Estados financieros detallados de Spectral AI, Inc. (MDAI): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 41.5%, margen operativo -79.9%, margen neto -69.3%.
Al precio actual de $1.55, MDAI presenta beneficios negativos (P/E no significativo) y un ROE del 120.69%. La capitalización bursátil es de $49M.
Cuenta de Resultados (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $15.2M | $25.4M | $18.1M | $29.6M | $19.6M |
| Coste de Ventas | $8.2M | $14.5M | $10.2M | $16.3M | $10.7M |
| Beneficio Bruto | $7.1M | $10.8M | $7.9M | $13.3M | $8.9M |
| I+D | 0 | 0 | 0 | $29.6M | $19.6M |
| Generales y Administrativos | $11.2M | $13.5M | $20.9M | $19.9M | $17.5M |
| Gastos Operativos | $11.2M | $13.5M | $20.9M | $19.9M | $17.5M |
| Beneficio Operativo | -$4.2M | -$2.6M | -$13.0M | -$6.6M | -$8.6M |
| EBITDA | -$4.1M | -$2.2M | -$20.1M | -$11.5M | -$5.4M |
| Gastos por Intereses | 0 | 0 | 0 | $3.0M | $1.5M |
| Beneficio Antes de Impuestos | -$4.1M | -$2.8M | -$20.8M | -$15.0M | -$7.6M |
| Impuestos | -$98000 | $106000 | $11000 | $271000 | $11000 |
| Beneficio Neto | -$4.0M | -$2.9M | -$20.9M | -$15.3M | -$7.6M |
| BPA | $-0.33 | $-0.16 | $-1.48 | $-0.85 | $-0.29 |
| BPA Diluido | $-0.33 | $-0.16 | $-1.48 | $-0.85 | $-0.29 |
| Acciones en Circulación (Diluidas) | $17.9M | $17.9M | $14.1M | $17.9M | $26.5M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $3.8M | $3.8M | $4.0M | $3.5M |
| Beneficio Bruto | $1.6M | $1.5M | $2.0M | $1.1M |
| Beneficio Operativo | -$3.3M | -$2.5M | -$2.0M | -$4.3M |
| EBITDA | -$3.2M | $1.4M | -$3.1M | -$3.6M |
| Beneficio Neto | -$3.6M | $642000 | -$3.4M | -$4.2M |
| BPA | $-0.13 | $0.02 | $-0.11 | $-0.13 |
| BPA Diluido | $-0.13 | $0.02 | $-0.11 | $-0.13 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | 0 | $16.1M | $14.2M | $4.8M | $5.2M | $15.4M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | $1.5M | $2.9M | $2.3M | $2.5M | $1.3M |
| Inventario | 0 | 0 | 0 | $230000 | $425000 | $838000 |
| Activos Corrientes | 0 | $18.5M | $17.7M | $9.9M | $10.1M | $19.5M |
| Inmovilizado Material | 0 | $32000 | $1.0M | $790000 | $2.0M | $1.7M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $164899 | $18.5M | $18.7M | $10.7M | $12.1M | $21.4M |
| Cuentas por Pagar | 0 | $1.4M | $2.8M | $2.7M | $4.0M | $3.0M |
| Deuda a Corto | $40000 | $583000 | $175000 | $436000 | $2.8M | $2.9M |
| Pasivos Corrientes | $140574 | $4.8M | $6.4M | $12.4M | $17.6M | $20.6M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | $6.5M |
| Pasivos Totales | $140574 | $4.8M | $6.7M | $12.4M | $19.3M | $27.1M |
| Reservas | -$675 | -$9.0M | -$11.9M | -$32.8M | -$48.1M | -$55.8M |
| Patrimonio Neto | $24325 | $13.8M | $12.0M | -$1.7M | -$7.3M | -$5.7M |
| Deuda Total | $40000 | $583000 | $1.2M | $1.3M | $4.7M | $10.1M |
| Deuda Neta | $40000 | -$15.5M | -$13.0M | -$3.5M | -$467000 | -$5.3M |
| Capital Circulante | -$140574 | $13.7M | $11.3M | -$2.5M | -$7.5M | -$1.2M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $10.5M | $15.4M | $11.7M | $14.0M |
| Activos Totales | $15.3M | $21.4M | $17.7M | $19.4M |
| Pasivos Totales | $23.5M | $27.1M | $26.5M | $31.5M |
| Patrimonio Neto | -$8.2M | -$5.7M | -$8.8M | -$12.1M |
| Deuda Total | $9.7M | $10.1M | $9.9M | $16.3M |
Flujo de Caja (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$4.0M | -$2.9M | -$20.9M | -$15.3M | -$7.6M |
| Amortizaciones | $1000 | $568000 | $722000 | $588000 | $635000 |
| Compensación en Acciones | $1.4M | $1.2M | $1.2M | $1.0M | $1.1M |
| Cambio en Capital Circulante | $2000 | $84000 | $1.6M | -$1.9M | -$2.0M |
| Flujo de Caja Operativo | -$2.9M | -$1.2M | -$13.2M | -$9.2M | -$9.9M |
| Inversiones (CapEx) | -$7000 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.9M | -$1.2M | -$13.2M | -$9.2M | -$9.9M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$2.5M | -$2.6M | -$3.7M | -$4.1M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.5M | -$2.6M | -$3.7M | -$4.1M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $261000 | $243000 | $183000 | $807000 |
Crecimiento y Márgenes (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +66.5% | -28.8% | +63.8% | -33.6% |
| Crecimiento Beneficio Neto (anual) | | +27.0% | -616.1% | +26.6% | +50.6% |
| Crecimiento BPA (anual) | | +51.5% | -825.0% | +42.6% | +65.9% |
| Cambio en Acciones (anual) | | +0.0% | -21.2% | +27.3% | +47.9% |
| Crecimiento FCF (anual) | | +60.3% | -1039.4% | +30.5% | -7.8% |
| Margen Bruto | 46.3% | 42.7% | 43.6% | 44.9% | 45.4% |
| Margen Operativo | -27.4% | -10.4% | -71.9% | -22.3% | -43.8% |
| Margen EBITDA | -26.8% | -8.8% | -111.4% | -38.8% | -27.6% |
| Margen Neto | -26.2% | -11.5% | -115.5% | -51.8% | -38.5% |
| Margen FCF | -19.2% | -4.6% | -73.3% | -31.1% | -50.5% |
| Tasa Impositiva Efectiva | 2.4% | -3.8% | -0.1% | -1.8% | -0.1% |
Datos por Acción (10 años)
| Año | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.16 | $-0.06 | $-0.94 | $-0.51 | $-0.37 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $17.9M | $17.9M | $14.1M | $17.9M | $26.5M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | 120.69% |
| Rentabilidad sobre capital invertido | -288.36% |
| Rentabilidad sobre activos | -54.01% |
| Margen bruto | 41.51% |
| Margen operativo | -79.95% |
| Margen neto | -69.27% |
Salud financiera
| Deuda / Patrimonio | -1.35 |
| Ratio corriente | 0.90 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -3.29 |
Ratios Clave (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 0.00 | -29.73 | -63.12 | -1.66 | -3.33 | -4.90 |
| P/VC | 0.00 | 12.75 | 15.05 | -20.28 | -7.00 | -6.58 |
| P/V | 0.00 | 11.51 | 7.12 | 1.92 | 1.72 | 1.92 |
| Margen Bruto | 0.0% | 46.3% | 42.7% | 43.6% | 44.9% | 45.4% |
| Margen Operativo | 0.0% | -27.4% | -10.4% | -71.9% | -22.3% | -43.8% |
| Margen Neto | 0.0% | -26.2% | -11.5% | -115.5% | -51.8% | -38.5% |