$ICAD
ICAD INC

2019 Q1 Form 10-Q Financial Statement

#000119312519147969 Filed on May 15, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $6.773M $6.313M
YoY Change 7.29% -7.04%
Cost Of Revenue $1.491M $1.815M
YoY Change -17.85% -13.65%
Gross Profit $5.282M $4.498M
YoY Change 17.43% -4.07%
Gross Profit Margin 77.99% 71.25%
Selling, General & Admin $4.119M $4.224M
YoY Change -2.49% -14.42%
% of Gross Profit 77.98% 93.91%
Research & Development $2.127M $3.339M
YoY Change -36.3% 29.72%
% of Gross Profit 40.27% 74.23%
Depreciation & Amortization $69.00K $96.00K
YoY Change -28.13% -66.55%
% of Gross Profit 1.31% 2.13%
Operating Expenses $6.316M $7.646M
YoY Change -17.39% 49.22%
Operating Profit -$1.034M -$3.148M
YoY Change -67.15% 623.68%
Interest Expense $209.0K $142.0K
YoY Change 47.18% 2740.0%
% of Operating Profit
Other Income/Expense, Net -$2.675M -$120.0K
YoY Change 2129.17% 2300.0%
Pretax Income -$3.709M -$3.268M
YoY Change 13.49% 642.73%
Income Tax $8.000K $13.00K
% Of Pretax Income
Net Earnings -$3.717M -$3.281M
YoY Change 13.29% 617.94%
Net Earnings / Revenue -54.88% -51.97%
Basic Earnings Per Share -$0.22 -$0.20
Diluted Earnings Per Share -$0.22 -$0.20
COMMON SHARES
Basic Shares Outstanding 17.20M 16.58M shares
Diluted Shares Outstanding 17.20M 16.58M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.32M $8.660M
YoY Change 30.72% -9.22%
Cash & Equivalents $11.32M $8.662M
Short-Term Investments
Other Short-Term Assets $1.380M $1.160M
YoY Change 18.97% 68.12%
Inventory $1.990M $2.197M
Prepaid Expenses
Receivables $7.387M $7.283M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.08M $19.30M
YoY Change 14.42% 0.1%
LONG-TERM ASSETS
Property, Plant & Equipment $511.0K $502.0K
YoY Change 1.79% -62.9%
Goodwill $8.362M $8.362M
YoY Change 0.0% -40.68%
Intangibles $1.456M $1.829M
YoY Change -20.39% -40.07%
Long-Term Investments
YoY Change
Other Assets $50.00K $50.00K
YoY Change 0.0% -87.5%
Total Long-Term Assets $11.11M $10.75M
YoY Change 3.42% -43.16%
TOTAL ASSETS
Total Short-Term Assets $22.08M $19.30M
Total Long-Term Assets $11.11M $10.75M
Total Assets $33.20M $30.05M
YoY Change 10.48% -21.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.484M $1.540M
YoY Change -3.64% -10.15%
Accrued Expenses $6.210M $4.690M
YoY Change 32.41% -6.76%
Deferred Revenue $5.896M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.270M $1.200M
YoY Change 89.17% 5900.0%
Total Short-Term Liabilities $15.06M $12.90M
YoY Change 16.71% 8.07%
LONG-TERM LIABILITIES
Long-Term Debt $13.20M $4.830M
YoY Change 173.29%
Other Long-Term Liabilities $370.0K $95.00K
YoY Change 289.47% -23.39%
Total Long-Term Liabilities $13.57M $95.00K
YoY Change 14184.21% -23.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.06M $12.90M
Total Long-Term Liabilities $13.57M $95.00K
Total Liabilities $28.63M $18.61M
YoY Change 53.84% 47.0%
SHAREHOLDERS EQUITY
Retained Earnings -$214.5M -$205.0M
YoY Change 4.61% 9.03%
Common Stock $220.5M $217.9M
YoY Change 1.19% 1.34%
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 $4.566M $11.44M
YoY Change
Total Liabilities & Shareholders Equity $33.20M $30.05M
YoY Change 10.48% -21.31%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$3.717M -$3.281M
YoY Change 13.29% 617.94%
Depreciation, Depletion And Amortization $69.00K $96.00K
YoY Change -28.13% -66.55%
Cash From Operating Activities -$1.813M -$641.0K
YoY Change 182.84% -60.19%
INVESTING ACTIVITIES
Capital Expenditures $28.00K $22.00K
YoY Change 27.27% -91.3%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$29.00K -$24.00K
YoY Change 20.83% -100.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 972.0K -60.00K
YoY Change -1720.0% 100.0%
NET CHANGE
Cash From Operating Activities -1.813M -641.0K
Cash From Investing Activities -29.00K -24.00K
Cash From Financing Activities 972.0K -60.00K
Net Change In Cash -870.0K -725.0K
YoY Change 20.0% -175.52%
FREE CASH FLOW
Cash From Operating Activities -$1.813M -$641.0K
Capital Expenditures $28.00K $22.00K
Free Cash Flow -$1.841M -$663.0K
YoY Change 177.68% -64.41%

Facts In Submission

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CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-120000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-60000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-641000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-3281000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
7646000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3148000
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 Profit Loss
ProfitLoss
-3281000
CY2018Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000
CY2018Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
85000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3339000
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6313000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6313000
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 Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-57000
CY2018Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
18385 shares
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 Taxes Paid Related To Restricted Stock Issuance
TaxesPaidRelatedToRestrictedStockIssuance
57000
CY2018Q1 icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
64000
CY2018Q1 icad Accrued Amount Of Final Payment Of Term Loan
AccruedAmountOfFinalPaymentOfTermLoan
66000
CY2018Q1 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
2069000
CY2018Q1 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
-1079000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
212000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3561382 shares
CY2019Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
95000
CY2019Q1 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities
1904000
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
212000
CY2019Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
7000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-870000
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-2548000
CY2019Q1 us-gaap Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
94000
CY2019Q1 us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
1491000
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 us-gaap Depreciation
Depreciation
69000
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
70000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000749660
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
ICAD INC
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 us-gaap Gain Loss On Sales Of Loans Net
GainLossOnSalesOfLoansNet
2500000
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1546000
CY2019Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3709000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8000
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
330000
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
347000
CY2019Q1 us-gaap Gross Profit
GrossProfit
5282000
CY2019Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-46000
CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
984000
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
414000
CY2019Q1 us-gaap Interest Expense
InterestExpense
209000
CY2019Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
82000
CY2019Q1 us-gaap Induced Conversion Of Convertible Debt Expense
InducedConversionOfConvertibleDebtExpense
2525000
CY2019Q1 us-gaap Interest Expense Lessee Assets Under Capital Lease
InterestExpenseLesseeAssetsUnderCapitalLease
1000
CY2019Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
403000
CY2019Q1 us-gaap Interest Paid Net
InterestPaidNet
82000
CY2019Q1 us-gaap Line Of Credit Facility Description
LineOfCreditFacilityDescription
The maturity date of the Revolving Loans is March 1, 2022. However, the maturity date will become April 30, 2020 or April 30, 2021 if, on or before March 15, 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 2020 or 2021 calendar year.
CY2019Q1 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2022-03-01
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-2675000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-29000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
972000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1813000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-3717000
CY2019Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2 Segment
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
6316000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 Segment
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1034000
CY2019Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
14000
CY2019Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
59000
CY2019Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1175000
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-3717000
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
3000
CY2019Q1 us-gaap Repayments Of Debt
RepaymentsOfDebt
200000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2127000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
907000
CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6773000
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
6773000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
212000
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1175000
CY2019Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2573000
CY2019Q1 dei Trading Symbol
TradingSymbol
ICAD
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17200000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17200000 shares
CY2019Q1 icad Deferred Revenue To Be Recognized In Next Twelve Months
DeferredRevenueToBeRecognizedInNextTwelveMonths
4800000
CY2019Q1 icad Amortization Accretion Of Discounts And Premiums
AmortizationAccretionOfDiscountsAndPremiums
39000
CY2019Q1 icad Accrued Amount Of Final Payment Of Term Loan
AccruedAmountOfFinalPaymentOfTermLoan
32000
CY2019Q1 icad General Administrative Depreciation And Amortization Expense
GeneralAdministrativeDepreciationAndAmortizationExpense
1557000
CY2019Q1 icad Segment Operating Income Loss
SegmentOperatingIncomeLoss
523000
CY2019Q1 icad Deferral Of Revenue
DeferralOfRevenue
2502000
CY2019Q1 icad Line Of Credit Facility Termination Fee Percentage Prior To Maturity
LineOfCreditFacilityTerminationFeePercentagePriorToMaturity
0.020 pure
CY2019Q1 icad Change In Fair Value Of Convertible Debentures
ChangeInFairValueOfConvertibleDebentures
2525000

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