iCAD Reports Second Quarter 2019 Financial Results
Conference call today at 8:30 a.m. ET
NASHUA,
N.H. – August 1, 2019 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology
leader providing innovative cancer detection and therapy solutions, today
reported financial results for the three and six months ended June 30, 2019.
Second
Quarter 2019 Highlights:
- Total revenue of approximately $7.3 million, an increase of 19%
over second quarter of 2018. - Gross profit of $5.7 million, or 78%, in the second quarter of
2019 as compared to $4.8 million, or 78%, in the second quarter of 2018. - GAAP Net Loss of $3.5 million, or ($0.20) per diluted share, which
includes a $1.9 million non-cash charge associated with the fair value
accounting treatment of the Q4 2018 convertible debentures. - Non-GAAP Adjusted EBITDA loss of ($1.0) million compared to
non-GAAP Adjusted EBITDA loss of ($0.3) million in the second quarter of 2018. - Non-GAAP Adjusted Net loss of $1.6 million or ($0.09) per diluted
share compared to non-GAAP adjusted Net loss of $1.0 million or ($0.06) per
share.
First Half 2019 Highlights:
- Total revenue of approximately $14.1 million, an increase of 13%
over the first half of 2018. - Detection product revenue of approximately $6.6 million, an
increase of 33% over the first six months of 2018. - Gross profit of $11.0 million, or 78%, in the first half of 2019
as compared to $9.3 million, or 74%, in the first half of 2018.
“We have built significant momentum
throughout our business in the first half of 2019,” said Michael Klein, Chairman
and Chief Executive Officer of iCAD, Inc.
“In Detection, our commercial launch of ProFound AI™, our latest,
deep-learning, cancer detection software solution for digital breast
tomosynthesis, continues to see increased market adoption, and our product mix
is increasingly shifting to ProFound AI with each passing quarter. Moreover, we are positioned to gain
meaningful traction with this product in the second half of 2019. Our recent announcement that that SimonMed
Imaging, the largest physician owned imaging provider with 150 locations across
the U.S., will be implementing ProFound AI in its centers, will have a positive
impact on the second half of the year.”