iCAD Reports Financial Results for Second Quarter and Six Months Ended June 30, 2020
Launched ProFound AI™ Risk Offering After Receiving CE Mark in Europe
Recent 50 System Agreement with SimonMed Imaging Highlights Significant
Value of ProFound
AI Solution
Expert Panel Reviews Compelling Clinical Data on Xoft® Brain IORT
Conference Call Today at 4:30 p.m. ET
NASHUA,
N.H. – AUGUST 4, 2020 – 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 six months ended
June 30, 2020.
Recent
Highlights:
- Revenue
of $5.6 million for the second quarter of 2020 - Operating
expenses of $6.7 million, a 21% and a 7% reduction as compared to the first quarter
of 2020 and the second quarter of 2019, respectively - Net
loss for the second quarter of 2020 was ($2.4) million, or ($0.11) per diluted
share, compared with a net loss of ($3.5) million, or ($0.20) per diluted
share, for the second quarter of 2019 - Maintained
gross profit margin of 78% as compared to second quarter of 2019 - Cash
balance of $24.2 million at the end of the second quarter of 2020 - Announced
50 Profound AI™ licenses with SimonMed Imaging, a national provider of
mammography screening, allowing patients to receive “real-time” essential
breast screening - New
ProFound AI Risk offering launched in Europe
First and only commercially
available clinical decision support tool provides accurate two-year breast
cancer risk estimation personalized for each woman - Presented
positive new clinical data for Xoft® Brain IORT at American Society of Clinical
Oncology (ASCO) 2020 Virtual Scientific Program
Promising clinical
research supports Xoft Brain IORT as a viable treatment option for glioblastoma
multiforme (GBM) that may extend patients’ lives
Overall survival
benefit reached statistical significance in the IORT group with tumors less
than or equal to 2.5 cm3 (p<0.05)