iCAD Reports First Quarter 2018 Financial Results

iCAD (NASDAQ:ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported financial results for the first quarter ended March 31, 2018.

As quoted in the press release:

“The first quarter of 2018 was extremely important to the transformation of the Company,” said Ken Ferry, Chief Executive Officer of iCAD, Inc. “During the quarter, we received CE Mark approval for Version 2.0 of our PowerLook Tomo Detection software in Europe, while at the same time advancing our product development program for Version 2.0 in the U.S. to the point where an FDA submission is imminent. This submission is based on the promising results of our pivotal clinical reader study where radiologists saw a meaningful increase in sensitivity and specificity, as well as a substantial decrease in reader time when using our software to interpret Tomo exams.”

“While our first quarter Detection revenues were softer than anticipated, we continue to see strong interest in, and demand for, our PowerLook Tomo Detection software in the marketplace. We firmly believe that this product platform will be a significant growth driver for iCAD for years to come,” continued Mr. Ferry.  “In our Therapy business, we successfully executed on our first quarter plan to discontinue offering the subscription service model to our skin brachytherapy customers, which reduced delivery service headcount, improved gross margin percentage and decreased cash burn.  We are focused on expanding our capital customer base, both in the U.S. and outside of the U.S. where we are experiencing increased levels of interest for our breast and gynecological therapy offerings.”

Click here to read the full press release.