News | February 26, 2009

iCAD Revenue Up 15 Percent in Q408, Up 41 Percent for Full Year

February 26, 2009 - iCAD Inc. reports a 15 percent increase in total revenue in the fourth quarter and for the full year ending Dec. 31, 2008, total revenue increased 41 percent.

Total revenue for the fourth quarter of 2008 was $9.3 million, a 15 percent increase compared with total revenue of $8.1 million for the fourth quarter of 2007. This increase reflects a $1.3 million or 26 percent increase in revenue from the Company’s digital products. In addition to increased digital sales from its OEM partners, the Company also posted higher sales of its comparative reading solution, TotalLook MammoAdvantage which grew 23% over the fourth quarter of 2007.

Total film-based revenue in the fourth quarter of 2008 was essentially flat versus a very strong fourth quarter of 2007. The significant growth attributable to TotalLook MammoAdvantage was largely offset by the decline in film-based CAD product sales. The decrease in service and supply revenue is due to a decline in labor, parts and supplies associated with the Company’s older film-based products. However, service contract revenue grew 10% over the fourth quarter of 2007, and represents 94% of all service and supply revenue as compared to 76% of all service and supply revenue in the prior-year fourth quarter. Moving forward, the Company expects continued growth in service contract revenue as digital CAD systems sales grow and products transition from warranty to service contracts.

The gross margin for the fourth quarter of 2008 expanded to 83.7 percent from 80.5 percent in the prior-year fourth quarter. Operating expenses for the fourth quarter of 2008 increased to $7.5 million from $5.9 million in the fourth quarter of 2007, largely due to costs associated with the product launch of the Company’s new MRI products and investment in the clinical reader study for the Company’s colon CAD product. For the fourth quarter of 2008, the Company posted net income, including stock-based compensation expense of $508,000, of $321,000 or $0.01 per diluted share, compared with net income, including stock-based compensation expense of $387,000, of $525,000 or $0.01 per share in the fourth quarter of 2007. Additionally, the Company generated $2.1 million in cash in the fourth quarter as compared to $491,000 in the fourth quarter of 2007.

For the fourth quarter of 2008, sales of iCAD’s digital products increased 26 percent to $6.3 million from $5.0 million in the prior-year period. Sales of film-based products were relatively flat at $2.2 million, and service and supply revenue declined slightly to $798,000 from $896,000, both compared with the fourth quarter of 2007.

For the year ended December 31, 2008, total revenue increased 41 percent to $37.5 million compared with total revenue of $26.6 million for the year ended December 31, 2007. The gross margin for 2008 expanded to 83.5 percent from 80.2 percent in 2007. Operating expenses for 2008 were $26.5 million compared with operating expenses of $22.5 million incurred during 2007. The increase is largely due to the costs associated with the launch of the Company’s new MRI products and investment in the clinical reader study for the Company’s colon CAD product. Net income for 2008, including stock-based compensation expense of $1.9 million, increased to $4.4 million or $0.10 per diluted share, compared with a net loss, including stock-based compensation expense of $1.2 million, of ($1.6 million) or ($0.04) per share for 2007.

During 2008 sales of iCAD’s digital solutions increased 63 percent to $26.7 million from $16.4 million in 2007. Film-based product sales of $7.4 million were 10 percent higher than the $6.8 million of film-based product sales recorded during 2007. This growth was led by a 40 percent increase in sales of our comparative reading solution, TotalLook MammoAdvantage. While overall service and supply revenue of $3.3 million declined slightly from $3.4 million reported in 2007, service contract revenue grew 16% and represented 88% of all service and supply revenue for the year.

For more information: www.icadmed.com

Related Content

Riverain Technologies Issued U.S. Patent for Vessel Suppression Technology
News | Computed Tomography (CT) | June 14, 2018
Riverain Technologies announced that the United States Patent and Trademark Office (USPTO) has awarded the company a...
FDA Issues Proposed Order to Reclassify Certain Radiological Medical Image Analyzers
News | Computer-Aided Detection Software | June 01, 2018
The U.S. Food and Drug Administration (FDA) is issuing a proposed order to reclassify certain radiological medical...
Median Technologies and the Nice University Hospital to Use AI in Lung Cancer Screening
News | Artificial Intelligence | March 15, 2018
March 15, 2018 – Median Technologies, the industry-leading Imaging Phenomics Company and the Nice University Hospital
FDA Clears First AI-Powered Clinical Decision Support Software for Stroke
Technology | Clinical Decision Support | February 14, 2018
The U.S. Food and Drug Administration (FDA) announced marketing clearance for Viz.AI’s Contact application, the first ...
Transpara Deep Learning Software Matches Experienced Radiologists in Mammogram Reading
News | Computer-Aided Detection Software | January 12, 2018
Deep learning and artificial intelligence improves the efficiency and accuracy of reading mammograms, according to...
Videos | Artificial Intelligence | December 19, 2017
A post-game roundup by ITN Contributing Editor Greg Freiherr and ITN Editor Dave Fornell on the key trend of artifici
iCAD's PowerLook Tomo Detection Experiences Growing Adoption
News | Mammography | December 14, 2017
December 14, 2017 — iCAD Inc.
Infervision Launches AI Platform to Help Radiologists Diagnose Stroke Faster
Technology | Computed Tomography (CT) | November 28, 2017
Infervision is introducing what it calls the first and only artificial intelligence (AI) platform to help radiologists...
Kansas City Radiology Center Employs iCAD PowerLook Tomo Detection for DBT
News | Computer-Aided Detection Software | November 10, 2017
November 10, 2017 — Imaging for Women, a leading radiology center in Kansas City, Mo., announced it is now using iCAD
Overlay Init