$ICAD
ICAD INC

2018 Q2 Form 10-Q Financial Statement

#000119312518248438 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $6.162M $6.409M
YoY Change -3.85% -13.03%
Cost Of Revenue $1.378M $1.906M
YoY Change -27.7% 14.34%
Gross Profit $4.784M $4.503M
YoY Change 6.24% -21.03%
Gross Profit Margin 77.64% 70.26%
Selling, General & Admin $3.589M $4.779M
YoY Change -24.9% 0.87%
% of Gross Profit 75.02% 106.13%
Research & Development $2.057M $2.232M
YoY Change -7.84% 1.27%
% of Gross Profit 43.0% 49.57%
Depreciation & Amortization $180.0K $400.0K
YoY Change -55.0% -32.2%
% of Gross Profit 3.76% 8.88%
Operating Expenses $5.723M $7.127M
YoY Change -19.7% -1.49%
Operating Profit -$939.0K -$2.624M
YoY Change -64.21% 71.17%
Interest Expense $113.0K $10.00K
YoY Change 1030.0% -52.38%
% of Operating Profit
Other Income/Expense, Net -$84.00K -$10.00K
YoY Change 740.0% -47.37%
Pretax Income -$1.023M -$2.634M
YoY Change -61.16% 69.72%
Income Tax $4.000K -$3.000K
% Of Pretax Income
Net Earnings -$1.027M -$2.631M
YoY Change -60.97% 67.05%
Net Earnings / Revenue -16.67% -41.05%
Basic Earnings Per Share -$0.06 -$0.16
Diluted Earnings Per Share -$0.06 -$0.16
COMMON SHARES
Basic Shares Outstanding 16.66M 16.31M shares
Diluted Shares Outstanding 16.66M 16.31M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.790M $7.680M
YoY Change 1.43% -33.04%
Cash & Equivalents $7.791M $7.684M
Short-Term Investments
Other Short-Term Assets $1.130M $420.0K
YoY Change 169.05% -61.82%
Inventory $2.101M $3.481M
Prepaid Expenses
Receivables $6.331M $5.477M
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.35M $17.06M
YoY Change 1.68% -26.13%
LONG-TERM ASSETS
Property, Plant & Equipment $458.0K $1.138M
YoY Change -59.75% -40.42%
Goodwill $8.362M $14.10M
YoY Change -40.68% -2.72%
Intangibles $1.734M $2.922M
YoY Change -40.66% -34.59%
Long-Term Investments
YoY Change
Other Assets $50.00K $400.0K
YoY Change -87.5% 700.0%
Total Long-Term Assets $10.61M $18.56M
YoY Change -42.85% -11.29%
TOTAL ASSETS
Total Short-Term Assets $17.35M $17.06M
Total Long-Term Assets $10.61M $18.56M
Total Assets $27.96M $35.62M
YoY Change -21.52% -19.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $872.0K $946.0K
YoY Change -7.82% -36.6%
Accrued Expenses $3.310M $4.490M
YoY Change -26.28% 11.41%
Deferred Revenue $6.477M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $670.0K $0.00
YoY Change -100.0%
Total Short-Term Liabilities $10.99M $10.52M
YoY Change 4.45% -20.58%
LONG-TERM LIABILITIES
Long-Term Debt $5.400M $0.00
YoY Change
Other Long-Term Liabilities $72.00K $153.0K
YoY Change -52.94% 2085.71%
Total Long-Term Liabilities $72.00K $153.0K
YoY Change -52.94% 2085.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.99M $10.52M
Total Long-Term Liabilities $72.00K $153.0K
Total Liabilities $17.17M $11.19M
YoY Change 53.38% -21.36%
SHAREHOLDERS EQUITY
Retained Earnings -$206.1M -$190.7M
YoY Change 8.06% 5.0%
Common Stock $218.3M $216.5M
YoY Change 0.8% 1.75%
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 $10.79M $24.43M
YoY Change
Total Liabilities & Shareholders Equity $27.96M $35.62M
YoY Change -21.52% -19.08%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$1.027M -$2.631M
YoY Change -60.97% 67.05%
Depreciation, Depletion And Amortization $180.0K $400.0K
YoY Change -55.0% -32.2%
Cash From Operating Activities -$820.0K -$1.640M
YoY Change -50.0% 57.69%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$70.00K
YoY Change -42.86% -22.22%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$40.00K -$80.00K
YoY Change -50.0% -11.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K -140.0K
YoY Change -92.86% -48.15%
NET CHANGE
Cash From Operating Activities -820.0K -1.640M
Cash From Investing Activities -40.00K -80.00K
Cash From Financing Activities -10.00K -140.0K
Net Change In Cash -870.0K -1.860M
YoY Change -53.23% 32.86%
FREE CASH FLOW
Cash From Operating Activities -$820.0K -$1.640M
Capital Expenditures -$40.00K -$70.00K
Free Cash Flow -$780.0K -$1.570M
YoY Change -50.32% 65.26%

Facts In Submission

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icad Capital Lease Fair Value Amortization
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11000
icad General Administrative Depreciation And Amortization Expense
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4177000
icad Segment Operating Income Loss
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us-gaap Allocated Share Based Compensation Expense
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773000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1968488 shares
us-gaap Adjustment For Amortization
AdjustmentForAmortization
189000
us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
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dei Amendment Flag
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false
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
207000
us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
36 months
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
3193000
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
-13000
us-gaap Depreciation
Depreciation
178000
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
dei Document Type
DocumentType
10-Q
us-gaap Depreciation And Amortization
DepreciationAndAmortization
160000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
dei Entity Central Index Key
EntityCentralIndexKey
0000749660
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y1M6D
dei Entity Registrant Name
EntityRegistrantName
ICAD INC
us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-204000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-64000
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-12000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3641000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4291000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-490000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-91000
us-gaap Gross Profit
GrossProfit
9282000
us-gaap Income Taxes Paid
IncomeTaxesPaid
35000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
4000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
890000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-69000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1463000
us-gaap Net Income Loss
NetIncomeLoss
-4308000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
us-gaap Operating Expenses
OperatingExpenses
13369000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
us-gaap Operating Income Loss
OperatingIncomeLoss
-4087000
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
51000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
4000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
60000
us-gaap Profit Loss
ProfitLoss
-4308000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
6000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2198000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1209000
us-gaap Interest Expense
InterestExpense
255000
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
141000
us-gaap Inventory Write Down
InventoryWriteDown
-7000
us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
2000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-30000
us-gaap Interest Paid Net
InterestPaidNet
139000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
450000
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.
us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-03-01
us-gaap New Accounting Pronouncement Or Change In Accounting Principle Effect Of Adoption Quantification
NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification
39000
CY2017Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1906000
CY2017Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
116000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
101000
us-gaap Recognition Of Deferred Revenue
RecognitionOfDeferredRevenue
-4820000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5396000
us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
280000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
12195000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
12475000
us-gaap Revenues
Revenues
12475000
us-gaap Share Based Compensation
ShareBasedCompensation
773000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4172000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
dei Trading Symbol
TradingSymbol
ICAD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16624000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16624000 shares
icad Amortization Of Debt Costs
AmortizationOfDebtCosts
14000
icad Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
63000
icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
102000
icad Accrued Amount Of Final Payment Of Term Loan
AccruedAmountOfFinalPaymentOfTermLoan
98000
icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
3667000
icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-420000
icad Deferral Of Costs To Obtain Contract
DeferralOfCostsToObtainContract
233000
icad Recognition Of Costs To Obtain Contract
RecognitionOfCostsToObtainContract
112000
icad Deferral Of Revenue
DeferralOfRevenue
5717000
icad Lease Expiration Date Description
LeaseExpirationDateDescription
Facilities are leased under operating leases expiring at various dates through March 2020.
icad Product Delivery Period To Customer
ProductDeliveryPeriodToCustomer
One year or less.
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2089000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2634000
icad Line Of Credit Facility Termination Fee Percentage Prior To Maturity
LineOfCreditFacilityTerminationFeePercentagePriorToMaturity
0.020 pure
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1601000
CY2017Q2 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
286000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3000
CY2017Q2 us-gaap Gross Profit
GrossProfit
4503000
CY2017Q2 us-gaap Interest Expense
InterestExpense
10000
CY2017Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
221000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-10000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-2631000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
7127000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2624000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2232000
CY2017Q2 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
148000
CY2017Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6261000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6409000
CY2017Q2 us-gaap Revenues
Revenues
6409000
CY2017Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2690000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16310000 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16310000 shares
CY2017Q2 icad Amortization Of Settlement Obligations
AmortizationOfSettlementObligations
12000
CY2017Q2 icad Capital Lease Fair Value Amortization
CapitalLeaseFairValueAmortization
2000
CY2017Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2115000
CY2017Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-509000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
382000
CY2018Q2 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
102000
CY2018Q2 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1378000
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
77000
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.06
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1583000
CY2018Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1023000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4000
CY2018Q2 us-gaap Gross Profit
GrossProfit
4784000
CY2018Q2 us-gaap Interest Expense
InterestExpense
113000
CY2018Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
73000
CY2018Q2 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
228000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-84000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-1027000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
5723000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-939000
CY2018Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
29000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2057000
CY2018Q2 us-gaap Sales Type Lease Revenue
SalesTypeLeaseRevenue
139000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6023000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16664000 shares
CY2018Q2 icad Amortization Of Debt Costs
AmortizationOfDebtCosts
7000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6162000
CY2018Q2 us-gaap Revenues
Revenues
6162000
CY2018Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2006000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2018Q2 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
0
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16664000 shares
CY2018Q2 icad Accrued Amount Of Final Payment Of Term Loan
AccruedAmountOfFinalPaymentOfTermLoan
32000
CY2018Q2 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
1598000
CY2018Q2 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
659000

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