$ICAD
ICAD INC

2014 Q2 Form 10-Q Financial Statement

#000119312514310124 Filed on August 14, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $9.667M $7.712M
YoY Change 25.35% 30.03%
Cost Of Revenue $2.837M $2.490M
YoY Change 13.94% 41.32%
Gross Profit $6.830M $5.222M
YoY Change 30.79% 25.26%
Gross Profit Margin 70.65% 67.71%
Selling, General & Admin $4.737M $3.939M
YoY Change 20.26% -3.72%
% of Gross Profit 69.36% 75.43%
Research & Development $2.004M $1.756M
YoY Change 14.12% -11.09%
% of Gross Profit 29.34% 33.63%
Depreciation & Amortization $600.0K $620.0K
YoY Change -3.23% -18.42%
% of Gross Profit 8.78% 11.87%
Operating Expenses $6.996M $5.695M
YoY Change 22.84% -6.12%
Operating Profit -$166.0K -$473.0K
YoY Change -64.9% -75.07%
Interest Expense $614.0K $834.0K
YoY Change -26.38% 0.36%
% of Operating Profit
Other Income/Expense, Net -$806.0K -$1.399M
YoY Change -42.39% 35.17%
Pretax Income -$972.0K -$1.872M
YoY Change -48.08% -36.15%
Income Tax $25.00K $10.00K
% Of Pretax Income
Net Earnings -$997.0K -$1.882M
YoY Change -47.02% -36.05%
Net Earnings / Revenue -10.31% -24.4%
Basic Earnings Per Share -$0.07 -$0.17
Diluted Earnings Per Share -$0.07 -$0.17
COMMON SHARES
Basic Shares Outstanding 14.07M shares 10.84M shares
Diluted Shares Outstanding 14.07M shares 10.84M shares

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $34.85M $12.91M
YoY Change 169.95% -9.47%
Cash & Equivalents $34.85M $12.91M
Short-Term Investments
Other Short-Term Assets $440.0K $470.0K
YoY Change -6.38% -45.35%
Inventory $1.868M $1.941M
Prepaid Expenses
Receivables $9.631M $6.099M
Other Receivables $0.00 $0.00
Total Short-Term Assets $46.79M $21.42M
YoY Change 118.47% 4.89%
LONG-TERM ASSETS
Property, Plant & Equipment $1.703M $1.343M
YoY Change 26.81% -17.61%
Goodwill $21.11M $21.11M
YoY Change 0.0%
Intangibles $12.97M $14.39M
YoY Change -9.85%
Long-Term Investments
YoY Change
Other Assets $180.0K $530.0K
YoY Change -66.04% -35.37%
Total Long-Term Assets $35.96M $37.37M
YoY Change -3.78% -5.56%
TOTAL ASSETS
Total Short-Term Assets $46.79M $21.42M
Total Long-Term Assets $35.96M $37.37M
Total Assets $82.75M $58.79M
YoY Change 40.76% -2.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.031M $2.480M
YoY Change -18.1% 78.42%
Accrued Expenses $4.460M $3.370M
YoY Change 32.34% -18.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.880M
YoY Change
Total Short-Term Liabilities $18.96M $14.96M
YoY Change 26.71% 26.81%
LONG-TERM LIABILITIES
Long-Term Debt $8.910M $15.17M
YoY Change -41.27% 5.2%
Other Long-Term Liabilities $705.0K $1.248M
YoY Change -43.51% -49.88%
Total Long-Term Liabilities $705.0K $1.248M
YoY Change -43.51% -92.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.96M $14.96M
Total Long-Term Liabilities $705.0K $1.248M
Total Liabilities $29.83M $33.16M
YoY Change -10.03% 15.48%
SHAREHOLDERS EQUITY
Retained Earnings -$145.2M -$139.1M
YoY Change 4.45%
Common Stock $199.6M $166.1M
YoY Change 20.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.415M $1.415M
YoY Change 0.0%
Treasury Stock Shares 185.8K shares 185.8K shares
Shareholders Equity $52.93M $25.64M
YoY Change
Total Liabilities & Shareholders Equity $82.75M $58.79M
YoY Change 40.76% -2.0%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$997.0K -$1.882M
YoY Change -47.02% -36.05%
Depreciation, Depletion And Amortization $600.0K $620.0K
YoY Change -3.23% -18.42%
Cash From Operating Activities -$670.0K $450.0K
YoY Change -248.89% -197.83%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$190.0K
YoY Change 52.63% -24.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$290.0K -$190.0K
YoY Change 52.63% -24.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.580M -10.00K
YoY Change 25700.0% 0.0%
NET CHANGE
Cash From Operating Activities -670.0K 450.0K
Cash From Investing Activities -290.0K -190.0K
Cash From Financing Activities -2.580M -10.00K
Net Change In Cash -3.540M 250.0K
YoY Change -1516.0% -134.72%
FREE CASH FLOW
Cash From Operating Activities -$670.0K $450.0K
Capital Expenditures -$290.0K -$190.0K
Free Cash Flow -$380.0K $640.0K
YoY Change -159.38% -404.76%

Facts In Submission

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P1Y4M6D
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12759000 shares
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
524000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
482000
us-gaap Depreciation
Depreciation
432000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
327000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1804189 shares
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-96000
us-gaap Gross Profit
GrossProfit
12764000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1109000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
9503000
us-gaap Business Combination Separately Recognized Transactions Revenues And Gains Recognized
BusinessCombinationSeparatelyRecognizedTransactionsRevenuesAndGainsRecognized
2100000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-483000
us-gaap Repayments Of Debt
RepaymentsOfDebt
4100000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
16000
us-gaap Income Taxes Paid
IncomeTaxesPaid
80000
us-gaap Operating Income Loss
OperatingIncomeLoss
-626000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
44000
us-gaap Interest Paid
InterestPaid
1061000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8684000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1981000
us-gaap Net Income Loss
NetIncomeLoss
-1187000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
65000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-22000
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-903000
us-gaap Sales Revenue Net
SalesRevenueNet
18187000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
465000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1835000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3671000
us-gaap Cost Of Services
CostOfServices
2282000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5423000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
2659000
us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
7000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
25816000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-198000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1575000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
748000
us-gaap Share Based Compensation
ShareBasedCompensation
606000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-27000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
-1149000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
22971000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5522000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
379000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-509000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-576000
us-gaap Interest Expense
InterestExpense
1431000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
31000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
28214000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4197000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
293000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
794000
us-gaap Interest Expense Debt
InterestExpenseDebt
1431000
us-gaap Operating Expenses
OperatingExpenses
13390000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
448000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
78000
icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through September, 2017.
icad Amount Of Revenue Under Condition Two
AmountOfRevenueUnderConditionTwo
25 to 50
icad Percentage Of Revenue Under Condition One
PercentageOfRevenueUnderConditionOne
0.0425 pure
icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
106000
icad Period Of Libor Rate
PeriodOfLiborRate
P6Y
icad Number Of Year Subject To Examination
NumberOfYearSubjectToExamination
P3Y
icad Amortization Of Debt Costs
AmortizationOfDebtCosts
76000
icad Amount Of Revenue Under Condition Three
AmountOfRevenueUnderConditionThree
50 and Above
icad Percentage Of Revenue Under Condition Four
PercentageOfRevenueUnderConditionFour
0.01 pure
icad Amount Of Revenue Under Condition One
AmountOfRevenueUnderConditionOne
25 and Less
icad Minimum Annual Royalty Payment
MinimumAnnualRoyaltyPayment
250000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
101000
icad Acquired Patent License Weighted Average Useful Life
AcquiredPatentLicenseWeightedAverageUsefulLife
P6Y
icad Non Cash Warrant Exercises
NonCashWarrantExercises
2151000
CY2013 icad Goodwill Fair Value Allocation
GoodwillFairValueAllocation
CY2013Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10836000 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10836000 shares
CY2013Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.08
CY2013Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.12
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2013Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10836000 shares
CY2013Q2 us-gaap Gross Profit
GrossProfit
5222000
CY2013Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1872000
CY2013Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
4278000
CY2013Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1399000
CY2013Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
6000
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-473000
CY2013Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3434000
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-1882000
CY2013Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7712000
CY2013Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
571000
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1602000
CY2013Q2 us-gaap Cost Of Services
CostOfServices
1063000
CY2013Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2490000
CY2013Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1193000
CY2013Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2337000
CY2013Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
134000
CY2013Q2 us-gaap Interest Expense
InterestExpense
834000
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1756000
CY2013Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
543000
CY2013Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
234000
CY2013Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
168000
CY2013Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
834000
CY2013Q2 us-gaap Operating Expenses
OperatingExpenses
5695000
CY2013Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
169000
CY2013Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000
CY2013Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
77000
CY2013Q2 icad Amortization Of Debt Costs
AmortizationOfDebtCosts
45000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14074000 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14074000 shares
CY2014Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.72
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.17
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14074000 shares
CY2014Q2 us-gaap Gross Profit
GrossProfit
6830000
CY2014Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-972000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5294000
CY2014Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-806000
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
12000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-166000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4373000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-997000
CY2014Q2 us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-903000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9667000
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-699000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1923000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
1136000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2837000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1460000
CY2014Q2 us-gaap Interest Expense
InterestExpense
614000
CY2014Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
3000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2903000
CY2014Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
200000
CY2014Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
614000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2170000
CY2014Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
216000
CY2014Q2 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2014Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
241000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
168000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
6996000
CY2014Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
313000
CY2014Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
CY2014Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
54000
CY2014Q2 icad Amortization Of Debt Costs
AmortizationOfDebtCosts
28000

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