Spectral AI (NASDAQ:MDAI) stock is on the rise Tuesday after the artificial intelligence (AI) company announced a $500,000 government contract for its wound imaging technology.
According to a press release from Spectral AI, it’s teaming up with the Defense Health Agency (DHA) and the U.S. Army Medical Material Development Activity (USAMMDA). These two groups will provide it with support for the development of DeepView SnapShot M.
DeepView SnapShot M is a handheld version of the company’s DeepView Wound Imaging System. The goal is to shrink this system down to make it more easily usable during combat situations.
Spectral AI CEO Pete Carlson said the following about the government contract:
“We firmly believe that this collaboration will make a profound impact, as the miniaturization of medical devices is essential for introducing innovative medical care to a wider range of clinical settings and patients. This development reaffirms Spectral AI’s dedication to shaping the future of accessible medical care and solidifies its position as a trailblazer in AI-driven healthcare innovation.”
MDAI Stock Movement Today
News of the government contract has MDAI stock rising higher with heavy trading. That has more than 8.8 million shares of the stock changing hands as of this writing. That’s already well above its daily average trading volume of about 1.4 million shares.
MDAI stock is up 15.2% as of Tuesday morning but is still down 21.7% year-to-date.
There are even more stock market stories traders are going to want to read about down below!
We have all of the hottest stock market news ready to go on Tuesday! A few examples include what has shares of Assure Holdings (NASDAQ:IONM), Archer Aviation (NYSE:ACHR) and Kohl’s (NYSE:KSS) stock moving today. You can check out all of this news at the links below!
More Stock Market News for Tuesday
- Why Is Assure Holdings (IONM) Stock Up 44% Today?
- Stellantis Just Bought 3.6 Million Shares of Archer Aviation (ACHR) Stock
- KSS Stock Alert: Kohl’s Is Bringing Babies R Us to Its Stores
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
