This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

ICad Reports Second Quarter Financial Results

iCAD, Inc. (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today reported financial results for the three and six months ended June 30, 2012.

“Our financial results for the second quarter of 2012 were mixed as we experienced weaker than anticipated revenues, while we continued to make solid progress managing expenses and reducing cash burn,” said Ken Ferry, President and CEO of iCAD.

“Cancer Detection revenues reflect a slowing in the transition from film to digital technology in mammography as the cycle nears completion. We are transitioning our business model to increase our recurring revenue by offering our products on a subscription basis. To that end, we were delighted to launch PowerLook AMP, our next-generation mammography computer-aided detection (CAD) system in July of 2012. This new platform brings to the radiologist a leading-edge set of additional workflow tools such as breast density and tissue and lesion measurements. We recently began to market this upgrade to our U.S. installed base of more than 3,500 systems, and expect that, over time, this system will provide us with a considerable revenue opportunity.

“Therapy revenue was substantially stronger compared to the second quarter of 2011; however, due to a few deals pushing into the third quarter, we were not able to achieve the sequential quarterly revenue growth that we anticipated. We did, however, book two of these orders in early July which has helped to get the third quarter off to a good start. Interest and momentum continues to grow in the Axxent ® Electronic Brachytherapy ® system as evidenced by the number of new controller sales in the first half of 2012 compared to the same period last year, as well as from the significant growth of Intra-Operative Radiation Therapy (IORT) procedures-based consumable sales. Balloon applicator sales, which are used primarily with breast IORT, set a record with 161 units sold in the second quarter and 286 units sold during the first half of 2012. This compares to 61 units for the first half of 2011, representing a nearly five-fold increase in procedure volume.

“In addition, the Centers for Medicare and Medicaid Services, in their 2013 proposed rule assigned a separate payment value for IORT delivery treatment codes. We are quite pleased with this proposed decision and believe this will only add to the pace of adoption of breast IORT.

1 of 5

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,989.92 +277.26 1.57%
S&P 500 2,082.80 +21.78 1.06%
NASDAQ 4,931.2930 +40.0740 0.82%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs