iCAD Inc ( (ICAD) ) has released its Q4 earnings. Here is a breakdown of the information iCAD Inc presented to its investors.
iCAD, Inc. is a global leader in providing AI-powered breast health solutions, focusing on early cancer detection and improving patient outcomes. The company operates in the healthcare technology sector and is known for its innovative ProFound Breast Health Suite, which is used by medical providers worldwide.
In its latest earnings report, iCAD, Inc. announced a 14% increase in total revenues for the fourth quarter of 2024, reaching $5.4 million. The company also reported an 11% year-over-year growth in Annual Recurring Revenue (ARR), highlighting its successful transition to a SaaS-based model. Additionally, iCAD expanded its global reach with new distribution agreements in South Africa, Portugal, and the UK, and achieved FDA clearance for ProFound Detection V4.0.
Key financial metrics from the report include a gross profit margin of 86% and a total of 382 deals closed in 2024, with 42 involving ProFound Cloud. Despite a net loss of $0.9 million for the quarter, the company showed improvement in its non-GAAP adjusted EBITDA, which was a loss of $0.5 million compared to $0.4 million in the previous year. For the full year, iCAD reported a total revenue increase of 13% to $19.6 million, with a net loss from continuing operations of $5.6 million, showing progress from the previous year’s loss.
Looking ahead, iCAD’s management is optimistic about 2025, expecting it to be a pivotal year for the company’s SaaS transition. The strategic shift to a recurring revenue model is anticipated to enhance the business model over time, supported by a strong balance sheet that provides financial flexibility to continue delivering innovative AI solutions globally.