$ICAD
ICAD INC

2017 Q4 Form 10-Q Financial Statement

#000119312517342456 Filed on November 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $7.902M $7.000M $6.003M
YoY Change 14.06% 16.61% -37.35%
Cost Of Revenue $3.560M $2.357M $1.902M
YoY Change 48.33% 23.92% -31.11%
Gross Profit $4.341M $4.643M $4.101M
YoY Change -4.15% 13.22% -39.88%
Gross Profit Margin 54.94% 66.33% 68.32%
Selling, General & Admin $4.140M $4.524M $4.105M
YoY Change -15.34% 10.21% -14.75%
% of Gross Profit 95.37% 97.44% 100.1%
Research & Development $2.270M $2.254M $2.360M
YoY Change -15.3% -4.49% 12.76%
% of Gross Profit 52.29% 48.55% 57.55%
Depreciation & Amortization $300.0K $370.0K $580.0K
YoY Change -44.44% -36.21% 5.45%
% of Gross Profit 6.91% 7.97% 14.14%
Operating Expenses $6.520M $11.59M $6.753M
YoY Change -16.62% 71.55% -5.75%
Operating Profit -$2.179M -$6.942M -$2.652M
YoY Change -33.79% 161.76% 670.93%
Interest Expense -$60.00K $36.00K $15.00K
YoY Change 140.0% -67.39%
% of Operating Profit
Other Income/Expense, Net -$33.00K -$13.00K
YoY Change 153.85% -69.05%
Pretax Income -$4.230M -$6.975M -$2.665M
YoY Change 28.18% 161.73% 590.41%
Income Tax -$19.09M -$42.00K $10.00K
% Of Pretax Income
Net Earnings -$4.235M -$6.933M -$2.675M
YoY Change 27.71% 159.18% 565.42%
Net Earnings / Revenue -53.59% -99.04% -44.56%
Basic Earnings Per Share -$0.42 -$0.17
Diluted Earnings Per Share -$257.0K -$0.42 -$0.17
COMMON SHARES
Basic Shares Outstanding 16.51M shares 16.42M shares 15.96M shares
Diluted Shares Outstanding 16.42M shares 15.96M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.390M $11.26M $10.48M
YoY Change 9.31% 7.44% -40.25%
Cash & Equivalents $9.387M $11.26M $10.48M
Short-Term Investments
Other Short-Term Assets $1.100M $950.0K $1.210M
YoY Change -54.73% -21.49% 77.94%
Inventory $2.123M $3.340M $4.405M
Prepaid Expenses
Receivables $8.599M $7.189M $4.727M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $21.21M $22.74M $20.82M
YoY Change 6.4% 9.2% -31.61%
LONG-TERM ASSETS
Property, Plant & Equipment $576.0K $972.0K $1.605M
YoY Change -58.41% -39.44% -38.39%
Goodwill $8.362M $10.13M $14.49M
YoY Change -40.68% -30.11% 2.06%
Intangibles $1.931M $2.055M $4.220M
YoY Change -39.33% -51.3% -5.66%
Long-Term Investments
YoY Change
Other Assets $10.35M $50.00K $50.00K
YoY Change -40.31% 0.0% -44.44%
Total Long-Term Assets $10.92M $13.21M $20.37M
YoY Change -41.65% -35.16% -4.68%
TOTAL ASSETS
Total Short-Term Assets $21.21M $22.74M $20.82M
Total Long-Term Assets $10.92M $13.21M $20.37M
Total Assets $32.13M $35.95M $41.19M
YoY Change -16.87% -12.73% -20.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.362M $1.346M $1.312M
YoY Change -13.63% 2.59% -15.74%
Accrued Expenses $4.480M $4.940M $4.830M
YoY Change -10.22% 2.28% 16.67%
Deferred Revenue $5.910M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $830.0K $317.0K $250.0K
YoY Change 822.22% 26.8% -78.45%
Total Short-Term Liabilities $12.07M $11.63M $12.77M
YoY Change -6.11% -8.9% -14.18%
LONG-TERM LIABILITIES
Long-Term Debt $5.150M $5.612M $0.00
YoY Change -100.0%
Other Long-Term Liabilities $119.0K $140.0K $690.0K
YoY Change 43.37% -79.71% 4.39%
Total Long-Term Liabilities $119.0K $5.752M $690.0K
YoY Change 43.37% 733.62% 4.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.07M $11.63M $12.77M
Total Long-Term Liabilities $119.0K $5.752M $690.0K
Total Liabilities $17.86M $17.95M $13.46M
YoY Change 31.16% 33.38% -21.85%
SHAREHOLDERS EQUITY
Retained Earnings -$201.9M -$197.6M -$184.3M
YoY Change 7.6% 7.24% 5.25%
Common Stock $217.6M $217.0M $213.4M
YoY Change 1.63% 1.69% 1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.415M $1.415M $1.415M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 185.8K shares 185.8K shares 185.8K shares
Shareholders Equity $14.28M $18.00M $27.73M
YoY Change
Total Liabilities & Shareholders Equity $32.13M $35.95M $41.19M
YoY Change -16.87% -12.73% -20.5%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$4.235M -$6.933M -$2.675M
YoY Change 27.71% 159.18% 565.42%
Depreciation, Depletion And Amortization $300.0K $370.0K $580.0K
YoY Change -44.44% -36.21% 5.45%
Cash From Operating Activities -$1.770M -$2.320M -$900.0K
YoY Change 9.26% 157.78% 260.0%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$30.00K -$30.00K
YoY Change -55.56% 0.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$30.00K -$30.00K -$30.00K
YoY Change -70.0% 0.0% -66.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K 5.930M -50.00K
YoY Change -57.89% -11960.0% -84.85%
NET CHANGE
Cash From Operating Activities -1.770M -2.320M -900.0K
Cash From Investing Activities -30.00K -30.00K -30.00K
Cash From Financing Activities -80.00K 5.930M -50.00K
Net Change In Cash -1.880M 3.580M -980.0K
YoY Change -1.57% -465.31% 46.27%
FREE CASH FLOW
Cash From Operating Activities -$1.770M -$2.320M -$900.0K
Capital Expenditures -$40.00K -$30.00K -$30.00K
Free Cash Flow -$1.730M -$2.290M -$870.0K
YoY Change 13.07% 163.22% 443.75%

Facts In Submission

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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-48000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
74000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
362000
us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
2850000
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
6000000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
57000
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
44000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
77000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7060000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
9225000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
10975000
us-gaap Share Based Compensation
ShareBasedCompensation
3073000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
8172000
dei Trading Symbol
TradingSymbol
ICAD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16291000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16291000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16291000 shares
icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
-6000
icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
6143000
icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
26000
icad Minimum Annual Royalty Payment
MinimumAnnualRoyaltyPayment
250000
icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-6366000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
151000
icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through March 2020.
icad Number Of Term Loan Installments
NumberOfTermLoanInstallments
0 pure
icad Number Of Year Subject To Examination
NumberOfYearSubjectToExamination
P3Y
icad Line Of Credit Facility Termination Fee Percentage Prior To Maturity
LineOfCreditFacilityTerminationFeePercentagePriorToMaturity
0.020 pure
icad Gain Loss On Sale Of Business Not Including Escrow
GainLossOnSaleOfBusinessNotIncludingEscrow
2158000
us-gaap Adjustment For Amortization
AdjustmentForAmortization
753000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
2921000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1648000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1961314 shares
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4797000
us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
899000
us-gaap Cost Of Goods Sold
CostOfGoodsSold
611000
us-gaap Cost Of Services
CostOfServices
3911000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
5421000
CY2017Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
636000
CY2017Q3 us-gaap Cost Of Services
CostOfServices
1458000
CY2017Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
2357000
CY2017Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
107000
CY2017Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
3969000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1944000
CY2017Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
700000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6975000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.42
CY2017Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
CY2017Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2017Q3 us-gaap Gross Profit
GrossProfit
4643000
icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
-13000
CY2016Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10000
CY2016Q3 us-gaap Interest Expense
InterestExpense
15000
CY2016Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
178000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
6753000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-2675000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-2652000
icad Gain Loss From Acquisition Settlement
GainLossFromAcquisitionSettlement
249000
icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
5774000
icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
69000
icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-904000
CY2016Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-13000
CY2016Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
2000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2360000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
65000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
446000
CY2016Q3 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
296000
CY2016Q3 us-gaap Cost Of Goods Sold
CostOfGoodsSold
236000
CY2016Q3 us-gaap Cost Of Services
CostOfServices
1370000
CY2016Q3 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1902000
CY2016Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
288000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2016Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2016Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2016Q3 us-gaap Gross Profit
GrossProfit
4101000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1783000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2665000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
6003000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
2014000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3989000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2322000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15957000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15957000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15957000 shares
CY2016Q3 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
1847000
CY2016Q3 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-805000
CY2017Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
4700000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
503000
CY2017Q3 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
263000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-42000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
867000
us-gaap Depreciation
Depreciation
1013000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
us-gaap Excise And Sales Taxes
ExciseAndSalesTaxes
467000
us-gaap Gross Profit
GrossProfit
13989000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5586000
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-9000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6728000
us-gaap Income Taxes Paid
IncomeTaxesPaid
65000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-2380000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2706000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
78000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
82000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
55000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-281000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
483000
us-gaap Interest Expense
InterestExpense
59000
us-gaap Interest Paid
InterestPaid
63000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
516000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-262000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-3862000
us-gaap Operating Expenses
OperatingExpenses
20667000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-673000
us-gaap Net Income Loss
NetIncomeLoss
-6783000
us-gaap Operating Income Loss
OperatingIncomeLoss
-6678000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-50000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
9000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
8000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
248000
us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
6000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
188000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
133000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
796000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6835000
us-gaap Sales Revenue Net
SalesRevenueNet
19410000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7460000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
11950000
us-gaap Share Based Compensation
ShareBasedCompensation
1648000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
7379000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15896000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15896000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15896000 shares
CY2017Q3 us-gaap Interest Expense
InterestExpense
36000
CY2017Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
33000
CY2017Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
229000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
11585000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-6933000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-6942000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-33000
CY2017Q3 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2254000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
7000000
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3426000
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3574000
CY2017Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2580000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16424000 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
16424000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16424000 shares
CY2017Q3 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
1966000
CY2017Q3 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-4976000
CY2017Q3 icad Impairment Of Goodwill And Long Lived Assets
ImpairmentOfGoodwillAndLongLivedAssets
4700000

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