Computer-aided detection and digitizer firm iCAD reported third-quarter sales of $1.3 million, up 12.9% compared with the $1.1 million posted in the same period last year. For the quarter (end-September 30), the Hudson, NH-based firm had a net loss of $1.6 million, compared with a net loss of $548,000 in the third quarter of 2001.
The third-quarter results were affected by nonrecurring charges of $884,000 related to separation agreements with two former executives, the closure of the firm's Boca Raton, FL, office, and consolidation of certain business functions to reduce redundancies and improve operating efficiencies, iCAD said. ICAD is the product of a merger between film digitizer manufacturer Howtek and CAD developer Intelligent Systems Software earlier this year.
CEO Scott Parr said that iCAD expects sales growth to continue as the firm increases its sales and marketing activities and as it gains recognition within the women's health community. Parr also pointed to the promise of the CADLease program recently introduced by iCAD's U.S. exclusive distributor, Instrumentarium Imaging of Milwaukee.
By AuntMinnie.com staff writers
November 14, 2002
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