Service revenue growth wasn't enough to overcome declines in sales of both digital computer-aided detection (CAD) and film-based products for iCAD in its first quarter.
For the period (end-March 31), the Nashua, NH-based firm had total revenue of $6.5 million, down 9.7% from the $7.2 million reported in the first quarter of 2009. Digital CAD and MRI CAD revenue totaled $4.2 million, compared with $4.8 million last year. Film-based CAD sales generated $1 million in revenue, compared with $1.6 million in the first quarter of 2009.
In positive developments, iCAD had service and supply revenue of $1.3 million, up from revenue of $825,000 last year. The firm also had a gross margin of 87%, compared with 82.5% a year ago.
The company had a first-quarter net loss of $1.2 million, compared with a net loss of $1 million a year ago.
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