Wed, May 15, 10:36 AM (304 days ago)
iCAD, Inc.'s Q1 2024 financial report highlights a 14.3% increase in total revenue to $5.0 million, driven primarily by a 26.1% rise in product revenue. Services revenue remained stable. Gross profit improved by 16.1% to $4.1 million, with gross margins at 83%. Operating expenses decreased by 18.1% to $5.6 million, reflecting cost-saving measures. The net loss from continuing operations narrowed to $1.2 million from $3.1 million in Q1 2023. Cash and cash equivalents stood at $20.3 million, with net cash used for operating activities improving to $1.2 million. The sale of the Xoft business line is expected to streamline operations and focus on the Detection segment. The company anticipates continued impact from global economic conditions and conflicts but remains optimistic about its financial stability and future performance.