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iCAD REPORTS SECOND QUARTER 2019 FINANCIAL RESULTS
Conference call today at 8:30 a.m. ET
NASHUA, N.H. August 1, 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 six months ended June 30, 2019.
Second Quarter 2019 Highlights:
Total revenue of approximately $7.3 million, an increase of 19% over second quarter of 2018.
Gross profit of $5.7 million, or 78%, in the second quarter of 2019 as compared to $4.8 million, or 78%, in the second quarter of 2018.
GAAP Net Loss of $3.5 million, or ($0.20) per diluted share, which includes a $1.9 million non-cash charge associated with the fair value accounting treatment of the Q4 2018 convertible debentures.
Non-GAAP Adjusted EBITDA loss of ($1.0) million compared to non-GAAP Adjusted EBITDA loss of ($0.3) million in the second quarter of 2018.
Non-GAAP Adjusted Net loss of $1.6 million or ($0.09) per diluted share compared to non-GAAP adjusted Net loss of $1.0 million or ($0.06) per share.
First Half 2019 Highlights:
Total revenue of approximately $14.1 million, an increase of 13% over the first half of 2018.
Detection product revenue of approximately $6.6 million, an increase of 33% over the first six months of 2018.
Gross profit of $11.0 million, or 78%, in the first half of 2019 as compared to $9.3 million, or 74%, in the first half of 2018.
We have built significant momentum throughout our business in the first half of 2019, said Michael Klein, Chairman and Chief Executive Officer of iCAD, Inc. In Detection, our commercial launch of ProFound AI, our latest, deep-learning, cancer detection software solution for digital breast tomosynthesis, continues to see increased market adoption, and our product mix is increasingly shifting to ProFound AI with each passing quarter. Moreover, we are positioned to gain meaningful traction with this product in the second half of 2019. Our recent announcement that SimonMed Imaging, the largest physician owned imaging provider with 150 locations across the U.S., will be implementing ProFound AI in its centers, will have a positive impact on the second half of the year.
Detection revenue was up 31% year-over-year in the second quarter of 2019, and 17% for the first half of the year, as compared to the same period in 2018, continued Mr. Klein. We are very pleased with this performance and are especially excited about the growing contributions from ProFound AI. In Therapy, CMS proposed Radiation Oncology Bundled Payment Model explicitly incentivizes providers to choose high quality, cost-effective care, which could strongly favor Xoft® IORT. We look forward to the potential implementation of this model in January or April 2020.
Our balance sheet is strong, bolstered by the recent $9.4 million financing. We ended the second quarter with $19.6 million in cash and cash equivalents, as compared to $12.2 million at the end of 2018. We are in an excellent financial position to continue executing on our growth strategy, concluded Mr. Klein.
The following information was filed by Icad Inc (ICAD) on Friday, August 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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