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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Icad Inc | NASDAQ:ICAD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.43 | 1.37 | 1.75 | 1 | 09:00:00 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
02-0377419
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
98 Spit Brook Road, Suite 100, Nashua, NH
|
03062
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Title of each class
|
Trading
symbol(s)
|
Name of each exchange
on which registered
|
||
Common Stock, $0.01 par value
|
ICAD
|
The Nasdaq Stock Market LLC
|
Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated
filer
|
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page | ||||||
PART I
|
||||||
Item 1
|
||||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Item 2
|
30 | |||||
Item 3
|
40 | |||||
Item 4
|
40 | |||||
PART II
|
41 | |||||
Item 1
|
41 | |||||
Item 1A
|
42 | |||||
Item 6
|
43 | |||||
44 |
March 31,
|
December 31,
|
|||||||
2021
|
2020
|
|||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$ | 46,907 | $ | 27,186 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $111 in 2021 and $111 in 2020
|
10,649 | 10,027 | ||||||
Inventory, net
|
2,498 | 3,144 | ||||||
Prepaid expenses and other current assets
|
2,188 | 1,945 | ||||||
|
|
|
|
|||||
Total current assets
|
62,242 | 42,302 | ||||||
|
|
|
|
|||||
Property and equipment, net of accumulated depreciation of $6,854 in 2021 and $6,778 in 2020
|
930 | 744 | ||||||
Operating lease assets
|
1,565 | 1,758 | ||||||
Other assets
|
1,564 | 1,527 | ||||||
Intangible assets, net of accumulated amortization of $8,552 in 2021 and $8,494 in 2020
|
831 | 889 | ||||||
Goodwill
|
8,362 | 8,362 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 75,494 | $ | 55,582 | ||||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,251 | $ | 2,869 | ||||
Accrued and other expenses
|
5,819 | 7,039 | ||||||
Notes payable - current portion
|
269 | — | ||||||
Lease payable - current portion
|
847 | 726 | ||||||
Deferred revenue
|
5,957 | 6,117 | ||||||
|
|
|
|
|||||
Total current liabilities
|
14,143 | 16,751 | ||||||
|
|
|
|
|||||
Lease payable, long-term portion
|
860 | 1,075 | ||||||
Notes payable, long-term portion
|
6,703 | 6,960 | ||||||
Deferred revenue, long-term portion
|
420 | 267 | ||||||
Deferred tax
|
4 | 4 | ||||||
|
|
|
|
|||||
Total liabilities
|
22,130 | 25,057 | ||||||
|
|
|
|
|||||
Commitments and Contingencies (Note 7)
|
||||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none
.
|
— | — | ||||||
Common stock, $0.01 par value: authorized 30,000,000 shares; issued 25,143,432
a
s of March 31, 2021 and 23,693,735 as of December 31, 2020
.
|
||||||||
Outstanding 24,957,601 as of March 31, 2021 and 23,508,575 as of December 31, 2020
.
|
251 | 236 | ||||||
Additional
paid-in
capital
|
298,106 | 273,639 | ||||||
Accumulated deficit
|
(243,578 | ) | (241,935 | ) | ||||
Treasury stock at cost, 185,831 shares in 2021 and 2020
|
(1,415 | ) | (1,415 | ) | ||||
|
|
|
|
|||||
Total stockholders’ equity
|
53,364 | 30,525 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity
|
$ | 75,494 | $ | 55,582 | ||||
|
|
|
|
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Revenue:
|
||||||||
Products
|
$ | 5,557 | $ | 3,795 | ||||
Service and supplies
|
3,087 | 2,756 | ||||||
|
|
|
|
|||||
Total revenue
|
8,644 | 6,551 | ||||||
Cost of revenue:
|
||||||||
Products
|
1,409 | 1,017 | ||||||
Service and supplies
|
867 | 927 | ||||||
Amortization and depreciation
|
79 | 97 | ||||||
|
|
|
|
|||||
Total cost of revenue
|
2,355 | 2,041 | ||||||
|
|
|
|
|||||
Gross profit
|
6,289 | 4,510 | ||||||
|
|
|
|
|||||
Operating expenses:
|
||||||||
Engineering and product development
|
2,192 | 2,211 | ||||||
Marketing and sales
|
3,424 | 3,608 | ||||||
General and administrative
|
2,151 | 2,532 | ||||||
Amortization and depreciation
|
55 | 52 | ||||||
|
|
|
|
|||||
Total operating expenses
|
7,822 | 8,403 | ||||||
|
|
|
|
|||||
Loss from operations
|
(1,533 | ) | (3,893 | ) | ||||
Interest expense
|
(112 | ) | (130 | ) | ||||
Other income
|
2 | 42 | ||||||
Loss on extinguishment of debt
|
— | (341 | ) | |||||
Loss on fair value of convertible debentures
|
— | (7,464 | ) | |||||
|
|
|
|
|||||
Other expense, net
|
(110 | ) | (7,893 | ) | ||||
Loss before income tax expense
|
(1,643 | ) | (11,786 | ) | ||||
|
|
|
|
|||||
Tax expense
|
— | (26 | ) | |||||
|
|
|
|
|||||
Net loss and comprehensive loss
|
$ | (1,643 | ) | $ | (11,812 | ) | ||
|
|
|
|
|||||
Net loss per share:
|
||||||||
Basic
|
$ | (0.07 | ) | $ | (0.59 | ) | ||
|
|
|
|
|||||
Diluted
|
$ | (0.07 | ) | $ | (0.59 | ) | ||
|
|
|
|
|||||
Weighted average number of shares used in computing loss per share:
|
||||||||
Basic
|
23,929 | 20,175 | ||||||
|
|
|
|
|||||
Diluted
|
23,929 | 20,175 | ||||||
|
|
|
|
For the three months ended
March 31,
|
||||||||
2021
|
2020
|
|||||||
(in thousands) | ||||||||
Cash flow from operating activities:
|
||||||||
Net loss
|
$ | (1,643 | ) | $ | (11,812 | ) | ||
Adjustments to reconcile net loss to net cash used for operating activities:
|
||||||||
Amortization
|
58 | 78 | ||||||
Depreciation
|
76 | 71 | ||||||
Bad debt provision
|
— | 119 | ||||||
Stock-based compensation
|
935 | 464 | ||||||
Amortization of debt discount and debt costs
|
12 | 40 | ||||||
Loss on extinguishment of debt
|
— | 341 | ||||||
Deferred tax expense
|
— | 1 | ||||||
Change in fair value of convertible debentures
|
— | 7,464 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(622 | ) | 2,610 | |||||
Inventory
|
647 | 149 | ||||||
Prepaid and other assets
|
(89 | ) | (72 | ) | ||||
Accounts payable
|
(1,617 | ) | (317 | ) | ||||
Accrued expenses
|
(1,313 | ) | (439 | ) | ||||
Deferred revenue
|
(7 | ) | (113 | ) | ||||
|
|
|
|
|||||
Total adjustments
|
(1,920 | ) | 10,396 | |||||
|
|
|
|
|||||
Net cash used for operating activities
|
(3,563 | ) | (1,416 | ) | ||||
|
|
|
|
|||||
Cash flow from investing activities:
|
||||||||
Additions to patents, technology and other
|
— | (1 | ) | |||||
Additions to property and equipment
|
(262 | ) | (155 | ) | ||||
|
|
|
|
|||||
Net cash used for investing activities
|
(262 | ) | (156 | ) | ||||
|
|
|
|
|||||
Cash flow from financing activities:
|
||||||||
Issuance of common stock pursuant to stock option plans
|
270 | 196 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan
|
47 | — | ||||||
Proceeds from issuance of common stock, net
|
23,229 | — | ||||||
Principal repayment of debt financing
|
— | (4,638 | ) | |||||
Repayment on line of credit
|
— | (2,000 | ) | |||||
Proceeds from notes payable
|
— | 7,000 | ||||||
Debt issuance costs
|
— | (43 | ) | |||||
|
|
|
|
|||||
Net cash provided by financing activities
|
23,546 | 515 | ||||||
|
|
|
|
|||||
Increase
(decrease
in cash and equivalents
)
|
19,721 | (1,057 | ) | |||||
Cash and cash equivalents, beginning of period
|
27,186 | 15,313 | ||||||
|
|
|
|
|||||
Cash and cash equivalents, end of period
|
$ | 46,907 | $ | 14,256 | ||||
|
|
|
|
|||||
Supplemental disclosure of cash flow information:
|
||||||||
Interest paid
|
$ | 92 | $ | 122 | ||||
|
|
|
|
|||||
Taxes paid
|
$ | — | $ | 26 | ||||
|
|
|
|
|||||
Issuance of common stock upon conversion of debentures
|
— | 21,164 | ||||||
|
|
|
|
|||||
Right-of-use
|
$ | — | $ | 69 | ||||
|
|
|
|
Common Stock
|
Additional
|
|
|||||||||||||||||||||||
Number of
|
Paid-in
|
Accumulated
|
Treasury
|
|
Stockholders’
|
||||||||||||||||||||
Shares Issued
|
Par Value
|
Capital
|
Deficit
|
Stock
|
|
Equity
|
|||||||||||||||||||
Balance at December 31, 2020
|
23,694,406 | $ | 236 | $ | 273,639 | $ | (241,935 | ) | (1,415 | ) |
|
$ | 30,525 | ||||||||||||
Issuance of common stock relative to vesting of restricted stock
|
20,000 | — | — | — | — |
|
— | ||||||||||||||||||
Issuance of common stock, net
|
1,393,738 | 14 | 23,215 | — | — |
|
23,229 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans
|
28,934 | 1 | 270 | — | — |
|
271 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan
|
6,354 | — | 47 | — | — |
|
47 | ||||||||||||||||||
Stock-based compensation
|
— | — | 935 | — | — |
|
935 | ||||||||||||||||||
Net loss
|
— | — | — | (1,643 | ) | — |
|
(1,643 | ) | ||||||||||||||||
Balance at March 31, 2021
|
25,143,432 | $ | 251 | $ | 298,106 | $ | (243,578 | ) | $ | (1,415 | ) |
|
$
|
53,364 |
Common Stock
|
Additional
|
|
||||||||||||||||||||||
Number of
|
Paid-in
|
Accumulated
|
|
Treasury
|
Stockholders’
|
|||||||||||||||||||
Shares Issued
|
Par Value
|
Capital
|
Deficit
|
|
Stock
|
Equity
|
||||||||||||||||||
Balance at December 31, 2019
|
19,546,151 | $ | 196 | $ | 230,615 | $ | (224,325 | ) |
|
$
|
(1,415
|
)
|
$
|
5,071 | ||||||||||
Issuance of common stock relative to vesting of restricted stock
|
23,500 | — | — | — |
|
— |
|
— | ||||||||||||||||
Issuance of common stock pursuant to stock option plans
|
36,799 | 1 | 195 | — |
|
— |
|
196 | ||||||||||||||||
Issuance of stock upon conversion of Debentures
|
1,819,466 | 18 | 21,146 | — |
|
— |
|
21,164 | ||||||||||||||||
Stock-based compensation
|
464 |
|
|
464 | ||||||||||||||||||||
Net loss
|
— | — | — | (11,812 | ) |
|
— |
|
(11,812 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance at March 31, 2020
|
21,425,916 | $ | 215 | $ | 252,420 | $ | (236,137 | ) |
|
$
|
(1,415 | ) |
$
|
15,083 |
|
|
Three months ended March 31, 2021
|
|
|||||||||
|
|
Reportable Segments
|
|
|||||||||
|
|
Detection
|
|
|
Therapy
|
|
|
Total
|
|
|||
Major Goods/Service Lines
|
||||||||||||
Products
|
$ | 4,161 | $ | 2,103 | $ | 6,264 | ||||||
Service contracts
|
1,558 | 340 | 1,898 | |||||||||
Supply and source usage agreements
|
— | 481 | 481 | |||||||||
Professional services
|
— | 1 | 1 | |||||||||
|
|
|
|
|
|
|||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 | |||||||
Timing of Revenue Recognition
|
||||||||||||
Goods transferred at a point in time
|
$ | 4,161 | $ | 2,104 | $ | 6,265 | ||||||
Services transferred over time
|
1,558 | 821 | 2,379 | |||||||||
|
|
|
|
|
|
|||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 | |||||||
Sales Channels
|
||||||||||||
Direct sales force
|
$ | 3,875 | $ | 674 | $ | 4,549 | ||||||
OEM partners
|
1,844 | — | 1,844 | |||||||||
Channel partners
|
— | 2,251 | 2,251 | |||||||||
|
|
|
|
|
|
|||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 |
Three months ended March 31, 2020
|
||||||||||||
Reportable Segments
|
||||||||||||
Detection
|
Therapy
|
Total
|
||||||||||
Major Goods/Service Lines
|
||||||||||||
Products
|
$ | 3,100 | $ | 1,346 | $ | 4,446 | ||||||
Service contracts
|
1,347 | 347 | 1,694 | |||||||||
Supply and source usage agreements
|
— | 371 | 371 | |||||||||
Professional services
|
— | 11 | 11 | |||||||||
Other
|
29 | — | 29 | |||||||||
|
|
|
|
|
|
|||||||
$ | 4,476 | $ | 2,075 | $ | 6,551 | |||||||
Timing of Revenue Recognition
|
||||||||||||
Goods transferred at a point in time
|
$ | 3,129 | $ | 1,383 | $ | 4,512 | ||||||
Services transferred over time
|
1,347 | 692 | 2,039 | |||||||||
|
|
|
|
|
|
|||||||
$ | 4,476 | $ | 2,075 | $ | 6,551 | |||||||
Sales Channels
|
||||||||||||
Direct sales force
|
$ | 2,172 | $ | 1,469 | $ | 3,641 | ||||||
OEM partners
|
2,304 | — | 2,304 | |||||||||
Channel partners
|
— | 606 | 606 | |||||||||
|
|
|
|
|
|
|||||||
$ | 4,476 | $ | 2,075 | $ | 6,551 |
Balance at
March 31, 2021
|
Balance at
December 31, 2020
|
|||||||
Receivables, which are included in ‘Trade accounts receivable’
|
$ | 10,649 | $ | 10,027 | ||||
Current contract assets, which are included in “Prepaid and other assets”
|
701 | 481 | ||||||
Non-current
contract assets, which are included in “other assets”
|
1,478 | 1,434 | ||||||
Contract liabilities, which are included in “Deferred revenue”
|
6,377 | 6,384 |
Contract liabilities
|
March 31, 2021
|
December 31, 2020
|
||||||
Short term
|
$ | 5,957 | $ | 6,117 | ||||
Long term
|
420 | 267 | ||||||
|
|
|
|
|||||
Total
|
$ | 6,377 | $ | 6,384 | ||||
|
|
|
|
Three Months
Ended March 31,
2021
|
||||
Balance at beginning of period
|
$ | 6,384 | ||
Deferral of revenue
|
3,259 | |||
Recognition of deferred revenue
|
(3,266 | ) | ||
|
|
|||
Balance at end of period
|
$ | 6,377 | ||
|
|
Three Months Ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Net loss
|
$
|
(1,643
|
)
|
$
|
(11,812
|
)
|
||
|
|
|
|
|||||
Shares used in the calculation of basic and diluted net loss per share
|
23,929 | 20,175 | ||||||
|
|
|
|
|||||
Diluted shares used in the calculation of net loss per share
|
23,929 | 20,175 | ||||||
|
|
|
|
|||||
Net loss per share - basic and diluted
|
$ | (0.07 | ) | $ | (0.59 | ) | ||
|
|
|
|
|
|
As of
|
|
|||||
|
|
March 31,
|
|
|||||
|
|
2021
|
|
|
2020
|
|
||
Stock options
|
2,246,776 | 1,747,363 | ||||||
Restricted stock
|
31,654 | 74,492 | ||||||
|
|
|
|
|||||
Total
|
2,278,430 | 1,821,855 | ||||||
|
|
|
|
Input
|
December 31, 2019
|
February 21, 2020
|
||||||
Company’s stock price
|
$ | 7.77 | $ | 11.64 | ||||
Conversion price
|
4.00 | 4.00 | ||||||
Remaining term (years)
|
1.97 | 0.00 | ||||||
Equity volatility
|
49.00 | % | N/A | |||||
Risk free rate
|
1.57 | % | N/A | |||||
1
Probability of default event
|
0.45 | % | N/A | |||||
1
Utilization of Forced Conversion (if available)
|
100.00 | % | 100.00 | % | ||||
1
Exercise of Default Redemption (if available)
|
100.00 | % | N/A | |||||
1
Effective discount rate
|
18.52 | % | N/A |
1
|
Represents a Level 3 unobservable input, as defined in Note 8 - Fair Value Measurements, below.
|
Convertible Debentures
|
December 31, 2019
|
February 21, 2020
|
||||||
Fair value, in accordance with fair value option
|
$ | 13,642 | $ | 21,164 | ||||
|
|
|
|
|||||
Principal value outstanding
|
$ | 6,970 | $ | 6,970 | ||||
|
|
|
|
Fiscal Year
|
Amount Due
|
|||
2021
|
281 | |||
2022
|
3,224 | |||
2023
|
3,636 | |||
2024
|
712 | |||
|
|
|||
Total
|
$ | 7,853 |
Three Months Ended March 31,
|
||||||||
2021
|
2020
|
|||||||
Cash interest expense
|
$ | 92 | $ | 43 | ||||
Interest on convertible debentures
|
—
|
49 | ||||||
Accrual of notes payable final payment
|
7 | 31 | ||||||
Amortization of debt costs
|
13 | 7 | ||||||
|
|
|
|
|||||
Total interest expense
|
$ | 112 | $ | 130 | ||||
|
|
|
|
Lease Cost
|
|
Classification
|
|
Three Months
Ended March 31,
2021
|
|
|
Operating lease cost - Right of Use Asset
|
Operating expenses
|
$ | 217 | |||
Operating lease cost - Variable
|
Operating expenses
|
57
|
||||
Finance lease costs
|
|
|
|
|
|
|
Amortization of leased assets
|
Amortization and depreciation
|
— | ||||
Interest on lease liabilities
|
Interest expense
|
— | ||||
|
|
|||||
Total
|
$ | 274 |
|
|
Three Months
Ended March 31,
2021
|
|
|
Cash paid from operating cash flows for operating leases
|
$ | 118 | ||
|
|
|
|
|
As of March 31,
2021
|
||||
Weighted-average remaining lease term of operating leases (in years)
|
1.96 | |||
Weighted-average discount rate for operating leases
|
5.5 | % |
Three Months Ended March 31, 2021:
|
Operating
Leases
|
|||
2021
|
692 | |||
2022
|
899 | |||
2023
|
211 | |||
2024
|
5 | |||
|
|
|||
Total lease payments
|
1,807 | |||
Less: imputed interest
|
(100 | ) | ||
|
|
|||
Total lease liabilities
|
1,707 | |||
Less: current portion of lease liabilities
|
(847 | ) | ||
|
|
|||
Long-term lease liabilities
|
$ | 860 | ||
|
|
March 31,
|
||||
2021
|
2020
|
|||
Average risk-free interest rate
|
0.20% | 1.24% | ||
Expected dividend yield
|
None | None | ||
Expected life
|
3.5 years | 3.5 years | ||
Expected volatility
|
66.0% to 66.0% | 50.2% to 64.0% | ||
Weighted average exercise price
|
$18.00 | $8.26 | ||
Weighted average fair value
|
$8.37 | $3.19 |
Three Months Ended
|
||||||||
March 31,
|
||||||||
2021
|
2020
|
|||||||
Cost of revenue
|
$ | 14 | $ | 1 | ||||
Engineering and product development
|
149 | 54 | ||||||
Marketing and sales
|
353 | 58 | ||||||
General and administrative
|
419 | 351 | ||||||
|
|
|
|
|||||
$ | 935 | $ | 464 | |||||
|
|
|
|
Remaining expense
|
$ | 3,823 | ||
Weighted average term
|
1.26 |
As of
|
||||||||
March 31,
|
||||||||
Aggregate intrinsic value
|
2021
|
2020
|
||||||
Stock options
|
$ | 29,305 | $ | 2,273 | ||||
Restricted stock
|
672 | 1,396 |
• |
Level 1 - Quoted prices in active markets for identical assets or liabilities.
|
• |
Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
|
• |
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value.
|
Fair Value Measurements as of December 31, 2020
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Money market accounts
|
$ | 27,186 | — | — | $ | 27,186 | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets
|
$ | 27,186 | — | — | $ | 27,186 | ||||||||||
|
|
|
|
|
|
|
|
Fair Value Measurements (in thousands) as of March 31, 2021
|
||||||||||||||||
Level 1
|
Level 2
|
Level 3
|
Total
|
|||||||||||||
Assets
|
||||||||||||||||
Money market accounts
|
$ | 46,907 |
|
— |
|
— | $ | 46,907 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Assets
|
$ | 46,907 |
|
— |
|
— | $ | 46,907 | ||||||||
|
|
|
|
|
|
|
|
• |
significant underperformance relative to historical or projected future operating results;
|
• |
significant changes in the manner or use of the assets or the strategy for the Company’s overall business;
|
• |
significant negative industry or economic trends;
|
• |
significant decline in the Company’s stock price for a sustained period; and
|
• |
a decline in the Company’s market capitalization below net book value.
|
|
|
Consolidated
reporting unit |
|
|
Detection
|
|
|
Therapy
|
|
|
Total
|
|
||||
Accumulated Goodwill
|
$ | 47,937 | $ | — | $ | — | $ | 47,937 | ||||||||
Accumulated impairment
|
(26,828 | ) | — | — | (26,828 | ) | ||||||||||
Fair value allocation
|
(21,109 | ) | 7,663 | 13,446 | — | |||||||||||
Acquisition of DermEbx and Radion
|
— | — | 6,154 | 6,154 | ||||||||||||
Acquisition measurement period adjustments
|
— | — | 116 | 116 | ||||||||||||
Acquisition of VuComp
|
— | 1,093 | — | 1,093 | ||||||||||||
Sale of MRI assets
|
— | (394 | ) | (394 | ) | |||||||||||
Impairment
|
— | — | (19,716 | ) | (19,716 | ) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at December 31, 2020 and March 31, 2021
|
— | 8,362 | — | 8,362 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
• |
A significant decrease in the market price of a long-lived asset (or asset group);
|
• |
A significant adverse change in the extent or manner in which a long-lived asset (or asset group) is being used or in its physical condition;
|
• |
A significant adverse change in legal factors or in the business climate that could affect the value of a long-lived asset (or asset group), including an adverse action or assessment by a regulator;
|
• |
An accumulation of costs significantly in excess of the amount originally expected for the acquisition or construction of a long-lived asset (or asset group); and
|
• |
A current operating period, or cash flow loss combined with a history of operating or cash flow losses or a projection or forecast that demonstrates continuing losses associated with the use of a long-lived asset (or asset group).
|
Three Months Ended | ||||||||
March 31, | ||||||||
2021 | 2020 | |||||||
Segment revenues:
|
||||||||
Detection
|
$ | 5,719 | $ | 4,476 | ||||
Therapy
|
2,925 | 2,075 | ||||||
|
|
|
|
|||||
Total Revenue
|
$ | 8,644 | $ | 6,551 | ||||
|
|
|
|
|||||
Segment gross profit:
|
||||||||
Detection
|
$ | 4,725 | $ | 3,467 | ||||
Therapy
|
1,564 | 1,043 | ||||||
|
|
|
|
|||||
Segment gross profit
|
$ | 6,289 | $ | 4,510 | ||||
|
|
|
|
|||||
Segment operating income (loss):
|
||||||||
Detection
|
$ | 941 | $ | (346 | ) | |||
Therapy
|
(312 | ) | (1,006 | ) | ||||
|
|
|
|
|||||
Segment operating income (loss)
|
$ | 629 | $ | (1,352 | ) | |||
|
|
|
|
|||||
General, administrative, depreciation and amortization expense
|
$ | (2,162 | ) | $ | (2,541 | ) | ||
Interest expense
|
(112 | ) | (130 | ) | ||||
Other income
|
2 | 42 | ||||||
Loss on extinguishment of debt
|
— | (341 | ) | |||||
Fair value of convertible debentures
|
— | (7,464 | ) | |||||
|
|
|
|
|||||
Loss before income tax
|
$ | (1,643 | ) | $ | (11,786 | ) | ||
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
Change
|
% Change
|
|||||||||||||
Detection revenue
|
||||||||||||||||
Product revenue
|
$ | 4,161 | $ | 3,100 | $ | 1,061 | 34.2 | % | ||||||||
Service and supplies revenue
|
1,558 | 1,376 | 182 | 13.2 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal
|
5,719 | 4,476 | 1,243 | 27.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Therapy revenue
|
||||||||||||||||
Product revenue
|
1,396 | 695 | 701 | 100.9 | % | |||||||||||
Service and supplies revenue
|
1,529 | 1,380 | 149 | 10.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Subtotal
|
2,925 | 2,075 | 850 | 41.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total revenue
|
$ | 8,644 | $ | 6,551 | $ | 2,093 | 31.9 | % | ||||||||
|
|
|
|
|
|
|
|
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
Change
|
% Change
|
|||||||||||||
Products
|
$ | 1,409 | $ | 1,017 | $ | 392 | 38.5 | % | ||||||||
Service and supplies
|
867 | 927 | (60 | ) | (6.5 | )% | ||||||||||
Amortization and depreciation
|
79 | 97 | (18 | ) | (18.6 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total cost of revenue
|
$ | 2,355 | $ | 2,041 | $ | 314 | 15.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit
|
$ | 6,289 | $ | 4,510 | $ | 1,779 | 39.4 | % | ||||||||
Three months ended March 31,
|
||||||||||||||||
2021
|
2020
|
Change
|
% Change
|
|||||||||||||
Detection gross profit
|
$ | 4,725 | $ | 3,467 | $ | 1,258 | 36.3 | % | ||||||||
Therapy gross profit
|
1,564 | 1,043 | 521 | 50.0 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit
|
$ | 6,289 | $ | 4,510 | $ | 1,779 | 39.4 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit %
|
72.8 | % | 68.8 | % |
Three months ended March 31,
|
||||||||||||||||
2021 | 2020 | Change $ | Change % | |||||||||||||
Operating expenses:
|
||||||||||||||||
Engineering and product development
|
$ | 2,192 | $ | 2,211 | $ | (19 | ) | (0.9 | )% | |||||||
Marketing and sales
|
3,424 | 3,608 | (184 | ) | (5.1 | )% | ||||||||||
General and administrative
|
2,151 | 2,532 | (381 | ) | (15.0 | )% | ||||||||||
Amortization and depreciation
|
55 | 52 | 3 | 5.8 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total operating expenses
|
$ | 7,822 | $ | 8,403 | $ | (581 | ) | (6.9 | )% | |||||||
|
|
|
|
|
|
|
|
Three months ended March 31,
|
||||||||||||||||
2021 | 2020 | Change $ | Change % | |||||||||||||
Interest expense
|
$ | (112 | ) | $ | (130 | ) | $ | 18 | (13.8 | )% | ||||||
Loss on extinguishment of debt
|
— | (341 | ) | 341 | (100.0 | )% | ||||||||||
Other income
|
2 | 42 | (40 | ) | (95.2 | )% | ||||||||||
Loss on fair value of debentures
|
— | (7,464 | ) | 7,464 | (100.0 | )% | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | (110 | ) | $ | (7,893 | ) | $ | 7,783 | (98.6 | )% | |||||||
|
|
|
|
|
|
|
|
|||||||||
Tax expense
|
$ | — | $ | (26 | ) | $ | 26 | (100.0 | )% |
For the three months ended March 31,
|
||||||||
2021
|
2020
|
|||||||
(in thousands) | ||||||||
Net cash used for operating activities
|
$ | (3,563 | ) | $ | (1,416 | ) | ||
Net cash used for investing activities
|
(262 | ) | (156 | ) | ||||
Net cash provided by financing activities
|
23,546 | 515 | ||||||
|
|
|
|
|||||
Increase (decrease) in cash and equivalents
|
$ | 19,721 | $ | (1,057 | ) | |||
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
Item
4.
|
Controls and Procedures
|
Item
1.
|
Legal Proceedings
|
Item
1A.
|
Risk Factors:
|
Item 6.
|
Exhibits
|
* |
Filed herewith
|
** |
Furnished herewith
|
iCAD, Inc.
|
(Registrant) |
Date: May 4, 2021 | By: |
/s/ Michael Klein
|
||||||
Name: | Michael Klein | |||||||
Title: |
Chief Executive Officer
(Principal Executive Officer)
|
|||||||
Date: May 4, 2021 | By: |
/s/ R. Scott Areglado
|
||||||
Name: | R. Scott Areglado | |||||||
Title: |
Chief Financial Officer
(Principal Financial Officer)
|
1 Year Icad Chart |
1 Month Icad Chart |
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