iCAD, Inc. (ICAD) Tops Q1 EPS by 3c

iCAD, Inc. (NASDAQ: ICAD) reported Q1 EPS of ($0.12), $0.03 better than the analyst estimate of ($0.15). Revenue for the quarter came in at $8.5 million versus the consensus estimate of $7.95 million.

“The first quarter of 2014 represented our seventh consecutive quarter of year-over-year revenue growth and positive adjusted EBITDA, driven by a 32% increase in Therapy revenues. In addition, we are pleased to report that recurring service and supply revenue from Therapy and Cancer Detection grew 39% compared with the same period in 2013. These results provide a solid revenue foundation for future quarters,” said Ken Ferry, President and CEO of iCAD.

“Recurring service and supply revenue in our Therapy business nearly doubled compared with the year-ago quarter and underscores an expanding customer base and higher procedure volume, especially for the treatment of non-melanoma skin cancer. In addition, we believe that the growing body of clinical evidence will drive more widespread adoption of Xoft electronic brachytherapy for the treatment of non-melanoma skin cancers and certain breast cancers. We are very early in the adoption curve with the Xoft system and believe that our investments in clinical studies, education and awareness of the clinical benefits will accelerate growth throughout 2014 and beyond.

“During the first quarter, we significantly strengthened our balance sheet with an underwritten public offering of common stock that raised approximately $28.2 million after expenses. Over time, we plan to focus our investments to further accelerate adoption in both the Therapy and Cancer Detection businesses,” added Mr. Ferry.

For earnings history and earnings-related data on iCAD, Inc. (ICAD) click here.

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