Computer-aided detection (CAD) technology developer iCAD reported its second consecutive quarter of declining sales for fiscal 2006.
For the period (end-June 30) the Nashua, NH-based firm reported sales of $3.9 million, a slight slump from sales of $4.2 million for the same quarter in fiscal 2005. The company posted a net loss of $2.6 million for the quarter, a sharp increase compared with the net loss of $1.1 million shown in the same period a year ago.
The CAD developer said recruiting costs, severance, and related separation costs of approximately $1.2 million, associated principally with its transition to new management, contributed significantly to the current quarter loss. Additionally, stock-based compensation of approximately $286,000 was recorded, iCAD said.
By AuntMinnie.com staff writers
July 27, 2006
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