iCAD Reports Financial Results for Second Quarter Ended June 30, 2024

Core Insights - iCAD, Inc. reported strong financial results for Q2 2024, with total revenues increasing by 21% year-over-year to $5.0 million, driven by strategic initiatives and a growing customer base [1][3][4] - The company achieved a gross profit margin of 84%, up from 81% in the same quarter last year, indicating improved operational efficiency [1][4] - iCAD's Annual Recurring Revenue (ARR) reached $9.2 million, reflecting a 7% increase, with significant contributions from subscription and cloud services [1][2] Financial Performance - Total revenue for Q2 2024 was $5.0 million, an increase of $0.9 million or 21% compared to Q2 2023 [3] - Product revenue rose to $3.3 million, a 41.4% increase from $2.3 million in Q2 2023, while service and supplies revenue decreased by 5.1% [4] - For the six months ended June 30, 2024, total revenue was approximately $10.0 million, up 17% from $8.5 million in the same period last year [9][14] Profitability Metrics - Gross profit for Q2 2024 was $4.2 million, representing 84% of total revenue, compared to $3.4 million or 81% in Q2 2023 [4][6] - The GAAP net loss from continuing operations improved to ($1.7) million, or ($0.07) per diluted share, compared to a loss of ($2.3) million, or ($0.09) per diluted share in Q2 2023 [6][10] - Non-GAAP adjusted net loss for Q2 2024 was ($1.6) million, an improvement from ($2.2) million in Q2 2023 [7][11] Operating Expenses - Total operating expenses for Q2 2024 were $6.2 million, a 4% increase from $5.9 million in Q2 2023 [5] - For the six months ended June 30, 2024, operating expenses decreased by 8% to $11.7 million from $12.7 million in the same period last year [10] Cash Position - As of June 30, 2024, cash and cash equivalents were $20.4 million, indicating sufficient resources to fund planned operations without the need for additional funding [13] Strategic Initiatives - The company successfully closed 60 perpetual, 29 subscription, and 10 cloud deals in Q2 2024, highlighting the effectiveness of its transformation plan [1] - The launch of the ProFound Cloud SaaS platform has exceeded expectations, contributing to a more predictable revenue model [1]