iCAD narrows loss in Q1

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iCAD has reported a slight increase in revenue and decreased net loss for its financial results for the first quarter of 2008, which ended March 31. 
 
For the quarter, iCAD booked total revenue of $6.4 million, a 5 percent increase compared with total revenue of $6.1 million for the first quarter of 2007. The company said the increase reflects continued growth in sales of the company’s digital products, offset by declines in film-based revenue and service and supply revenue.
 
The net loss for the first quarter of 2008, including stock-based compensation expense of $392,000, narrowed to $446,000 from a net loss, including stock-based compensation expense of $277,000, of $583,000 in the first quarter of 2007, the company said.
 
Sales of iCAD’s digital products increased 24 percent to $4.3 million in the first quarter of 2008 from $3.5 million in the prior-year period.  Sales of film-based products decreased 25 percent to $1.4 million from $1.8 million, and service and supply revenue declined 11percent to $777,000 from $877,000, both compared with first quarter 2007 results.
   
As of March 31, iCAD had cash and cash equivalents of $5.3 million, compared with $4.3 million as of Dec. 31, 2007. Inventories increased modestly to $2 million from $1.8 million as of Dec. 31, 2007, primarily due to preparing for the launch of Fuji CAD.  Accounts payable were $1.6 million, down 20 percent from $2 million and accounts receivable decreased 30 percent to $4.5 million, from $6.5 million in the same quarter last year, the company said.