iCAD Reports Financial Results for Third Quarter Ended September 30, 2022
Company implements corporate strategic realignment
Partnership-based
recurring revenue model anticipated to drive future growth
Cost structure reduction
to decrease expenses by over $3 million annually
Company to host conference call and webcast today at
4:30 PM ET
NASHUA, N.H. – November 10, 2022 – 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 three and nine months
ended September 30, 2022.
Highlights:
- Increased
demand for flexible subscription model drives spike in subscription sales, with
more subscriptions booked in the third quarter than in the first six months of
2022, continuing to build long-term recurring revenue opportunities - Company
introduces new Subscription Annual Recurring Revenue (S-ARR) metric to highlight
progress of subscription sales - Company
implements cost structure realignment to match evolving short term revenue
trajectory from conversion of perpetual licenses to subscription models, while
maintaining investments in key growth initiatives - Restructuring commercial
sales team to better support current and future business operations with
dedicated U.S. sales leader for Detection business, skilled in executing growth
in recurring revenue model businesses.