iCAD Reports Financial Results For Fourth Quarter And Year Ended December 31, 2021
Launched ProFound AI® Risk, the world’s first clinical decision support
tool for short term breast cancer risk estimation
Demonstrated
compelling survival data for the use of Xoft® Brain IORT in
recurrent glioblastoma (GBM) as published in Surgical Neurology International
Company
to Host Conference Call & Webcast Today at 4:30 PM ET
NASHUA, N.H. – February 28, 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 12 months ended December 31, 2021.
Revenues for the three-month
and 12-month periods ended December 31, 2021 were $7.8 million and $33.6
million, respectively, compared to $10.5 million and $29.7 million in the three-
and 12-month periods ended December 31, 2020, respectively. Net loss for the three-month and 12-month
periods ended December 31, 2021, were $4.1 million and $11.2 million,
respectively, compared to $1.6 million and $17.6 million in the three- and 12-month
periods ended December 31, 2020, respectively.
Recent
Highlights:
- Accelerated the adaptation
of commercial operations to evolving market trends in order to maximize access
to iCAD’s large addressable markets - Reorganized the sales
functions to address marketplace changes - Appointed Dana Brown and Timothy Norris, who each offer significant insight and decades of relevant
experience in corporate leadership, brand stewardship, and health technologies,
as well as proven track records of leading innovation and strategic change,
to the Board of Directors - Signed a global
distribution agreement with Arterys, the world’s leading vendor-neutral AI
platform, to launch Arterys’ AI SaaS solution - Granted an Authorization to
Operate from the U.S. Department of Defense for its breast AI platform
“As it
affected many segments of the global economy, the surge in the Omicron variant
in December had a negative impact on our customers in the fourth quarter,” said
Stacey Stevens, incoming CEO. “Customer focus on surging COVID-19 infection
rates, severe staffing shortages and resource limitations made the processing of
new purchase orders challenging, resulting in the postponement of several,
larger enterprise deals in the quarter. The effects of this recent variant were also
felt within our own team, as approximately 1/3 of our global sales staff was
afflicted with COVID-19 in December.”