iCAD reports $2.3m first-quarter loss

Nashua-based iCAD lost another $2.3 million in the first quarter of 2012, about 4 cents a share, and revenues were down 14 percent, to $6.3 million, according to the firm’s most recent filing with the U.S. Securities and Exchange Commission.But there is some good news for the cancer detection and treatment company: The loss was less than the $4.3 million it reported for the same period in 2011, a year that it lost $37.6 million (though $26.8 million of that was a goodwill impairment charge).The revenues contain another glimmer of hope. Despite the 28 percent decline in sales of cancer detection equipment, the company’s new line of targeted radiation treatment known as Intraoperative Radiation Therapy, or IORT, — added when it acquired Xoft at the end of 2010 – rose more than 50 percent.”This momentum underscores our confidence that IORT will continue to gain acceptance as a new standard of care, particularly for certain early-stage breast cancer patients,” said Ken Ferry, president and CEO of iCAD, in a press release.Despite the increase, the Xoft merger was less profitable than hoped, at least for the sellers. They could have received more money if the earnings from its products exceeded $50 million, but in Tuesday’s filing the company determined that the threshold is unlikely to be met.iCAD also cut general and administrative costs by 42 percent, to $1.6 million, because it was no longer paying expenses associated with the Xoft merger, settled several litigation cases and cut personnel costs. — BOB SANDERS/NEW HAMPSHIRE BUSINESS REVIEW