STOCK TITAN

iCAD Reports Financial Results for Fourth Quarter ended December 31, 2022 and Year End

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary

iCAD, a medical technology leader in cancer detection and therapy, reported its financial results for the year ending December 31, 2022. Total revenue decreased by 17% to $27.9 million, with a notable 20% drop in Therapy revenue. The company is strategically focusing on its Detection business, particularly the Breast AI Suite, with new partnerships signed with Google Health and Solis Mammography. iCAD reduced annual expenses by $4.3 to $4.6 million, aiming for profitability by the end of 2024 without seeking additional capital. Despite losses, the gross profit remained stable at 71% of revenue, indicating effective cost management.

Positive
  • Reduced operating expenses by $4.3 to $4.6 million.
  • Strategic partnerships with Google Health and Solis Mammography enhancing growth potential.
  • Focused on profitability and cash flow positive targets by end of 2024.
Negative
  • Total revenue decreased by 17% year-over-year, from $33.6 million to $27.9 million.
  • Therapy revenue fell by 30%, indicating potential issues in this segment.
  • Net loss increased to ($13.7) million, compared to ($11.2) million the previous year.

Strategy focused on profitability by end of 2024, using current cash on hand

New leadership to host conference call and webcast today at 4:30 PM ET

NASHUA, N.H., March 28, 2023 (GLOBE NEWSWIRE) -- 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 twelve months ended December 31, 2022.

Highlights:

  • Company continues to invest in Detection business, driving commercial growth through global adoption of Breast AI Suite while exploring strategic options for Therapy segment
  • Several strategic partnership agreements signed in Q4, including Google Health and Solis Mammography, positioning the Company for growth
  • Promising clinical research reaffirms clinical value and utility of Breast AI Suite
  • Company reduces annualized expenses by $4.3 to $4.6 million and decreases annualized cash burn by $4.9 to $5.2 million

“In the battle against cancer, we see early detection and diagnosis as a key part in transforming the patient journey and quality of care. Breast cancer is the most common cancer in women worldwide and the second leading cause of cancer death among women in the U.S. With iCAD’s early detection technology, we have the ability to detect cancers early, giving individuals the opportunity for more positive outcomes and more lives saved. The body of evidence supporting our Breast AI suite continues to grow, and we are committed to upholding our vision to be the world’s most pervasive and personalized suite of AI cancer detection solutions. We look forward to strengthening our focus to rapidly advance our progress in this area,” said Dana Brown, President and CEO of iCAD, Inc.

“We are amidst an exciting period of transition across many aspects of the Company, including the shift to a partnership approach for both select elements of our business as well as our go-to-market strategy. Several key partnerships and agreements were signed in Q4, including a strategic development and commercialization agreement with Google Health, which is positioned to improve our market-leading AI solutions for mammography, expand access to our technology to millions of women and providers worldwide, and accelerate time to market for our own cloud-based SaaS solution planned for 2024. We are also continuing to strengthen our partnership with Solis Mammography, the largest independent provider of breast screening and diagnostic services in the U.S. We remain enthusiastic about the potential these partnerships present in 2023 and beyond,” said Ms. Brown.

“While both the Therapy and Detection lines of business have significant market opportunity and potential, we believe our core competencies and focus need to be solely on Detection and our strategy around AI. We remain confident that the Xoft technology has the potential to positively impact the lives of cancer patients and the providers who care for them on a global scale. As we move through this time of transition, we want to explore strategic options that could accelerate the accessibility of this technology and provide more focus and synergies to its growth. As we explore these opportunities, we are projecting to be cash flow positive and reach profitability before the end of 2024. We believe these changes give us the runway needed to successfully navigate this business model transition without needing to raise additional capital,” said Ms. Brown.

Three Months Ended December 31, 2022 Financial Results

Total Detection and Therapy revenue for the fourth quarter of 2022 was $6.5 million, a decrease of $1.3 million, or 17%, as compared to the fourth quarter of 2021.

(in 000’s) Three months ended December 31, 
  2022  2021  $ Change  % Change 
Product revenue $3,155  $4,762  $(1,607)  -33.7%
Service and supplies revenue  3,334   3,046   288   9.5%
Total revenue $6,489  $7,808  $(1,319)  -16.9%

Revenue: Cancer Detection revenue for the fourth quarter of 2022, which includes the Company’s mammography and breast density products, and the associated service and supplies revenue, was $4.6 million, a decrease of 16%, as compared to the fourth quarter of 2021. Therapy revenue for the fourth quarter of 2022, which includes Xoft® Axxent® eBx® System® sales, as well as the associated service and supplies revenue, was $1.9 million, a decrease of 20%, as compared to the fourth quarter of 2021.

(in 000’s) Three months ended December 31, 
  2022  2021  $ Change  % Change 
Detection revenue                
Product revenue $2,673  $3,882  $(1,209)  -31.1%
Service and supplies revenue  1,961   1,622   339   20.9%
Detection revenue $4,634  $5,504  $(870)  -15.8%
Therapy revenue                
Product revenue $401  $880  $(479)  -54.4%
Service and supplies revenue  1,454   1,423   31   2.2%
Therapy revenue $1,855  $2,303  $(448)  -19.5%
Total revenue $6,489  $7,807  $(1,318)  -16.9%

Gross Profit: Gross profit for the fourth quarter of 2022 was $4.6 million, or 71% of revenue, as compared to $5.7 million, or 73% of revenue, in the fourth quarter of 2021.

Operating Expenses: Total operating expenses for the fourth quarter of 2022 were $8.0 million, a 19% decrease from $9.9 million in the fourth quarter of 2021.

GAAP Net Loss: Net loss for the fourth quarter of 2022 was ($3.1) million, or ($0.12) per diluted share, as compared to a net loss of ($4.1) million, or ($0.17) per diluted share, for the fourth quarter of 2021.

Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a non-GAAP financial measure as defined below, for the fourth quarter of 2022 was ($3.0) million, or ($0.12) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($4.1) million, or ($0.17) per diluted share, for the fourth quarter of 2021. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended December 31, 2022 and 2021, respectively.

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the fourth quarter of 2022 was a loss of ($2.8) million, a $0.5 million increase as compared to the fourth quarter 2021 Non-GAAP Adjusted EBITDA loss of ($3.3) million. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended December 31, 2022 and 2021, respectively.

Twelve Months Ended December 31, 2022 Financial Results

Revenues for the year ended December 31, 2022, were $27.9 million, a decrease of $5.7 million or 17% over $33.6 million in Fiscal 2021.

(in 000’s) Twelve months ended December 31, 
  2022  2021  $ Change  % Change 
Product revenue $15,398  $21,191  $(5,793)  -27.3%
Service and supplies revenue  12,546   12,447   99   0.8%
Total revenue $27,944  $33,638  $(5,694)  -16.9%

Revenue: Cancer Detection revenue for the Twelve months ended December 31, 2022, which includes the Company’s mammography and breast density products, and the associated service and supplies revenue, was $19.8 million, a decrease of 10%, as compared to the Twelve months ended December 31, months ended December 31, 2021. Therapy revenue for the Twelve months ended December 31, months ended December 31, 2022, which includes Xoft® Axxent® eBx® System® sales, as well as the associated service and supplies revenue, was $8.1 million, a decrease of 30%, as compared to Twelve months ended December 31, months ended December 31, 2021.

(in 000’s) Twelve months ended December 31, 
  2022  2021  $ Change  % Change 
Detection revenue                
Product revenue $12,492  $15,661  $(3,169)  -20.2%
Service and supplies revenue  7,310   6,358   952   15.0%
Detection revenue $19,802  $22,019  $(2,217)  -10.1%
Therapy revenue                
Product revenue $2,777  $7,924  $(5,147)  -65.0%
Service and supplies revenue  5,365   3,695   1,670   45.2%
Therapy revenue $8,142  $11,619  $(3,477)  -29.9%
Total revenue $27,944  $33,638  $(5,694)  -16.9%

Gross Profit: Gross profit for the Twelve months ended December 31, months ended December 31, 2022 was $19.8 million, or 71% of revenue, as compared to $24.2 million, or 72% of revenue, in the Twelve months ended December 31, months ended December 31, 2021.

Operating Expenses: Total operating expenses for the Twelve months ended December 31, months ended December 31, 2022 were $33.7 million, as compared to $35.0 million in the Twelve months ended December 31, months ended December 31, 2021.

GAAP Net Loss: Net loss for the Twelve months ended December 31, months ended December 31, 2022 was ($13.7) million, or ($0.54) per diluted share, as compared to a net loss of ($11.21) million, or ($0.45) per diluted share, for the Twelve months ended December 31, months ended December 31, 2021.

Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a non-GAAP financial measure as defined below, for the Twelve months ended December 31, months ended December 31, 2022 was ($13.6) million, or ($0.54) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($10.7) million, or ($0.43) per diluted share, for the Twelve months ended December 31, months ended December 31, 2021. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the twelve-month periods ended December 31, 2022 and 2021, respectively.

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the Twelve months ended December 31, months ended December 31, 2022 was a loss of ($11.7) million, a $4.4 million increase as compared to the Twelve months ended December 31, months ended December 31, 2021 Non-GAAP Adjusted EBITDA loss of ($7.3) million. Please refer to the section entitled “Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the twelve-month periods ended December 31, 2022 and 2021, respectively.

Conference Call
Tuesday, March 28, 2023 at 4:30 PM ET

Domestic: 888-506-0062
International: 973-528-0011
Conference ID: 864678
Webcast: https://www.webcaster4.com/Webcast/Page/2879/47820 

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.
Headquartered in Nashua, NH, iCAD® is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com

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 which 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 in light of risks of potential exposure to Covid-19, 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.

Contact:

Media Inquiries:
Jessica Burns, iCAD
+1-201-423-4492
jburns@icadmed.com 

Investor Inquiries:
iCAD Investor Relations
ir@icadmed.com 


iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands, except for share data)
(Unaudited)
 
  December 31,  December 31, 
  2022  2021 
Assets        
Current assets:        
Cash and cash equivalents $21,313  $34,282 
Trade accounts receivable, net of allowance for doubtful accounts of $922 and $268 as of December 31, 2022 and December 31, 2021, respectively  8,898   8,891 
Inventory, net  5,389   4,171 
Prepaid expenses and other current assets  2,641   2,962 
Total current assets  38,241   50,306 
Property and equipment, net of accumulated depreciation of $2,135 and 7,106 as of December 31, 2022 and December 31, 2021, respectively  1,074   882 
Operating lease assets  3,361   1,059 
Other assets  69   899 
Intangible assets, net of accumulated amortization of $8,925 and $8,724 as of December 31, 2022 and December 31, 2021, respectively  482   683 
Deferred tax assets  116    
Goodwill  8,362   8,362 
Total assets $51,705  $62,191 
Liabilities and Stockholders’ Equity        
Current liabilities:        
Accounts payable $1,973  $2,779 
Accrued and other expenses  4,681   5,642 
Lease payable—current portion  582   889 
Deferred revenue—current portion  6,216   5,652 
Total current liabilities  13,452   14,962 
Lease payable, net of current  2,803   266 
Deferred revenue, net of current  542   441 
Deferred tax  6   5 
Total liabilities  16,803   15,674 
Commitments and Contingencies        
Stockholders’ equity:        
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued.      
Common stock, $0.01 par value: authorized 60,000,000 shares; issued 25,446,407 as of December 31, 2022 and 25,326,086 as of December 31, 2021        
Outstanding 25,260,747 as of December 31, 2022 and 25,140,255 as of December 31, 2021  254   253 
Additional paid-in capital  302,899   300,859 
Accumulated deficit  (266,836)  (253,180)
Treasury stock at cost, 185,831 shares as of both December 31, 2022 and December 31, 2021  (1,415)  (1,415)
Total stockholders’ equity  34,902   46,517 
Total liabilities and stockholders’ equity $51,705  $62,191 


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, 
  2022  2021  2022  2021 
Revenue:                
Products $3,155  $4,762  $15,398  $21,191 
Service and supplies  3,334   3,046   12,546   12,447 
Total revenue  6,489   7,808   27,944   33,638 
Cost of revenue:                
Products  1,321   1,061   5,852   5,653 
Service and supplies  459   963   1,983   3,425 
Amortization and depreciation  73   80   297   317 
Total cost of revenue  1,853   2,104   8,132   9,395 
Gross profit  4,636   5,704   19,812   24,243 
Operating expenses:                
Engineering and product development  1,813   2,449   8,593   9,194 
Marketing and sales  3,218   4,396   13,691   15,135 
General and administrative  2,894   2,945   11,234   10,406 
Amortization and depreciation  44   62   224   240 
Total operating expenses  7,969   9,852   33,742   34,975 
Loss from operations  (3,333)  (4,148)  (13,930)  (10,732)
Other income/ (expense):                
Interest expense  (2)     (10)  (141)
Interest income  124      213   15 
Other loss     3   (45)   
Loss on extinguishment of debt           (386)
Other expense, net  122   3   158   (512)
Loss before provision for income taxes  (3,211)  (4,145)  (13,772)  (11,244)
Benefit (Provision) for tax expense  116   (1)  116   (1)
Net loss and comprehensive loss $(3,095) $(4,146) $(13,656) $(11,245)
Net loss per share:                
Basic and diluted $(0.12) $(0.17) $(0.54) $(0.45)
Weighted average number of shares used in computing loss per share:  25,260   25,125   25,202   24,778 


iCAD, INC. AND SUBSIDIARIES
 
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
  For the Twelve Months ended 
  December 31, 
  2022  2021 
Cash flow from operating activities:        
Net loss $(13,656) $(11,245)
Adjustments to reconcile net loss to net cash used for operating activities:        
Amortization  211   230 
Depreciation  310   327 
Non-cash lease expense  708   778 
Bad debt provision  732   167 
Stock-based compensation  1,686   2,783 
Amortization of debt discount and debt costs     17 
Loss on extinguishment of debt     386 
Loss on disposal of assets     97 
Deferred tax  (116)  1 
Other, net  10    
Changes in operating assets and liabilities:        
Accounts receivable  (739)  969 
Inventory  (1,218)  (1,027)
Prepaid and other assets  1,152   391 
Accounts payable  (806)  (90)
Accrued and other expenses  (961)  (2,123)
Lease liabilities  (767)  (778)
Deferred revenue  665   (291)
Total adjustments  867   1,837 
Net cash used for operating activities  (12,789)  (9,408)
Cash flow from investing activities:        
Additions to patents, technology and other  (10)  (24)
Additions to property and equipment  (524)  (563)
Net cash used for investing activities  (534)  (587)
Cash flow from financing activities:        
Issuance of common stock for cash, net     23,229 
Proceeds from option exercises pursuant to stock option plans  206   257 
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans  148   1,027 
Taxes paid related to restricted stock activity     (59)
Principal payment of notes payable     (7,363)
Issuance of stock upon conversion of debentures      
Taxes paid related to restricted stock activity      
Net cash provided by financing activities  354   17,091 
(Decrease) increase in cash and cash equivalents  (12,969)  7,096 
Cash and cash equivalents, beginning of period  34,282   27,186 
Cash and cash equivalents, end of period $21,313  $34,282 
Supplemental disclosure of cash flow information:        
Interest paid $9  $172 
Taxes paid      
Right-of-use assets obtained in exchange for new operating lease liabilities $3,011  $79 

Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures

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.

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.

  • 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.

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.

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,
 
  2022  2021  2022  2021 
GAAP Net Loss $(3,095) $(4,146) $(13,656) $(11,245)
Interest expense  2      10   141 
Interest income  (124)     (213)   
Other expense     (3)     (15)
Stock compensation  317   681   1,686   2,783 
Depreciation & amortization  117   139   521   557 
Severance and Furlough  100   25   100   25 
Tax (benefit) expense  (116)  1   (116)  1 
Loss from extinguishment of debt           386 
Litigation related           117 
Non-GAAP Adjusted EBITDA $(2,799) $(3,303) $(11,668) $(7,250)


  Three Months Ended
December 31,
  Twelve Months Ended
December 31,
 
  2022  2021  2022  2021 
GAAP Net Loss $(3,095) $(4,146) $(13,656) $(11,245)
Adjustments to Net Loss:                
Severance and Furlough  100   25   100   25 
Loss from extinguishment of debt           386 
Litigation related           117 
Non-GAAP Adjusted Net Loss $(2,995) $(4,121) $(13,556) $(10,717)
Net Loss per share—basic and diluted                
GAAP Net Loss per share $(0.12) $(0.17) $(0.54) $(0.45)
Adjustments to Net Loss (as detailed above)           0.02 
Non-GAAP Adjusted Net Loss per share $(0.12) $(0.17) $(0.54) $(0.43)

 


FAQ

What were iCAD's total revenues for the year ended December 31, 2022?

iCAD reported total revenues of $27.9 million for the year ended December 31, 2022, a decrease of 17% from the previous year.

What is the expected profitability timeline for iCAD?

iCAD aims to achieve cash flow positive status and profitability by the end of 2024.

What strategic partnerships did iCAD sign in Q4 2022?

In Q4 2022, iCAD signed strategic partnerships with Google Health and Solis Mammography to drive growth in its Detection business.

How much did iCAD reduce its annualized expenses?

iCAD reduced its annualized expenses by approximately $4.3 to $4.6 million.

What was iCAD's net loss for the fourth quarter of 2022?

iCAD reported a net loss of ($3.1) million, or ($0.12) per diluted share, for the fourth quarter of 2022.

Icad Inc

NASDAQ:ICAD

ICAD Rankings

ICAD Latest News

ICAD Stock Data

46.65M
25.05M
5.63%
27.16%
0.95%
Medical Devices
Surgical & Medical Instruments & Apparatus
Link
United States of America
NASHUA