iCAD has reported 2002 fourth quarter (end-December 31, 2002) sales of its computer-aided detection (CAD) imaging technology and systems for breast cancer: $2.1 million, compared with sales of these products of $671,638 for the same period in the previous year, an increase of 222% in this sector. The firm reported total sales of $1.2 million in the fourth quarter of 2001, including sales derived from non-medical product lines that have since been discontinued or divested under licensing agreements.
For the quarter, the Nashua, NH-based vendor reported net income of $103,007, compared with a net loss of $635,032 in the fourth quarter of 2001. A net loss of $9.4 million was reported for the fiscal year, compared with a net loss of $2.6 million in 2001.
The net loss for 2002 included a one-time $2.8 million, non-cash accounting charge associated with the placement of restricted common stock by Intelligent Systems Software (ISSI). This restriction is related to acquisition, non-recurring severance benefits and other expenses associated with reductions in staff made possible by the combination of ISSI and Howtek. The combination is a write-off of fixed assets related to the graphic arts and photographic product lines and an increase in provision for doubtful accounts and accrued litigation costs, according to the firm.
Sales for the fiscal year, which includes CAD sales only since June 28, 2002, totaled $5 million, compared with medical imaging and total sales of $2.3 million and $4.8 million, respectively, in 2001.
By AuntMinnie.com staff writersMarch 6, 2003
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