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iCad Inc. (ICAD-5.64%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's focus on AI-powered cancer detection, specifically through its ProFound Breast Health Suite, which includes solutions for breast cancer detection, density assessment, and risk evaluation.
Revenue for the year was reported at $19.6 million, an increase from $17.3 million in the previous year, attributed primarily to higher subscription licenses.
Cost of revenue increased by 17.4% to $2.9 million, while gross profit rose by 12.5% to $16.6 million, maintaining a gross profit margin of approximately 85%.
Operating expenses were $22.9 million, up by 1.9%, with increases in engineering and product development costs offset by decreases in general and administrative expenses.
The company reported a net loss of $5.6 million, compared to a net loss of $4.8 million in the previous year.
iCad completed the sale of its Xoft business line in October 2023, which was reflected as discontinued operations in the financial statements.
The company's cash and cash equivalents were $17.2 million as of December 31, 2024, with a net working capital of $18.9 million.
iCad's stockholders' equity was reported at $28.7 million, down from $33.4 million the previous year.
The company continues to focus on expanding its market presence and enhancing its AI solutions for cancer detection.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iCad Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.