Computer-aided detection (CAD) firm iCAD of Nashua, NH, posted a 46% drop in revenues for the second quarter as the slowdown in U.S. healthcare purchasing took its toll on the firm's financial results.
For the quarter (end-June 30), the company reported revenues of $5.7 million, compared with sales of $10.5 million in the same period of 2008. The company recorded a net loss of $1.4 million, compared with net income of $2.4 million in the same quarter of 2008.
The second quarter was "particularly challenging," as U.S. healthcare organizations continue to delay capital purchases, iCAD said. The company experienced growth in film-based products and service revenue, reflecting its customers' willingness to extend the use of existing equipment rather than replace it with new technology, iCAD said. International sales also grew due to the addition of several new international partnerships.
Year to date, iCAD reported sales of $12.9 million, down 24% compared with $17 million in the first six months of 2008. The company's year-to-date net loss stands at $2.4 million, compared with net income of $1.9 million in the corresponding period of 2008.
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