iCAD third quarter revenues drop

October 30, 2009

Third quarter revenues at computer-aided detection specialist iCAD dropped 37% to $7.1 million, but the company stayed in the black with net income of $113,000 compared with net income of $2.1 million in the year earlier period.

iCAD third quarter revenues drop
Third quarter revenues at computer-aided detection specialist iCAD dropped 37% to $7.1 million, but the company stayed in the black with net income of $113,000 compared with net income of $2.1 million in the year earlier period. For the first nine months total revenue declined 29% to $20.0 million from $28.2 million. Sales of digital CAD and MRI products led the decline with revenues falling to $12.7 million compared with $20.4 million over the two nine-month periods. Service and supply revenues actually increased to $2.8 million compared with $2.5 million. Film-based revenue of $4.6 million fell from $5.3 million. The company’s core digital mammography CAD business showed increased demand in the third quarter versus the second quarter, according to the company, as evidenced by the increased placements of full-field digital mammography systems posted in the Mammography Quality Standards Act data on the FDA website. Overall, revenues grew 24% compared with the second quarter of 2009. Ken Ferry, iCAD president and CEO, said he expects the sequential revenue growth to continue into the fourth quarter.