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Strong Digital Mammography Revenue Growth and FDA Approval of Fujifilm CAD Product Expected to Drive Growth in 2008; Affirms First Half 2008 Financial
Guidance
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NASHUA, N.H., May 7 /PRNewswire-FirstCall/ -- iCAD, Inc. (Nasdaq:
ICAD), an industry-leading provider of Computer-Aided Detection (CAD)
solutions for the early identification of cancer, today announced financial
results for the three months ended March 31, 2008. Financial highlights for
the first quarter of 2008 include the following (all comparisons are with
the first quarter of 2007):
-- Total revenue of $6.4 million, up 5 percent
-- Digital revenue of $4.3 million, up 24 percent
-- International revenue of $728,000 up 34 percent
-- Gross margin of 82.3 percent improved by 200 basis points
-- Net loss reduced 24 percent to $446,000, or $0.01 per share
-- Third consecutive quarter with positive cash flow from operations
"Our financial performance during the first quarter of 2008 was one of
ongoing improvement," commented Ken Ferry, iCAD's President and CEO. "We
saw continued strong demand for our digital products and were particularly
pleased to have received U.S. Food and Drug Administration (FDA) approval
for our SecondLook(R) Digital product for use with Fujifilm's Computed
Radiography for Mammography (FCRm) systems. SecondLook(R) Digital for FCRm
is the first CAD product approved and available in the U.S. for use with
computed radiography. This represents a considerable market opportunity for
iCAD as Fujifilm has enjoyed record domestic sales, having sold 500 FCRm
systems since receiving their FDA approval in July 2006. In March we
introduced a new version of our comparative reading solution, TotalLook and
while it temporarily slowed film based product sales as customers wanted to
see a demonstration before making a purchase decision, we expect
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| SOURCE iCAD, Inc. Copyright©2008 PR Newswire. All rights reserved |
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