Computer-aided detection (CAD) technology developer iCAD reported a slight downturn in sales for its fiscal 2006 first quarter.
For the period (end-March 31) the Nashua, NH-based firm reported sales of $4.4 million slightly down from sales of $6 million for the same quarter in fiscal 2005. The company posted a net loss of $1.6 million for the quarter, compared with net income of $641,929 in the same period a year ago.
The CAD developer said abbreviated plans for a potential merger with a competitor resulted in a hiring freeze in the sales force. In addition, the company had ongoing legal expenses on patent arbitration proceedings, both of which contributed to slower sales for the period.
By AuntMinnie.com staff writers
April 27, 2006
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