Icade (EU:ICAD)
Historical Stock Chart
From Jun 2019 to Jun 2024
iCAD, Inc. to Announce Second Quarter Earnings on July 28, 2005
NASHUA, N.H., July 1 /PRNewswire-FirstCall/ -- iCAD(R), Inc. (NASDAQ: iCAD) an
industry-leading provider of Computer-Aided Detection (CAD) solutions for the
early identification of cancer, announced today that on July 28, 2005 it would
report its financial results for the second fiscal quarter ended June 30, 2005.
The Company stated that, based upon its preliminary analysis of the results for
the second fiscal quarter that ended yesterday, it expects that overall
revenues for the quarter ended June 30, 2005 will be approximately $4.5
million. The reduced revenue in the second fiscal quarter is primarily due to a
shift in customer demand during the quarter from the Company's higher priced,
higher volume Second Look(R) 700 film-based mammography CAD systems to the
Company's more affordable Second Look 300 and 200 lines of compact mammography
CAD systems. In the first quarter of 2005, sales of iCAD's higher volume Second
Look 700, 500 and 400 models accounted for approximately $2.1 million in
revenues. The Company estimated that sales for the Second Look 700 model will
account for approximately $440,000 in sales during the second quarter of 2005.
The Second Look 500 and 400 models have since been discontinued. Unit sales and
revenues for each of the Company's Second Look 300 and 200 models increased
from the first quarter of 2005 to the second quarter.
The Company indicated that the vast majority of purchase decisions and orders
for CAD systems have come very near the end of each quarter, and have required
significant time and attention from iCAD's sales team to assist in the final
stages of complex, clinically and scientifically driven purchase decisions. The
shift from consideration of the Company's Second Look 700 product to
consideration of the Company's Second Look 300 and 200 models, coupled with
generally increased overall interest in acquisition of CAD solutions by
moderate and smaller case volume clinics, reduced the number of overall sales
in process which closed by June 30, 2005, and increased the number in which the
sales process continues into the third quarter.
"A key part of iCAD's long-term business and strategic plan has been to create
a market for affordable, easy-to-use CAD solutions for the early detection of
breast cancer, appealing to small-to-moderate volume breast care practices
which rely on X-ray film for their breast imaging," stated W. Scott Parr,
iCAD's President and CEO. "We believe this represents a great majority of
today's potential CAD purchasers. We also believe a market change towards more
affordable CAD solutions accessible to a larger population of potential buyers
can significantly and disproportionately benefit iCAD, as the lowest cost
producer and the only independent, vertically integrated manufacturer and
software developer in our industry."
"Based on our initial analysis of sales in the second quarter of 2005, we have
succeeded in fostering our desired market change more quickly than expected,
and before we were fully prepared for it," continued Parr. "As we enter the
third quarter, we have accelerated our schedule and efforts to add to iCAD's
sales force. This initiative will enable us to work with resellers to better
convert an increasing pipeline of identified prospective or projected buyers of
iCAD solutions into iCAD purchasers. We believe this effort, coupled with other
measures to increase the effectiveness of our sales program, will yield
significant benefits."
About iCAD, Inc.
iCAD, Inc. is an industry-leading provider of Computer-Aided Detection (CAD)
solutions that enable healthcare professionals to identify cancer and other
life-threatening conditions earlier by making medical services more effective,
more accessible and more affordable for patients worldwide. Recipient of Frost
& Sullivan's Growth Strategy Leadership award and repeatedly recognized as
offering "The Winning Combination" of Price and Performance by MD Buyline, iCAD
offers a comprehensive range of high- performance, upgradeable CAD systems for
the high, mid and low volume mammography markets. As the most frequently
selected CAD solution for film- based and digital breast screening, iCAD is
entrusted with the task of early cancer detection by almost one thousand
women's healthcare centers worldwide. For more information, call +1 877 iCADnow
or visit http://www.icadmed.com/.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995:
Certain statements contained in this News Release constitute "forward- looking
statements" within the meaning of the Private Securities Litigation Reform Act
of 1995. 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
risks of uncertainty of patent protection, the impact of supply and
manufacturing constraints or difficulties, product market acceptance, possible
technological obsolescence, increased competition, customer concentration and
other risks detailed in the Company's other filings with the Securities and
Exchange Commission. The words "believe," "demonstrate," "intend," "expect,"
"estimate," "anticipate," "likely," 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.
iCAD and Second Look are registered trademarks of iCAD, Inc.
DATASOURCE: iCAD, Inc.
CONTACT: Kevin McGrath of Cameron Associates for iCAD investor
relations, +1-212-245-4577, ; or Monica Pandolfi of
SHIFT Communications for all other inquiries, +1-617-681-1235,
Web site: http://www.icadmed.com/