iCAD Reports Financial and Operating Results for the Third Quarter and Nine Months Ended September 30, 2019
Continued
strong momentum for ProFound AI™
iCAD’s proprietary cancer detection AI technology
Conference call today at 8:30 a.m.
ET
NASHUA,
N.H. – October 30, 2019 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader
providing innovative cancer detection and therapy solutions today
reported its financial and operating results for the three and nine months
ended September 30, 2019.
Highlights for the Quarter Included:
- Revenue of approximately $7.9 million, a 27% increase over the third
quarter of 2018. - Revenue in the ProFound AI™ Cancer Detection segment of approximately $6.1 million, a 55% increase as compared to $3.9 million
in the third quarter of 2018. - Year to date nine month 2019 revenue of approximately $22.0 million, an
18% increase over the same nine months of 2018. - Detection revenue of approximately $15.5 million a 30% increase as
compared to $11.9 million for the nine months ended September 30, 2018.
Financial Highlights:
- Gross profit of $6.1 million, or 77%, in the third quarter of 2019, as
compared to $4.7 million, or 77%, in the third quarter of 2018. - GAAP Net Loss of $3.0 million, or ($0.15) per diluted share, which includes a $0.9
million non-cash charge associated with the fair value accounting treatment of
the Q4 2018 convertible debentures. - Non-GAAP Adjusted EBITDA loss of ($1.4) million, compared to non-GAAP
Adjusted EBITDA loss of ($0.4) million in the third quarter of 2018. - Non-GAAP Adjusted net loss
of $2.0 million or ($0.10) per diluted share, compared to non-GAAP adjusted net
loss of ($1.1) million, or ($0.06) per share) in the third quarter of 2018.
“Our
overall business continues to demonstrate significant strength,” said Michael
Klein, Chairman and Chief Executive Officer of iCAD, Inc. “In our Detection segment, market demand and
adoption for ProFound AI™, our latest, deep-learning, cancer detection software
solution for digital breast tomosynthesis, continues to grow meaningfully, as
we are beginning to penetrate larger accounts. Investments in our commercial
infrastructure throughout 2019 are contributing to our top line sales success. Importantly, we are well-positioned for
long-term growth in this area, as we continue to develop our next-generation
algorithm, which is expected to be commercially available in 2020.”