iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”) 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 six
months ended June 30, 2024.
Second Quarter 2024 Highlights (Year over Year
Performance):
- Total ARR was
$9.2 million, up
7%
- Total revenues were
$5.0 million, up
21%
- Gross Profit Margin was
84%,
up from
81%
- GAAP Net loss from continuing operations
($1.7)
million, improvement from
($2.3 million)
“The second quarter of 2024 was highlighted by strong revenue
growth of 21%, which demonstrates the success of our strategic
direction as we continue to drive consistent performance,” said
Dana Brown, President and CEO of iCAD, Inc. “In line with Phase 3
of our transformation plan, this quarter we continued to maximize
revenue from our sizeable install base, upgrading customers to new
versions including the transition to Cloud, and accelerated
deployment across large, national accounts. In the second quarter,
we closed 60 perpetual, 29 subscription, and 10 cloud deals with
both new and established customers. We believe our efforts to
reduce expenses and grow sales are yielding results.”
“This was our first full quarter offering our ProFound Cloud
SaaS platform, and the offering has been received better than
expected by both existing and new customers. We believe this
solution not only empowers customers but should also create a more
predictable and robust economic model for the business over time as
it grows as a percentage of revenue.”
The chart below illustrates the growth of ARR (Annual Recurring
Revenue) between the first quarter of 2022, when subscription sales
first began, and the second quarter of 2024:
ARR Change Since Start of Subscription Sales |
|
(in 000’s) |
|
|
|
|
|
|
|
|
|
|
Q1 22 |
|
Q2 24 |
|
$ Change |
|
Maintenance Services ARR (M-ARR) |
$ |
6,655 |
|
$ |
6,910 |
|
$ |
256 |
|
Subscription ARR (S-ARR) |
|
0 |
|
|
2,030 |
|
|
2,030 |
|
Cloud ARR (C-ARR) |
|
0 |
|
|
218 |
|
|
218 |
|
Total ARR (T-ARR) |
$ |
6,655 |
|
$ |
9,159 |
|
$ |
2,504 |
|
|
|
|
|
|
|
|
|
|
|
% Change
Since Start of Subscription Sales |
|
|
|
|
|
38 |
% |
Three Months Ended June 30, 2024 Financial
Results
Total revenue for the second quarter of 2024 was
$5.0 million, an increase of $0.9 million, or 21%, as
compared to the second quarter of 2023.
(in 000’s) |
Three months ended June 30, |
|
2024 |
|
2023 |
|
$ Change |
|
|
% Change |
|
Product revenue |
$ |
3,254 |
|
$ |
2,301 |
|
$ |
953 |
|
|
41.4 |
% |
Service and supplies revenue |
|
1,775 |
|
|
1,870 |
|
|
(95 |
) |
|
-5.1 |
% |
Total revenue |
$ |
5,029 |
|
$ |
4,171 |
|
$ |
858 |
|
|
20.6 |
% |
Gross Profit: Gross profit for the second quarter of 2024
was $4.2 million, or 84% of revenue, as compared to
$3.4 million, or 81% of revenue, in the second quarter of
2023.
Operating Expenses: Total operating expenses for the second
quarter of 2024 were $6.2 million, a 4% increase from
$5.9 million in the second quarter of 2023.
GAAP Net Loss from continuing operations: Net loss from
continuing operations for the second quarter of 2024 was
($1.7) million, or ($0.07) per diluted share, as compared to a
net loss of ($2.3) million, or ($0.09) per diluted share, for
the second quarter of 2023.
Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP
Adjusted Net Loss from continuing operations, a non-GAAP financial
measure as defined below, for the second quarter of 2024 was
($1.6) million, or ($0.07) per diluted share, as compared to a
Non-GAAP Adjusted Net Loss of ($2.2) million, or ($0.09) per
diluted share, for the second quarter of 2023. 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 June 30, 2024 and 2023, respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the second quarter
of 2024 was a loss of ($1.2) million compared to a loss of
$(2.1) million in the second quarter of 2023. 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 June 30, 2024 and 2023,
respectively.
Six Months Ended June 30, 2024 Financial
Results
Total revenue for the six months ended June 30, 2024 was
approximately $10.0 million, an increase of approximately
$1.5 million, or 17%, as compared to the six months ended June
30, 2023.
(in 000’s) |
Six months ended June 30, |
|
2024 |
|
2023 |
|
$ Change |
|
|
% Change |
|
Product revenue |
$ |
6,356 |
|
$ |
4,762 |
|
$ |
1,594 |
|
|
33.5 |
% |
Service and supplies revenue |
|
3,627 |
|
|
3,744 |
|
|
(117 |
) |
|
-3.1 |
% |
Total revenue |
$ |
9,983 |
|
$ |
8,506 |
|
$ |
1,477 |
|
|
17.4 |
% |
Gross Profit: Gross profit for the six months
ended June 30, 2024 was $8.3 million, or 83% of revenue,
as compared to $6.9 million, or 82% of revenue, in the six
months ended June 30, 2023.
Operating Expenses: Total operating expenses for the six
months ended June 30, 2024 were $11.7 million, an 8%
decrease from $12.7 million in the six months ended June 30,
2023.
GAAP Net Loss from continuing operations: Net loss from
continuing operations for the six months ended June 30,
2024 was ($2.9) million, or ($0.11) per diluted share, as
compared to a net loss of ($5.5) million, or ($0.22) per diluted
share, for the six months ended June 30, 2023.
Non-GAAP Adjusted Net Loss from continuing operations: Non-GAAP
Adjusted Net Loss from continuing operations, a non-GAAP financial
measure as defined below, for the six months ended June
30, 2024 was ($2.8) million, or ($0.11) per diluted share, as
compared to a Non-GAAP Adjusted Net Loss of ($5.3) million, or
($0.21) per diluted share, for the six months ended June 30, 2023.
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 six-month periods ended June 30, 2024 and 2023,
respectively.
Non-GAAP Adjusted EBITDA: Non-GAAP Adjusted EBITDA, a non-GAAP
financial measure as defined below, for the six months
ended June 30, 2024 was a loss of ($2.3) million compared to a
loss of $(4.6) million in the six months ended June 30,
2023. 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 six-month periods ended June 30, 2024 and 2023,
respectively.
Cash and cash equivalents: Cash and cash equivalents were
$20.4 million as of June 30, 2024. iCAD believes it
has sufficient cash resources to fund its planned operations with
no need to raise additional funding.
Conference Call: The company
will host a conference call at 4:30 PM Eastern Time on Tuesday,
August 13, 2024.
- Toll Free: 888-506-0062
- International: 973-528-0011
- Participant Access Code: 227167
- Webcast:
https://www.webcaster4.com/Webcast/Page/2879/50989
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, Inc.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,
N.H., iCAD’s industry-leading ProFound Breast Health Suite provides
AI-powered mammography analysis for breast cancer detection,
density assessment and risk evaluation. Used by thousands of
providers serving millions of patients, ProFound is available in
over 50 countries. In the last five years alone, iCAD estimates
reading more than 40 million mammograms worldwide, with nearly 30%
being tomosynthesis. For more information, including the
latest in regulatory clearances, please visit www.icadmed.com.
Forward-Looking StatementsCertain 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 that 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, 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.
CONTACTSMedia inquiries:
pr@icadmed.com
Investor Inquiries: John Nesbett/Rosalyn
ChristianIMS Investor Relations icad@imsinvestorrelations.com
iCAD, INC. AND SUBSIDIARIES Condensed
Consolidated Balance Sheets (In thousands, except for
share data)(Unaudited) |
|
|
June 30, |
|
|
December 31, |
|
|
2024 |
|
|
2023 |
|
Assets |
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
20,353 |
|
|
$ |
21,670 |
|
Trade accounts receivable, net of allowance for credit losses of
$298 and $277 as of June 30, 2024 and December 31, 2023,
respectively |
|
5,383 |
|
|
|
6,392 |
|
Inventory, net |
|
702 |
|
|
|
917 |
|
Prepaid expenses and other current assets |
|
1,377 |
|
|
|
699 |
|
Total current assets |
$ |
27,815 |
|
|
$ |
29,678 |
|
Property and equipment, net of accumulated depreciation of $1,298
and $1,045 as of June 30, 2024 and December 31, 2023,
respectively |
|
1,776 |
|
|
|
1,823 |
|
Operating lease assets |
|
470 |
|
|
|
461 |
|
Other assets |
|
493 |
|
|
|
849 |
|
Intangible assets, net of accumulated amortization of $8,527 and
$8,488 as of June 30, 2024 and December 31, 2023, respectively |
|
121 |
|
|
|
148 |
|
Goodwill |
|
8,362 |
|
|
|
8,362 |
|
Deferred tax assets |
|
86 |
|
|
|
97 |
|
Total assets |
$ |
39,123 |
|
|
$ |
41,418 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
488 |
|
|
$ |
712 |
|
Accrued and other expenses |
|
2,691 |
|
|
|
2,448 |
|
Lease payable—current portion |
|
220 |
|
|
|
188 |
|
Deferred revenue—current portion |
|
3,317 |
|
|
|
3,400 |
|
Total current liabilities |
|
6,716 |
|
|
|
6,748 |
|
Lease payable, net of current |
|
249 |
|
|
|
273 |
|
Deferred revenue, net of current |
|
1,164 |
|
|
|
974 |
|
Deferred tax |
|
7 |
|
|
|
6 |
|
Total liabilities |
|
8,136 |
|
|
|
8,001 |
|
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
26,540,030 as of both June 30, 2024 and December 31, 2023,
respectively; outstanding 26,354,199 as of both June 30, 2024 and
December 31, 2023, respectively. |
|
265 |
|
|
|
265 |
|
Additional paid-in capital |
|
306,754 |
|
|
|
306,250 |
|
Accumulated deficit |
|
(274,617 |
) |
|
|
(271,683 |
) |
Treasury stock at cost, 185,831 shares as of both June 30, 2024 and
December 31, 2023 |
|
(1,415 |
) |
|
|
(1,415 |
) |
Total stockholders’ equity |
|
30,987 |
|
|
|
33,417 |
|
Total liabilities and stockholders’ equity |
$ |
39,123 |
|
|
$ |
41,418 |
|
iCAD, INC. AND SUBSIDIARIESCondensed
Consolidated Statements of Operations (In thousands,
except for per share data)(Unaudited) |
|
|
Three Months Ended |
|
|
Six Months Ended |
|
|
June 30, |
|
|
June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
$ |
3,254 |
|
|
$ |
2,301 |
|
|
$ |
6,356 |
|
|
$ |
4,762 |
|
Services |
|
1,775 |
|
|
|
1,870 |
|
|
|
3,627 |
|
|
|
3,744 |
|
Total revenue |
|
5,029 |
|
|
|
4,171 |
|
|
|
9,983 |
|
|
|
8,506 |
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Products |
|
370 |
|
|
|
411 |
|
|
|
851 |
|
|
|
835 |
|
Services |
|
315 |
|
|
|
339 |
|
|
|
635 |
|
|
|
684 |
|
Amortization and depreciation |
|
113 |
|
|
|
23 |
|
|
|
153 |
|
|
|
43 |
|
Total cost of revenue |
|
798 |
|
|
|
773 |
|
|
|
1,639 |
|
|
|
1,562 |
|
Gross profit |
|
4,231 |
|
|
|
3,398 |
|
|
|
8,344 |
|
|
|
6,944 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Engineering and product development |
|
1,828 |
|
|
|
1,245 |
|
|
|
3,335 |
|
|
|
2,762 |
|
Marketing and sales |
|
2,304 |
|
|
|
1,836 |
|
|
|
4,386 |
|
|
|
4,196 |
|
General and administrative |
|
1,956 |
|
|
|
2,755 |
|
|
|
3,859 |
|
|
|
5,608 |
|
Amortization and depreciation |
|
64 |
|
|
|
75 |
|
|
|
126 |
|
|
|
129 |
|
Total operating expenses |
|
6,152 |
|
|
|
5,911 |
|
|
|
11,706 |
|
|
|
12,695 |
|
Loss from operations |
|
(1,921 |
) |
|
|
(2,513 |
) |
|
|
(3,362 |
) |
|
|
(5,751 |
) |
Other income/ (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
— |
|
|
|
(2 |
) |
|
|
— |
|
|
|
(2 |
) |
Interest income |
|
206 |
|
|
|
182 |
|
|
|
409 |
|
|
|
333 |
|
Other income (expense),
net |
|
11 |
|
|
|
(3 |
) |
|
|
31 |
|
|
|
— |
|
Other income (expense), net |
|
217 |
|
|
|
177 |
|
|
|
440 |
|
|
|
331 |
|
Loss before provision for
income taxes |
|
(1,704 |
) |
|
|
(2,336 |
) |
|
|
(2,922 |
) |
|
|
(5,420 |
) |
Benefit (Provision) for tax
expense |
|
(8 |
) |
|
|
(4 |
) |
|
|
(12 |
) |
|
|
(9 |
) |
Loss from continuing operations |
|
(1,712 |
) |
|
|
(2,340 |
) |
|
|
(2,934 |
) |
|
|
(5,429 |
) |
Income (loss) from discontinued operations |
|
— |
|
|
|
590 |
|
|
|
— |
|
|
|
(99 |
) |
Net loss and comprehensive
loss |
$ |
(1,712 |
) |
|
$ |
(1,750 |
) |
|
$ |
(2,934 |
) |
|
$ |
(5,528 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations, basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.22 |
) |
Loss from discontinued
operations, basic and diluted |
$ |
- |
|
|
$ |
0.02 |
|
|
$ |
- |
|
|
$ |
(0.00 |
) |
Net loss per share, basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.22 |
) |
Weighted average number of shares used in computing loss per
share: |
|
26,354 |
|
|
|
25,261 |
|
|
|
26,354 |
|
|
|
25,261 |
|
iCAD, INC. AND SUBSIDIARIES Condensed
Consolidated Statements of Cash Flows (In
thousands)(Unaudited) |
|
|
For the Six Months ended |
|
|
June 30, |
|
|
2024 |
|
|
2023 |
|
Cash flow from operating activities: |
|
|
|
|
|
|
|
Net loss |
$ |
(2,934 |
) |
|
$ |
(5,528 |
) |
Adjustments to reconcile net loss to net cash used for operating
activities: |
|
|
|
|
|
|
|
Amortization |
|
27 |
|
|
|
94 |
|
Depreciation |
|
253 |
|
|
|
138 |
|
Non-cash lease expense |
|
112 |
|
|
|
248 |
|
Bad debt provision |
|
21 |
|
|
|
62 |
|
Stock-based compensation |
|
504 |
|
|
|
800 |
|
Deferred tax |
|
12 |
|
|
|
8 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
988 |
|
|
|
3,089 |
|
Inventory |
|
215 |
|
|
|
1,141 |
|
Prepaid and other assets |
|
(322 |
) |
|
|
352 |
|
Accounts payable |
|
(224 |
) |
|
|
(1,116 |
) |
Accrued and other expenses |
|
243 |
|
|
|
(510 |
) |
Lease liabilities |
|
(113 |
) |
|
|
(263 |
) |
Deferred revenue |
|
107 |
|
|
|
(448 |
) |
Total adjustments |
|
1,823 |
|
|
|
3,595 |
|
Net cash used for operating activities |
|
(1,111 |
) |
|
|
(1,933 |
) |
Cash flow from investing
activities: |
|
|
|
|
|
|
|
Additions to property and equipment |
|
(106 |
) |
|
|
(307 |
) |
Capitalization of internal-use software |
|
(100 |
) |
|
|
(36 |
) |
Net cash used for investing activities |
|
(206 |
) |
|
|
(343 |
) |
(Decrease) increase in cash and cash equivalents |
|
(1,317 |
) |
|
|
(2,276 |
) |
Cash and cash equivalents, beginning of period |
|
21,670 |
|
|
|
21,313 |
|
Cash and cash equivalents, end of period |
$ |
20,353 |
|
|
$ |
19,037 |
|
Supplemental disclosure of
cash flow information: |
|
|
|
|
|
|
|
Interest paid |
$ |
— |
|
|
$ |
— |
|
Amendment to right-of-use assets obtained in exchange for operating
lease liabilities |
$ |
121 |
|
|
$ |
— |
|
Reconciliation of Non-GAAP Financial Measures to
Comparable GAAP Measures and Definitions of Metrics
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.
- Impairment of operating lease asset: The Company incurred a
non-cash impairment charge as a result of executing a sublease for
its corporate headquarters. The Company excludes this non-cash item
as it is not considered by management in making operating
decisions, and management believes that it has no 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.
Definitions of Metrics
Starting in the third quarter of 2023, the Company began
reporting Annual Recurring Revenue (“ARR”) with each quarterly
earnings announcement. The Company’s management believes this
is a useful metric for purposes of assessing progress in
transitioning to a subscription-based business model. ARR
should be viewed independently of revenue and does not represent
our revenue under U.S. GAAP on an annualized basis, as it is an
operating metric that can be impacted by contract start dates, end
dates, cancellations, and renewal rates. Subscription ARR is not
intended to be a replacement for forecasts of revenue. The
following are the variations of ARR the Company presents or intends
to present:
- 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.
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 June 30, |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP Net Loss from continuing operations |
$ |
(1,739 |
) |
|
$ |
(2,340 |
) |
|
$ |
(2,961 |
) |
|
$ |
(5,429 |
) |
Interest expense |
|
— |
|
|
|
2 |
|
|
|
— |
|
|
|
2 |
|
Interest income |
|
(206 |
) |
|
|
(182 |
) |
|
|
(409 |
) |
|
|
(333 |
) |
Other expense |
|
(11 |
) |
|
|
3 |
|
|
|
(31 |
) |
|
|
— |
|
Stock compensation |
|
239 |
|
|
|
214 |
|
|
|
504 |
|
|
|
800 |
|
Depreciation & amortization |
|
177 |
|
|
|
98 |
|
|
|
279 |
|
|
|
172 |
|
Severance and Furlough |
|
169 |
|
|
|
102 |
|
|
|
169 |
|
|
|
178 |
|
Tax expense |
|
8 |
|
|
|
4 |
|
|
|
12 |
|
|
|
9 |
|
Impairment of operating lease asset |
|
184 |
|
|
|
— |
|
|
|
184 |
|
|
|
— |
|
Non-GAAP Adjusted EBITDA |
$ |
(1,179 |
) |
|
$ |
(2,099 |
) |
|
$ |
(2,253 |
) |
|
$ |
(4,601 |
) |
|
Three Months Ended June 30, |
|
|
Six Months Ended June 30, |
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
GAAP Net Loss from continuing operations |
$ |
(1,739 |
) |
|
$ |
(2,340 |
) |
|
$ |
(2,961 |
) |
|
$ |
(5,429 |
) |
Adjustments to Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Severance and Furlough |
|
169 |
|
|
|
102 |
|
|
|
169 |
|
|
|
178 |
|
Non-GAAP Adjusted Net Loss
from continuing operations |
$ |
(1,570 |
) |
|
$ |
(2,238 |
) |
|
$ |
(2,792 |
) |
|
$ |
(5,251 |
) |
Net Loss per share from
continuing operations —basic and diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Loss from continuing
operations, basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.22 |
) |
Adjustments to Net Loss (as
detailed above) |
|
— |
|
|
|
0.00 |
|
|
|
— |
|
|
|
0.01 |
|
Non-GAAP Adjusted Loss per
share from continuing operations |
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
$ |
(0.21 |
) |
Icad (NASDAQ:ICAD)
過去 株価チャート
から 7 2024 まで 8 2024
Icad (NASDAQ:ICAD)
過去 株価チャート
から 8 2023 まで 8 2024