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iCad Inc. (ICAD-4.95%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports total revenue of $4.2 million for the quarter, an increase from $4.1 million in the same quarter the previous year. This increase is attributed to higher product revenue driven by customer demand for subscription licenses and the company's cloud model.
Product revenue for the quarter was $2.5 million, up from $2.2 million in the previous year. Service revenue decreased to $1.7 million from $1.9 million, partly due to a migration to subscription licenses.
Cost of revenue for the quarter was $583,000, representing 14% of sales, compared to 13% in the previous year. The slight increase is due to changes in the product mix.
Gross profit for the quarter was $3.6 million, consistent with the previous year's gross profit of $3.5 million, maintaining a gross margin of 86%.
Operating expenses increased to $5.6 million from $4.7 million, primarily due to higher personnel costs in engineering and product development, and increased marketing and sales expenses.
The company reported a loss from operations of $2.0 million, compared to a loss of $1.2 million in the previous year.
Interest income for the quarter was $210,000, up from $195,000 in the previous year, due to higher invested balances.
Net loss for the quarter was $1.8 million, compared to a net loss of $1.4 million in the previous year. The loss per share was $0.07, consistent with the previous year.
Cash used for operating activities was $2.6 million for the nine months ended September 30, 2024, an improvement from $3.5 million in the previous year, due to cost-saving initiatives.
iCad had a working capital of $19.6 million as of September 30, 2024. The company believes its cash and cash equivalents balance of $18.8 million is sufficient to sustain operations for the next 12 months.
The filing also discusses the sale of the Xoft business line, which was completed on October 23, 2023, and is now reported as discontinued operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iCad Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.