NASHUA, N.H., March 19, 2025 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) ("iCAD" or the "Company") a global leader on a mission to create a world where cancer can't hide by providing clinically proven AI-powered breast health solutions, today reported its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Fourth Quarter 2024 Highlights (Year-over-Year Performance):
- Total ARR (Annual Recurring Revenue) was $9.8 million, up 11% year over year
- Total revenues increased 14% to $5.4 million
- Gross Profit Margin of 86%
- 382 Total deals closed in 2024, 42 of which were ProFound Cloud
- ProFound Detection V4.0 granted FDA clearance
- Expanded global reach with new distribution agreements in South Africa, Portugal, and the UK
We expect 2025 to be a pivotal year for our SaaS transition. While the strategic shift to a recurring revenue model impacts our GAAP revenue in the near term, it is being well-received by our expanding customer base and will significantly enhance our business model over time. Our balance sheet is strong, providing us the financial flexibility to successfully execute this transition while continuing to deliver AI solutions that improve patient outcomes worldwide.”
The chart below illustrates the growth of ARR between the first quarter of 2022, when subscription sales first began, and the fourth quarter of 2024:
| ARR Change Since Start of Subscription Sales | ||||||||||
| (in 000's) | ||||||||||
| Q1 22 | Q4 24 | $ Change Increase/(Decrease) | ||||||||
| Maintenance Services ARR (M-ARR) | $ | 6,655 | $ | 6,375 | $ | (280 | ) | |||
| Subscription ARR (S-ARR) | - | 2,616 | 2,616 | |||||||
| Cloud ARR (C-ARR) | - | 787 | 787 | |||||||
| Total ARR (T-ARR) | $ | 6,655 | $ | 9,778 | $ | 3,123 | ||||
| % Change Since Start of Subscription Sales | 47 | % | ||||||||
Total revenue for the fourth quarter of 2024 was $5.4 million, an increase of $0.7 million, or 14%, as compared to the fourth quarter of 2023.
| (in 000's) | Three months ended December 31, | |||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||
| Product revenue | $ | 3,668 | $ | 2,970 | $ | 698 | 23.5 | % | ||||||
| Services revenue | 1,740 | 1,771 | (31 | ) | -1.8 | % | ||||||||
| Total revenue | $ | 5,408 | $ | 4,741 | $ | 667 | 14.1 | % | ||||||
Operating Expenses: Total operating expenses for the fourth quarter of 2024 were $5.5 million, a 10% increase from $5.0 million in the fourth quarter of 2023.
GAAP Net Loss from continuing operations: Net loss from continuing operations for the fourth quarter of 2024 was ($0.9) million, or ($0.03) per diluted share, as compared to a net loss of ($0.5) million, or ($0.02) per diluted share, for the fourth quarter of 2023.
Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, for the fourth quarter of 2024 was ($0.9) million, or ($0.03) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($0.5) million, or ($0.02) per diluted share, for the fourth quarter of 2023. Please refer to the section entitled "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended December 31, 2024 and 2023, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, for the fourth quarter of 2024 was a loss of ($0.5) million compared to a loss of $(0.4) million in the fourth quarter of 2023. Please refer to the section entitled "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended December 31, 2024 and 2023, respectively.
Full Year 2024 Financial Results
Total revenue for the full year 2024 was approximately $19.6 million, an increase of approximately $2.3 million, or 13%, as compared to the full year 2023.
| (in 000's) | Twelve months ended December 31, | |||||||||||||
| 2024 | 2023 | $ Change | % Change | |||||||||||
| Product revenue | $ | 12,532 | $ | 9,930 | $ | 2,602 | 26.2 | % | ||||||
| Services revenue | 7,076 | 7,388 | (312 | ) | -4.2 | % | ||||||||
| Total revenue | $ | 19,608 | $ | 17,318 | $ | 2,290 | 13.2 | % | ||||||
Operating Expenses: Full year 2024 total operating expenses were $22.9 million, compared to $22.5 million for full year 2023.
GAAP Net Loss from continuing operations: Full year 2024 net loss from continuing operations was ($5.6) million, or ($0.21) per diluted share, as compared to a net loss of ($7.0) million, or ($0.27) per diluted share, for full year 2023.
Non-GAAP Adjusted Net Loss from continuing operations: Full year 2024 non-GAAP Adjusted Net Loss from continuing operations, a non-GAAP financial measure as defined below, was ($5.4) million, or ($0.20) per diluted share, as compared to a Non-GAAP Adjusted Net Loss of ($6.8) million, or ($0.26) per diluted share, for full year 2023. Please refer to the section entitled "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the years ended December 31, 2024 and 2023, respectively.
Non-GAAP Adjusted EBITDA: Full year 2024 Non-GAAP Adjusted EBITDA, a non-GAAP financial measure as defined below, was a loss of ($4.4) million compared to a loss of $(5.9) million in full year 2023. Please refer to the section entitled "Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures” and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the years ended December 31, 2024 and 2023, respectively.
Cash and cash equivalents: Cash and cash equivalents were $17.2 million as of December 31, 2024. iCAD believes it has sufficient cash resources to fund its planned operations for at least the next 12 months with no need to raise additional funding.
Conference Call:
The Company will host a conference call at 4:30 PM Eastern Time on Wednesday, March 19, 2025.
Earnings call details are as follows:
| ● | Toll Free: 877-545-0523 | |
| ● | International: 973-528-0016 | |
| ● | Participant Access Code: 174549 | |
| ● | Webcast: https://www.webcaster4.com/Webcast/Page/2879/52064 | |
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 website at www.icadmed.com.
About iCAD, Inc.
iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can't hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD's industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis. For more information, including the latest in regulatory clearances, please visit www.icadmed.com.
Forward-Looking Statements
Certain statements contained in this News Release constitute "forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expansion of access to the Company's products, improvement of performance, acceleration of adoption, expected benefits of ProFound AI®, the benefits of the Company's products, and future prospects for the Company's technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties, and other factors that 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 achieve business and strategic objectives, the willingness of patients to undergo mammography screening, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "believe,” "demonstrate,” "intend,” "expect,” "estimate,” "will,” "continue,” "anticipate,” "likely,” "seek,” 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 http://www.icadmed.com and on the SEC's website at http://www.sec.gov.
CONTACTS
Media inquiries:
Investor Inquiries:
John Nesbett/Rosalyn Christian
IMS Investor Relations icad@imsinvestorrelations.com
| iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except for share data) (Unaudited) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 17,206 | $ | 21,670 | ||||
| Trade accounts receivable, net of allowance for credit losses of $238 and $277 as of December 31, 2024 and December 31, 2023, respectively | 7,207 | 6,392 | ||||||
| Inventory, net | 756 | 917 | ||||||
| Prepaid expenses and other current assets | 1,258 | 699 | ||||||
| Total current assets | $ | 26,427 | $ | 29,678 | ||||
| Property and equipment, net of accumulated depreciation of $1,496 and $1,045 as of December 31, 2024 and December 31, 2023, respectively | 1,716 | 1,823 | ||||||
| Operating lease assets | 177 | 461 | ||||||
| Other assets | 757 | 849 | ||||||
| Intangible assets, net of accumulated amortization of $8,535 and $8,488 as of December 31, 2024 and December 31, 2023, respectively | 101 | 148 | ||||||
| Goodwill | 8,362 | 8,362 | ||||||
| Deferred tax assets | - | 97 | ||||||
| Total assets | $ | 37,540 | $ | 41,418 | ||||
| Liabilities and Stockholders' Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,111 | $ | 712 | ||||
| Accrued and other expenses | 2,358 | 2,448 | ||||||
| Lease payable-current portion | 229 | 188 | ||||||
| Deferred revenue-current portion | 3,863 | 3,400 | ||||||
| Total current liabilities | 7,561 | 6,748 | ||||||
| Lease payable, net of current | 133 | 273 | ||||||
| Deferred revenue, net of current | 1,137 | 974 | ||||||
| Deferred tax | 8 | 6 | ||||||
| Other | 17 | - | ||||||
| Total liabilities | 8,856 | 8,001 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued. | - | - | ||||||
| Common stock, $0.01 par value: authorized 60,000,000 shares; issued 26,540,030 as of both December 31, 2024 and December 31, 2023, respectively; outstanding 26,354,199 as of both December 31, 2024 and December 31, 2023, respectively. | 265 | 265 | ||||||
| Additional paid-in capital | 307,133 | 306,250 | ||||||
| Accumulated deficit | (277,299 | ) | (271,683 | ) | ||||
| Treasury stock at cost, 185,831 shares as of both December 31, 2024 and December 31, 2023 | (1,415 | ) | (1,415 | ) | ||||
| Total stockholders' equity | 28,684 | 33,417 | ||||||
| Total liabilities and stockholders' equity | $ | 37,540 | $ | 41,418 | ||||
| iCAD, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations (In thousands, except for per share data) (Unaudited) | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue: | ||||||||||||||||
| Products and licenses | $ | 3,668 | $ | 2,970 | $ | 12,532 | $ | 9,930 | ||||||||
| Services | 1,740 | 1,771 | 7,076 | 7,388 | ||||||||||||
| Total revenue | 5,408 | 4,741 | 19,608 | 17,318 | ||||||||||||
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