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iCAD Reports First Quarter 2008 Financial Results
Date:5/7/2008

Strong Digital Mammography Revenue Growth and FDA Approval of Fujifilm CAD Product Expected to Drive Growth in 2008; Affirms First Half 2008 Financial

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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 s
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SOURCE iCAD, Inc.
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