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 twelve months ended December 31, 2013.
“Our strong performance throughout 2013 demonstrates the progress we’ve made with our broadened oncology strategy and, in particular, our Therapy business. Significant revenue growth, combined with a balance of targeted investments and disciplined financial management, allowed us to post non-GAAP Adjusted EBITDA of $1.9 million for the year,” said Ken Ferry, President and CEO of iCAD.
“Our Therapy business delivered significant revenue growth with meaningful increases in both product placements and utilization. Revenue from the non-melanoma skin cancer indication was especially strong, with support from three-year clinical data, favorable reimbursement and, most importantly, effective patient outcomes. We will continue to invest in programs to accelerate the market adoption of the Xoft system for the treatment of both skin and early breast cancer. With an estimated U.S. market penetration of less than one percent in both indications, there is considerable room for continued growth. We remain committed to ongoing clinical studies, supporting reimbursement expansion and raising awareness of the clinical benefits of our electronic brachytherapy for a variety of cancer indications.
“The Detection business is delivering on its goal of leveraging our customer base with a balance of new product sales and recurring revenue. We are making progress towards long-term growth through recurring revenue from our service business, new customers and upgrades from our installed base for PowerLook, our next-generation mammography CAD platform, and from our MRI product offering with our strategic partner Invivo, a Philips Healthcare business. Looking forward, we believe the market transition from 2D digital to 3D digital mammography, or tomosynthesis, will provide a significant, multi-year market opportunity for our new 3D software workflow tools currently in development. We look forward to introducing the first product offering sometime later this year or early in 2015,” concluded Mr. Ferry.