Computer-aided detection (CAD) developer iCAD has reported 2003 third-quarter (end-September 30) sales of medical imaging products of $1.4 million, compared with medical products sales of $1.3 million for the same period in the previous year.
The Nashua, NH-based vendor reported a net loss of $5.4 million, compared with a net loss of $1.6 million in the third quarter of 2002. Much of the higher loss was attributable to $2.7 million in nonrecurring legal and related expenses associated with the company’s now-resolved patent dispute with competitor R2 Technology of Sunnyvale, CA. iCAD also incurred a $1.4 million one-time non-cash charge for restructuring and improving its product distribution channels.
In other news, the firm has received approval from the U.S. Food and Drug Administration to market its new iQ CAD system. The iQ system is designed for women’s health centers and breast clinics that perform fewer than 20 mammography procedures per day. Shipment of the iQ system is scheduled to begin in the fourth quarter of 2003, and iCAD is accepting orders for the product.
The FDA approval also permits the company to market its new Fulcrum digitizer in connection with its MammoReader CAD products. According to the company, this will permit the expansion of product offerings in networked CAD, in which satellite mammography screening and film scanning points are networked and connected using MammoReader’s central CAD database.
Finally, the firm has signed a distribution deal with Merry X-Ray that authorizes the San Diego-based company’s 38 U.S. branch offices to market, sell, and support iCAD’s iQ CAD system.
By AuntMinnie.com staff writersNovember 6, 2003
Related Reading
iCAD signs U.S. distribution deal, October 16, 2003
iCAD nets Canadian distribution agreement, October 7, 2003
R2 and iCAD bury hatchet, for a price, September 9, 2003
iCAD sales up, losses down for Q2, August 7, 2003
iCAD rolls out fee-per-use program, August 6, 2003
Copyright © 2003 AuntMinnie.com
