iCAD reported what it called "mixed" financial results for the company's first quarter (end-March 31), with growth in its therapy business offset by declines in its cancer detection operations.
For the period, iCAD posted revenue of $6.3 million, down 14% compared to $7.3 million in sales in the first quarter of 2011. The company said that most of the drop was due to declines in the cancer detection business, particularly in its digital mammography computer-aided detection (CAD) operations but also in its MRI and CT CAD products.
On the other hand, the company's Xoft breast brachytherapy business grew significantly. These operations contributed $2 million in revenue, up 51% compared to the same quarter the year before.
iCAD's net loss narrowed to $2.3 million, compared with a net loss of $4.3 million in the first quarter of 2011.
