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ICAD Reports Third Quarter Financial Results

Use of Non-GAAP Financial Measures

In its quarterly news releases, conference calls, slide presentations or webcasts, the Company may use or discuss non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measures most directly comparable to each non-GAAP financial measure used or discussed, and a reconciliation of the differences between each non-GAAP financial measure and the comparable GAAP financial measure, are included in this press release after the condensed consolidated financial statements. When analyzing the Company's operating performance, investors should not consider these non-GAAP measures as a substitute for the comparable financial measures prepared in accordance with GAAP. The Company's quarterly news releases containing such non-GAAP reconciliations can be found on the Investors section of the Company's web site at

Conference Call

iCAD management will host an investment community conference call beginning at 10:00 a.m. Eastern time on Thursday, October 27, 2011 to discuss these results and answer questions. Shareholders and other interested parties may participate in the conference call by dialing 800-299-0148 (domestic) or 617-801-9711 (international) and entering passcode 12967438. The call will also be broadcast live on the Internet at, and

A replay of the conference call will be accessible two hours after its completion through November 1, 2011 by dialing 888-286-8010 (domestic) or 617-801-6888 (international) and entering passcode 74124094. The call will also be archived for 90 days at, and

About iCAD, Inc.

iCAD, Inc. is an industry-leading provider of advanced image analysis and workflow solutions that enable healthcare professionals to better serve patients by identifying pathologies and pinpointing the most prevalent cancers earlier. iCAD offers a comprehensive range of high-performance, upgradeable Computer-Aided Detection (CAD) systems and workflow solutions for mammography, Magnetic Resonance Imaging (MRI) and Computed Tomography (CT). iCAD recently acquired Xoft, Inc., developer of the Axxent ® eBx™ electronic brachytherapy system. Axxent uses non-radioactive miniaturized X-ray tube technology and is FDA-cleared for the treatment of early stage breast cancer, skin cancer and endometrial cancer. The Axxent System is also cleared for use in the treatment of other cancers or conditions where radiation therapy is indicated including Intraoperative Radiation Therapy (IORT). For more information, call (877) iCADnow or visit

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the Company’s ability to defend itself in litigation matters, the risks relating to the Company’s acquisition of Xoft including, the expected benefits of the acquisition may not be achieved in a timely manner, or at all; the Xoft business operations may not be successfully integrated with iCAD’s and iCAD may be unable to achieve the expected synergies, business and strategic objectives following the transaction, the risks of uncertainty of patent protection; the impact of supply and manufacturing constraints or difficulties; product market acceptance; possible technological obsolescence; increased competition; customer concentration; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe”, “demonstrate”, “intend”, “expect”, “estimate”, “anticipate”, “likely”, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at and on the SEC’s website at .
Consolidated Balance Sheets
(In thousands except for share data)
September 30, December 31,



Current assets:
Cash and cash equivalents $ 5,288 $ 16,269
Trade accounts receivable, net of allowance for doubtful
accounts of $50 in 2011 and 2010 5,656 3,389
Inventory, net 2,132 3,489
Prepaid expenses and other current assets 576 581
Total current assets 13,652 23,728
Property and equipment, net of accumulated depreciation
and amortization of $2,600 in 2011 and $2,852 in 2010 2,118 2,774
Other assets 604 675
Intangible assets, net of accumulated amortization
of $8,317 in 2011 and $6,746 in 2010 17,584 21,165
Goodwill 20,907 45,689
Total assets $ 54,865 $ 94,031

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 2,407 $ 2,500
Accrued and other expenses 4,518 5,902
Deferred revenue 5,702 4,906
Total current liabilities 12,627 13,308
Contingent consideration 0 5,000
Deferred revenue, long-term portion 1,628 961
Other long-term liabilities 1,000 1,552
Total liabilities 15,255 20,821
Stockholders' equity:
Preferred stock, $ .01 par value: authorized 1,000,000 shares;
none issued. - -
Common stock, $ .01 par value: authorized 85,000,000
shares; issued 54,751,176 in 2011 and 54,383,747 in 2010;
outstanding 54,683,300 in 2011 and 54,315,871 in 2010 547 544
Additional paid-in capital 163,775 163,101
Accumulated deficit (123,762) (89,485)
Treasury stock at cost (67,876 shares) (950) (950)
Total stockholders' equity 39,610 73,210
Total liabilities and stockholders' equity $ 54,865 $ 94,031
Consolidated Statements of Operations
(In thousands except for per share data)
Three Months Ended September 30, Nine Months Ended September 30,
2011 2010 2011 2010
Products $ 5,754 $ 4,059 $ 15,463 $ 13,987
Service and supplies 2,298 1,527 6,579 4,217
Total revenue 8,052 5,586 22,042 18,204
Cost of revenue:
Products 1,280 544 3,627 1,769
Service and supplies 650 587 2,191 1,792
Amortization of acquired intangibles 233 - 700 -
Total cost of revenue 2,163 1,131 6,518 3,561
Gross profit 5,889 4,455 15,524 14,643
Operating expenses:
Engineering and product development 2,630 1,715 8,709 4,796
Marketing and sales 3,108 2,347 10,780 7,363
General and administrative 2,147 1,805 8,363 6,131
Contingent consideration (3,800) 0 (4,900) 0
Goodwill Impairment 26,750 0 26,750 0
Total operating expenses 30,835 5,867 49,702 18,290
Loss from operations (24,946) (1,412) (34,178) (3,647)
Gain on sale of patent - - - 275
Interest (expense) income - net (37) 19 (99) 58
Net loss $ (24,983) $ (1,393) $ (34,277) $ (3,314)
Net loss per share:
Basic and diluted $ (0.46) $ (0.03) $ (0.63) $ (0.07)
Weighted average number of shares used in
computing loss per share:
Basic and diluted 54,681 45,922 54,533 45,782


(Unaudited, in thousands, except per share amounts)

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