Computer-aided detection (CAD) firm iCAD reported a decline in revenue for its second quarter (end-June 30) but reduced both its net loss and operating expenses, thus citing mixed results.
The company posted revenue of $5.9 million for the quarter, down 14% compared to $6.7 million for the second quarter in 2011. The 11% decrease resulted from a decline in cancer detection product revenues due to the near completion of the company's transition from film-based to digital mammography.
However, sales related to iCAD's Axxent electronic brachytherapy product increased by 28% from the second quarter in 2011, contributing approximately $1.5 million in revenue.
iCAD also cut its net loss by half, from $5.4 million in last year's second quarter to $2.9 million in the most recent period; the firm reduced its operating expenses from $9.8 million to $6.1 million.
