$ICAD
ICAD INC

2015 Q2 Form 10-Q Financial Statement

#000119312515280728 Filed on August 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2014 Q2
Revenue $11.14M $9.667M
YoY Change 15.27% 25.35%
Cost Of Revenue $3.265M $2.837M
YoY Change 15.09% 13.94%
Gross Profit $7.878M $6.830M
YoY Change 15.34% 30.79%
Gross Profit Margin 70.7% 70.65%
Selling, General & Admin $5.495M $4.737M
YoY Change 16.0% 20.26%
% of Gross Profit 69.75% 69.36%
Research & Development $2.272M $2.004M
YoY Change 13.37% 14.12%
% of Gross Profit 28.84% 29.34%
Depreciation & Amortization $1.000M $600.0K
YoY Change 66.67% -3.23%
% of Gross Profit 12.69% 8.78%
Operating Expenses $35.71M $6.996M
YoY Change 410.38% 22.84%
Operating Profit -$27.83M -$166.0K
YoY Change 16663.86% -64.9%
Interest Expense $70.00K $614.0K
YoY Change -88.6% -26.38%
% of Operating Profit
Other Income/Expense, Net -$65.00K -$806.0K
YoY Change -91.94% -42.39%
Pretax Income -$27.89M -$972.0K
YoY Change 2769.65% -48.08%
Income Tax -$107.0K $25.00K
% Of Pretax Income
Net Earnings -$27.79M -$997.0K
YoY Change 2686.96% -47.02%
Net Earnings / Revenue -249.36% -10.31%
Basic Earnings Per Share -$1.77 -$0.07
Diluted Earnings Per Share -$1.77 -$0.07
COMMON SHARES
Basic Shares Outstanding 15.68M shares 14.07M shares
Diluted Shares Outstanding 15.68M shares 14.07M shares

Balance Sheet

Concept 2015 Q2 2014 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.21M $34.85M
YoY Change -47.75% 169.95%
Cash & Equivalents $18.21M $34.85M
Short-Term Investments
Other Short-Term Assets $420.0K $440.0K
YoY Change -4.55% -6.38%
Inventory $3.322M $1.868M
Prepaid Expenses
Receivables $7.764M $9.631M
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.72M $46.79M
YoY Change -36.5% 118.47%
LONG-TERM ASSETS
Property, Plant & Equipment $2.861M $1.703M
YoY Change 68.0% 26.81%
Goodwill $14.20M $21.11M
YoY Change -32.74% 0.0%
Intangibles $4.674M $12.97M
YoY Change -63.97% -9.85%
Long-Term Investments
YoY Change
Other Assets $90.00K $180.0K
YoY Change -50.0% -66.04%
Total Long-Term Assets $21.83M $35.96M
YoY Change -39.3% -3.78%
TOTAL ASSETS
Total Short-Term Assets $29.72M $46.79M
Total Long-Term Assets $21.83M $35.96M
Total Assets $51.54M $82.75M
YoY Change -37.72% 40.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.804M $2.031M
YoY Change -11.18% -18.1%
Accrued Expenses $4.240M $4.460M
YoY Change -4.93% 32.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.250M $3.880M
YoY Change -67.78%
Total Short-Term Liabilities $15.34M $18.96M
YoY Change -19.1% 26.71%
LONG-TERM LIABILITIES
Long-Term Debt $490.0K $8.910M
YoY Change -94.5% -41.27%
Other Long-Term Liabilities $639.0K $705.0K
YoY Change -9.36% -43.51%
Total Long-Term Liabilities $639.0K $705.0K
YoY Change -9.36% -43.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.34M $18.96M
Total Long-Term Liabilities $639.0K $705.0K
Total Liabilities $17.10M $29.83M
YoY Change -42.68% -10.03%
SHAREHOLDERS EQUITY
Retained Earnings -$174.7M -$145.2M
YoY Change 20.29% 4.45%
Common Stock $210.6M $199.6M
YoY Change 5.5% 20.15%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.415M $1.415M
YoY Change 0.0% 0.0%
Treasury Stock Shares 185.8K shares 185.8K shares
Shareholders Equity $34.44M $52.93M
YoY Change
Total Liabilities & Shareholders Equity $51.54M $82.75M
YoY Change -37.72% 40.76%

Cashflow Statement

Concept 2015 Q2 2014 Q2
OPERATING ACTIVITIES
Net Income -$27.79M -$997.0K
YoY Change 2686.96% -47.02%
Depreciation, Depletion And Amortization $1.000M $600.0K
YoY Change 66.67% -3.23%
Cash From Operating Activities $390.0K -$670.0K
YoY Change -158.21% -248.89%
INVESTING ACTIVITIES
Capital Expenditures -$290.0K -$290.0K
YoY Change 0.0% 52.63%
Acquisitions
YoY Change
Other Investing Activities -$1.700M
YoY Change
Cash From Investing Activities -$1.990M -$290.0K
YoY Change 586.21% 52.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -470.0K -2.580M
YoY Change -81.78% 25700.0%
NET CHANGE
Cash From Operating Activities 390.0K -670.0K
Cash From Investing Activities -1.990M -290.0K
Cash From Financing Activities -470.0K -2.580M
Net Change In Cash -2.070M -3.540M
YoY Change -41.53% -1516.0%
FREE CASH FLOW
Cash From Operating Activities $390.0K -$670.0K
Capital Expenditures -$290.0K -$290.0K
Free Cash Flow $680.0K -$380.0K
YoY Change -278.95% -159.38%

Facts In Submission

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dei Entity Registrant Name
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ICAD INC
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P1Y3M22D
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
693000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
799000
us-gaap Net Income Loss
NetIncomeLoss
-29643000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
14000
us-gaap Sales Revenue Net
SalesRevenueNet
24363000
us-gaap Repayments Of Debt
RepaymentsOfDebt
11250000
us-gaap Interest Paid
InterestPaid
471000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
36000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-65000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
17309000
us-gaap Operating Income Loss
OperatingIncomeLoss
-27385000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
993000
us-gaap Income Taxes Paid
IncomeTaxesPaid
93000
us-gaap Gross Profit
GrossProfit
17240000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2286000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
1700000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1691000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-123000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1723000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-29671000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7054000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-28000
us-gaap Share Based Compensation
ShareBasedCompensation
1064000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
7123000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1962000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
6995000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
323000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
328000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-14012000
us-gaap Operating Expenses
OperatingExpenses
44625000
us-gaap Interest Expense
InterestExpense
577000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-2535000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-11700000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4528000
us-gaap Cost Of Services
CostOfServices
4360000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
331000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
13400000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
162000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1802000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
327000
us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
1142000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4543000
us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
56000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
254000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
1621000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-347000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
1362000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
29866000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1116000
us-gaap Depreciation
Depreciation
896000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
188000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
116000
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
13981000
icad Impairment Of Goodwill And Long Lived Assets
ImpairmentOfGoodwillAndLongLivedAssets
27443000
icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-22719000
icad Amortization Of Debt Costs
AmortizationOfDebtCosts
13000
icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
92000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
84000
icad Minimum Annual Royalty Payment
MinimumAnnualRoyaltyPayment
250000
icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through September, 2017.
icad Number Of Year Subject To Examination
NumberOfYearSubjectToExamination
P3Y
icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
4666000
CY2015Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-1700000
CY2014Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14074000 shares
CY2014Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14074000 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14074000 shares
CY2014Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-997000
CY2014Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
12000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
9667000
CY2014Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
4373000
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-166000
CY2014Q2 us-gaap Gross Profit
GrossProfit
6830000
CY2014Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-806000
CY2014Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-903000
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 Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
281000
CY2014Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-699000
CY2014Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2837000
CY2014Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2872000
CY2014Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
168000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
6996000
CY2014Q2 us-gaap Interest Expense
InterestExpense
614000
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2004000
CY2014Q2 us-gaap Cost Of Services
CostOfServices
1104000
CY2014Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
200000
CY2014Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
216000
CY2014Q2 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
343000
CY2014Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1865000
CY2014Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
3000
CY2014Q2 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
313000
CY2014Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
1390000
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
255000
CY2014Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
1757000
CY2014Q2 icad Amortization Of Debt Costs
AmortizationOfDebtCosts
28000
CY2014Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
54000
CY2014Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
1923000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.77
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.77
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15679000 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15679000 shares
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15679000 shares
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.77
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-27786000
CY2015Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
5000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
11143000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8047000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-27828000
CY2015Q2 us-gaap Gross Profit
GrossProfit
7878000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-65000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27893000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3096000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-107000
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
620000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3265000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3165000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
165000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
35706000
CY2015Q2 us-gaap Interest Expense
InterestExpense
70000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2272000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
2082000
CY2015Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
132000
CY2015Q2 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
503000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2330000
CY2015Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
23000
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
680000
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
496000
CY2015Q2 icad Impairment Of Goodwill And Long Lived Assets
ImpairmentOfGoodwillAndLongLivedAssets
27443000
CY2015Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-25436000
CY2015Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
47000
CY2015Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2392000

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