FINANCIAL NEWS

iCAD posts steady profits for 2009 Q4, loss for the year


iCAD has reported steady profits for the fourth quarter of fiscal year 2009, but it wasn’t enough to put the company into the black for the year, which ended Dec. 31.

iCAD’s fourth quarter profit of $317,000 was slightly less than the $320,000 profit the company posted during the same period in 2008. For the year, the company posted a net loss of $2 million compared to the $4.4 million profit it reported in 2008.

Total earnings fell from the $9.3 million reported in the fourth quarter of 2008 to $8.1 million in 2009, according to iCAD. Total earnings for 2009 was $28.1 million, a significant drop from the $37.5 million posted in 2008.

The drop in fourth quarter revenue reflected a 12 percent decline in revenue from iCAD’s digital and MRI products, from $6.3 million in 2008 to $5.6 million in 2009. Film-based revenue for the fourth quarter fell from $2.2 million in 2008 to $1.2 million in 2009. The company said the decline in revenue can be attributed to a slowdown in the purchase of capital equipment by U.S. hospitals and a softening demand for digital mammography.

For the year sales of of iCAD’s digital and MRI CAD solutions in 2009 decreased 32 percent compared to 2008 to $18.3 million from $26.7 million. Sales of film-based products of $5.8 million decreased 22 percent from $7.4 million during 2008. Service and supply revenue in 2009 increased 21percent to $4 million from $3.3 million in 2008. International revenue for 2009 increased 26 percent to $3.7 million, compared with $2.9 million in 2008, and represented 13 percent of total revenue for the year.

Last updated on February 25, 2010 at 8:30 am EST