iCAD reports higher 4Q sales
iCAD finished the final quarter of 2006 with sales up 5 percent from 2005.
The company reported $6.4 million in sales — $300,000, or 5 percent, more than the $6.1 million in sales it reported at the same time in 2005. Full-year 2006 sales were essentially the same as the previous year, $19.7 million.
Despite the growing sales, the Nashua-based developer of computer-aided cancer detection systems still reported net losses for the fourth quarter of 2006, with a net loss of $1.3 million, or 4 cents per share — a bit brighter compared to losses of $1.8 million, or 5 cents per share, in the fourth quarter of 2005.
Year-end net income for 2006 totaled $6.6 million, or 18 cents per share, compared to a net loss of $4.9 million, or 13 cents per share, for the year of 2005.
Losses are primarily due to the sunsetting of iCAD’s analog business as its digital systems gain greater market share and acquisitions in the CAD sector.
iCAD also reported a record backlog of orders on Dec. 31, 2006, of $2.6 million, a dramatic increase of 226 percent compared to the $788,000 on Dec. 31, 2005.
“Our fourth quarter performance reflects the significant, continued progress we have made over the third quarter of this year and in particular the second half of 2006 compared to prior periods,” said Ken Ferry, chief executive officer of iCAD. “We are gaining momentum and are realizing positive results from the execution of our go-to-market strategy combined with a high focus on the digital CAD market opportunity.”
During a Tuesday conference call, Ferry said he expects iCAD to post a profit in the second half of 2007 if the company “continues its trend of robust growth.”
iCAD stock price closed at $3.90 per share on Tuesday, up 4 cents a share. — CINDY KIBBE