iCAD Reports Fourth Quarter and Full-Year 2018 Financial Results
Company
achieved key milestone in fourth quarter with FDA clearance and subsequent U.S.
commercial launch of ProFound AI™ for digital breast tomosynthesis
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NASHUA, N.H. (March 18,
2019) – iCAD, Inc. (NASDAQ: ICAD), a global medical
technology leader providing innovative cancer detection and therapy solutions,
today reported financial results for the three and 12-months ended December 31,
2018.
Fourth Quarter 2018
Highlights:
- Total
revenue of approximately $7.0 million, an increase of 13% over the third
quarter of 2018 and a decrease of 12% year-over-year - Gross
profit of $5.4 million, or 78% - GAAP
Net Loss of $3.4 million, or ($0.20) per diluted share - Non-GAAP
Adjusted EBITDA loss of ($0.6) million - Successfully
completed a $7 million private placement of unsecured subordinated convertible
debentures
Full-Year 2018
Highlights:
- Total
revenue of approximately $25.6 million, a decrease of 9% year-over-year - Gross
profit of $19.4 million, or 76% - GAAP
Net Loss of $9.0 million, or ($0.54) per diluted share - Non-GAAP
Adjusted EBITDA loss of ($3.7) million