iCAD, Inc. (NASDAQ: ICAD) a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered breast health solutions, today reported its financial and operating results for the three months ended March 31, 2024.
First Quarter 2024 Highlights (Year over Year Performance):
- Total ARR was $9.0 million, up 10%
- Total revenues were $5.0 million, up 14%
- Gross Profit Margin % was 83%, up from 82%
- GAAP Net Loss from continuing operations ($1.2) million, improvement from ($3.1) million
- Operating cash flow was ($1.2) million, improvement from ($1.5) million
“Over the past year, we have demonstrated strong execution of our three-phased transformation plan that has positioned iCAD for growth and created a platform to drive additional shareholder value,” said Dana Brown, President and CEO of iCAD, Inc. “Phases 1 and 2 of our transformation plan focused on realigning the company’s base and strengthening its foundation. These efforts stabilized cash burn, fortified leadership, increased cash on hand and repositioned iCAD for growth in 2024 and beyond. Phase 3, “Investing in Growth,” commenced this quarter with a focus on expanding into key accounts and new markets. We are seeing the early signs of success from our key growth initiatives that included targeted lead generation programs, a revamped commercial model, strategic additions to the sales team, and new enhancements to our ProFound Breast Health Suite including release of ProFound Cloud.”
| Conference Call: | ||
| A conference call will be held today, Wednesday, May 15, 2024 at 8:30 AM ET. | ||
| Domestic: | 877-545-0523 | |
| International: | 973-528-0016 | |
| Access Code: | 730845 | |
| Webcast: | https://www.webcaster4.com/Webcast/Page/2879/50453 https://www.biospace.com/article/releases/icad-reports-financial-results-for-first-quarter-ended-march-31-2024/ | |
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