Computer-aided detection (CAD) technology developer iCAD posted a downturn in sales and a net loss for its fiscal 2005 third quarter.
For the period (end-September 30) the Nashua, NH-based firm reported revenue of $3.4 million, a steep slide from sales of $6 million for the same quarter in fiscal 2004. The company posted a net loss of $2.6 million for the quarter, a sharp reversal compared with net income of $366,000 in the same period a year ago.
The CAD developer said that ongoing legal expenses of approximately $586,000, associated principally with its patent arbitration proceedings, contributed its current loss.
In addition, iCAD President and CEO Scott Parr stated that a study published by the New England Journal of Medicine in mid-September delayed capital budgeting and purchasing decisions for enough film-based clinics in the final stages of CAD acquisition to adversely impact the company's September 2005 and third-quarter sales.
By AuntMinnie.com staff writers
October 27, 2005
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