iCAD posts 79% revenue increase in Q3

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iCAD has reported positive revenue, strong earnings and cash flow in its unaudited financial results for the 2008 third quarter.

Total revenue for the 2008 third quarter was $11.2 million, a 79 percent increase, compared with total revenue of $6.3 million for the 2007 third quarter. The increase reflects a $4.2 million revenue jump in digital products, the Nashua, N.H.-based iCAD said.

iCAD reported that it realized revenue increases from all of its OEM partner sales, specifically the sale of its SecondLook Digital product for use with Fujifilm’s CR for mammography systems, which benefited from a combination of new sales and pent-up demand from Fujifilm’s installed base of customers and from sales to the company’s newest European partner, Sectra.

The company also booked a net income of $2.1 million in the third quarter, compared to a net loss of $670,000 in the same quarter last year.

Total operating costs increased for the third quarter to $7.2 million, compared to $5.6 million in the third quarter of 2007.

For the third quarter of 2008, sales of digital products increased 104 percent to $8.2 million from $4 million in the prior-year period.  Sales of film-based products increased 48 percent to $2.2 million from $1.5 million, and service and supply revenue increased 9 percent to approximately $870,000 from $800,765, both compared with third quarter 2007 results, the company reported.