GAAP Net Loss in 2020 included a $7.8 million charge related to the losses on the extinguishment of debentures and debt. GAAP Net Loss: Net loss for the first quarter of 2021 was ($1.6) million, or ($0.07) per diluted share, as compared to a net loss of ($11.8) million, or ($0.59) per diluted share, for the first quarter of 2020. Operating Expenses: Total operating expenses for the first quarter of 2021 were $7.8 million, a $0.6 million, or 7%, decrease from $8.4 million in the first quarter of 2020. Gross Profit: Gross profit for the first quarter of 2021 was $6.3 million, or 73% of revenue, as compared to $4.5 million, or 69% of revenue, in the first quarter of 2020. Total Detection and Therapy revenue for the first quarter of 2021 was $8.6 million, an increase of $2.1 million, or 32%, as compared to the first quarter of 2020, reflecting a 46% increase in product revenue, and a 12% increase in service and supplies revenue. We continue to expect the availability of early progression-free survival data from this study by the end of 2021,” concluded Klein.
#ICAD INVESTOR RELATIONS TRIAL#
“Looking ahead, we anticipate in the coming weeks that the first patient will be treated in our multi-site international clinical trial of Xoft Brain IORT in the high-value indication of GBM. Also, we were thrilled in March to receive FDA clearance for Version 3.0 of ProFound AI for 3D mammography, which keeps iCAD at the forefront of cancer detection innovation.” “The first quarter was defined by improved market penetration and a significant number of smaller deals, which we view as a positive indicator of the strength of our business, as we are not reliant on large scale deals to achieve our revenue growth goals. “Moreover, ProFound AI® Risk was included in several of the agreements we signed in the first quarter and we continue to receive highly positive feedback from customers on this innovative new offering,” continued Mr. We ended the quarter with $46.9 million in cash, and just applied approximately $7.4 million of that cash to repay our credit facility in full.” Importantly, these impressive growth rates were achieved while we maintained our prudent operating expense management measures, which resulted in a 86% decline in net loss to $0.07 per share. “Our first quarter total revenue of $8.6 million represented a 32 percent increase over our 2020 first quarter and we generated 34% year-over-year growth in AI product revenue in the first quarter, as we continue to drive further adoption of ProFound AI®. “We are extremely pleased with the overall performance of our business in the first quarter,” said Mike Klein, Chairman and CEO. Raised approximately $25.1 million in gross proceeds from a public offering of approximately 1.4 million shares of common stock at a price of $18 per share Received FDA clearance for ProFound AI® Version 3.0 for 3D MammographyĬompany’s third-generation AI solution offers significant improvement in algorithm specificity performance and faster processing time compared to the prior versions Significant number of agreements signed leveraging momentum from Q4 2020 partnership with Solis Mammography, the largest independent provider of mammography and breast health services in the U.S. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the three months ended March 31, 2021.Ĭontinued market penetration with ProFound AI® Risk, the first and only commercially available clinical decision support tool providing two-year breast cancer risk estimation personalized for each woman, for 2D mammography in the U.S. NASHUA, N.H., Ap(GLOBE NEWSWIRE) - iCAD, Inc.