$ICAD
ICAD INC

2018 Q1 Form 10-Q Financial Statement

#000119312518164044 Filed on May 15, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1 2016 Q4
Revenue $6.313M $6.791M $6.928M
YoY Change -7.04% 12.47% -8.95%
Cost Of Revenue $1.815M $2.102M $2.400M
YoY Change -13.65% 13.5% 3.45%
Gross Profit $4.498M $4.689M $4.529M
YoY Change -4.07% 12.02% -14.37%
Gross Profit Margin 71.25% 69.05% 65.37%
Selling, General & Admin $4.224M $4.936M $4.890M
YoY Change -14.42% 19.75% 1.03%
% of Gross Profit 93.91% 105.27% 107.97%
Research & Development $3.339M $2.574M $2.680M
YoY Change 29.72% 13.34% 5.51%
% of Gross Profit 74.23% 54.89% 59.17%
Depreciation & Amortization $96.00K $287.0K $540.0K
YoY Change -66.55% -16.08% 0.0%
% of Gross Profit 2.13% 6.12% 11.92%
Operating Expenses $7.646M $5.124M $7.820M
YoY Change 49.22% -23.28% 2.36%
Operating Profit -$3.148M -$435.0K -$3.291M
YoY Change 623.68% -82.55% 39.98%
Interest Expense $142.0K $5.000K $0.00
YoY Change 2740.0% -78.26% -100.0%
% of Operating Profit
Other Income/Expense, Net -$120.0K -$5.000K
YoY Change 2300.0% -72.22%
Pretax Income -$3.268M -$440.0K -$3.300M
YoY Change 642.73% -82.48% 39.24%
Income Tax $13.00K $17.00K $20.00K
% Of Pretax Income
Net Earnings -$3.281M -$457.0K -$3.316M
YoY Change 617.94% -81.96% 38.05%
Net Earnings / Revenue -51.97% -6.73% -47.86%
Basic Earnings Per Share -$0.20 -$0.03
Diluted Earnings Per Share -$0.20 -$0.03 -$207.0K
COMMON SHARES
Basic Shares Outstanding 16.58M shares 16.14M shares 16.05M shares
Diluted Shares Outstanding 16.58M shares 16.14M shares

Balance Sheet

Concept 2018 Q1 2017 Q1 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.660M $9.540M $8.590M
YoY Change -9.22% -25.87% -43.78%
Cash & Equivalents $8.662M $9.543M $8.585M
Short-Term Investments
Other Short-Term Assets $1.160M $690.0K $2.430M
YoY Change 68.12% -4.17% 257.35%
Inventory $2.197M $3.478M $3.727M
Prepaid Expenses
Receivables $7.283M $5.566M $5.189M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $19.30M $19.28M $19.93M
YoY Change 0.1% -19.29% -28.21%
LONG-TERM ASSETS
Property, Plant & Equipment $502.0K $1.353M $1.385M
YoY Change -62.9% -37.39% -39.97%
Goodwill $8.362M $14.10M $14.10M
YoY Change -40.68% -2.81% 0.0%
Intangibles $1.829M $3.052M $3.183M
YoY Change -40.07% -35.45% -25.53%
Long-Term Investments
YoY Change
Other Assets $50.00K $400.0K $17.33M
YoY Change -87.5% 344.44% -6.64%
Total Long-Term Assets $10.75M $18.91M $18.72M
YoY Change -43.16% -12.02% -10.32%
TOTAL ASSETS
Total Short-Term Assets $19.30M $19.28M $19.93M
Total Long-Term Assets $10.75M $18.91M $18.72M
Total Assets $30.05M $38.19M $38.65M
YoY Change -21.31% -15.85% -20.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.540M $1.714M $1.577M
YoY Change -10.15% 4.96% -1.0%
Accrued Expenses $4.690M $5.030M $4.990M
YoY Change -6.76% 51.96% 19.38%
Deferred Revenue $5.896M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.200M $20.00K $90.00K
YoY Change 5900.0% -97.22% -90.72%
Total Short-Term Liabilities $12.90M $11.94M $12.86M
YoY Change 8.07% -6.76% -9.97%
LONG-TERM LIABILITIES
Long-Term Debt $4.830M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $95.00K $124.0K $83.00K
YoY Change -23.39% -72.44% 186.21%
Total Long-Term Liabilities $95.00K $124.0K $83.00K
YoY Change -23.39% -72.44% 186.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.90M $11.94M $12.86M
Total Long-Term Liabilities $95.00K $124.0K $83.00K
Total Liabilities $18.61M $12.66M $13.61M
YoY Change 47.0% -12.98% -14.35%
SHAREHOLDERS EQUITY
Retained Earnings -$205.0M -$188.1M -$187.6M
YoY Change 9.03% 4.46% 5.69%
Common Stock $217.9M $215.0M $214.1M
YoY Change 1.34% 1.28% 1.13%
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 $11.44M $25.53M $25.04M
YoY Change
Total Liabilities & Shareholders Equity $30.05M $38.19M $38.65M
YoY Change -21.31% -15.85% -20.54%

Cashflow Statement

Concept 2018 Q1 2017 Q1 2016 Q4
OPERATING ACTIVITIES
Net Income -$3.281M -$457.0K -$3.316M
YoY Change 617.94% -81.96% 38.05%
Depreciation, Depletion And Amortization $96.00K $287.0K $540.0K
YoY Change -66.55% -16.08% 0.0%
Cash From Operating Activities -$641.0K -$1.610M -$1.620M
YoY Change -60.19% -16.15% -13.37%
INVESTING ACTIVITIES
Capital Expenditures $22.00K $253.0K -$90.00K
YoY Change -91.3% 90.23% 125.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.850M $0.00
YoY Change -100.0% -28600.0%
Cash From Investing Activities -$24.00K $2.600M -$100.0K
YoY Change -100.92% -1957.14% 150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K -30.00K -190.0K
YoY Change 100.0% -91.43% -44.12%
NET CHANGE
Cash From Operating Activities -641.0K -1.610M -1.620M
Cash From Investing Activities -24.00K 2.600M -100.0K
Cash From Financing Activities -60.00K -30.00K -190.0K
Net Change In Cash -725.0K 960.0K -1.910M
YoY Change -175.52% -139.83% -15.11%
FREE CASH FLOW
Cash From Operating Activities -$641.0K -$1.610M -$1.620M
Capital Expenditures $22.00K $253.0K -$90.00K
Free Cash Flow -$663.0K -$1.863M -$1.530M
YoY Change -64.41% -9.25% -16.39%

Facts In Submission

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2000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
253000
CY2017Q1 us-gaap Proceeds From Divestiture Of Businesses
ProceedsFromDivestitureOfBusinesses
2850000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
19000
CY2017Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
37000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2574000
CY2017Q1 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
147000
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6644000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6791000
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3131000
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3660000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
969000
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2902000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16135000 shares
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16135000 shares
CY2017Q1 icad Capital Lease Fair Value Amortization
CapitalLeaseFairValueAmortization
8000
CY2017Q1 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2062000
CY2017Q1 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
13000
CY2017Q1 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-881000
CY2017Q1 icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
45000
CY2017Q1 icad Gain Loss On Sale Of Business Not Including Escrow
GainLossOnSaleOfBusinessNotIncludingEscrow
2158000
CY2018Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
92000
CY2018Q1 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
2640000
CY2018Q1 dei Amendment Flag
AmendmentFlag
false
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
391000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1959138 shares
CY2018Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-725000
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
ICAD INC
CY2018Q1 us-gaap Cost Of Goods Sold Depreciation And Amortization
CostOfGoodsSoldDepreciationAndAmortization
105000
CY2018Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
458000
CY2018Q1 us-gaap Cost Of Services
CostOfServices
1252000
CY2018Q1 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
36 months
CY2018Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2018Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1815000
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-8000
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
83000
CY2018Q1 us-gaap Depreciation
Depreciation
96000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000749660
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2018Q1 us-gaap Gross Profit
GrossProfit
4498000
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2058000
CY2018Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-12000
CY2018Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3268000
CY2018Q1 us-gaap Interest Paid
InterestPaid
67000
CY2018Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
23000
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
298000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1262000
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
186000
CY2018Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
72000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13000
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
177000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-59000
CY2018Q1 us-gaap Interest Expense
InterestExpense
142000
CY2018Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
68000
CY2018Q1 us-gaap Inventory Write Down
InventoryWriteDown
-2000
CY2018Q1 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1000
CY2018Q1 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The maturity date of the Revolving Loans and the Term Loans is March 1, 2022. However, the maturity date will become April 30, 2019, April 30, 2020 or April 30, 2021 if, on or before March 15, 2019, or 2020 or 2021, as applicable, the Company does not agree in writing to the Detection revenue and adjusted EBITDA covenant levels proposed by the Bank with respect to the upcoming applicable calendar year.
CY2018Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
222000
CY2018Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-03-01
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-24000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-641000
CY2018Q1 us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
39000
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
7646000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-60000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-3281000
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3148000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-120000
CY2018Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
22000
CY2018Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
2000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
22000
CY2018Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
85000
CY2018Q1 us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-2352000
CY2018Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
3000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3339000
CY2018Q1 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
141000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6172000
CY2018Q1 us-gaap Sales Revenue Net
SalesRevenueNet
6313000
CY2018Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
3014000
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3299000
CY2018Q1 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2069000
CY2018Q1 icad Amortization Of Debt Costs
AmortizationOfDebtCosts
7000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
391000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2166000
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
0
CY2018Q1 dei Trading Symbol
TradingSymbol
ICAD
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16583000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16583000 shares
CY2018Q1 icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
64000
CY2018Q1 icad Accrued Amount Of Final Payment Of Term Loan
AccruedAmountOfFinalPaymentOfTermLoan
66000
CY2018Q1 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-1079000
CY2018Q1 icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
57000
CY2018Q1 icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through March 2020.
CY2018Q1 icad Line Of Credit Facility Termination Fee Percentage Prior To Maturity
LineOfCreditFacilityTerminationFeePercentagePriorToMaturity
0.020 pure
CY2018Q1 icad Deferral Of Costs To Obtain Contract
DeferralOfCostsToObtainContract
84000
CY2018Q1 icad Recognition Of Costs To Obtain Contract
RecognitionOfCostsToObtainContract
39000
CY2018Q1 icad Deferral Of Revenue
DeferralOfRevenue
2668000
CY2018Q1 icad Product Delivery Period To Customer
ProductDeliveryPeriodToCustomer
One year or less.

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