The following is a summary of the ICAD, Inc. (ICAD) Q1 2024 Earnings Call Transcript:

Financial Performance:

• iCAD reported a 14% increase in Q1 2024 revenue compared to Q1 2023, amounting to $5 million.

• Product revenue rose by 26% to $3.1 million, while service revenue remained steady at $1.9 million.

• Gross profit for Q1 2024 was $4.1 million or 83% of revenue, a rise from 82% in Q1 2023.

• The GAAP net loss was reduced to $1.2 million in Q1 2024, from a net loss of $3.1 million in Q1 2023.

• The non-GAAP adjusted EBITDA loss was also reduced in the first quarter of 2024 compared to the same period in 2023.

• The company had $20.3 million in cash and cash equivalents as of March 31, 2024.

Business Progress:

• iCAD completed phases 1 and 2 of their transformation plan and commenced phase 3, focusing on expanding into key accounts and new markets.

• The company hired new sales reps and appointed Peter Graham as Head of North American Sales in Q1 2024.

• Significant deals were secured with several companies including Dignity Health, Raleigh Radiology, and Northern Navajo.

• The company successfully expanded globally, with notable progress in Eastern Europe, and made their ProFound Cloud platform commercially available.

• Dr. Hedvig Hricak and Mike Doyle joined the Board of Directors, contributing their extensive experience in healthcare technology and business strategy.

• The company collaborated with RAD-AID International to offer AI-based decision support in mammography in Guyana.

• The company has shifted to a recurring revenue model and currently has sufficient resources for operations without additional funding.

• The company has begun tracking total orders including perpetual product and subscription orders and is focusing more on new business, lead generation, pricing models, and customer retention. An FDA approval for 4.0 and heart health is expected by the end of calendar year.

More details: iCAD Inc IR

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