iCAD revenue, income down in Q2

Computer-aided detection (CAD) developer iCAD reported a sharp decline in revenue and income for its fiscal 2009 second quarter, which ended June 30.

The Nashua, N.H.-based company booked a net loss of $1.4 million for the 2009 second quarter, compared with a net profit of $2.4 million in the in the same period last year. Total revenue was $5.7 million, a decrease of 45.7 percent compared with the $10.5 million posted for the second quarter of 2008.

iCAD noted that the decrease reflects a 61.1 percent decline in revenue from the company's digital mammography and MRI CAD products, to $3.1 million in 2009 from $8 million in the same quarter last year, which benefitted from the FDA approval of iCAD's SecondLook digital CAD bundled with Fujifilm‘s CR mammography (FCRm) systems.

On a positive note, international revenue grew 72.9 percent to $1.2 million, compared with $693,000 during the second quarter of 2008, largely as the result of the addition of several new international partnerships and other original equipment manufacturer partners.

Total film-based system revenue in the second quarter of 2009 increased 0.4 percent, to $1.72 million, which the company said was due to strong TotalLook MammoAdvantage sales.

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