iCAD, Inc. (NASDAQ: ICAD) a global leader on a mission to create a
world where cancer can’t hide by providing clinically proven
AI-powered breast health solutions, today reported its financial
and operating results for the three and nine months ended September
30, 2023.
Highlights:
- Completed sale of Xoft, its therapy business line, to Elekta
thereby enabling the Company to focus exclusively on its core
business of AI-powered breast health solutions.
- Company re-introduces Annual Recurring Revenue (ARR) metrics to
highlight progress of subscription sales and growing recurring
revenue model.
- Company does not need to raise additional funding to pursue
growth initiatives.
“With the divestiture of Xoft coupled with cost reductions
earlier this year, we’ve completed our necessary steps to
streamline operations and put all our focus into scaling the
ProFound AI breast health business, immediately prioritizing
expanding our sales and partnership models to grow revenue," said
Dana Brown, President and CEO, iCAD. "We’re pursuing a large
addressable market where significant patient need exists, with
globally more than 31,000 mammography systems serving approximately
250 million women in the age range recommended for annual
mammograms. Yet, recent research indicates only 37% of mammography
sites are currently using artificial intelligence (AI). Backed by
science, clinical evidence, and proven patient outcomes; our
ProFound Breast Health Suite solutions – Cancer Detection, Density
Assessment, and Risk Evaluation – provide an unmatched approach to
accurately detecting more cancers earlier, providing certainty and
peace of mind to providers and patients. Our mission is to see that
these solutions are deployed universally as part of the standard of
care for breast health in order to achieve our vision of a world
where cancer can’t hide.”
“As noted in our previous earnings announcement, our plan was to
bring back the Annual Recurring Revenue (ARR) metric once it had
become a reliable and growing portion of our revenue mix. In
addition to the previously disclosed Subscription-ARR metric, we
will be introducing three new ARR metrics:
- Total ARR (T-ARR) represents the annualized value of
subscription license, maintenance contracts and active cloud
services at the end of a reporting period.
- Maintenance Services ARR (M-ARR) represents the annualized
value of active perpetual license maintenance service contracts at
the end of the reporting period.
- Subscription ARR (S-ARR) represents the annualized value of
active subscription or term licenses at the end of a reporting
period.
- Cloud ARR (C-ARR) represents the annualized value of active
cloud services contracts at the end of a reporting period.
The steady shift to a recurring revenue model from a perpetual
model has numerous benefits, including better business visibility,
more efficient expense management and an improved ability to
predict future cash flow,” added Brown. “Our ongoing transition to
software subscriptions and other recurring revenue models
demonstrates our ability to adapt to customer needs, and we are
seeing increased demand from customers who want to adopt and scale
our leading AI technology via this more flexible procurement
approach, which is not only more efficient but also cost-effective
compared to a traditional one-time license sale, especially given
the current pressure on capital budgets. Overall demand for our
technology is strong, and we are making clear and steady progress
penetrating the market; therefore, we’re re-introducing and
expanding this set of non-GAAP metrics to measure our recurring
revenue progress and
success.”
Brown continued, "We’ve made solid progress in the past 6 months
executing a three-phase transformation: 1) Realigning our Base, 2)
Rebuilding our Foundation and 3) Investing in Growth Initiatives.
We believe anchoring our growth efforts around monetizing our
already significant demand is the best way to reach a meaningful
revenue inflection point while managing our cash runway. We plan
for revenue to grow and diversify in 2024, and as result of our
recent streamlining actions, we have the cash needed to pursue our
growth initiatives."
Three Months Ended September 30, 2023 Financial
Results
Total revenue for our Detection business for the third
quarter of 2023 was $4.1 million, a decrease of
$0.3 million, or 7%, as compared to the third quarter of
2022.
(in 000’s) |
|
Three months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Product revenue |
|
$ |
2,198 |
|
|
$ |
2,536 |
|
|
$ |
(338 |
) |
|
|
-13.3 |
% |
Service and supplies revenue |
|
|
1,875 |
|
|
|
1,823 |
|
|
|
52 |
|
|
|
2.9 |
% |
Total revenue |
|
$ |
4,073 |
|
|
$ |
4,359 |
|
|
$ |
(286 |
) |
|
|
-6.6 |
% |
Gross Profit: Gross profit for the third quarter of 2023
was $3.5 million, or 86% of revenue, as compared to $3.7
million, or 85% of revenue, in the third quarter of 2022.
Operating Expenses: Total operating expenses for the third
quarter of 2023 were $4.7 million, a 31% decrease from
$6.9 million in the third quarter of 2022.
GAAP Net Loss: Net loss for the third quarter of 2023
was ($1.4) million, or ($0.05) per diluted share, as compared
to a net loss of ($3.9) million, or ($0.15) per diluted share, for
the third quarter of 2022.
Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a
non-GAAP financial measure as defined below, for the third quarter
of 2023 was ($1.4) million, or ($0.05) per diluted share, as
compared to a Non-GAAP Adjusted Net Loss of ($3.9) million, or
($0.15) per diluted share, for the third quarter of 2022. Please
refer to the section entitled “Reconciliation of Non-GAAP Financial
Measures to Comparable GAAP Measures” and the accompanying
financial table included at the end of this release for a
reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss
results for the three-month periods ended September 30, 2023 and
2022, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the third quarter
of 2023 was a loss of ($1.1) million compared to a loss of
$(3.4) million in the third quarter of 2022. Please refer
to the section entitled “Reconciliation of Non-GAAP Financial
Measures to Comparable GAAP Measures” and the accompanying
financial table included at the end of this release for a
reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results
for the three-month periods ended September 30, 2023 and 2022,
respectively.
Nine Months Ended September 30, 2023 Financial
Results
Total revenue for our Detection business for the
nine months ended September 30, 2023 was $12.6 million, a
decrease of $2.6 million, or 17%, as compared to the
nine months ended September 30, 2022.
(in 000’s) |
|
Nine months ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
$ Change |
|
|
% Change |
|
Product revenue |
|
$ |
6,961 |
|
|
$ |
9,866 |
|
|
$ |
(2,905 |
) |
|
|
-29.4 |
% |
Service and supplies
revenue |
|
|
5,617 |
|
|
|
5,301 |
|
|
|
316 |
|
|
|
6.0 |
% |
Total revenue |
|
$ |
12,578 |
|
|
$ |
15,167 |
|
|
$ |
(2,589 |
) |
|
|
-17.1 |
% |
Gross Profit: Gross profit for the nine months ended
September 30, 2023 was $10.5 million, or 83% of revenue,
as compared to $12.9 million, or 85% of revenue, for the
nine months ended September 30, 2022.
Operating Expenses: Total operating expenses for the nine months
ended September 30, 2023 were $17.4 million, a 15%
decrease from $20.5 million for the nine months ended
September 30, 2022.
GAAP Net Loss: Net loss for the nine months ended
September 30, 2023 was ($6.9) million, or ($0.27) per
diluted share, as compared to a net loss of ($10.6) million, or
($0.42) per diluted share, for the nine months ended
September 30, 2022.
Non-GAAP Adjusted Net Loss: Non-GAAP Adjusted Net Loss, a
non-GAAP financial measure as defined below, for the nine months
ended September 30, 2023 was ($6.7) million, or ($0.26) per
diluted share, as compared to a Non-GAAP Adjusted Net Loss of
($10.6) million, or ($0.42) per diluted share, for the nine months
ended September 30, 2022. Please refer to the section
entitled “Reconciliation of Non-GAAP Financial Measures to
Comparable GAAP Measures” and the accompanying financial table
included at the end of this release for a reconciliation of GAAP
Net Loss to Non-GAAP Adjusted Net Loss results for the nine-month
periods ended September 30, 2023 and 2022, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the first nine months of
2023 was a loss of ($5.8) million compared to a loss of $(8.8)
million in the first nine months of 2022. Please refer to
the section entitled “Reconciliation of Non-GAAP Financial Measures
to Comparable GAAP Measures” and the accompanying financial table
included at the end of this release for a reconciliation of GAAP
Net Loss to Non-GAAP Adjusted EBITDA results for the nine-month
periods ended September 30, 2023 and 2022, respectively.
Cash and cash equivalents: Cash and cash equivalents were
$19.0 million as of September 30, 2023. During the third quarter,
the Company generated net proceeds of approximately $1.8 million
from the issuance of 958,248 shares of common stock in
at-the-market (ATM) offerings at a weighted average price of $2.26
per share. In addition, the Xoft sale in October 2023 resulted in
net cash proceeds of $4.8 million. Had the sale of Xoft occurred on
September 30, 2023, the Company’s cash balance would have been
$23.8 million. Accordingly, iCAD believes it has sufficient cash
resources to fund its planned operations with no need to raise
additional funding.
Conference Call Monday, November 13,
2023 at 4:30 PM ET
Domestic: |
|
877-545-0523 |
International: |
|
973-528-0016 |
Conference ID: |
|
381129 |
Webcast: |
|
https://www.webcaster4.com/Webcast/Page/2879/49364 |
Use of Non-GAAP Financial Measures
In its quarterly news releases, conference calls, slide
presentations or webcasts, the Company may use or discuss non-GAAP
financial measures as defined by SEC Regulation G. The GAAP
financial measures most directly comparable to each non-GAAP
financial measure used or discussed, and a reconciliation of the
differences between each non-GAAP financial measure and the
comparable GAAP financial measure, are included in this press
release after the condensed consolidated financial statements. When
analyzing the Company’s operating performance, investors should not
consider these non-GAAP measures as a substitute for the comparable
financial measures prepared in accordance with GAAP. The Company’s
quarterly news releases containing such non-GAAP reconciliations
can be found on the Investors section of the Company’s website at
www.icadmed.com.
About iCAD
iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to
create a world where cancer can’t hide by providing clinically
proven AI-powered solutions that enable medical providers to
accurately and reliably detect cancer earlier and improve patient
outcomes. Headquartered in Nashua, NH., iCAD’s industry-leading
ProFound Breast Health Suite provides AI-powered mammography
analysis for breast cancer detection, density assessment and risk
evaluation. The ProFound Breast Health Suite is cleared by the U.S.
Food & Drug Administration (FDA) and has received CE mark and
Health Canada licensing. Used by thousands of providers serving
millions of patients, ProFound is available in over 50 countries.
For more information, visit www.icadmed.com
Forward-Looking
Statements Certain
statements contained in this News Release constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995, including statements
about the expansion of access to the Company’s products,
improvement of performance, acceleration of adoption, expected
benefits of ProFound AI®, the benefits of the Company’s products,
and future prospects for the Company’s technology platforms and
products. Such forward-looking statements involve a number of known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance, or achievements of the Company to
be materially different from any future results, performance, or
achievements expressed or implied by such forward-looking
statements. Such factors include, but are not limited, to the
Company’s ability to achieve business and strategic objectives, the
willingness of patients to undergo mammography screening in light
of risks of potential exposure to Covid-19, whether mammography
screening will be treated as an essential procedure, whether
ProFound AI will improve reading efficiency, improve specificity
and sensitivity, reduce false positives and otherwise prove to be
more beneficial for patients and clinicians, the impact of supply
and manufacturing constraints or difficulties on our ability to
fulfill our orders, uncertainty of future sales levels, to defend
itself in litigation matters, protection of patents and other
proprietary rights, product market acceptance, possible
technological obsolescence of products, increased competition,
government regulation, changes in Medicare or other reimbursement
policies, risks relating to our existing and future debt
obligations, competitive factors, the effects of a decline in the
economy or markets served by the Company; and other risks detailed
in the Company’s filings with the Securities and Exchange
Commission. The words “believe,” “demonstrate,” “intend,” “expect,”
“estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and
similar expressions identify forward-looking statements. Readers
are cautioned not to place undue reliance on those forward-looking
statements, which speak only as of the date the statement was made.
The Company is under no obligation to provide any updates to any
information contained in this release. For additional disclosure
regarding these and other risks faced by iCAD, please see the
disclosure contained in our public filings with the Securities and
Exchange Commission, available on the Investors section of our
website at http://www.icadmed.com and on the SEC’s website at
http://www.sec.gov.
Media Inquiries: Jeremy Bennett, Vice President
Marketing, iCAD+1-801-244-0564jbennett@icadmed.com
Investor Inquiries: iCAD Investor
Relationsir@icadmed.com
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets (In
thousands, except for share data)(Unaudited)
|
|
September 30, |
|
|
December 31, |
|
|
|
2023 |
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,046 |
|
|
$ |
21,313 |
|
Trade accounts receivable, net of allowance for credit losses of
$230 and $100 as of September 30, 2023 and December 31, 2022,
respectively |
|
|
4,865 |
|
|
|
5,769 |
|
Inventory, net |
|
|
992 |
|
|
|
2,054 |
|
Prepaid expenses and other current assets |
|
|
1,603 |
|
|
|
1,571 |
|
Current assets held for
sale |
|
|
5,837 |
|
|
|
7,534 |
|
Total current assets |
|
$ |
32,343 |
|
|
$ |
38,241 |
|
Property and equipment, net of accumulated depreciation of $991 and
$851 as of September 30, 2023 and December 31, 2022,
respectively |
|
|
1,285 |
|
|
|
704 |
|
Operating lease assets |
|
|
514 |
|
|
|
670 |
|
Other assets |
|
|
47 |
|
|
|
19 |
|
Intangible assets, net of accumulated amortization of $8,459 and
$8,372 as of September 30, 2023 and December 31, 2022,
respectively |
|
|
177 |
|
|
|
264 |
|
Goodwill |
|
|
8,362 |
|
|
|
8,362 |
|
Deferred tax assets |
|
|
104 |
|
|
|
116 |
|
Noncurrent assets held for
sale |
|
|
2,996 |
|
|
|
3,329 |
|
Total assets |
|
$ |
45,828 |
|
|
$ |
51,705 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
1,098 |
|
|
$ |
1,446 |
|
Accrued and other expenses |
|
|
2,385 |
|
|
|
2,541 |
|
Lease payable—current portion |
|
|
197 |
|
|
|
217 |
|
Deferred revenue—current portion |
|
|
3,343 |
|
|
|
3,653 |
|
Current liabilities held for
sale |
|
|
4,389 |
|
|
|
5,595 |
|
Total current liabilities |
|
|
11,412 |
|
|
|
13,452 |
|
Lease payable, net of current |
|
|
317 |
|
|
|
455 |
|
Deferred revenue, net of current |
|
|
844 |
|
|
|
393 |
|
Deferred tax |
|
|
6 |
|
|
|
6 |
|
Deferred tax |
|
|
2,214 |
|
|
|
2,497 |
|
Total liabilities |
|
|
14,793 |
|
|
|
16,803 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none
issued. |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
Common stock, $0.01 par value: authorized 60,000,000 shares; issued
26,440,464 and 25,446,407 as of September 30, 2023 and December 31,
2022, respectively; outstanding 26,254,633 and 25,260,576 as of
September 30, 2023 and December 31, 2022, respectively. |
|
|
264 |
|
|
|
254 |
|
Additional paid-in capital |
|
|
305,924 |
|
|
|
302,899 |
|
Accumulated deficit |
|
|
(273,738 |
) |
|
|
(266,836 |
) |
Treasury stock at cost, 185,831 shares as of both September 30,
2023 and December 31, 2022 |
|
|
(1,415 |
) |
|
|
(1,415 |
) |
Total stockholders’ equity |
|
|
31,035 |
|
|
|
34,902 |
|
Total liabilities and stockholders’ equity |
|
$ |
45,828 |
|
|
$ |
51,705 |
|
iCAD, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Operations
(In thousands, except for per share data)(Unaudited)
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
|
September 30, |
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
$ |
2,198 |
|
|
$ |
2,536 |
|
|
$ |
6,961 |
|
|
$ |
9,866 |
|
Service and supplies |
|
|
1,875 |
|
|
|
1,823 |
|
|
|
5,617 |
|
|
|
5,301 |
|
Total revenue |
|
|
4,073 |
|
|
|
4,359 |
|
|
|
12,578 |
|
|
|
15,167 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
|
263 |
|
|
|
348 |
|
|
|
1,099 |
|
|
|
1,253 |
|
Service and supplies |
|
|
267 |
|
|
|
280 |
|
|
|
951 |
|
|
|
916 |
|
Amortization and depreciation |
|
|
22 |
|
|
|
27 |
|
|
|
65 |
|
|
|
81 |
|
Total cost of revenue |
|
|
552 |
|
|
|
655 |
|
|
|
2,115 |
|
|
|
2,250 |
|
Gross profit |
|
|
3,521 |
|
|
|
3,704 |
|
|
|
10,463 |
|
|
|
12,917 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and product development |
|
|
1,147 |
|
|
|
1,407 |
|
|
|
3,909 |
|
|
|
4,359 |
|
Marketing and sales |
|
|
1,495 |
|
|
|
2,761 |
|
|
|
5,690 |
|
|
|
8,206 |
|
General and administrative |
|
|
2,042 |
|
|
|
2,649 |
|
|
|
7,650 |
|
|
|
7,804 |
|
Amortization and depreciation |
|
|
56 |
|
|
|
52 |
|
|
|
186 |
|
|
|
169 |
|
Total operating expenses |
|
|
4,740 |
|
|
|
6,869 |
|
|
|
17,435 |
|
|
|
20,538 |
|
Loss from operations |
|
|
(1,219 |
) |
|
|
(3,165 |
) |
|
|
(6,972 |
) |
|
|
(7,621 |
) |
Other income/ (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
— |
|
|
|
(7 |
) |
|
|
(2 |
) |
|
|
(7 |
) |
Interest income |
|
|
195 |
|
|
|
71 |
|
|
|
528 |
|
|
|
89 |
|
Other income (expense), net |
|
|
(9 |
) |
|
|
(2 |
) |
|
|
(8 |
) |
|
|
(45 |
) |
Other income (expense), net |
|
|
186 |
|
|
|
62 |
|
|
|
518 |
|
|
|
37 |
|
Loss before provision for
income taxes |
|
|
(1,033 |
) |
|
|
(3,103 |
) |
|
|
(6,454 |
) |
|
|
(7,584 |
) |
Benefit (Provision) for tax
expense |
|
|
(4 |
) |
|
|
— |
|
|
|
(13 |
) |
|
|
— |
|
Loss from continuing
operations |
|
|
(1,037 |
) |
|
|
(3,103 |
) |
|
|
(6,467 |
) |
|
|
(7,584 |
) |
Loss from discontinued
operations, net of tax |
|
|
(337 |
) |
|
|
(795 |
) |
|
|
(435 |
) |
|
|
(2,977 |
) |
Net loss and comprehensive
loss |
|
$ |
(1,374 |
) |
|
$ |
(3,898 |
) |
|
$ |
(6,902 |
) |
|
$ |
(10,561 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations, basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.12 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.30 |
) |
Loss from discontinued
operations, basic and diluted |
|
$ |
(0.01 |
) |
|
$ |
(0.03 |
) |
|
$ |
(0.02 |
) |
|
$ |
(0.12 |
) |
Net loss per share, basic and diluted |
|
$ |
(0.05 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.27 |
) |
|
$ |
(0.42 |
) |
Weighted average number of shares used in computing loss per
share: |
|
|
25,597 |
|
|
|
25,204 |
|
|
|
25,374 |
|
|
|
25,183 |
|
iCAD, INC. AND
SUBSIDIARIESCondensed Consolidated Statements of
Cash Flows(In thousands)(Unaudited)
|
|
For the Nine Months ended |
|
|
|
September 30, |
|
|
|
2023 |
|
|
2022 |
|
Cash flow from operating
activities: |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
|
(6,902 |
) |
|
$ |
|
(10,561 |
) |
Adjustments to reconcile net loss to net cash used for operating
activities: |
|
|
|
|
|
|
|
|
Amortization |
|
|
|
142 |
|
|
|
|
158 |
|
Depreciation |
|
|
|
202 |
|
|
|
|
246 |
|
Non-cash lease expense |
|
|
|
409 |
|
|
|
|
549 |
|
Bad debt provision |
|
|
|
189 |
|
|
|
|
510 |
|
Stock-based compensation |
|
|
|
1,114 |
|
|
|
|
1,369 |
|
Deferred tax |
|
|
|
12 |
|
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
|
1,903 |
|
|
|
|
(91 |
) |
Inventory |
|
|
|
1,472 |
|
|
|
|
(1,459 |
) |
Prepaid and other assets |
|
|
|
38 |
|
|
|
|
7 |
|
Accounts payable |
|
|
|
(509 |
) |
|
|
|
(351 |
) |
Accrued and other expenses |
|
|
|
(1,022 |
) |
|
|
|
(98 |
) |
Lease liabilities |
|
|
|
(420 |
) |
|
|
|
(602 |
) |
Deferred revenue |
|
|
|
(141 |
) |
|
|
|
663 |
|
Total adjustments |
|
|
|
3,389 |
|
|
|
|
901 |
|
Net cash used for operating activities |
|
|
|
(3,513 |
) |
|
|
|
(9,660 |
) |
Cash flow from investing
activities: |
|
|
|
|
|
|
|
|
Additions to patents, technology and other |
|
|
|
— |
|
|
|
|
(10 |
) |
Additions to property and equipment |
|
|
|
(487 |
) |
|
|
|
(355 |
) |
Capitalization of internal-use software |
|
|
|
(188 |
) |
|
|
|
— |
|
Net cash used for investing activities |
|
|
|
(675 |
) |
|
|
|
(365 |
) |
Cash flow from financing
activities: |
|
|
|
|
|
|
|
|
Proceeds from option exercises pursuant to stock option plans |
|
|
|
80 |
|
|
|
|
206 |
|
Proceeds from issuances of
common stock, net of issuance costs |
|
|
|
1,841 |
|
|
|
|
— |
|
Proceeds from issuance of common stock pursuant to Employee Stock
Purchase Plans |
|
|
|
— |
|
|
|
|
127 |
|
Net cash provided by financing activities |
|
|
|
1,921 |
|
|
|
|
333 |
|
(Decrease) increase in cash and cash equivalents |
|
|
|
(2,267 |
) |
|
|
|
(9,692 |
) |
Cash and cash equivalents, beginning of period |
|
|
|
21,313 |
|
|
|
|
34,282 |
|
Cash and cash equivalents, end of period |
|
$ |
|
19,046 |
|
|
$ |
|
24,590 |
|
Supplemental disclosure of
cash flow information: |
|
|
|
|
|
|
|
|
Interest paid |
|
|
$ |
— |
|
|
|
$ |
7 |
|
Amendment to right-of-use assets obtained in exchange for operating
lease liabilities |
|
|
$ |
2,434 |
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures to
Comparable GAAP Measures
The Company reports its financial results in accordance with
United States generally accepted accounting principles, or GAAP.
However, management believes that in order to understand the
Company’s short-term and long-term financial and operational
trends, investors may wish to consider the impact of certain
non-cash or non-recurring items, when used as a supplement to
financial performance measures in accordance with GAAP. These items
result from facts and circumstances that vary in frequency and/or
impact on continuing operations. Management also uses results of
operations before such items to evaluate the operating performance
of the Company and compare it against past periods, make operating
decisions, and serve as a basis for strategic planning. These
non-GAAP financial measures provide management with additional
means to understand and evaluate the operating results and trends
in the Company’s ongoing business by eliminating certain non-cash
expenses and other items that management believes might otherwise
make comparisons of the Company’s ongoing business with prior
periods more difficult, obscure trends in ongoing operations or
reduce management’s ability to make useful forecasts. Management
believes that these non-GAAP financial measures provide additional
means of evaluating period-over-period operating performance. In
addition, management understands that some investors and financial
analysts find this information helpful in analyzing the Company’s
financial and operational performance and comparing this
performance to its peers and competitors.
Management defines “Non-GAAP Adjusted EBITDA” as the sum of GAAP
Net Loss before provisions for interest expense, other income,
stock-based compensation expense, depreciation and amortization,
tax expense, severance, gain on sale of assets, loss on disposal of
assets, acquisition and litigation related expenses. Management
considers this non-GAAP financial measure to be an indicator of the
Company’s operational strength and performance of its business and
a good measure of its historical operating trends, in particular
the extent to which ongoing operations impact the Company’s overall
financial performance.
The non-GAAP financial measures do not replace the presentation
of the Company’s GAAP financial results and should only be used as
a supplement to, not as a substitute for, the Company’s financial
results presented in accordance with GAAP. The Company has provided
a reconciliation of each non-GAAP financial measure used in its
financial reporting and investor presentations to the most directly
comparable GAAP financial measure.
Management excludes each of the items identified below from the
applicable non-GAAP financial measure referenced above for the
reasons set forth with respect to that excluded item:
- Interest expense: The Company excludes interest expense which
includes interest from the facility agreement, interest on capital
leases and interest on the convertible debentures from its non-GAAP
Adjusted EBITDA calculation.
- Stock-based compensation expense: excluded as these are
non-cash expenses that management does not consider part of ongoing
operating results when assessing the performance of the Company’s
business, and also because the total amount of expense is partially
outside of the Company’s control as it is based on factors such as
stock price volatility and interest rates, which may be unrelated
to our performance during the period in which the expense is
incurred.
- Amortization and Depreciation: Purchased assets and intangibles
are amortized over a period of several years and generally cannot
be changed or influenced by management after they are acquired.
Accordingly, these non-cash items are not considered by management
in making operating decisions, and management believes that such
expenses do not have a direct correlation to future business
operations. Thus, including such charges does not accurately
reflect the performance of the Company’s ongoing operations for the
period in which such charges are incurred.
- Severance and Furlough: The Company has incurred severance and
furlough expenses in connection with restructuring and in
connection with the separation of its former CEO. The Company
excludes these items from its non-GAAP financial measures when
evaluating its continuing business performance as such items
can vary significantly and do not reflect expected future operating
expenses. In addition, management believes that such items do not
have a direct correlation to future business operations.
- Loss on fair value of convertible debentures. The Company
excludes this non-cash item as it is not considered by management
in making operating decisions, and management believes that such
item does not have a direct correlation to future business
operations.
- Litigation related: These expenses consist primarily of
settlement, legal and other professional fees related to
litigation. The Company excludes these costs from its non-GAAP
measures primarily because the Company believes that these costs
have no direct correlation to the core operations of the
Company.
- Loss on extinguishment of debt: The Company excludes this
non-cash item as it is not considered by management in making
operating decisions, and management believes that such item does
not have a direct correlation to future business operations.
On occasion in the future, there may be other items, such as
loss on extinguishment of debt, significant asset impairments,
restructuring charges or significant gains or losses from
contingencies that the Company may exclude if it believes that
doing so is consistent with the goal of providing useful
information to investors and management.
Non-GAAP Adjusted EBITDASet forth below is a
reconciliation of the Company’s “Non-GAAP Adjusted
EBITDA”(Unaudited)(In thousands except for per share data)
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP Net Loss |
|
$ |
(1,374 |
) |
|
$ |
(3,898 |
) |
|
$ |
(6,902 |
) |
|
$ |
(10,561 |
) |
Interest expense |
|
|
— |
|
|
|
7 |
|
|
|
2 |
|
|
|
1 |
|
Interest income |
|
|
(195 |
) |
|
|
(73 |
) |
|
|
(528 |
) |
|
|
(89 |
) |
Other expense |
|
|
9 |
|
|
|
3 |
|
|
|
8 |
|
|
|
45 |
|
Stock compensation |
|
|
303 |
|
|
|
405 |
|
|
|
1,114 |
|
|
|
1,369 |
|
Depreciation & amortization |
|
|
112 |
|
|
|
130 |
|
|
|
344 |
|
|
|
404 |
|
Severance and Furlough |
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
Tax expense |
|
|
2 |
|
|
|
— |
|
|
|
13 |
|
|
|
— |
|
Non-GAAP Adjusted EBITDA |
|
$ |
(1,143 |
) |
|
$ |
(3,426 |
) |
|
$ |
(5,771 |
) |
|
$ |
(8,831 |
) |
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
GAAP Net Loss |
|
$ |
(1,374 |
) |
|
$ |
(3,898 |
) |
|
$ |
(6,902 |
) |
|
$ |
(10,561 |
) |
Adjustments to Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and Furlough |
|
|
— |
|
|
|
— |
|
|
|
178 |
|
|
|
— |
|
Non-GAAP Adjusted Net
Loss |
|
$ |
(1,374 |
) |
|
$ |
(3,898 |
) |
|
$ |
(6,724 |
) |
|
$ |
(10,561 |
) |
Net Loss per share—basic and
diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Net Loss per share |
|
$ |
(0.05 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.42 |
) |
Adjustments to Net Loss (as
detailed above) |
|
|
— |
|
|
|
— |
|
|
|
0.01 |
|
|
|
— |
|
Non-GAAP Adjusted Net Loss per
share |
|
$ |
(0.05 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.26 |
) |
|
$ |
(0.42 |
) |
Icad (NASDAQ:ICAD)
過去 株価チャート
から 4 2024 まで 5 2024
Icad (NASDAQ:ICAD)
過去 株価チャート
から 5 2023 まで 5 2024