iCAD Reports Financial Results for Fourth Quarter and Fiscal Year Ended December 31, 2024

Core Insights - iCAD, Inc. reported strong financial results for Q4 2024, with total revenue reaching $5.4 million, a 14% increase year-over-year, driven by a transition to a SaaS-based model and increased customer adoption of AI-powered breast health solutions [6][8][13]. Financial Performance - Total revenue for Q4 2024 was $5.4 million, up $0.7 million or 14% compared to Q4 2023 [6][8]. - Product revenue increased by 23.5% to $3.7 million, while services revenue slightly decreased by 1.8% to $1.7 million [7][8]. - For the full year 2024, total revenue was approximately $19.6 million, an increase of about $2.3 million or 13% compared to 2023 [13][14]. Annual Recurring Revenue (ARR) Growth - Total ARR reached $9.8 million, reflecting an 11% year-over-year growth [8]. - The company closed 382 total deals in 2024, with 42 specifically for ProFound Cloud [8]. Profitability Metrics - Gross profit margin for Q4 2024 was 86%, with gross profit amounting to $4.7 million [9][8]. - Full year 2024 gross profit was $16.6 million, maintaining an 85% margin [14]. Operating Expenses and Losses - Total operating expenses for Q4 2024 were $5.5 million, a 10% increase from $5.0 million in Q4 2023 [9]. - GAAP net loss from continuing operations for Q4 2024 was ($0.9) million, or ($0.03) per diluted share, compared to a net loss of ($0.5) million, or ($0.02) per diluted share in Q4 2023 [10][11]. Regulatory and Market Developments - iCAD received FDA clearance for ProFound Detection® Version 4.0, enhancing its position as an industry leader in AI-powered breast health solutions [3][8]. - The company expanded its global reach with new distribution agreements in South Africa, Portugal, and the UK during 2024 [8].