iCAD reports Q3 adjusted EPS (7c), consensus (8c)

Reports Q3 revenue $4.22M, consensus $4.52M. “We made continued progress during the third quarter highlighted by growing market interest which resulted in the close of 52 perpetual deals, 20 subscription deals, and 13 cloud deals in the quarter. Our ProFound Cloud SaaS platform, launched at the end of the first quarter of 2024, is achieving adoption rates ahead of our expectations, and as a result, annual recurring revenue increased by 10% in the third quarter,” commented Dana Brown, President and CEO of iCAD (ICAD). “Earlier this week, we also announced FDA clearance of ProFound Detection Version 4.0 for Digital Breast Tomosynthesis (DBT). This fourth-generation AI solution, powered by advanced deep learning convolutional neural networks, offers a 22% improvement in detecting challenging and aggressive cancer subtypes over prior Version 3, including enhanced accuracy for dense breast tissue. Additionally, ProFound Detection Version 4.0 achieves an 18% reduction in lesion markings, minimizing false positives and streamlining workflow. This milestone reinforces iCAD’s commitment to advancing breast health by delivering solutions that elevate clinical confidence, enhance the experience and confidence of our clinicians, and improve patient outcomes.”