Spectral Medical

EDT.TO

Medical - Diagnostics & Research · Healthcare

Price

C$1.34

+0.01 (+0.75%)

Market Cap

C$393.2M

Exchange

Toronto Stock Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+13.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 252.5M (2021) → 287.2M (2025)

Winston Score History

The full picture

Spectral Medical is a small Canadian healthcare company that makes a medical device called PMX, which is designed to treat a life-threatening condition called septic shock. Septic shock happens when an infection causes the body to go into a dangerous state that can shut down organs. The PMX device works by filtering a harmful substance called endotoxin out of a patient's blood, and it is used in hospital intensive care units.

The company earns revenue by selling its PMX therapy device and related cartridges to hospitals, primarily in Japan where the treatment has regulatory approval. Spectral Medical is based in Toronto, Canada, and is a very small company still working to expand approvals into larger markets like the United States. The key growth driver is gaining FDA approval in the US, which would open a much larger market, but the company currently spends far more than it earns, making regulatory success critical to its long-term survival.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-23.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+116.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$4M/ year

↑ Rising (+9% vs prior year)

177.5% of revenue

9.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

29.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~1 months

C$803,000 cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

Spectral Medical is putting 177% of revenue into R&D and that number is rising. That's 9.9x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

44.3%

Healthy — 44.3% gross margin

Profit after running costs

Operating Margin

-352.3%

Losing money on operations — -352.3%

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

+1.5%

Nearly flat sales (+1.5% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-408.3%

Burning cash (-408.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

35.82%

Healthy income — 35.82% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

N/A

no trend

Data not available

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