iCAD Reports Financial Results for Fourth Quarter and Fiscal Year Ended December 31, 2024
iCAD (NASDAQ: ICAD) reported its Q4 and full-year 2024 financial results, showing positive momentum in its SaaS transition. Q4 highlights include:
- Total revenue increased 14% to $5.4 million
- Annual Recurring Revenue (ARR) grew 11% to $9.8 million
- Gross Profit Margin of 86%
- 382 total deals closed in 2024, including 42 ProFound Cloud deals
The company secured FDA clearance for ProFound Detection V4.0 and expanded globally with new distribution agreements in South Africa, Portugal, and the UK. For full-year 2024, revenue reached $19.6 million, up 13% year-over-year, with a gross profit margin of 85%. The company reported a net loss of ($5.6) million or ($0.21) per share for 2024, improved from ($7.0) million in 2023. Cash position stands at $17.2 million, which management believes sufficient for at least 12 months of operations.
iCAD (NASDAQ: ICAD) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024, mostrando un'ottima spinta nella sua transizione SaaS. I punti salienti del Q4 includono:
- Ricavi totali aumentati del 14% a $5,4 milioni
- Ricavi Ricorrenti Annuali (ARR) cresciuti dell'11% a $9,8 milioni
- Margine di Profitto Lordo dell'86%
- 382 affari chiusi nel 2024, inclusi 42 affari ProFound Cloud
L'azienda ha ottenuto l'approvazione della FDA per ProFound Detection V4.0 e si è espansa a livello globale con nuovi accordi di distribuzione in Sudafrica, Portogallo e Regno Unito. Per l'intero anno 2024, i ricavi hanno raggiunto $19,6 milioni, in aumento del 13% rispetto all'anno precedente, con un margine di profitto lordo dell'85%. L'azienda ha riportato una perdita netta di ($5,6) milioni o ($0,21) per azione per il 2024, migliorata rispetto a ($7,0) milioni nel 2023. La posizione di cassa è di $17,2 milioni, che la direzione ritiene sufficiente per almeno 12 mesi di operazioni.
iCAD (NASDAQ: ICAD) informó sus resultados financieros del Q4 y del año completo 2024, mostrando un impulso positivo en su transición a SaaS. Los aspectos destacados del Q4 incluyen:
- Los ingresos totales aumentaron un 14% a $5.4 millones
- Los Ingresos Recurrentes Anuales (ARR) crecieron un 11% a $9.8 millones
- Margen de Ganancia Bruta del 86%
- 382 acuerdos totales cerrados en 2024, incluidos 42 acuerdos de ProFound Cloud
La compañía obtuvo la aprobación de la FDA para ProFound Detection V4.0 y se expandió globalmente con nuevos acuerdos de distribución en Sudáfrica, Portugal y el Reino Unido. Para el año completo 2024, los ingresos alcanzaron $19.6 millones, un aumento del 13% interanual, con un margen de ganancia bruta del 85%. La compañía reportó una pérdida neta de ($5.6) millones o ($0.21) por acción para 2024, mejorando desde ($7.0) millones en 2023. La posición de efectivo se sitúa en $17.2 millones, que la dirección considera suficiente para al menos 12 meses de operaciones.
iCAD (NASDAQ: ICAD)는 2024년 4분기 및 전체 연도 재무 결과를 발표하며 SaaS 전환에서 긍정적인 모멘텀을 보여주었습니다. 4분기 주요 내용은 다음과 같습니다:
- 총 수익이 14% 증가하여 540만 달러에 도달
- 연간 반복 수익(ARR)이 11% 증가하여 980만 달러에 도달
- 총 이익률 86%
- 2024년 총 382건의 거래가 성사되었으며, 그 중 42건은 ProFound Cloud 거래입니다.
회사는 ProFound Detection V4.0에 대한 FDA 승인을 확보하고 남아프리카, 포르투갈 및 영국에서 새로운 유통 계약을 통해 글로벌로 확장하였습니다. 2024년 전체 수익은 1960만 달러에 도달하여 전년 대비 13% 증가하였으며, 총 이익률은 85%입니다. 회사는 2024년에 대해 ($5.6) 백만 달러 또는 주당 ($0.21)의 순손실을 보고하였으며, 이는 2023년의 ($7.0) 백만 달러에서 개선된 수치입니다. 현금 보유액은 1720만 달러로, 경영진은 최소 12개월간의 운영에 충분하다고 판단하고 있습니다.
iCAD (NASDAQ: ICAD) a annoncé ses résultats financiers du 4ème trimestre et de l'année complète 2024, montrant un élan positif dans sa transition vers le SaaS. Les points forts du 4ème trimestre comprennent :
- Les revenus totaux ont augmenté de 14 % pour atteindre 5,4 millions de dollars
- Les revenus récurrents annuels (ARR) ont crû de 11 % pour atteindre 9,8 millions de dollars
- Marge brute de 86 %
- 382 contrats au total conclus en 2024, dont 42 contrats ProFound Cloud
L'entreprise a obtenu l'approbation de la FDA pour ProFound Detection V4.0 et s'est étendue à l'international avec de nouveaux accords de distribution en Afrique du Sud, au Portugal et au Royaume-Uni. Pour l'année complète 2024, les revenus ont atteint 19,6 millions de dollars, en hausse de 13 % par rapport à l'année précédente, avec une marge brute de 85 %. L'entreprise a enregistré une perte nette de ($5,6) millions ou ($0,21) par action pour 2024, améliorée par rapport à ($7,0) millions en 2023. La position de liquidités s'élève à 17,2 millions de dollars, ce que la direction estime suffisant pour au moins 12 mois d'opérations.
iCAD (NASDAQ: ICAD) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht und zeigt positive Fortschritte bei seinem SaaS-Übergang. Die Höhepunkte des 4. Quartals sind:
- Gesamteinnahmen stiegen um 14% auf 5,4 Millionen USD
- Jährliche wiederkehrende Einnahmen (ARR) wuchsen um 11% auf 9,8 Millionen USD
- Bruttogewinnmarge von 86%
- 382 insgesamt abgeschlossene Geschäfte im Jahr 2024, darunter 42 ProFound Cloud-Geschäfte
Das Unternehmen erhielt die FDA-Zulassung für ProFound Detection V4.0 und expandierte global mit neuen Vertriebsvereinbarungen in Südafrika, Portugal und dem Vereinigten Königreich. Für das gesamte Jahr 2024 erreichten die Einnahmen 19,6 Millionen USD, was einem Anstieg von 13% im Jahresvergleich entspricht, mit einer Bruttogewinnmarge von 85%. Das Unternehmen berichtete für 2024 einen Nettoverlust von ($5,6) Millionen oder ($0,21) pro Aktie, eine Verbesserung gegenüber ($7,0) Millionen im Jahr 2023. Die Liquiditätsposition beträgt 17,2 Millionen USD, was das Management für ausreichend hält, um mindestens 12 Monate lang operieren zu können.
- Revenue growth of 14% in Q4 2024 and 13% for full-year
- ARR increased 11% year-over-year to $9.8 million
- High gross profit margin maintained at 86% in Q4
- Strong deal closure with 382 total deals in 2024
- FDA clearance obtained for ProFound Detection V4.0
- Improved net loss from ($7.0M) in 2023 to ($5.6M) in 2024
- Solid cash position of $17.2M with no immediate funding needs
- Net loss of ($0.9M) in Q4 2024, increased from ($0.5M) in Q4 2023
- Operating expenses increased 10% in Q4 2024
- Gross profit margin declined from 91% in Q4 2023 to 86% in Q4 2024
- Adjusted EBITDA loss worsened to ($0.5M) from ($0.4M) in Q4 2023
Insights
iCAD's Q4 and full-year 2024 results demonstrate measurable progress in their strategic transition to a subscription-based business model. The 14% year-over-year revenue growth to
The sequential increase in cloud deals from 13 in Q3 to 19 in Q4 (46% growth) signals accelerating market adoption of their SaaS offering. With 42 ProFound Cloud deals among 382 total transactions in 2024, the company is demonstrating meaningful traction in this higher-margin, recurring revenue stream.
While maintaining a strong 86% gross margin in Q4, iCAD continues to navigate the financial impacts of this business model transformation. The quarterly net loss widened slightly to
However, the annual picture shows improvement with net loss narrowing to
The FDA clearance of ProFound Detection V4.0 and expanded global distribution agreements in multiple countries further strengthen iCAD's competitive positioning. These developments, coupled with improving financial metrics, indicate the company is making substantive progress in its transformation while expanding market reach for its AI-powered breast health solutions.
NASHUA, N.H., March 19, 2025 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) ("iCAD" or the "Company") a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered breast health solutions, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights (Year-over-Year Performance):
- Total ARR (Annual Recurring Revenue) was
$9.8 million , up11% year over year - Total revenues increased
14% to$5.4 million - Gross Profit Margin of
86% - 382 Total deals closed in 2024, 42 of which were ProFound Cloud
- ProFound Detection V4.0 granted FDA clearance
- Expanded global reach with new distribution agreements in South Africa, Portugal, and the UK
Dana Brown, President and CEO of iCAD commented, “Our fourth-quarter results reflect strong momentum in our transition to a SaaS-based model, evidenced by growth of
We expect 2025 to be a pivotal year for our SaaS transition. While the strategic shift to a recurring revenue model impacts our GAAP revenue in the near term, it is being well-received by our expanding customer base and will significantly enhance our business model over time. Our balance sheet is strong, providing us the financial flexibility to successfully execute this transition while continuing to deliver AI solutions that improve patient outcomes worldwide.”
The chart below illustrates the growth of ARR between the first quarter of 2022, when subscription sales first began, and the fourth quarter of 2024:
| ARR Change Since Start of Subscription Sales | ||||||||||
| (in 000’s) | ||||||||||
| Q1 22 | Q4 24 | $ Change Increase/(Decrease) | ||||||||
| Maintenance Services ARR (M-ARR) | $ | 6,655 | $ | 6,375 | $ | (280 | ) | |||
| Subscription ARR (S-ARR) | — | 2,616 | 2,616 | |||||||
| Cloud ARR (C-ARR) | — | 787 | 787 | |||||||
| Total ARR (T-ARR) | $ | 6,655 | $ | 9,778 | $ | 3,123 | ||||
| % Change Since Start of Subscription Sales | 47 | % | ||||||||
Fourth Quarter 2024 Financial Results
Total revenue for the fourth quarter of 2024 was
| (in 000’s) | Three months ended December 31, | |||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||
| Product revenue | $ | 3,668 | $ | 2,970 | $ | 698 | 23.5 | % | ||||||
| Services revenue | 1,740 | 1,771 | (31 | ) | -1.8 | % | ||||||||
| Total revenue | $ | 5,408 | $ | 4,741 | $ | 667 | 14.1 | % | ||||||
Gross Profit: Gross profit for the fourth quarter of 2024 was
Operating Expenses: Total operating expenses for the fourth quarter of 2024 were
GAAP Net Loss from continuing operations: Net loss from continuing operations for the fourth quarter of 2024 was (
Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, for the fourth quarter of 2024 was (
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the fourth quarter of 2024 was a loss of (
Full Year 2024 Financial Results
Total revenue for the full year 2024 was approximately
| (in 000’s) | Twelve months ended December 31, | |||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||
| Product revenue | $ | 12,532 | $ | 9,930 | $ | 2,602 | 26.2 | % | ||||||
| Services revenue | 7,076 | 7,388 | (312 | ) | -4.2 | % | ||||||||
| Total revenue | $ | 19,608 | $ | 17,318 | $ | 2,290 | 13.2 | % | ||||||
Gross Profit: Full year 2024 gross profit was
Operating Expenses: Full year 2024 total operating expenses were
GAAP Net Loss from continuing operations: Full year 2024 net loss from continuing operations was (
Non-GAAP Adjusted Net Loss from continuing operations: Full year 2024 non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, was (
Non-GAAP Adjusted EBITDA: Full year 2024 Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, was a loss of (
Cash and cash equivalents: Cash and cash equivalents were
Conference Call:
The Company will host a conference call at 4:30 PM Eastern Time on Wednesday, March 19, 2025.
Earnings call details are as follows:
| ● | Toll Free: 877-545-0523 | |
| ● | International: 973-528-0016 | |
| ● | Participant Access Code: 174549 | |
| ● | Webcast: https://www.webcaster4.com/Webcast/Page/2879/52064 | |
Use of Non-GAAP Financial Measures
In its quarterly news releases, conference calls, slide presentations or webcasts, the Company may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. When analyzing the Company’s operating performance, investors should not consider these non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP. The Company’s quarterly news releases containing such non-GAAP reconciliations can be found on the Investors section of the Company’s website at www.icadmed.com.
About iCAD, Inc.
iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly
Forward-Looking Statements
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expansion of access to the Company’s products, improvement of performance, acceleration of adoption, expected benefits of ProFound AI®, the benefits of the Company’s products, and future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, the willingness of patients to undergo mammography screening, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
CONTACTS
Media inquiries:
pr@icadmed.com
Investor Inquiries:
John Nesbett/Rosalyn Christian
IMS Investor Relations icad@imsinvestorrelations.com
| iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except for share data) (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,206 | $ | 21,670 | ||||
| Trade accounts receivable, net of allowance for credit losses of | 7,207 | 6,392 | ||||||
| Inventory, net | 756 | 917 | ||||||
| Prepaid expenses and other current assets | 1,258 | 699 | ||||||
| Total current assets | $ | 26,427 | $ | 29,678 | ||||
| Property and equipment, net of accumulated depreciation of | 1,716 | 1,823 | ||||||
| Operating lease assets | 177 | 461 | ||||||
| Other assets | 757 | 849 | ||||||
| Intangible assets, net of accumulated amortization of | 101 | 148 | ||||||
| Goodwill | 8,362 | 8,362 | ||||||
| Deferred tax assets | — | 97 | ||||||
| Total assets | $ | 37,540 | $ | 41,418 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,111 | $ | 712 | ||||
| Accrued and other expenses | 2,358 | 2,448 | ||||||
| Lease payable—current portion | 229 | 188 | ||||||
| Deferred revenue—current portion | 3,863 | 3,400 | ||||||
| Total current liabilities | 7,561 | 6,748 | ||||||
| Lease payable, net of current | 133 | 273 | ||||||
| Deferred revenue, net of current | 1,137 | 974 | ||||||
| Deferred tax | 8 | 6 | ||||||
| Other | 17 | — | ||||||
| Total liabilities | 8,856 | 8,001 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Preferred stock, | — | — | ||||||
| Common stock, | 265 | 265 | ||||||
| Additional paid-in capital | 307,133 | 306,250 | ||||||
| Accumulated deficit | (277,299 | ) | (271,683 | ) | ||||
| Treasury stock at cost, 185,831 shares as of both December 31, 2024 and December 31, 2023 | (1,415 | ) | (1,415 | ) | ||||
| Total stockholders’ equity | 28,684 | 33,417 | ||||||
| Total liabilities and stockholders’ equity | $ | 37,540 | $ | 41,418 | ||||
| iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except for per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Products and licenses | $ | 3,668 | $ | 2,970 | $ | 12,532 | $ | 9,930 | ||||||||
| Services | 1,740 | 1,771 | 7,076 | 7,388 | ||||||||||||
| Total revenue | 5,408 | 4,741 | 19,608 | 17,318 | ||||||||||||
| Cost of revenue: | ||||||||||||||||
| Products | 331 | 287 | 1,387 | 1,387 | ||||||||||||
| Services | 293 | 109 | 1,205 | 1,060 | ||||||||||||
| Amortization and depreciation | 114 | 22 | 381 | 86 | ||||||||||||
| Total cost of revenue | 738 | 418 | 2,973 | 2,533 | ||||||||||||
| Gross profit | 4,670 | 4,323 | 16,635 | 14,785 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Engineering and product development | 1,411 | 1,252 | 6,609 | 5,161 | ||||||||||||
| Marketing and sales | 2,213 | 2,049 | 8,423 | 7,740 | ||||||||||||
| General and administrative | 1,850 | 1,675 | 7,629 | 9,324 | ||||||||||||
| Amortization and depreciation | 60 | 63 | 242 | 249 | ||||||||||||
| Total operating expenses | 5,534 | 5,039 | 22,903 | 22,474 | ||||||||||||
| Loss from operations | (864 | ) | (716 | ) | (6,268 | ) | (7,689 | ) | ||||||||
| Other income/ (expense): | ||||||||||||||||
| Interest expense | (12 | ) | (14 | ) | (12 | ) | (16 | ) | ||||||||
| Interest income | 192 | 201 | 811 | 729 | ||||||||||||
| Other income (expense), net | (91 | ) | (6 | ) | (49 | ) | (14 | ) | ||||||||
| Other income (expense), net | 89 | 181 | 750 | 699 | ||||||||||||
| Loss before provision for income taxes | (775 | ) | (535 | ) | (5,518 | ) | (6,990 | ) | ||||||||
| Provision for tax expense | (79 | ) | (7 | ) | (98 | ) | (20 | ) | ||||||||
| Loss from continuing operations | (854 | ) | (542 | ) | (5,616 | ) | (7,010 | ) | ||||||||
| Income (loss) from discontinued operations | — | 1,904 | — | 2,163 | ||||||||||||
| Net loss and comprehensive loss | $ | (854 | ) | $ | 1,362 | $ | (5,616 | ) | $ | (4,847 | ) | |||||
| Net loss per share: | ||||||||||||||||
| Loss from continuing operations, basic and diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.21 | ) | $ | (0.27 | ) | ||||
| Loss from discontinued operations, basic and diluted | $ | - | $ | 0.07 | $ | - | $ | 0.08 | ||||||||
| Net loss per share, basic and diluted | $ | (0.03 | ) | $ | 0.05 | $ | (0.21 | ) | $ | (0.19 | ) | |||||
| Weighted average number of shares used in computing loss per share: | 26,354 | 26,323 | 26,354 | 25,613 | ||||||||||||
| iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited) | ||||||||
| For the Twelve Months ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | $ | (5,616 | ) | $ | (4,847 | ) | ||
| Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
| Gain on sale of business | — | (2,592 | ) | |||||
| Amortization | 47 | 170 | ||||||
| Depreciation | 577 | 239 | ||||||
| Non-cash lease expense | 100 | 462 | ||||||
| Impairment of operating lease asset | 184 | — | ||||||
| Bad debt provision | (39 | ) | 177 | |||||
| Stock-based compensation | 883 | 1,316 | ||||||
| Deferred tax | 99 | 20 | ||||||
| Other | 66 | (1 | ) | |||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (776 | ) | 419 | |||||
| Inventory | 161 | 1,489 | ||||||
| Prepaid and other assets | (467 | ) | 840 | |||||
| Accounts payable | 399 | (811 | ) | |||||
| Accrued and other expenses | (90 | ) | (1,554 | ) | ||||
| Lease liabilities | (99 | ) | (484 | ) | ||||
| Deferred revenue | 626 | 193 | ||||||
| Total adjustments | 1,671 | (117 | ) | |||||
| Net cash used for operating activities | (3,945 | ) | (4,964 | ) | ||||
| Cash flow from investing activities: | ||||||||
| Proceeds from sale of business, net of transaction costs | — | 4,539 | ||||||
| Additions to property and equipment | (168 | ) | (922 | ) | ||||
| Capitalization of internal-use software | (351 | ) | (342 | ) | ||||
| Net cash used for investing activities | (519 | ) | 3,275 | |||||
| Cash flow from financing activities: | ||||||||
| Proceeds from option exercises pursuant to stock option plans | — | 80 | ||||||
| Proceeds from issuance of common stock, net of issuance costs | — | 1,966 | ||||||
| Net cash provided by financing activities | — | 2,046 | ||||||
| (Decrease) increase in cash and cash equivalents | (4,464 | ) | 357 | |||||
| Cash and cash equivalents, beginning of period | 21,670 | 21,313 | ||||||
| Cash and cash equivalents, end of period | $ | 17,206 | $ | 21,670 | ||||
| Supplemental disclosure of cash flow information: | ||||||||
| Interest paid | $ | 12 | $ | 16 | ||||
| Amendment to right-of-use assets obtained in exchange for operating lease liabilities | $ | 121 | $ | — | ||||
Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and Definitions of Metrics
The Company reports its financial results in accordance with United States generally accepted accounting principles, or GAAP. However, management believes that in order to understand the Company’s short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Company’s ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Company’s ongoing business with prior periods more difficult, obscure trends in ongoing operations or reduce management’s ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Company’s financial and operational performance and comparing this performance to its peers and competitors.
Management defines “Non-GAAP Adjusted EBITDA” as the sum of GAAP Net Loss before provisions for interest expense, other income, stock-based compensation expense, depreciation and amortization, tax expense, severance, gain on sale of assets, loss on disposal of assets, acquisition and litigation related expenses. Management considers this non-GAAP financial measure to be an indicator of the Company’s operational strength and performance of its business and a good measure of its historical operating trends, in particular the extent to which ongoing operations impact the Company’s overall financial performance.
Management defines "Non-GAAP Adjusted Net Loss from continuing operations" as the difference between Net Loss from continuing operations, calculated on a GAAP basis, and any adjustments that management believes are appropriate to understand the Company's short-term and long-term financial and operational trends. Those adjustments, as more fully described in the table below, include severance and furlough, loss on fair value of convertible debentures, and litigation related. Management considers this non-GAAP financial measure to be an indicator of the Company's financial and operational performance.
Management defines "Non-GAAP Adjusted Net Loss Per Share from Continuing Operations per share" as Non-GAAP Adjusted Net Loss from continuing operations, as described previously, divided by the Company's weighted average number of shares outstanding used in computing loss per share on a GAAP basis. Management considers this non-GAAP financial measure to be an indicator of the Company's financial and operational performance on a per share basis.
The non-GAAP financial measures do not replace the presentation of the Company’s GAAP financial results and should only be used as a supplement to, not as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company has provided a reconciliation of each non-GAAP financial measure used in its financial reporting and investor presentations to the most directly comparable GAAP financial measure.
Management excludes each of the items identified below from the applicable non-GAAP financial measure referenced above for the reasons set forth with respect to that excluded item:
- Interest expense: The Company excludes interest expense which includes interest from the facility agreement, interest on capital leases and interest on the convertible debentures from its non-GAAP Adjusted EBITDA calculation.
- Stock-based compensation expense: excluded as these are non-cash expenses that management does not consider part of ongoing operating results when assessing the performance of the Company’s business, and also because the total amount of expense is partially outside of the Company’s control as it is based on factors such as stock price volatility and interest rates, which may be unrelated to our performance during the period in which the expense is incurred.
- Amortization and Depreciation: Purchased assets and intangibles are amortized over a period of several years and generally cannot be changed or influenced by management after they are acquired. Accordingly, these non-cash items are not considered by management in making operating decisions, and management believes that such expenses do not have a direct correlation to future business operations. Thus, including such charges does not accurately reflect the performance of the Company’s ongoing operations for the period in which such charges are incurred.
- Severance and Furlough: The Company has incurred severance and furlough expenses in connection with restructuring and in connection with the separation of its former CEO. The Company excludes these items from its non-GAAP financial measures when evaluating its continuing business performance as such items can vary significantly and do not reflect expected future operating expenses. In addition, management believes that such items do not have a direct correlation to future business operations.
- Loss on fair value of convertible debentures. The Company excludes this non-cash item as it is not considered by management in making operating decisions, and management believes that such item does not have a direct correlation to future business operations.
- Litigation related: These expenses consist primarily of settlement, legal and other professional fees related to litigation. The Company excludes these costs from its non-GAAP measures primarily because the Company believes that these costs have no direct correlation to the core operations of the Company.
- Loss on extinguishment of debt: The Company excludes this non-cash item as it is not considered by management in making operating decisions, and management believes that such item does not have a direct correlation to future business operations.
- Impairment of operating lease asset: The Company incurred a non-cash impairment charge as a result of executing a sublease for its corporate headquarters. The Company excludes this non-cash item as it is not considered by management in making operating decisions, and management believes that it has no direct correlation to future business operations.
On occasion in the future, there may be other items, such as loss on extinguishment of debt, significant asset impairments, restructuring charges or significant gains or losses from contingencies that the Company may exclude if it believes that doing so is consistent with the goal of providing useful information to investors and management.
Definitions of Metrics
Starting in the third quarter of 2023, the Company began reporting Annual Recurring Revenue (“ARR”) with each quarterly earnings announcement. The Company’s management believes this is a useful metric for purposes of assessing progress in transitioning to a subscription-based business model. ARR should be viewed independently of revenue and does not represent our revenue under U.S. GAAP on an annualized basis, as it is an operating metric that can be impacted by contract start dates, end dates, cancellations, and renewal rates. Subscription ARR is not intended to be a replacement for forecasts of revenue. The following are the variations of ARR the Company intends to present:
- Total ARR (T-ARR) represents the annualized value of subscription license, maintenance contracts and active cloud services at the end of a reporting period.
- Maintenance Services ARR (M-ARR) represents the annualized value of active perpetual license maintenance service contracts at the end of the reporting period.
- Subscription ARR (S-ARR) represents the annualized value of active subscription or term licenses at the end of a reporting period.
- Cloud ARR (C-ARR) represents the annualized value of active cloud services contracts at the end of a reporting period.
| Non-GAAP Adjusted EBITDA Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted EBITDA” (Unaudited) (In thousands except for per share data) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP Net Loss from continuing operations | $ | (854 | ) | $ | (542 | ) | $ | (5,616 | ) | $ | (7,010 | ) | ||||
| Interest expense | 12 | 14 | 12 | 16 | ||||||||||||
| Interest income | (192 | ) | (201 | ) | (811 | ) | (729 | ) | ||||||||
| Other expense | 91 | 6 | 49 | 14 | ||||||||||||
| Stock compensation | 165 | 202 | 883 | 1,316 | ||||||||||||
| Depreciation & amortization | 174 | 85 | 623 | 335 | ||||||||||||
| Severance and Furlough | — | — | 169 | 178 | ||||||||||||
| Tax expense | 79 | 7 | 98 | 20 | ||||||||||||
| Impairment of operating lease asset | — | — | 184 | — | ||||||||||||
| Non-GAAP Adjusted EBITDA | $ | (525 | ) | $ | (429 | ) | $ | (4,409 | ) | $ | (5,860 | ) | ||||
| Non-GAAP Adjusted Loss per share from continuing operations Set forth below is a reconciliation of the Company’s “Non-GAAP Adjusted Loss per share from continuing operations” (Unaudited) (In thousands except for per share data) | ||||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| GAAP Net Loss from continuing operations | $ | (854 | ) | $ | (542 | ) | $ | (5,616 | ) | $ | (7,010 | ) | ||||
| Adjustments to Net Loss: | ||||||||||||||||
| Severance and Furlough | — | — | 169 | 178 | ||||||||||||
| Non-GAAP Adjusted Net Loss from continuing operations | $ | (854 | ) | $ | (542 | ) | $ | (5,447 | ) | $ | (6,832 | ) | ||||
| Net Loss per share from continuing operations —basic and diluted | ||||||||||||||||
| GAAP Loss from continuing operations, basic and diluted | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.21 | ) | $ | (0.27 | ) | ||||
| Adjustments to Net Loss (as detailed above) | — | — | 0.01 | 0.01 | ||||||||||||
| Non-GAAP Adjusted Loss per share from continuing operations | $ | (0.03 | ) | $ | (0.02 | ) | $ | (0.20 | ) | $ | (0.26 | ) | ||||
FAQ
What was iCAD's revenue growth in Q4 2024?
How many ProFound Cloud deals did ICAD close in 2024?
What is ICAD's current cash position and runway?
How much did ICAD's Annual Recurring Revenue (ARR) grow in Q4 2024?
What was ICAD's net loss per share for full-year 2024?
