$ICAD
ICAD INC

2016 Q2 Form 10-Q Financial Statement

#000119312516681542 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $7.369M $11.14M
YoY Change -33.87% 15.27%
Cost Of Revenue $1.667M $3.265M
YoY Change -48.94% 15.09%
Gross Profit $5.702M $7.878M
YoY Change -27.62% 15.34%
Gross Profit Margin 77.38% 70.7%
Selling, General & Admin $4.738M $5.495M
YoY Change -13.78% 16.0%
% of Gross Profit 83.09% 69.75%
Research & Development $2.204M $2.272M
YoY Change -2.99% 13.37%
% of Gross Profit 38.65% 28.84%
Depreciation & Amortization $590.0K $1.000M
YoY Change -41.0% 66.67%
% of Gross Profit 10.35% 12.69%
Operating Expenses $7.235M $35.71M
YoY Change -79.74% 410.38%
Operating Profit -$1.533M -$27.83M
YoY Change -94.49% 16663.86%
Interest Expense $21.00K $70.00K
YoY Change -70.0% -88.6%
% of Operating Profit
Other Income/Expense, Net -$19.00K -$65.00K
YoY Change -70.77% -91.94%
Pretax Income -$1.552M -$27.89M
YoY Change -94.44% 2769.65%
Income Tax $23.00K -$107.0K
% Of Pretax Income
Net Earnings -$1.575M -$27.79M
YoY Change -94.33% 2686.96%
Net Earnings / Revenue -21.37% -249.36%
Basic Earnings Per Share -$0.10 -$1.77
Diluted Earnings Per Share -$0.10 -$1.77
COMMON SHARES
Basic Shares Outstanding 15.90M shares 15.68M shares
Diluted Shares Outstanding 15.90M shares 15.68M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.47M $18.21M
YoY Change -37.01% -47.75%
Cash & Equivalents $11.47M $18.21M
Short-Term Investments
Other Short-Term Assets $1.100M $420.0K
YoY Change 161.9% -4.55%
Inventory $4.476M $3.322M
Prepaid Expenses
Receivables $6.052M $7.764M
Other Receivables $0.00 $0.00
Total Short-Term Assets $23.10M $29.72M
YoY Change -22.27% -36.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.910M $2.861M
YoY Change -33.24% 68.0%
Goodwill $14.49M $14.20M
YoY Change 2.06% -32.74%
Intangibles $4.467M $4.674M
YoY Change -4.43% -63.97%
Long-Term Investments
YoY Change
Other Assets $50.00K $90.00K
YoY Change -44.44% -50.0%
Total Long-Term Assets $20.92M $21.83M
YoY Change -4.15% -39.3%
TOTAL ASSETS
Total Short-Term Assets $23.10M $29.72M
Total Long-Term Assets $20.92M $21.83M
Total Assets $44.02M $51.54M
YoY Change -14.6% -37.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.492M $1.804M
YoY Change -17.29% -11.18%
Accrued Expenses $4.030M $4.240M
YoY Change -4.95% -4.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $490.0K $1.250M
YoY Change -60.8% -67.78%
Total Short-Term Liabilities $13.25M $15.34M
YoY Change -13.63% -19.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $490.0K
YoY Change -100.0% -94.5%
Other Long-Term Liabilities $7.000K $639.0K
YoY Change -98.9% -9.36%
Total Long-Term Liabilities $7.000K $639.0K
YoY Change -98.9% -9.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.25M $15.34M
Total Long-Term Liabilities $7.000K $639.0K
Total Liabilities $14.24M $17.10M
YoY Change -16.75% -42.68%
SHAREHOLDERS EQUITY
Retained Earnings -$181.6M -$174.7M
YoY Change 3.96% 20.29%
Common Stock $212.8M $210.6M
YoY Change 1.07% 5.5%
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 $29.79M $34.44M
YoY Change
Total Liabilities & Shareholders Equity $44.02M $51.54M
YoY Change -14.6% -37.72%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$1.575M -$27.79M
YoY Change -94.33% 2686.96%
Depreciation, Depletion And Amortization $590.0K $1.000M
YoY Change -41.0% 66.67%
Cash From Operating Activities -$1.040M $390.0K
YoY Change -366.67% -158.21%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$290.0K
YoY Change -68.97% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.700M
YoY Change -100.0%
Cash From Investing Activities -$90.00K -$1.990M
YoY Change -95.48% 586.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -270.0K -470.0K
YoY Change -42.55% -81.78%
NET CHANGE
Cash From Operating Activities -1.040M 390.0K
Cash From Investing Activities -90.00K -1.990M
Cash From Financing Activities -270.0K -470.0K
Net Change In Cash -1.400M -2.070M
YoY Change -32.37% -41.53%
FREE CASH FLOW
Cash From Operating Activities -$1.040M $390.0K
Capital Expenditures -$90.00K -$290.0K
Free Cash Flow -$950.0K $680.0K
YoY Change -239.71% -278.95%

Facts In Submission

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dei Entity Registrant Name
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ICAD INC
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EarningsPerShareDiluted
-0.26
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Cost Of Goods Sold
CostOfGoodsSold
375000
us-gaap Cost Of Services
CostOfServices
2541000
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
467000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P10M24D
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Sales Revenue Net
SalesRevenueNet
13407000
us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
51000
us-gaap Interest Paid
InterestPaid
50000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
338000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-37000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-232000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1412000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-689000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4063000
us-gaap Interest Expense
InterestExpense
44000
us-gaap Gross Profit
GrossProfit
9888000
us-gaap Income Taxes Paid
IncomeTaxesPaid
49000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-9000
us-gaap Operating Expenses
OperatingExpenses
13914000
us-gaap Net Income Loss
NetIncomeLoss
-4108000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
102000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
6000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-617000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1236000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
7000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
45000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2963000
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
14000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-100000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
378000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
152000
us-gaap Operating Income Loss
OperatingIncomeLoss
-4026000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
223000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3519000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
5446000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15865000 shares
dei Trading Symbol
TradingSymbol
ICAD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4475000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15865000 shares
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
7961000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5057000
us-gaap Share Based Compensation
ShareBasedCompensation
1202000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15865000 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
562000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
-4000
icad Number Of Year Subject To Examination
NumberOfYearSubjectToExamination
P3Y
icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
46000
icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through March 2018.
icad Minimum Annual Royalty Payment
MinimumAnnualRoyaltyPayment
250000
icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-99000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
65000
icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
3927000
icad Gain Loss From Acquisition Settlement
GainLossFromAcquisitionSettlement
249000
icad Restricted Stock Awards Vesting Description
RestrictedStockAwardsVestingDescription
Vest in either one year or three equal annual installments with the first installment vesting one year from grant date.
icad Capital Lease Fair Value Amortization
CapitalLeaseFairValueAmortization
53000
CY2015 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
116000
CY2015 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
13981000
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.77
CY2015Q2 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
503000
CY2015Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
620000
CY2015Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2330000
CY2015Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.77
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
496000
CY2015Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.77
CY2015Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
680000
CY2015Q2 us-gaap Cost Of Services
CostOfServices
2082000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
11143000
CY2015Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
60000
CY2015Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
163000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-65000
CY2015Q2 us-gaap Gross Profit
GrossProfit
7878000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
35706000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-27786000
CY2015Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-27893000
CY2015Q2 us-gaap Interest Expense
InterestExpense
70000
CY2015Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-27828000
CY2015Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
5000
CY2015Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-107000
CY2015Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3265000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3096000
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 Research And Development Expense
ResearchAndDevelopmentExpense
2272000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8047000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
3165000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3418000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15679000 shares
CY2015Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
47000
CY2015Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-25436000
CY2015Q2 icad Impairment Of Goodwill And Long Lived Assets
ImpairmentOfGoodwillAndLongLivedAssets
27443000
CY2015Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2392000
CY2015Q2 icad Capital Lease Fair Value Amortization
CapitalLeaseFairValueAmortization
37000
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.10
CY2016Q2 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
300000
CY2016Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
552000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2177000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2016Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
293000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2016Q2 us-gaap Cost Of Goods Sold
CostOfGoodsSold
185000
CY2016Q2 us-gaap Cost Of Services
CostOfServices
1182000
CY2016Q2 us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
329000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7369000
CY2016Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
21000
CY2016Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
176000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-19000
CY2016Q2 us-gaap Gross Profit
GrossProfit
5702000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
7235000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-1575000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1552000
CY2016Q2 us-gaap Interest Expense
InterestExpense
21000
CY2016Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1533000
CY2016Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000
CY2016Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1667000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15904000 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15904000 shares
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2204000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3951000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2561000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15904000 shares
CY2016Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
23000
CY2016Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
706000
CY2016Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2239000
CY2016Q2 icad Capital Lease Fair Value Amortization
CapitalLeaseFairValueAmortization
23000

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