iCAD Reports First-Quarter 2017 Financial Results
Total Revenues up 12.5% Year-Over-Year
Conference Call today at 4:30 p.m. ET
NASHUA, N.H., May 02, 2017 (GLOBE NEWSWIRE) -- iCAD, Inc. (Nasdaq:ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today reported financial results for the three-months ended March 31, 2017.
First-Quarter 2017 Highlights:
- First-quarter total revenue of $6.8 million
- Gross margin of $4.7 million or 69%
- GAAP Net Loss of $0.5 million
- Non-GAAP Adjusted EBITDA Loss of $1.5 million
- Cash and cash equivalents of $9.5 million at March 31, 2017, no debt
“In the first-quarter of 2017, we achieved strong revenue growth compared to the prior year period. The growth reflects increased product sales in both our detection and therapy businesses in the U.S. and international markets,” said Ken Ferry, Chief Executive Officer. “Sales of PowerLook Tomo Detection and Mammo Detection Systems were particularly strong in the U.S. and international markets, significantly contributing to the year-over-year product sales growth. Moreover, with the Premarket Approval (PMA) of our PowerLook Tomo Detection by the FDA on March 24, 2017, we were pleased to generate initial sales of this latest innovation within days of the announcement in the U.S. We believe this underscores the underlying need for advanced interpretive software workflow tools to assist radiologists with the reading of 3D Tomo exams. In our U.S. reader study using PowerLook Tomo Detection, 20 radiologists read 240 Tomo exams with an average reduction in reading time of greater than 29% without compromise in detection accuracy.”
“As we look at additional growth drivers throughout 2017, we are making good progress adding customers in our skin brachytherapy business and procedure volume continues to grow nicely. We expect this business to become a more significant revenue catalyst over the course of the year,” added Mr. Ferry.