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  • Spectral Medical Inc. (EDT) has released its fourth-quarter and 2020 fiscal year-end results, as well as providing a corporate update
  • Revenue was down 27 per cent for the 2020 fiscal year compared to the previous year
  • Highlights include changes to the company’s leadership team and positive results from the Tigris trial program
  • The Tigris trial represents the company’s advancement of therapeutic options for sepsis and septic shock
  • Spectral continues to maintain a low cost operating structure for its base business operations
  • Spectral Medical Inc is focused on the development and commercialization of a treatment for septic shock.
  • Spectral Medical (EDT) is down 1.92 per cent and is currently trading at C$0.51 per share

Spectral Medical (EDT) has released its fourth-quarter and 2020 fiscal year-end results, in addition to providing a corporate update.

The company’s revenue was down 27 per cent for the 2020 fiscal year compared to the previous year. The majority of the decrease was due to the timing of product orders and the transfer of revenue for non-recurring technology.

Highlights from the update include changes to the company’s leadership team and positive results from the Tigris trial program, as well as the commercialization of a new proprietary platform targeting the renal replacement therapy market through Spectral’s wholly-owned subsidiary Dialco Medical Inc.

The company announced earlier in March that it was appointing Chris Seto as Chief Executive Officer and Dr. John Kellum as Chief Medical Officer. Dr. Kellum will be integral in driving the Tigris trial to a successful completion.

Despite limitations caused by COVID-19, Spectral continues to be pleased by the early results of the Tigris trial.

The 15 additional trial sites that were expected to be initiated by fiscal 2020 end are now projected for initiation by the end of the third quarter of 2021.

The Tigris trial represents the company’s advancement of therapeutic options for sepsis and septic shock, and remains on schedule for completion in 2022.

Spectral continues to maintain a low cost operating structure for its base business operations.

The company anticipates its operating costs will increase throughout 2021 as the Tigris trial enrollment increases, combined with incremental costs associated with Dialco’s upcoming usability trial for DIMI.

Spectral Medical Inc is focused on the development and commercialization of a treatment for septic shock.

Spectral Medical (EDT) is down 3.85 per cent and is currently trading at C$0.50 per share as of 3:09 pm ET.

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