score of Spectral AI was 4. The lowest was 4. And the median was 4.


Spectral AI Piotroski F-Score Historical Data

The historical data trend for Spectral AI's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Spectral AI Piotroski F-Score Chart

Spectral AI Annual Data
Trend Dec21 Dec22 Dec23
Piotroski F-Score
N/A N/A N/A

Spectral AI Quarterly Data
Dec21 Mar22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only N/A N/A 4.00 N/A N/A

Competitive Comparison of Spectral AI's Piotroski F-Score

For the Medical Devices subindustry, Spectral AI's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Spectral AI's Piotroski F-Score Distribution in the Medical Devices & Instruments Industry

For the Medical Devices & Instruments industry and Healthcare sector, Spectral AI's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Spectral AI's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Sep24) TTM:Last Year (Sep23) TTM:
Net Income was -3.546 + -3.205 + -2.864 + -1.504 = $-11.12 Mil.
Cash Flow from Operations was -2.375 + -2.68 + -5.362 + -1.626 = $-12.04 Mil.
Revenue was 5.287 + 6.326 + 7.478 + 8.173 = $27.26 Mil.
Gross Profit was 2.436 + 2.945 + 3.314 + 3.667 = $12.36 Mil.
Average Total Assets from the begining of this year (Sep23)
to the end of this year (Sep24) was
(12.331 + 10.692 + 15.483 + 13.897 + 11.602) / 5 = $12.801 Mil.
Total Assets at the begining of this year (Sep23) was $12.33 Mil.
Long-Term Debt & Capital Lease Obligation was $2.87 Mil.
Total Current Assets was $9.50 Mil.
Total Current Liabilities was $13.07 Mil.
Net Income was -1.739 + -3.609 + -3.07 + -10.629 = $-19.05 Mil.

Revenue was 6.096 + 5.078 + 4.251 + 3.44 = $18.87 Mil.
Gross Profit was 2.508 + 2.181 + 1.791 + 1.472 = $7.95 Mil.
Average Total Assets from the begining of last year (Sep22)
to the end of last year (Sep23) was
(0 + 18.716 + 14.183 + 0 + 12.331) / 5 = $15.07666667 Mil.
Total Assets at the begining of last year (Sep22) was $0.00 Mil.
Long-Term Debt & Capital Lease Obligation was $0.23 Mil.
Total Current Assets was $11.36 Mil.
Total Current Liabilities was $10.65 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Spectral AI's current Net Income (TTM) was -11.12. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Spectral AI's current Cash Flow from Operations (TTM) was -12.04. ==> Negative ==> Score 0.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Sep23)
=-11.119/12.331
=-0.90171113

ROA (Last Year)=Net Income/Total Assets (Sep22)
=-19.047/0
=

Spectral AI's return on assets of this year was -0.90171113. Spectral AI's return on assets of last year was . ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Spectral AI's current Net Income (TTM) was -11.12. Spectral AI's current Cash Flow from Operations (TTM) was -12.04. ==> -12.04 <= -11.12 ==> CFROA <= ROA ==> Score 0.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Sep24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep23 to Sep24
=2.87/12.801
=0.22420123

Gearing (Last Year: Sep23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Sep22 to Sep23
=0.228/15.07666667
=0.01512271

Spectral AI's gearing of this year was 0.22420123. Spectral AI's gearing of last year was 0.01512271. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Sep24)=Total Current Assets/Total Current Liabilities
=9.496/13.068
=0.72666054

Current Ratio (Last Year: Sep23)=Total Current Assets/Total Current Liabilities
=11.356/10.647
=1.06659153

Spectral AI's current ratio of this year was 0.72666054. Spectral AI's current ratio of last year was 1.06659153. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Spectral AI's number of shares in issue this year was 17.862. Spectral AI's number of shares in issue last year was 13.823. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=12.362/27.264
=0.45341843

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=7.952/18.865
=0.42152134

Spectral AI's gross margin of this year was 0.45341843. Spectral AI's gross margin of last year was 0.42152134. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Sep23)
=27.264/12.331
=2.21101289

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Sep22)
=18.865/0
=

Spectral AI's asset turnover of this year was 2.21101289. Spectral AI's asset turnover of last year was . ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+0+1+0+0+0+0+1+1
=3

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Spectral AI has an F-score of 3. It is a bad or low score, which usually implies poor business operation.

Spectral AI  (NAS:MDAI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Spectral AI Piotroski F-Score Related Terms

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Spectral AI Business Description

Traded in Other Exchanges
N/A
Address
2515 McKinney Avenue, Suite 1000, Dallas, TX, USA, 75201
Spectral AI Inc is an AI company, focused on predictive medical diagnostics. Spectral is devoting substantially all of its efforts towards the research and development of its DeepView System, an internally developed MSI device that has designated FDA BDD status. Its DeepView System uses proprietary algorithms to distinguish between damaged and healthy human tissue invisible to the naked eye, providing Day One healing assessments in seconds. The Company's output is specifically engineered to allow the physician to make a more accurate, timely, and informed decision regarding the treatment of the patient's wound.
Executives
John Michael Dimaio 10 percent owner 6125 LUTHER LANE, DALLAS TX 75225
Michael Patrick Murphy director 767 FIFTH AVENUE, 34TH FLOOR, NEW YORK NY 10153
Els 1960 Family, L.p. 10 percent owner 2323 VICTORY AVE., SUITE. 700, DALLAS TX 75219
Richard John Cotton director RUE DU VILLAGE 4, CHAMPERY V8 1874
Mellish Martin C.b. director 13 BERRILL FARMS LN, HANOVER NH 03755
Jeffrey Edward Thatcher officer: Chief Scientist 6659 ESCONDIDO ST, IRVING TX 75039
Nils Windler officer: Chief Financial Officer 8602 NAPA LANDING, SAN ANTONIO TX 78015
Wensheng Fan director, officer: CHIEF EXECUTIVE OFFICER 3320 SPRING MOUNTAIN DRIVE, PLANO TX 75025
Vincent S. Capone officer: GENERAL COUNSEL 1620 GRASSHOPPER LANE, LOWER GWYNEDD PA 19002
Nikolaos Pagoulatos officer: CHIEF OPERATING OFFICER 5122 IROQUOIS DR, FRISCO TX 75034
Xiaojia Cynthia Cai director 10 CELESTIAL WAY, NEWARK DE 19711
Heather Bellini director 767 FIFTH AVENUE, 34TH FLOOR, NEW YORK NY 10153
Edmonds Franklin S. Jr. director 767 FIFTH AVENUE, 34TH FLOOR, NEW YORK NY 10153
Rosecliff Acquisition Sponsor I Llc director 767 FIFTH AVENUE, 34TH FLOOR, NEW YORK NY 10153
Erich Spangenberg 10 percent owner 73 595 EL PASEO, SUITE 2204, PALM DESERT CA 92260