iCAD Reports Third Quarter 2018 Financial Results
Company
announces board and leadership changes
Conference
call today at 4:30 p.m. ET
NASHUA, N.H. (November 13, 2018) – iCAD, Inc. (NASDAQ: ICAD), a global medical
technology company providing innovative cancer detection and therapy solutions,
today reported financial results for the three and nine months ended September
30, 2018.
Third Quarter 2018 Highlights:
- Total revenue
of $6.2 million, a decrease of 12% year-over-year - Gross profit
of $4.7 million, or 77% - GAAP Net Loss
of $1.4 million, or ($0.08) per share - Non-GAAP Adjusted
EBITDA loss of ($0.4) million
Subsequent Events:
- In October, the Company appointed Michael
Klein, Dr. Rakesh Patel, and Dr. Susan Wood to its Board of Directors. Following these appointments Anthony Ecock,
Dr. Robert Goodman, Dr. Lawrence Howard, Steven Rappaport, Somu Subramaniam, and
Dr. Elliot Sussman resigned from the Company’s Board. Michael Klein was appointed Chairman of the
Board. - On November 9, 2018 the Company
announced that Ken Ferry had retired from his position as Chief Executive
Officer (CEO) and stepped down as a Director of the Company, and that Mr. Klein
was appointed Interim CEO.