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ICAD Reports Third Quarter Financial Results

The goodwill impairment and gain on contingent consideration are non-cash items and are excluded from the non-GAAP financial results. A further discussion of our non-GAAP results for the third quarter and first nine months of fiscal 2011 is included elsewhere in this press release.

Net Loss: For the third quarter of 2011, the Company posted a net loss of $25.0 million, or $0.46 per share, compared with a net loss of $1.4 million, or $0.03 per share, in the third quarter of 2010.

Non-GAAP Adjusted Net Loss: For the third quarter of 2011, the Company posted a non-GAAP adjusted net loss of $1.8 million, or $0.03 per share, compared with a net loss of $1.7 million, or $0.04 per share, in the third quarter of 2010.

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA was a loss of $868,000 in the third quarter of 2011, compared with a loss of $1.0 million in the third quarter of 2010.

Cash and Cash Flow: The Company ended the third quarter of 2011 with cash and cash equivalents of $5.3 million and no long-term debt. For the 2011 third quarter, net cash used by operations was $2.3 million.

Nine Month Financial Results

Revenue: For the nine months ended September 30, 2011, total revenue was $22.0 million, an increase of $3.8 million, or 21%, compared with total revenue of $18.2 million for the nine months ended September 30, 2010. The Axxent eBx system contributed approximately $4.3 million to revenue in the first nine months of 2011, consisting of approximately $3.1 million in product sales and $1.2 million in service and supply revenue.

     
Nine months ended September 30,
2011   2010   % Change
Digital & MRI revenue $ 10,751 $ 11,468 (6 )%
Film based revenue 1,670 2,519 (34 )%
Electronic brachytherapy 3,042 - -
Service & supply revenue   6,579     4,217   56 %
Total revenue $ 22,042   $ 18,204   21 %
 

Gross Margin: Gross profit for the first nine months of 2011 was $15.5 million, or 70.4% of revenue, compared with $14.6 million, or 80.4% of revenue, for the first nine months of 2010. The 2011 nine-month gross margin was impacted by $700,000 of amortization expense and higher manufacturing costs, both related to the Axxent eBx product.

Net Loss: For the first nine months of 2011, the Company posted a net loss of $34.3 million, or $0.63 per share, compared with a net loss of $3.3 million, or $0.07 per share, for the first nine months of 2010.

Non-GAAP Adjusted Net Loss: For the first nine months of 2011, the Company posted a non-GAAP adjusted net loss of $9.9 million, or $0.18 per share, compared with a net loss of $3.6 million, or $0.08 per share for the nine months ended September 30, 2010.

Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA was a loss of $6.8 million for the nine months ended September 30, 2011, compared with a loss of $1.1 million for the nine months ended September 30, 2010.

Financial Guidance

iCAD today confirmed financial guidance for 2011 and continues to expect total revenue to be in the range of $30 million to $32 million, with gross margin between 71% and 73%.

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