iCAD Reports Financial Results for Second Quarter Ended June 30, 2024 

Rhea-AI Summary

iCAD (NASDAQ: ICAD) reported strong financial results for Q2 2024. Total revenue increased by 21% to $5.0 million, driven by a 41.4% growth in product revenue. The company's gross profit margin improved to 84% from 81% in Q2 2023. GAAP Net loss from continuing operations decreased to ($1.7) million from ($2.3 million) in the same period last year.

Highlights include:
- Total ARR (Annual Recurring Revenue) reached $9.2 million, up 7% YoY
- 60 perpetual, 29 subscription, and 10 cloud deals closed in Q2
- ProFound Cloud SaaS platform launched successfully
- Cash and cash equivalents stood at $20.4 million as of June 30, 2024

iCAD's strategic focus on maximizing revenue from its install base and transitioning to cloud-based solutions appears to be yielding positive results.

Positive

• Total revenue increased by 21% year-over-year to $5.0 million
• Product revenue grew by 41.4% compared to Q2 2023
• Gross profit margin improved to 84% from 81% in Q2 2023
• Total ARR (Annual Recurring Revenue) increased by 7% year-over-year to $9.2 million
• GAAP Net loss from continuing operations improved to ($1.7) million from ($2.3 million) in Q2 2023
• Cash and cash equivalents of $20.4 million as of June 30, 2024, deemed sufficient for planned operations

Negative

• Service and supplies revenue decreased by 5.1% compared to Q2 2023
• Operating expenses increased by 4% year-over-year to $6.2 million
• Company still reporting a net loss, although improved from previous year

Financial Analyst

iCAD's Q2 2024 results show promising growth and improved financial health. Total revenue increased by 21% year-over-year to $5.0 million, driven by a 41.4% jump in product revenue. The company's gross profit margin expanded from 81% to 84%, indicating improved operational efficiency.

The transition to a SaaS model with the ProFound Cloud platform is a strategic move that could lead to more predictable revenue streams. The growth in Annual Recurring Revenue (ARR) to $9.2 million, up 7% year-over-year, is a positive indicator of this shift. However, investors should monitor the pace of this transition and its impact on short-term financials.

While the company is still reporting losses, the GAAP net loss from continuing operations improved to ($1.7) million from ($2.3) million in the same quarter last year. With $20.4 million in cash and cash equivalents, iCAD appears to have sufficient runway to execute its growth strategy without immediate funding concerns.

Medical Technology Analyst

iCAD's focus on AI-powered breast health solutions positions it well in the growing medical imaging market. The company's success in closing 60 perpetual, 29 subscription and 10 cloud deals in Q2 demonstrates strong market acceptance of its technology. The transition to cloud-based solutions, particularly the ProFound Cloud SaaS platform, aligns with industry trends towards more accessible and scalable healthcare technologies.

The increase in product revenue by 41.4% suggests growing adoption of iCAD's AI solutions. However, the slight decline in service and supplies revenue (-5.1%) warrants attention. As the company shifts towards a SaaS model, it will be important to monitor how this impacts overall revenue mix and customer retention.

The expansion of iCAD's offerings across large, national accounts is a positive sign for potential market penetration. Investors should watch for further developments in the company's AI algorithms and any new partnerships or integrations that could enhance its competitive position in the medical imaging AI space.

NASHUA, N.H., Aug. 13, 2024 (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 three and six months ended June 30, 2024. 

Second Quarter 2024 Highlights (Year over Year Performance):

• Total ARR was $9.2 million, up 7%
• Total revenues were $5.0 million, up 21%
• Gross Profit Margin was 84%, up from 81%
• GAAP Net loss from continuing operations ($1.7) million, improvement from ($2.3 million)

“The second quarter of 2024 was highlighted by strong revenue growth of 21%, which demonstrates the success of our strategic direction as we continue to drive consistent performance,” said Dana Brown, President and CEO of iCAD, Inc. “In line with Phase 3 of our transformation plan, this quarter we continued to maximize revenue from our sizeable install base, upgrading customers to new versions including the transition to Cloud, and accelerated deployment across large, national accounts. In the second quarter, we closed 60 perpetual, 29 subscription, and 10 cloud deals with both new and established customers. We believe our efforts to reduce expenses and grow sales are yielding results.”

“This was our first full quarter offering our ProFound Cloud SaaS platform, and the offering has been received better than expected by both existing and new customers. We believe this solution not only empowers customers but should also create a more predictable and robust economic model for the business over time as it grows as a percentage of revenue.”

The chart below illustrates the growth of ARR (Annual Recurring Revenue) between the first quarter of 2022, when subscription sales first began, and the second quarter of 2024:

ARR Change Since Start of Subscription Sales
(in 000’s)
	Q1 22			Q2 24			$ Change
Maintenance Services ARR (M-ARR)	$	6,655		$	6,910		$	256
Subscription ARR (S-ARR)		0			2,030			2,030
Cloud ARR (C-ARR)		0			218			218
Total ARR (T-ARR)	$	6,655		$	9,159		$	2,504
% Change Since Start of Subscription Sales								38	%

Three Months Ended June 30, 2024 Financial Results

Total revenue for the second quarter of 2024 was $5.0 million, an increase of $0.9 million, or 21%, as compared to the second quarter of 2023.

(in 000’s)	Three months ended June 30,
	2024			2023			$ Change				% Change
Product revenue	$	3,254		$	2,301		$	953			41.4	%
Service and supplies revenue		1,775			1,870			(95	)		-5.1	%
Total revenue	$	5,029		$	4,171		$	858			20.6	%

Gross Profit: Gross profit for the second quarter of 2024 was $4.2 million, or 84% of revenue, as compared to $3.4 million, or 81% of revenue, in the second quarter of 2023.

Operating Expenses: Total operating expenses for the second quarter of 2024 were $6.2 million, a 4% increase from $5.9 million in the second quarter of 2023.

GAAP Net Loss from continuing operations: Net loss from continuing operations for the second quarter of 2024 was ($1.7) million, or ($0.07) per diluted share, as compared to a net loss of ($2.3) million, or ($0.09) per diluted share, for the second quarter of 2023.

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 second quarter of 2024 was ($1.6) million, or ($0.07) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($2.2) million, or ($0.09) per diluted share, for the second quarter of 2023. 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 June 30, 2024 and 2023, respectively. 

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the second quarter of 2024 was a loss of ($1.2) million compared to a loss of $(2.1) million in the second quarter of 2023. 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 June 30, 2024 and 2023, respectively.  

Six Months Ended June 30, 2024 Financial Results

Total revenue for the six months ended June 30, 2024 was approximately $10.0 million, an increase of approximately $1.5 million, or 17%, as compared to the six months ended June 30, 2023.

(in 000’s)	Six months ended June 30,
	2024			2023			$ Change				% Change
Product revenue	$	6,356		$	4,762		$	1,594			33.5	%
Service and supplies revenue		3,627			3,744			(117	)		-3.1	%
Total revenue	$	9,983		$	8,506		$	1,477			17.4	%

Gross Profit: Gross profit for the six months ended June 30, 2024 was $8.3 million, or 83% of revenue, as compared to $6.9 million, or 82% of revenue, in the six months ended June 30, 2023.

Operating Expenses: Total operating expenses for the six months ended June 30, 2024 were $11.7 million, an 8% decrease from $12.7 million in the six months ended June 30, 2023.

GAAP Net Loss from continuing operations: Net loss from continuing operations for the six months ended June 30, 2024 was ($2.9) million, or ($0.11) per diluted share, as compared to a net loss of ($5.5) million, or ($0.22) per diluted share, for the six months ended June 30, 2023.

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 six months ended June 30, 2024 was ($2.8) million, or ($0.11) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($5.3) million, or ($0.21) per diluted share, for the six months ended June 30, 2023. 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 six-month periods ended June 30, 2024 and 2023, respectively.

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the six months ended June 30, 2024 was a loss of ($2.3) million compared to a loss of $(4.6) million in the six months ended June 30, 2023. 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 six-month periods ended June 30, 2024 and 2023, respectively.  

Cash and cash equivalents:  Cash and cash equivalents were $20.4 million as of June 30, 2024. iCAD believes it has sufficient cash resources to fund its planned operations with no need to raise additional funding.

Conference Call:   
The company will host a conference call at 4:30 PM Eastern Time on Tuesday, August 13, 2024.  

• Toll Free: 888-506-0062
• International: 973-528-0011
• Participant Access Code: 227167 
• Webcast: https://www.webcaster4.com/Webcast/Page/2879/50989 

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 30% being tomosynthesis.  For more information, including the latest in regulatory clearances, please 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 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)
	June 30,				December 31,
	2024				2023
Assets
Current assets:
Cash and cash equivalents	$	20,353			$	21,670
Trade accounts receivable, net of allowance for credit losses of $298 and $277 as of June 30, 2024 and December 31, 2023, respectively		5,383				6,392
Inventory, net		702				917
Prepaid expenses and other current assets		1,377				699
Total current assets	$	27,815			$	29,678
Property and equipment, net of accumulated depreciation of $1,298 and $1,045 as of June 30, 2024 and December 31, 2023, respectively		1,776				1,823
Operating lease assets		470				461
Other assets		493				849
Intangible assets, net of accumulated amortization of $8,527 and $8,488 as of June 30, 2024 and December 31, 2023, respectively		121				148
Goodwill		8,362				8,362
Deferred tax assets		86				97
Total assets	$	39,123			$	41,418
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	488			$	712
Accrued and other expenses		2,691				2,448
Lease payable—current portion		220				188
Deferred revenue—current portion		3,317				3,400
Total current liabilities		6,716				6,748
Lease payable, net of current		249				273
Deferred revenue, net of current		1,164				974
Deferred tax		7				6
Total liabilities		8,136				8,001
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 26,540,030 as of both June 30, 2024 and December 31, 2023, respectively; outstanding 26,354,199 as of both June 30, 2024 and December 31, 2023, respectively.		265				265
Additional paid-in capital		306,754				306,250
Accumulated deficit		(274,617	)			(271,683	)
Treasury stock at cost, 185,831 shares as of both June 30, 2024 and December 31, 2023		(1,415	)			(1,415	)
Total stockholders’ equity		30,987				33,417
Total liabilities and stockholders’ equity	$	39,123			$	41,418

iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except for per share data) (Unaudited)
	Three Months Ended								Six Months Ended
	June 30,								June 30,
	2024				2023				2024				2023
Revenue:
Products	$	3,254			$	2,301			$	6,356			$	4,762
Services		1,775				1,870				3,627				3,744
Total revenue		5,029				4,171				9,983				8,506
Cost of revenue:
Products		370				411				851				835
Services		315				339				635				684
Amortization and depreciation		113				23				153				43
Total cost of revenue		798				773				1,639				1,562
Gross profit		4,231				3,398				8,344				6,944
Operating expenses:
Engineering and product development		1,828				1,245				3,335				2,762
Marketing and sales		2,304				1,836				4,386				4,196
General and administrative		1,956				2,755				3,859				5,608
Amortization and depreciation		64				75				126				129
Total operating expenses		6,152				5,911				11,706				12,695
Loss from operations		(1,921	)			(2,513	)			(3,362	)			(5,751	)
Other income/ (expense):
Interest expense		—				(2	)			—				(2	)
Interest income		206				182				409				333
Other income (expense), net		11				(3	)			31				—
Other income (expense), net		217				177				440				331
Loss before provision for income taxes		(1,704	)			(2,336	)			(2,922	)			(5,420	)
Benefit (Provision) for tax expense		(8	)			(4	)			(12	)			(9	)
Loss from continuing operations		(1,712	)			(2,340	)			(2,934	)			(5,429	)
Income (loss) from discontinued operations		—				590				—				(99	)
Net loss and comprehensive loss	$	(1,712	)		$	(1,750	)		$	(2,934	)		$	(5,528	)
Net loss per share:
Loss from continuing operations, basic and diluted	$	(0.06	)		$	(0.09	)		$	(0.11	)		$	(0.22	)
Loss from discontinued operations, basic and diluted	$	-			$	0.02			$	-			$	(0.00	)
Net loss per share, basic and diluted	$	(0.06	)		$	(0.07	)		$	(0.11	)		$	(0.22	)
Weighted average number of shares used in computing loss per share:		26,354				25,261				26,354				25,261

iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) (Unaudited)
	For the Six Months ended
	June 30,
	2024				2023
Cash flow from operating activities:
Net loss	$	(2,934	)		$	(5,528	)
Adjustments to reconcile net loss to net cash used for operating activities:
Amortization		27				94
Depreciation		253				138
Non-cash lease expense		112				248
Bad debt provision		21				62
Stock-based compensation		504				800
Deferred tax		12				8
Changes in operating assets and liabilities:
Accounts receivable		988				3,089
Inventory		215				1,141
Prepaid and other assets		(322	)			352
Accounts payable		(224	)			(1,116	)
Accrued and other expenses		243				(510	)
Lease liabilities		(113	)			(263	)
Deferred revenue		107				(448	)
Total adjustments		1,823				3,595
Net cash used for operating activities		(1,111	)			(1,933	)
Cash flow from investing activities:
Additions to property and equipment		(106	)			(307	)
Capitalization of internal-use software		(100	)			(36	)
Net cash used for investing activities		(206	)			(343	)
(Decrease) increase in cash and cash equivalents		(1,317	)			(2,276	)
Cash and cash equivalents, beginning of period		21,670				21,313
Cash and cash equivalents, end of period	$	20,353			$	19,037
Supplemental disclosure of cash flow information:
Interest paid	$	—			$	—
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.

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 presents or intends to present:

1. Total ARR (T-ARR) represents the annualized value of subscription license, maintenance contracts and active cloud services at the end of a reporting period.
2. Maintenance Services ARR (M-ARR) represents the annualized value of active perpetual license maintenance service contracts at the end of the reporting period. 
3. Subscription ARR (S-ARR) represents the annualized value of active subscription or term licenses at the end of a reporting period.
4. 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 June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
GAAP Net Loss from continuing operations	$	(1,739	)		$	(2,340	)		$	(2,961	)		$	(5,429	)
Interest expense		—				2				—				2
Interest income		(206	)			(182	)			(409	)			(333	)
Other expense		(11	)			3				(31	)			—
Stock compensation		239				214				504				800
Depreciation & amortization		177				98				279				172
Severance and Furlough		169				102				169				178
Tax expense		8				4				12				9
Impairment of operating lease asset		184				—				184				—
Non-GAAP Adjusted EBITDA	$	(1,179	)		$	(2,099	)		$	(2,253	)		$	(4,601	)

	Three Months Ended June 30,								Six Months Ended June 30,
	2024				2023				2024				2023
GAAP Net Loss from continuing operations	$	(1,739	)		$	(2,340	)		$	(2,961	)		$	(5,429	)
Adjustments to Net Loss:
Severance and Furlough		169				102				169				178
Non-GAAP Adjusted Net Loss from continuing operations	$	(1,570	)		$	(2,238	)		$	(2,792	)		$	(5,251	)
Net Loss per share from continuing operations —basic and diluted
GAAP Loss from continuing operations, basic and diluted	$	(0.07	)		$	(0.09	)		$	(0.11	)		$	(0.22	)
Adjustments to Net Loss (as detailed above)		—				0.00				—				0.01
Non-GAAP Adjusted Loss per share from continuing operations	$	(0.07	)		$	(0.09	)		$	(0.11	)		$	(0.21	)

FAQ

What was iCAD's total revenue for Q2 2024?

iCAD's total revenue for Q2 2024 was $5.0 million, representing a 21% increase compared to Q2 2023.

How much did iCAD's product revenue grow in Q2 2024?

iCAD's product revenue grew by 41.4% in Q2 2024 compared to the same period in 2023, reaching $3.254 million.

What was iCAD's (ICAD) gross profit margin in Q2 2024?

iCAD's gross profit margin in Q2 2024 was 84%, an improvement from 81% in Q2 2023.

How many deals did iCAD close in Q2 2024?

iCAD closed 60 perpetual, 29 subscription, and 10 cloud deals with both new and established customers in Q2 2024.

What was iCAD's (ICAD) cash position as of June 30, 2024?

iCAD reported cash and cash equivalents of $20.4 million as of June 30, 2024, which the company believes is sufficient to fund its planned operations.