Computer-aided detection (CAD) firm iCAD posted a decline in 2010 fourth-quarter revenues and profits, which the firm attributed to transaction costs sustained from its purchase of brachytherapy device developer Xoft.
For the quarter (end-December 31), iCAD posted revenues of $6.4 million, down 21% compared to revenues of $8.1 million in the fourth quarter of 2009. The company recorded a net loss of $2.9 million, compared with net income of $317,000 in the corresponding quarter of 2009.
The company said that the lower fourth-quarter results reflected "challenging macroeconomic conditions," as well as the absence from the market of one of iCAD's major OEM partners as it awaited U.S. Food and Drug Administration (FDA) approval for a new digital mammography system, which was granted in November 2010.
For the full year, iCAD reported revenues of $24.6 million, down 12% compared to $28.1 million in sales for 2009. The company posted a higher net loss for the year of $6.2 million, up 68% compared to a net loss of $2 million in 2009.
