iCAD Inc. (NASDAQ: ICAD) stock declines by 25.63% in the current market trading session. iCAD, based in Nashua, New Hampshire, is a worldwide medical technology pioneer that offers cutting-edge cancer diagnosis and treatment solutions.
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ICAD stock, Financial Highlights
iCAD released its second-quarter 2021 financial result. The summary is stated below:
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- Revenues were $7.8 million and $16.5 million for the three and six months ended June 30, 2021, accordingly, relative to $5.6 million and $12.1 million for the three and six months ended June 30, 2020, respectively.
- The total loss for the three and six months ended June 30, 2021, respectively, was $3.3 million and $4.9 million, relative to $2.4 million and $14.2 million for the three and six months ended June 30, 2020, respectively.
- The second quarter of 2021 saw gross profit of $5.5 million, or 71% of sales, relative to $4.4 million, or 78% of revenue, in the second quarter of 2020.
- Total operating expenditures for Q2 2021 were $8.4 million a rise from $6.7 million in the second quarter of 2020 by $1.7 million, or 26%.
- The second quarter of 2021 saw a $3.3 million net loss, relative to a $2.4 million net loss in the second quarter of 2020.
- For the first half of 2021, Non-GAAP Adjusted EBITDA, a non-GAAP financial metric as defined below, was a loss of $2.6 million, down $1.2 million from the first half of 2020 Non-GAAP Adjusted EBITDA loss of $3.8 million.
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Mike Klein, Chairman, and CEO stated,
Longer than projected Enterprise sales cycles in several big potential clients hampered their total revenue in the second quarter. In July, they started closing some of these accounts. While they expect the lengthier Enterprise sales cycle to remain a significant part of their pipeline, the inclusion of these Enterprise sales will expand their addressable market and average transaction size in the future.