iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader
providing innovative cancer detection and therapy solutions, today
reported its financial and operating results for the three and six
months ended June 30, 2023.
Highlights:
- iCAD signs 20-year worldwide development and commercialization
agreement with Google Health to integrate Google’s AI technology
with its ProFound Detection for 2D Mammography for use upon
regulatory approval as an independent reader for breast cancer
screening.
- iCAD signs strategic multi-year commercial agreement with
Radiology Partners, the nation’s largest radiology practice
providing 15% of all U.S. mammography screenings, through its owned
and affiliated practice, enabling iCAD to expand access to the
Company’s Breast AI Suite to thousands of physicians and millions
of patients in the U.S.
- Company secures largest subscription deal to-date with a
prestigious multispecialty academic medical center renowned for
exceptional healthcare services and ranked as one of the top
hospitals in the U.S.
- Company remains on track to achieve profitability exiting 2024
via implementation of a number of strategic changes to align and
streamline cost base, while reducing annualized expenses by $4.3 -
$4.6 million.
"We are pleased to report significant progress last quarter in
our collaborations with some of our most esteemed partners,
exemplifying our Company’s commitment to creating the world's most
pervasive and personalized suite of AI cancer detection solutions
for our shareholders and stakeholders,” said Dana Brown, President
and CEO of iCAD, Inc.
“Our continued collaboration with Google Health will expand the
integration of their AI technology with iCAD's ProFound AI for 2D
Mammography for use upon regulatory approval as an independent
reader for breast cancer screening. This 20-year worldwide
commercialization agreement offers the potential to ease
radiologist workload around the globe, particularly in countries
where a double-reading workflow is standard practice, while
offering a viable solution to the global radiologist shortage that
is continuing to impact patient care. With the majority of imaging
facilities outside the US still using 2D mammography as the
standard of care, this agreement expands and accelerates our
ability to serve this market and revolutionize screening for
millions of women around the world,” Ms. Brown said.
"The finalization of our strategic multi-year commercial
agreement with Radiology Partners also represents a momentous
achievement for iCAD. Radiology Partners is a leading provider of
mammography services to millions of women annually across more than
3,200 facilities in the U.S., including 17 of the 20 largest health
systems in the country, and we are honored that Radiology Partners
has selected iCAD as its provider of breast AI technologies. We are
working closely with Radiology Partners and actively deploying
iCAD's technology through Radiology Partners’ cloud to their
network of facilities, significantly increasing the potential for
adoption and driving improvements in mammography screening for
countless women across the country. With an initial order from
Radiology Partners recognized in 1Q 2023 and the execution of this
agreement, we are enthusiastic about the potential of this
relationship in 2023 and beyond,” said Ms. Brown.
“We are also pleased to report our team successfully closed the
biggest subscription deal in our company's history with a
prestigious multispecialty academic medical center that is renowned
for its exceptional healthcare services and ranked as one of the
top hospitals in the nation. This collaboration not only reinforces
our position as the trusted leader of mammography AI solutions but
also demonstrates the widespread recognition of the value we bring
to facilities, clinicians, and patients.”
"As we continue to focus on driving growth and efficiency, we
remain committed to achieving profitability by the end of 2024. Our
strategic changes to align and streamline our cost base, along with
a targeted reduction in annualized expenses, are paving the way for
a sustainable and successful future for iCAD."
Three Months Ended June 30, 2023 Financial
Results
Total Detection and Therapy revenue for the second quarter
of 2023 was $5.9 million, a decrease of
$1.7 million, or 23%, as compared to the second quarter of
2022.
(in 000’s) |
|
Three months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Product revenue |
|
$ |
2,644 |
|
|
$ |
4,475 |
|
|
$ |
(1,831 |
) |
|
|
-40.9 |
% |
Service and supplies revenue |
|
|
3,221 |
|
|
|
3,100 |
|
|
|
121 |
|
|
|
3.9 |
% |
Total revenue |
|
$ |
5,865 |
|
|
$ |
7,575 |
|
|
$ |
(1,710 |
) |
|
|
-22.6 |
% |
Revenue: Cancer Detection revenue for the second quarter
of 2023, which includes the Company’s mammography and breast
density products, and the associated service and supplies revenue,
was $4.2 million, a decrease of 21%, as compared to the second
quarter of 2022. Therapy revenue for the second quarter
of 2023, which includes Xoft® Axxent® eBx® System® sales, as
well as the associated service and supplies revenue, was
$1.7 million, a decrease of 26%, as compared to the second
quarter of 2022.
(in 000’s) |
|
Three months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Detection revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
2,301 |
|
|
$ |
3,467 |
|
|
$ |
(1,166 |
) |
|
|
-33.6 |
% |
Service and supplies revenue |
|
|
1,870 |
|
|
|
1,822 |
|
|
|
48 |
|
|
|
2.6 |
% |
Detection revenue |
|
$ |
4,171 |
|
|
$ |
5,289 |
|
|
$ |
(1,118 |
) |
|
|
-21.1 |
% |
Therapy revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
343 |
|
|
$ |
1,008 |
|
|
$ |
(665 |
) |
|
|
-66.0 |
% |
Service and supplies revenue |
|
|
1,351 |
|
|
|
1,278 |
|
|
|
73 |
|
|
|
5.7 |
% |
Therapy revenue |
|
$ |
1,694 |
|
|
$ |
2,286 |
|
|
$ |
(592 |
) |
|
|
-25.9 |
% |
Total revenue |
|
$ |
5,865 |
|
|
$ |
7,575 |
|
|
$ |
(1,710 |
) |
|
|
-22.6 |
% |
Gross Profit: Gross profit for the second quarter of 2023
was $4.3 million, or 74% of revenue, as compared to
$5.5 million, or 72% of revenue, in the second quarter of
2022.
Operating Expenses: Total operating expenses for the second
quarter of 2023 were $6.3 million, a 27% decrease from
$8.6 million in the second quarter of 2022.
GAAP Net Loss: Net loss for the second quarter of 2023 was
($1.8) million, or ($0.07) per diluted share, as compared to a
net loss of ($3.1) million, or ($0.12) per diluted share, for the
second quarter of 2022.
Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a
non-GAAP financial measure as defined below, for the second quarter
of 2023 was ($1.6) million, or ($0.07) per diluted share, as
compared to a Non-GAAP Adjusted Net Loss of ($3.1) million, or
($0.12) per diluted share, for the second quarter of 2022. 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 June 30, 2023 and 2022,
respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the second quarter
of 2023 was a loss of ($1.5) million compared to a loss of
$(2.7) million in the second quarter of 2022. 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 June 30, 2023 and 2022,
respectively.
Six Months Ended June 30, 2023 Financial
Results
Total Detection and Therapy revenue for the six months ended
June 30, 2023 was $11.6 million, a decrease of
$3.5 million, or 23%, as compared to the six months ended June
30, 2022.
(in 000’s) |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Product revenue |
|
$ |
5,387 |
|
|
$ |
9,035 |
|
|
$ |
(3,648 |
) |
|
|
-40.4 |
% |
Service and supplies
revenue |
|
|
6,256 |
|
|
|
6,063 |
|
|
|
193 |
|
|
|
3.2 |
% |
Total revenue |
|
$ |
11,643 |
|
|
$ |
15,098 |
|
|
$ |
(3,455 |
) |
|
|
-22.9 |
% |
Revenue: Cancer Detection revenue for the six months ended
June 30, 2023, which includes the Company’s mammography and
breast density products, and the associated service and supplies
revenue, was $8.5 million, a decrease of 21%, as compared to
the six months ended June 30, 2022. Therapy revenue for
the six months ended June 30, 2023, which includes Xoft® Axxent®
eBx® System® sales, as well as the associated service and supplies
revenue, was $3.1 million, a decrease of 27%, as compared to
the six months ended June 30, 2022.
(in 000’s) |
|
Six months ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Detection revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
4,762 |
|
|
$ |
7,330 |
|
|
$ |
(2,568 |
) |
|
|
-35.0 |
% |
Service and supplies revenue |
|
|
3,744 |
|
|
|
3,479 |
|
|
|
265 |
|
|
|
7.6 |
% |
Detection revenue |
|
$ |
8,506 |
|
|
$ |
10,809 |
|
|
$ |
(2,303 |
) |
|
|
-21.3 |
% |
Therapy revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product revenue |
|
$ |
626 |
|
|
$ |
1,705 |
|
|
$ |
(1,079 |
) |
|
|
-63.3 |
% |
Service and supplies revenue |
|
|
2,511 |
|
|
|
2,584 |
|
|
|
(73 |
) |
|
|
-2.8 |
% |
Therapy revenue |
|
$ |
3,137 |
|
|
$ |
4,289 |
|
|
$ |
(1,152 |
) |
|
|
-26.9 |
% |
Total revenue |
|
$ |
11,643 |
|
|
$ |
15,098 |
|
|
$ |
(3,455 |
) |
|
|
-22.9 |
% |
Gross Profit: Gross profit for the six months ended June
30, 2023 was $8.5 million, or 73% of revenue, as compared to
$10.8 million, or 72% of revenue, for the six months
ended June 30, 2022.
Operating Expenses: Total operating expenses for the six months
ended June 30, 2023 were $14.3 million, an 18% decrease from
$17.4 million for the six months ended June 30, 2022.
GAAP Net Loss: Net loss for the six months ended June 30,
2023 ($5.5) million, or ($0.22) per diluted share, as
compared to a net loss of ($6.7) million, or ($0.26) per diluted
share, for the six months ended June 30, 2022.
Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a
non-GAAP financial measure as defined below, for the six months
ended June 30, 2023 was ($5.4) million, or ($0.21) per diluted
share, as compared to a Non-GAAP Adjusted Net Loss of ($6.7)
million, or ($0.26) per diluted share, for the six months ended
June 30, 2022. 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 six-month periods ended June 30,
2023 and 2022, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the first six months of
2023 was a loss of ($4.6) million compared to a loss of $(5.4)
million in the first six months of 2022. 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 six-month
periods ended June 30, 2023 and 2022, respectively.
Conference Call Monday,
August 14 at 4:30 PM ET
|
|
|
Domestic: |
|
888-506-0062 |
International: |
|
973-528-0011 |
Conference ID: |
|
460678 |
Webcast: |
|
https://www.webcaster4.com/Webcast/Page/2879/48562 |
Use of Non-GAAP Financial Measures
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.
Headquartered in Nashua, NH, iCAD is a global medical technology
leader providing innovative cancer detection and therapy solutions.
For more information, 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 which 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 in light
of risks of potential exposure to Covid-19, 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.
Media Inquiries:
Jessica Burns, iCAD+1-201-423-4492jburns@icadmed.com
Investor Inquiries:
iCAD Investor Relationsir@icadmed.com
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In
thousands, except for share data)(Unaudited)
|
|
June 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,037 |
|
|
$ |
21,313 |
|
Trade accounts receivable, net of allowances for credit losses of
$984 and $922 as of June 30, 2023 and December 31, 2022
respectively |
|
|
5,747 |
|
|
|
8,898 |
|
Inventory, net |
|
|
4,248 |
|
|
|
5,389 |
|
Prepaid expenses and other current assets |
|
|
2,304 |
|
|
|
2,641 |
|
Total current assets |
|
|
31,336 |
|
|
|
38,241 |
|
Property and equipment, net of accumulated depreciation of $2,273
and 2,135 as of June 30, 2023 and December 31, 2022,
respectively |
|
|
1,471 |
|
|
|
1,074 |
|
Operating lease assets |
|
|
3,113 |
|
|
|
3,361 |
|
Other assets |
|
|
54 |
|
|
|
69 |
|
Intangible assets, net of accumulated amortization of $8,490 and
$8,932 as of June 30, 2023 and December 31, 2022, respectively |
|
|
388 |
|
|
|
482 |
|
Goodwill |
|
|
8,362 |
|
|
|
8,362 |
|
Deferred tax assets |
|
|
108 |
|
|
|
116 |
|
Total assets |
|
$ |
44,832 |
|
|
$ |
51,705 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
857 |
|
|
$ |
1,973 |
|
Accrued and other expenses |
|
|
4,363 |
|
|
|
4,681 |
|
Lease payable—current portion |
|
|
644 |
|
|
|
582 |
|
Deferred revenue—current portion |
|
|
6,027 |
|
|
|
6,216 |
|
Total current liabilities |
|
|
11,891 |
|
|
|
13,452 |
|
Lease payable, net of current |
|
|
2,478 |
|
|
|
2,803 |
|
Deferred revenue, net of current |
|
|
283 |
|
|
|
542 |
|
Deferred tax |
|
|
6 |
|
|
|
6 |
|
Total liabilities |
|
|
14,658 |
|
|
|
16,803 |
|
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
25,446,578 as of both June 30, 2023 and December 31, 2022 |
|
|
|
|
|
|
|
|
Outstanding 25,260,576 as of both June 30, 2023 and December 31,
2022 |
|
|
254 |
|
|
|
254 |
|
Additional paid-in capital |
|
|
303,699 |
|
|
|
302,899 |
|
Accumulated deficit |
|
|
(272,364 |
) |
|
|
(266,836 |
) |
Treasury stock at cost, 185,831 shares as of both June 30, 2023 and
December 31, 2022 |
|
|
(1,415 |
) |
|
|
(1,415 |
) |
Total stockholders’ equity |
|
|
30,174 |
|
|
|
34,902 |
|
Total liabilities and stockholders’ equity |
|
$ |
44,832 |
|
|
$ |
51,705 |
|
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except for per share data)(Unaudited)
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
|
June 30, |
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
2,644 |
|
|
$ |
4,475 |
|
|
$ |
5,387 |
|
|
$ |
9,035 |
|
Service and supplies |
|
|
3,221 |
|
|
|
3,100 |
|
|
|
6,256 |
|
|
|
6,063 |
|
Total revenue |
|
|
5,865 |
|
|
|
7,575 |
|
|
|
11,643 |
|
|
|
15,098 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
461 |
|
|
|
1,008 |
|
|
|
1,047 |
|
|
|
2,095 |
|
Service and supplies |
|
|
1,000 |
|
|
|
1,001 |
|
|
|
1,993 |
|
|
|
2,050 |
|
Amortization and depreciation |
|
|
55 |
|
|
|
75 |
|
|
|
125 |
|
|
|
150 |
|
Total cost of revenue |
|
|
1,516 |
|
|
|
2,084 |
|
|
|
3,165 |
|
|
|
4,295 |
|
Gross profit |
|
|
4,349 |
|
|
|
5,491 |
|
|
|
8,478 |
|
|
|
10,803 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and product development |
|
|
1,263 |
|
|
|
2,367 |
|
|
|
3,544 |
|
|
|
4,642 |
|
Marketing and sales |
|
|
2,112 |
|
|
|
3,435 |
|
|
|
4,967 |
|
|
|
7,000 |
|
General and administrative |
|
|
2,832 |
|
|
|
2,742 |
|
|
|
5,695 |
|
|
|
5,673 |
|
Amortization and depreciation |
|
|
65 |
|
|
|
61 |
|
|
|
120 |
|
|
|
124 |
|
Total operating expenses |
|
|
6,272 |
|
|
|
8,605 |
|
|
|
14,326 |
|
|
|
17,439 |
|
Loss from operations |
|
|
(1,923 |
) |
|
|
(3,114 |
) |
|
|
(5,848 |
) |
|
|
(6,636 |
) |
Other income/ (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
Interest income |
|
|
182 |
|
|
|
14 |
|
|
|
332 |
|
|
|
16 |
|
Other income (expense), net |
|
|
(5 |
) |
|
|
(18 |
) |
|
|
(3 |
) |
|
|
(41 |
) |
Other income (expense), net |
|
|
177 |
|
|
|
(4 |
) |
|
|
329 |
|
|
|
(26 |
) |
Loss before provision for
income taxes |
|
|
(1,746 |
) |
|
|
(3,118 |
) |
|
|
(5,519 |
) |
|
|
(6,662 |
) |
Benefit (Provision) for tax
expense |
|
|
(4 |
) |
|
|
— |
|
|
|
(9 |
) |
|
|
(1 |
) |
Net loss and comprehensive
loss |
|
$ |
(1,750 |
) |
|
$ |
(3,118 |
) |
|
$ |
(5,528 |
) |
|
$ |
(6,663 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.26 |
) |
Weighted average number of shares used in computing loss per
share: |
|
|
25,261 |
|
|
|
25,185 |
|
|
|
25,261 |
|
|
|
25,172 |
|
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash
Flows (In thousands)(Unaudited)
|
|
For the Six Months ended |
|
|
|
June 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(5,528 |
) |
|
$ |
(6,663 |
) |
Adjustments to reconcile net loss to net cash used for operating
activities: |
|
|
|
|
|
|
|
|
Amortization |
|
|
94 |
|
|
|
105 |
|
Depreciation |
|
|
138 |
|
|
|
169 |
|
Non-cash lease expense |
|
|
248 |
|
|
|
391 |
|
Bad debt provision |
|
|
62 |
|
|
|
510 |
|
Stock-based compensation |
|
|
800 |
|
|
|
964 |
|
Deferred tax |
|
|
8 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
3,089 |
|
|
|
(1,790 |
) |
Inventory |
|
|
1,141 |
|
|
|
(830 |
) |
Prepaid and other assets |
|
|
352 |
|
|
|
853 |
|
Accounts payable |
|
|
(1,116 |
) |
|
|
(581 |
) |
Accrued and other expenses |
|
|
(510 |
) |
|
|
(371 |
) |
Lease liabilities |
|
|
(263 |
) |
|
|
(425 |
) |
Deferred revenue |
|
|
(448 |
) |
|
|
659 |
|
Total adjustments |
|
|
3,595 |
|
|
|
(346 |
) |
Net cash used for operating activities |
|
|
(1,933 |
) |
|
|
(7,009 |
) |
Cash flow from investing
activities: |
|
|
|
|
|
|
|
|
Additions to patents, technology and other |
|
|
— |
|
|
|
(10 |
) |
Additions to property and equipment |
|
|
(307 |
) |
|
|
(255 |
|
Capitalization of internal-use software |
|
|
(36 |
) |
|
|
— |
) |
Net cash used for investing activities |
|
|
(343 |
) |
|
|
(265 |
) |
Cash flow from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from option exercises pursuant to stock option plans |
|
|
— |
|
|
|
79 |
|
Proceeds from issuance of common stock pursuant to Employee Stock
Purchase Plans |
|
|
— |
|
|
|
93 |
|
Net cash provided by financing activities |
|
|
— |
|
|
|
172 |
|
(Decrease) increase in cash and cash equivalents |
|
|
(2,276 |
) |
|
|
(7,102 |
) |
Cash and cash equivalents, beginning of period |
|
|
21,313 |
|
|
|
34,282 |
|
Cash and cash equivalents, end of period |
|
$ |
19,037 |
|
|
$ |
27,180 |
|
Supplemental disclosure of
cash flow information: |
|
|
|
|
|
|
|
|
Interest paid |
|
$ |
— |
|
|
$ |
9 |
|
Amendment to right of use assets obtained in exchange for operating
lease liabilities |
|
$ |
— |
|
|
$ |
2,434 |
|
Reconciliation of Non-GAAP Financial Measures to
Comparable GAAP 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 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.
Management defines “Non-GAAP Adjusted EBITDA” as the sum of GAAP
Net Loss before provisions for interest expense, other income,
stock-based compensation expense, depreciation and amortization,
tax expense, severance, gain on sale of assets, loss on disposal of
assets, acquisition and litigation related expenses. Management
considers this non-GAAP financial measure to be an indicator of the
Company’s operational strength and performance of its business and
a good measure of its historical operating trends, in particular
the extent to which ongoing operations impact the Company’s overall
financial performance.
The non-GAAP financial measures do not replace the presentation
of the Company’s GAAP financial results and should only be used as
a supplement to, not as a substitute for, the Company’s financial
results presented in accordance with GAAP. The Company has provided
a reconciliation of each non-GAAP financial measure used in its
financial reporting and investor presentations to the most directly
comparable GAAP financial measure.
Management excludes each of the items identified below from the
applicable non-GAAP financial measure referenced above for the
reasons set forth with respect to that excluded item:
- Interest expense: The Company excludes interest expense which
includes interest from the facility agreement, interest on capital
leases and interest on the convertible debentures from its non-GAAP
Adjusted EBITDA calculation.
- Stock-based compensation expense: excluded as these are
non-cash expenses that management does not consider part of ongoing
operating results when assessing the performance of the Company’s
business, and also because the total amount of expense is partially
outside of the Company’s control as it is based on factors such as
stock price volatility and interest rates, which may be unrelated
to our performance during the period in which the expense is
incurred.
- Amortization and Depreciation: Purchased assets and intangibles
are amortized over a period of several years and generally cannot
be changed or influenced by management after they are acquired.
Accordingly, these non-cash items are not considered by management
in making operating decisions, and management believes that such
expenses do not have a direct correlation to future business
operations. Thus, including such charges does not accurately
reflect the performance of the Company’s ongoing operations for the
period in which such charges are incurred.
- Severance and Furlough: The Company has incurred severance and
furlough expenses in connection with restructuring and in
connection with the separation of its former CEO. The Company
excludes these items from its non-GAAP financial measures when
evaluating its continuing business performance as such items
can vary significantly and do not reflect expected future operating
expenses. In addition, management believes that such items do not
have a direct correlation to future business operations.
- Loss on fair value of convertible debentures. The Company
excludes this non-cash item as it is not considered by management
in making operating decisions, and management believes that such
item does not have a direct correlation to future business
operations.
- Litigation related: These expenses consist primarily of
settlement, legal and other professional fees related to
litigation. The Company excludes these costs from its non-GAAP
measures primarily because the Company believes that these costs
have no direct correlation to the core operations of the
Company.
- Loss on extinguishment of debt: The Company excludes this
non-cash item as it is not considered by management in making
operating decisions, and management believes that such item does
not have a direct correlation to future business operations.
On occasion in the future, there may be other items, such as
loss on extinguishment of debt, significant asset impairments,
restructuring charges or significant gains or losses from
contingencies that the Company may exclude if it believes that
doing so is consistent with the goal of providing useful
information to investors and management.
Non-GAAP Adjusted EBITDASet forth below is a
reconciliation of the Company’s “Non-GAAP Adjusted
EBITDA”(Unaudited)(In thousands except for per share data)
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP Net Loss |
|
$ |
(1,750 |
) |
|
$ |
(3,118 |
) |
|
$ |
(5,528 |
) |
|
$ |
(6,663 |
) |
Interest expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Interest income |
|
|
(182 |
) |
|
|
(14 |
) |
|
|
(332 |
) |
|
|
(16 |
) |
Other expense |
|
|
5 |
|
|
|
18 |
|
|
|
3 |
|
|
|
41 |
|
Stock compensation |
|
|
214 |
|
|
|
309 |
|
|
|
800 |
|
|
|
964 |
|
Depreciation & amortization |
|
|
117 |
|
|
|
137 |
|
|
|
232 |
|
|
|
274 |
|
Severance and Furlough |
|
|
102 |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
Tax expense |
|
|
4 |
|
|
|
— |
|
|
|
9 |
|
|
|
1 |
|
Non-GAAP Adjusted EBITDA |
|
$ |
(1,490 |
) |
|
$ |
(2,668 |
) |
|
$ |
(4,638 |
) |
|
$ |
(5,398 |
) |
|
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP Net Loss |
|
$ |
(1,750 |
) |
|
$ |
(3,118 |
) |
|
$ |
(5,528 |
) |
|
$ |
(6,663 |
) |
Adjustments to Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and Furlough |
|
|
102 |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
Non-GAAP Adjusted Net
Loss |
|
$ |
(1,648 |
) |
|
$ |
(3,118 |
) |
|
$ |
(5,350 |
) |
|
$ |
(6,663 |
) |
Net Loss per share—basic and
diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Loss per share |
|
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.26 |
) |
Adjustments to Net Loss (as
detailed above) |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Non-GAAP Adjusted Net Loss per
share |
|
$ |
(0.07 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.21 |
) |
|
$ |
(0.26 |
) |
Icad (NASDAQ:ICAD)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Icad (NASDAQ:ICAD)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024