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ICAD Reports Third Quarter Financial Results

Third Quarter Financial Results

Revenue: Total revenue for the third quarter of 2011 was $8.1 million, an increase of approximately $2.5 million, or 44%, compared with total revenue of $5.6 million for the third quarter of 2010. The Axxent eBx system contributed approximately $1.8 million to revenue in the quarter, consisting of approximately $1.3 million in product sales and $441,000 in service and supply revenue. In addition, the quarter featured solid growth in the Company’s CAD business.

Three months ended September 30,
2011   2010   % Change
Digital & MRI revenue $ 3,791 $ 3,311 15 %
Film based revenue 616 748 (18 )%
Electronic brachytherapy 1,347 - -
Service & supply revenue   2,298     1,527   51 %
Total revenue $ 8,052   $ 5,586   44 %

Gross Margin: Gross profit for the third quarter of 2011 was $5.9 million, or 73.1% of revenue, compared with $4.5 million, or 79.8% of revenue, for the third quarter of 2010.

Goodwill Impairment & Contingent Consideration: In the third quarter of 2011, the Company recorded a non-cash charge of $26.8 million related to the impairment of goodwill. As a result of the sustained decline in the market value of the Company, an interim goodwill impairment analysis was performed using the two-step approach, as required under GAAP. The Company concluded that, based on current market conditions, a portion of goodwill was impaired resulting in a $26.8 million non-cash charge in the third quarter of 2011.

In the third quarter of 2011, the Company recorded a non-cash $3.8 million gain on contingent consideration. This gain represents a fair value adjustment to the contingent consideration liability related to the Company’s acquisition of Xoft, Inc. in December 2010.

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