iCAD, Inc. reported a revenue increase of 13.2% for the fiscal year ending December 31, 2024, achieving $19.6 million compared to $17.3 million in 2023. This growth was primarily driven by a significant rise in product and license sales, which surged by 26.2% to $12.5 million, while service revenue saw a slight decline of 4.2% to $7.1 million. The company's gross profit also improved, reaching $16.6 million, a 12.5% increase from the previous year, although the gross profit margin slightly decreased from 85.4% to 84.8%.
In terms of operational changes, iCAD completed the sale of its Xoft business line in October 2023, which has since been classified as discontinued operations. This strategic move allowed the company to focus solely on its Detection segment, which includes its ProFound Breast Health Suite, a suite of AI-powered solutions for cancer detection. The company has also made significant investments in engineering and product development, with expenses rising by 28.1% to $6.6 million, reflecting its commitment to innovation and product enhancement.
iCAD's customer base remains robust, with approximately 1,559 active customers in the U.S., representing about 46% of the market utilizing AI in mammography. The company estimates that its ProFound solutions have been used for over 40 million mammograms globally in the past five years. Additionally, iCAD has expanded its geographic footprint and sales channels, enhancing its direct and indirect sales efforts to capture a larger share of the market, particularly in regions where AI adoption in mammography is still growing.
Despite the positive revenue growth, iCAD reported a net loss of $5.6 million for 2024, an improvement from a loss of $7.0 million in 2023. The company continues to face challenges, including the need for ongoing investment in research and development and the impact of market conditions on sales. iCAD's management remains optimistic about future growth, particularly with the anticipated launch of new products and enhancements to existing offerings, including the recently FDA-cleared ProFound Detection Version 4.0, which boasts improved cancer detection capabilities.
Looking ahead, iCAD plans to continue its transition to a subscription-based revenue model, which is expected to provide a more predictable income stream. The company is also focused on expanding its partnerships and collaborations to enhance its product offerings and market reach. However, management acknowledges the potential risks associated with regulatory changes, market acceptance of new technologies, and the competitive landscape, which could impact future performance.
About ICAD INC
iCAD, Inc. is a leader in AI-powered cancer detection, specializing in breast health solutions. Its flagship product, the ProFound Breast Health Suite, enhances early cancer detection and risk assessment through advanced imaging technology. With a significant market opportunity in the growing breast cancer screening sector, iCAD targets healthcare providers globally. The company is transitioning to a subscription-based model and expanding partnerships to improve access and streamline workflows, enhancing patient care.
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