Computer-aided detection developer iCAD has reported 2003 first-quarter (end-March 31) sales of medical imaging products of $2.2 million, compared with medical-products sales of $426,000 for the same period in the previous year, an increase of 420%.
iCAD’s total revenues from the year-ago period were $776,000, but those numbers include sales of $350,000 for graphics arts and photographic products, a business the company has since exited. In quarterly profit, the Nashua, NH-based computer-aided detection (CAD) vendor reported net income of $77,000, compared with a net loss of $521,000 in the first quarter of 2002.
The firm also reported that it has been dismissed from a color reproduction system technology patent dispute filed against it by the Massachusetts Institute of Technology in Boston and Electronics for Imaging of Foster City, CA. iCAD is no longer in graphic arts and photographic products business and anticipates no further legal expenses with respect to this litigation.
In other news, iCAD expects that its second-quarter financial performance will be impacted by ongoing legal expenses connected with a suit between it and R2 Technology of Sunnyvale, CA. R2 technology filed the suit last year, charging iCAD with infringing on CAD patents.
In addition, the firm said that it is preparing for its U.S. CAD distributor, Instrumentarium Imaging of Milwaukee, to be acquired by GE Medical Systems of Waukesha, WI. iCAD said that it has been advised by Instrumentarium that as a result of the proposed merger, orders from iCAD may be reduced during the second quarter of fiscal 2003, and the company does not expect to be profitable during the quarter.
By AuntMinnie.com staff writersMay 13, 2003
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