Computer-aided detection (CAD) firm iCAD saw revenue grow 30% in the company's second quarter (end-June 30), driven by stronger sales of therapy products.
For the quarter, iCAD had total revenues of $7.7 million, compared with $5.9 million in sales for the second quarter of 2012. The growth was driven by a 161% increase in sales in the company's Therapy division, which offset a 14% decline in revenues in its Cancer Detection segment, which includes its CAD software business.
The company posted a net loss for the most recent quarter of $1.9 million, compared with a net loss for the second quarter of 2012 of $2.9 million.
iCAD said the second-quarter results represented the firm's fourth consecutive quarter of double-digit revenue growth and profitability based on adjusted earnings before interest, taxes, depreciation, and amortization (EDITDA).
