ICAD loses $5m in 2Q

iCAD Inc. losses continue to mount. The Nashua provider of advanced imaging analysis and radiation therapies lost another $5 million in its second quarter ending June 30, or 9 cents a share, compared to almost breaking even (losing $736,000) during the second quarter of 2010. The loss brings losses year to date to $9.3 million. That leaves the small company with $7.6 million in the bank, and shareholders with $64.5 million of shareholder equity.”The first half was challenging,” acknowledged Ken Ferry, president and CEO, who blamed the weakness of international markets for the product, plus temporary effects of the Food and Drug Administration recall of its shielding product.Revenue, however, was actually up to $6.6 million, more than a half-million more than the same quarter last year. However, the recall pushed up the cost of revenue by $1 million. General and administrative expenses were also up by a half-million. It’s not clear how much of that was due to executive compensation, but in 2010 – when the company total loss was $6.2 million – it paid its top three executives $1.7 million.iCAD closed Thursday at 67 cents a share. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW

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