iCAD Reports Financial Results for Second Quarter Ended June 30, 2024

iCAD, Inc.
iCAD, Inc.

In This Article:

NASHUA, N.H., Aug. 13, 2024 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”) 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 and six months ended June 30, 2024. 

Second Quarter 2024 Highlights (Year over Year Performance):

  • Total ARR was $9.2 million, up 7%

  • Total revenues were $5.0 million, up 21%

  • Gross Profit Margin was 84%, up from 81%

  • GAAP Net loss from continuing operations ($1.7) million, improvement from ($2.3 million)

“The second quarter of 2024 was highlighted by strong revenue growth of 21%, which demonstrates the success of our strategic direction as we continue to drive consistent performance,” said Dana Brown, President and CEO of iCAD, Inc. “In line with Phase 3 of our transformation plan, this quarter we continued to maximize revenue from our sizeable install base, upgrading customers to new versions including the transition to Cloud, and accelerated deployment across large, national accounts. In the second quarter, we closed 60 perpetual, 29 subscription, and 10 cloud deals with both new and established customers. We believe our efforts to reduce expenses and grow sales are yielding results.”

“This was our first full quarter offering our ProFound Cloud SaaS platform, and the offering has been received better than expected by both existing and new customers. We believe this solution not only empowers customers but should also create a more predictable and robust economic model for the business over time as it grows as a percentage of revenue.”

The chart below illustrates the growth of ARR (Annual Recurring Revenue) between the first quarter of 2022, when subscription sales first began, and the second quarter of 2024:

ARR Change Since Start of Subscription Sales

 

(in 000’s)

 

 

 

 

 

 

 

 

 

 

Q1 22

 

Q2 24

 

$ Change

 

Maintenance Services ARR (M-ARR)

$

6,655

 

$

6,910

 

$

256

 

Subscription ARR (S-ARR)

 

0

 

 

2,030

 

 

2,030

 

Cloud ARR (C-ARR)

 

0

 

 

218

 

 

218

 

Total ARR (T-ARR)

$

6,655

 

$

9,159

 

$

2,504

 

 

 

 

 

 

 

 

 

 

 

% Change Since Start of Subscription Sales

 

 

 

 

 

38

%


Three Months Ended June 30, 2024 Financial Results

Total revenue for the second quarter of 2024 was $5.0 million, an increase of $0.9 million, or 21%, as compared to the second quarter of 2023.