iCAD, Inc (ICAD) saw its loss narrow to $0.46 million, or $0.03 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $2.53 million, or $0.16 a share. On the other hand, adjusted net loss for the quarter widened to $2.93 million, or $0.18 a share from a loss of $2.73 million or $0.17 a share, a year ago. Revenue during the quarter grew 12.47 percent to $6.79 million from $6.04 million in the previous year period. Gross margin for the quarter contracted 28 basis points over the previous year period to 69.05 percent. Operating margin for the quarter stood at negative 6.41 percent as compared to a negative 41.29 percent for the previous year period.
Operating loss for the quarter was $0.44 million, compared with an operating loss of $2.49 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $1.52 million compared to negative $1.45 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 22.34 percent for the quarter compared to negative 24.01 percent in the last year period.
“In the first-quarter of 2017, we achieved strong revenue growth compared to the prior year period. The growth reflects increased product sales in both our detection and therapy businesses in the U.S. and international markets,” said Ken Ferry, Chief Executive Officer. “Sales of PowerLook Tomo Detection and Mammo Detection Systems were particularly strong in the U.S. and international markets, significantly contributing to the year-over-year product sales growth. Moreover, with the Premarket Approval (PMA) of our PowerLook Tomo Detection by the FDA on March 24, 2017, we were pleased to generate initial sales of this latest innovation within days of the announcement in the U.S. We believe this underscores the underlying need for advanced interpretive software workflow tools to assist radiologists with the reading of 3D Tomo exams. In our U.S. reader study using PowerLook Tomo Detection, 20 radiologists read 240 Tomo exams with an average reduction in reading time of greater than 29% without compromise in detection accuracy.”
Operating cash flow remains negative
iCAD, Inc has spent $1.61 million cash to meet operating activities during the quarter as against cash outgo of $1.92 million in the last year period. Cash flow from investing activities was $2.60 million for the quarter as against cash outgo of $0.14 million in the last year period.
The company has spent $0.03 million cash to carry out financing activities during the quarter as against cash outgo of $0.35 million in the last year period.
Cash and cash equivalents stood at $9.54 million as on Mar. 31, 2017, down 25.83 percent or $3.32 million from $12.87 million on Mar. 31, 2016.
Working capital drops significantly
iCAD, Inc has witnessed a decline in the working capital over the last year. It stood at $7.69 million as at Mar. 31, 2017, down 30.61 percent or $3.39 million from $11.08 million on Mar. 31, 2016. Current ratio was at 1.64 as on Mar. 31, 2017, down from 1.87 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 90 days for the quarter from 238 days for the last year period. Days sales outstanding went down to 87 days for the quarter compared with 100 days for the same period last year.
Days inventory outstanding has decreased to 74 days for the quarter compared with 218 days for the previous year period. At the same time, days payable outstanding went down to 71 days for the quarter from 79 for the same period last year.
Debt comes down significantly
iCAD, Inc has recorded a decline in total debt over the last one year. It stood at $0.02 million as on Mar. 31, 2017, down 97.01 percent or $0.72 million from $0.74 million on Mar. 31, 2016. Total debt was 0.06 percent of total assets as on Mar. 31, 2017, compared with 1.62 percent on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
