Continued growth in its therapy offerings, a much stronger quarter in its cancer detection activities, and ongoing expense management contributed to revenue growth and positive cash flow for computer-aided detection (CAD) firm iCAD in its fourth quarter.
For the period (end-December 31), iCAD had revenues of $7.8 million, up 18% from the $6.6 million turned in during the fourth quarter of 2011. A 94% increase in therapy revenue offset a 6% decrease in cancer detection product revenue.
Despite the higher revenues, iCAD had a net loss of $2.7 million, compared with a net loss of $2.2 million a year ago.
For the year, iCAD recorded $28.3 million in revenues, down 1% from the $28.7 million reported in 2011. The company had a net loss of $9.4 million, compared with a net loss of $37.6 million in 2011.
