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ICAD Reports Third Quarter Financial Results

The following is a reconciliation of the non-GAAP financial measures used by the Company to describe the Company's financial results determined in accordance with United States generally accepted accounting principles (GAAP). An explanation of these measures is also included below under the heading "Explanation of Non-GAAP Financial Measures".

While management believes that these non-GAAP financial measures provide useful supplemental information to investors regarding the underlying performance of the Company's business operations, investors are reminded to consider these non-GAAP measures in addition to, and not as a substitute for, financial performance measures prepared in accordance with GAAP. In addition, it should be noted that these non-GAAP financial measures may be different from non-GAAP measures used by other companies, and management may utilize other measures to illustrate performance in the future. Non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP.

     

Non-GAAP Adjusted EBITDA

Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted EBITDA"

(Unaudited, in thousands)

 
Three Months Ended September 30, Nine Months Ended September 30,
2011 2010 2011   2010
GAAP Net Loss $ (24,983 ) $ (1,393 ) $ (34,277 ) $ (3,314 )
 
Interest (Income) Expense, net 37 (19 ) 99 (58 )
Stock Compensation 100 280 684 1,261
Depreciation 267 118 813 367
Amortization 523 292 1,570 875
Severance - - 537 -
Gain on sale of Asset - (275 )

-

(275 )
Recall and patent lawsuits 238 - 1,568 -
Acquisition related - - 374 -
Contingent consideration (3,800 ) - (4,900 ) -
Goodwill Impairment 26,750   -   26,750   -  
Non GAAP Adjusted EBITDA $ (868 ) $ (997 ) $ (6,782 ) $ (1,144 )
 

Non-GAAP Adjusted Net Loss

Set forth below is a reconciliation of the Company's "Non-GAAP Adjusted Net Loss"

(Unaudited, in thousands, except loss per share)

       
Three Months Ended September 30, Nine Months Ended September 30,
2011 2010 2011 2010
GAAP Net Loss $ (24,983 ) $ (1,393 ) $ (34,277 ) $ (3,314 )
Adjustments to net loss:
Severance - - 537 -
Gain on sale of Asset - (275 ) (275 )
Recall and patent lawsuits 238 - 1,568 -
Acquisition related - - 374 -
Contingent consideration (3,800 ) - (4,900 ) -
Goodwill Impairment 26,750   -   26,750   -  
Non GAAP Adjusted Net Loss $ (1,795 ) $ (1,668 ) $ (9,948 ) $ (3,589 )
 
 
Net loss per share
GAAP Net loss per share $ (0.46 ) $ (0.03 ) $ (0.63 ) $ (0.07 )
Adjustments to net loss (as detailed above) 0.43   (0.01 ) 0.45   (0.01 )
Non GAAP Adjusted Net Loss per share $ (0.03 ) $ (0.04 ) $ (0.18 ) $ (0.08 )
 

Explanation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with United States generally accepted accounting principles, or GAAP. However, management believes that in order to properly understand the Company's short-term and long-term financial and operational trends, investors may wish to consider the impact of certain non-cash or non-recurring items, when used as a supplement to financial performance measures in accordance with GAAP. These items result from facts and circumstances that vary in frequency and/or impact on continuing operations. Management also uses results of operations before such items to evaluate the operating performance of the Company and compare it against past periods, make operating decisions, and serve as a basis for strategic planning. These non-GAAP financial measures provide management with additional means to understand and evaluate the operating results and trends in the Company's ongoing business by eliminating certain non-cash expenses and other items that management believes might otherwise make comparisons of the Company's ongoing business with prior periods more difficult, obscure trends in ongoing operations, or reduce management's ability to make useful forecasts. Management believes that these non-GAAP financial measures provide additional means of evaluating period-over-period operating performance. In addition, management understands that some investors and financial analysts find this information helpful in analyzing the Company's financial and operational performance and comparing this performance to its peers and competitors.

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