icad inc. (ICAD: Quote) Monday reported a fourth-quarter net loss of $2.2 million or $0.04 per share, narrower than the net loss of $2.9 million or $0.06 per share in the year-ago quarter.
Adjusted net loss for the quarter was $2.3 million or $0.04 per share, compared with adjusted net loss of $118,000 or $0.00 per share last year.
Ken Ferry, president and CEO of iCAD, said." While fourth quarter sales were softer than expected with our software and therapy product lines, we were encouraged by the continued growing interest in Breast Intraoperative Radiation Therapy (IORT). This was evidenced by a significant increase in balloon applicator and x-ray source sales in the quarter. In addition, we continued to make strong progress on a number of operational and financial initiatives, which resulted in a significant reduction in operating expenses and cash use in the fourth quarter."
Total revenue for the quarter increased to $6.6 million from $6.4 million in the year-ago quarter, driven by the addition of the Axxent eBx system, which contributed $1.6 million in revenue consisting of $1.1 million in product sales and $478,000 in service and supply revenue.
This revenue growth was offset by weakness in digital mammography CAD revenue, which was impacted by challenging market conditions.
The company ended the fourth quarter with cash and cash equivalents of $4.6 million and no long-term debt.
In the third quarter, the company recorded a non-cash charge of $26.8 million related to the impairment of goodwill as a result of the sustained decline in the market value of its common stock.
For 2011, the company posted a net loss of $37.6 million or $0.69 per share, compared with a net loss of $6.2 million or $0.14 per share for 2010.
Adjusted net loss for the year was $12.4 million or $0.23 per share, compared with adjusted net loss of $3.0 million or $0.07 per share for fiscal year 2010.
Total revenue for 2011 was $28.7 million, an increase of 17 percent compared with total revenue of $24.6 million for 2010. The Axxent eBx system contributed $5.9 million to revenue during 2011.
Going ahead, Ferry said," Looking forward, we continue to make progress on the development of a new generation mammography CAD system and anticipate availability in the U.S. towards the end of the year. With our current CAD system connected to greater than 3,000 digital mammography systems in the U.S. alone, we see this new product as a major catalyst to generate considerable recurring revenue from our customer base over time."
The Nashua, New Hampshire-headquartered company made a decision to defer providing financial guidance at this time, due to the economic environment and limited visibility with regard to regulatory and reimbursement milestones. The decision would be reviewed at mid-year.
ICAD closed Monday's regular trading at $0.58, up $0.01 or 1.75%, on the Nasdaq. In the fter-hours, the stock lost $0.0399 or 6.88%. Over the past year, the stock traded in a range of $0.40 - $1.38.
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by RTT Staff Writer
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