2024 Q1 Form 10-K Financial Statement

#000143774924010091 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.954M $4.740M $17.32M
YoY Change -14.26% -26.95% -38.03%
Cost Of Revenue $841.0K $418.0K $2.533M
YoY Change -48.97% -77.44% -68.85%
Gross Profit $4.113M $4.322M $14.79M
YoY Change -0.41% -6.77% -25.37%
Gross Profit Margin 83.02% 91.18% 85.37%
Selling, General & Admin $3.984M $3.724M $17.06M
YoY Change -30.34% -39.07% -31.54%
% of Gross Profit 96.86% 86.16% 115.41%
Research & Development $1.507M $1.252M $5.161M
YoY Change -33.93% -30.94% -39.94%
% of Gross Profit 36.64% 28.97% 34.91%
Depreciation & Amortization $91.00K $69.00K $409.0K
YoY Change 16.67% -41.03% 31.94%
% of Gross Profit 2.21% 1.6% 2.77%
Operating Expenses $5.554M $5.039M $22.47M
YoY Change -31.05% -36.77% -33.39%
Operating Profit -$1.441M -$717.0K -$7.689M
YoY Change -63.29% -78.49% -44.8%
Interest Expense $0.00 $187.0K $713.0K
YoY Change 53.28% 7030.0%
% of Operating Profit
Other Income/Expense, Net $223.0K -$6.000K -$14.00K
YoY Change 46.71% -108.86%
Pretax Income -$1.218M -$536.0K -$6.990M
YoY Change -67.72% -83.31% -49.24%
Income Tax $4.000K $7.000K $20.00K
% Of Pretax Income
Net Earnings -$1.222M $2.055M -$4.847M
YoY Change -67.65% -166.4% -64.51%
Net Earnings / Revenue -24.67% 43.35% -27.99%
Basic Earnings Per Share -$0.05 -$0.19
Diluted Earnings Per Share -$0.05 $0.07 -$0.18
COMMON SHARES
Basic Shares Outstanding 26.54M 26.35M 25.61M
Diluted Shares Outstanding 25.61M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.28M $21.67M $21.67M
YoY Change 3.16% 1.68% 1.68%
Cash & Equivalents $20.28M $21.67M $21.67M
Short-Term Investments
Other Short-Term Assets $1.491M $699.0K $699.0K
YoY Change -9.85% -73.53% -73.53%
Inventory $750.0K $917.0K $917.0K
Prepaid Expenses
Receivables $6.515M $6.392M $6.392M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.04M $29.68M $29.68M
YoY Change -15.08% -22.39% -22.39%
LONG-TERM ASSETS
Property, Plant & Equipment $1.938M $2.284M $2.284M
YoY Change 68.08% 112.66% -48.5%
Goodwill $8.362M $8.362M
YoY Change 0.0% 0.0%
Intangibles $136.0K $148.0K
YoY Change -68.81% -69.29%
Long-Term Investments
YoY Change
Other Assets $103.0K $789.0K $789.0K
YoY Change -37.95% -93.63% 326.49%
Total Long-Term Assets $11.35M $11.74M $11.74M
YoY Change -14.76% -12.8% -12.8%
TOTAL ASSETS
Total Short-Term Assets $29.04M $29.68M $29.68M
Total Long-Term Assets $11.35M $11.74M $11.74M
Total Assets $40.40M $41.42M $41.42M
YoY Change -14.99% -19.9% -19.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $635.0K $712.0K $712.0K
YoY Change -66.37% -63.91% -63.91%
Accrued Expenses $1.755M $2.636M $2.636M
YoY Change -58.34% -43.69% -49.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.160M $6.748M $6.748M
YoY Change -52.18% -49.84% -49.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.768M $1.247M $1.247M
YoY Change -39.49% -62.72% -62.72%
Total Long-Term Liabilities $1.768M $1.247M $1.247M
YoY Change -39.49% -62.72% -62.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.160M $6.748M $6.748M
Total Long-Term Liabilities $1.768M $1.247M $1.247M
Total Liabilities $7.935M $8.001M $8.001M
YoY Change -49.81% -52.38% -52.38%
SHAREHOLDERS EQUITY
Retained Earnings -$272.9M -$271.7M
YoY Change 0.85% 1.82%
Common Stock $306.8M $306.5M
YoY Change 1.0% 1.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.46M $33.42M $33.42M
YoY Change
Total Liabilities & Shareholders Equity $40.40M $41.42M $41.42M
YoY Change -14.99% -19.9% -19.9%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.222M $2.055M -$4.847M
YoY Change -67.65% -166.4% -64.51%
Depreciation, Depletion And Amortization $91.00K $69.00K $409.0K
YoY Change 16.67% -41.03% 31.94%
Cash From Operating Activities -$1.180M -$1.454M -$4.964M
YoY Change -22.77% -53.53% -61.19%
INVESTING ACTIVITIES
Capital Expenditures $106.0K $432.0K $922.0K
YoY Change -13.11% 155.62% 75.95%
Acquisitions
YoY Change
Other Investing Activities -$100.0K $4.387M $4.197M
YoY Change
Cash From Investing Activities -$206.0K $3.955M $3.275M
YoY Change 68.85% -2440.24% -713.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.046M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 126.0K 2.046M
YoY Change 500.0% 476.34%
NET CHANGE
Cash From Operating Activities -$1.180M -1.454M -4.964M
Cash From Investing Activities -$206.0K 3.955M 3.275M
Cash From Financing Activities 126.0K 2.046M
Net Change In Cash -$1.386M 2.627M 357.0K
YoY Change -16.0% -180.16% -102.75%
FREE CASH FLOW
Cash From Operating Activities -$1.180M -$1.454M -$4.964M
Capital Expenditures $106.0K $432.0K $922.0K
Free Cash Flow -$1.286M -$1.886M -$5.886M
YoY Change -22.06% -42.81% -55.79%

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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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1686000 usd
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CY2022 us-gaap Net Income Loss
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CY2022 us-gaap Adjustment For Amortization
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CY2022 us-gaap Depreciation
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CY2022 icad Noncash Lease Expense
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CY2023 icad Accounts Receivable Credit Loss Expense Reversal Including Disposed Business
AccountsReceivableCreditLossExpenseReversalIncludingDisposedBusiness
177000 usd
CY2022 icad Accounts Receivable Credit Loss Expense Reversal Including Disposed Business
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CY2022 us-gaap Share Based Compensation
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CY2022 us-gaap Increase Decrease In Inventories
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Operating Lease Liability
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CY2023 us-gaap Increase Decrease In Deferred Revenue
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193000 usd
CY2022 us-gaap Increase Decrease In Deferred Revenue
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CY2022 us-gaap Adjustments To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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524000 usd
CY2023 us-gaap Payments To Develop Software
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342000 usd
CY2022 us-gaap Payments To Develop Software
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Proceeds From Stock Plans
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CY2022 us-gaap Proceeds From Stock Options Exercised
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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357000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21313000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022 us-gaap Interest Paid Net
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IncomeTaxesPaid
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CY2022 us-gaap Income Taxes Paid
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b>Use of Estimates </b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses during the reporting period and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. It is reasonably possible that changes <em style="font: inherit;"> may </em>occur in the near term that would affect management’s estimates with respect to assets and liabilities.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"></p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"><b>Risk and Uncertainty </b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt; text-indent: 0pt;">On <em style="font: inherit;"> March </em><em style="font: inherit;">12,</em> <em style="font: inherit;">2020,</em> the World Health Organization declared COVID-<em style="font: inherit;">19</em> to be a pandemic. In an effort to contain and mitigate the spread of COVID-<em style="font: inherit;">19,</em> the United States and most countries of the world imposed some level of unprecedented restrictions such as travel bans and business closures which caused substantial reductions in economic activity. As a provider of devices and services to the health care industry, the Company believes its operations have been materially affected in all periods presented. While the worst of the disruptions appear to have subsided as of <em style="font: inherit;"> December 31, 2023, </em>the Company continues to be impacted by slowness in the overall economic recovery. The Company’s expected results for future periods could reflect a continuing negative impact from the COVID-<em style="font: inherit;">19</em> pandemic for similar or additional reasons.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">In late <em style="font: inherit;"> February 2022, </em>Russian military forces launched significant military action against Ukraine. In early <em style="font: inherit;"> October 2023, </em>an armed conflict between Hamas-led Palestinian militant groups and Israeli military forces broke out with a Hamas attack on southern Israel, to which Israeli military forces retaliated. </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 27pt;">Sustained conflict and disruption in these regions has continued through <em style="font: inherit;"> December 31, 2023 </em>and beyond. Economic, civil, military and political uncertainty <em style="font: inherit;"> may </em>arise or increase in regions where the Company operates or derives revenue. Further, countries from which the Company derives revenue <em style="font: inherit;"> may </em>experience military action and/or civil and political unrest; <em style="font: inherit;"> may </em>be subject to government export controls, economic sanctions, embargoes, or trade restrictions; and experience currency, inflation, and interest rate uncertainties. While the impact to the Company has been limited to date, it is <em style="font: inherit;">not</em> possible to predict the potential outcome should the conflict expand and/or additional sanctions be imposed. For the fiscal year ended <em style="font: inherit;">2023,</em> approximately <em style="font: inherit;">10%</em> of the Company’s total revenue was derived from customers located in Europe.</p> <p style="text-indent: 27pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;"> </p> <p style="text-indent: 27pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;; margin: 0pt;"></p>
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CY2022 us-gaap Advertising Expense
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RevenueFromContractWithCustomerExcludingAssessedTax
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CY2021Q4 us-gaap Accounts Receivable Net
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CY2023Q4 us-gaap Contract With Customer Asset Net
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CY2022Q4 us-gaap Contract With Customer Asset Net
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CY2023Q4 us-gaap Contract With Customer Asset Net Noncurrent
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CY2022Q4 us-gaap Contract With Customer Asset Net Noncurrent
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2021Q4 us-gaap Contract With Customer Liability
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CY2022Q4 us-gaap Contract With Customer Liability
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CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3621000 usd
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CY2022 icad Contract With Customer Liability Deferral Of Revenue
ContractWithCustomerLiabilityDeferralOfRevenue
8546000 usd
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CY2022 icad Deferred Revenue Revenue Recognized
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CY2022 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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25202000
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-0.27
CY2022 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.39
CY2023 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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0.08
CY2022 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
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CY2023 us-gaap Earnings Per Share Basic
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CY2022 us-gaap Earnings Per Share Basic
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023 us-gaap Provision For Doubtful Accounts
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CY2022 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
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CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
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CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
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CY2022Q4 us-gaap Inventory Gross
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2023Q4 us-gaap Inventory Net
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CY2022Q4 us-gaap Inventory Net
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CY2023Q4 us-gaap Goodwill
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CY2023 us-gaap Goodwill Period Increase Decrease
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CY2023 us-gaap Amortization Of Intangible Assets
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CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
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CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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8372000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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148000 usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
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264000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
30000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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CY2023Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1000 usd
CY2023Q4 icad Finite Lived Intangible Assets Amortization Expense Year Five And Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndThereafter
87000 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
148000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
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952000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
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725000 usd
CY2023Q4 icad Accrued Accounts Payable Current
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1036000 usd
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1307000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
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227000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
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400000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
213000 usd
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97000 usd
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311000 usd
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61000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
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68000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Allowance For Doubtful Accounts
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAllowanceForDoubtfulAccounts
215000 usd
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242000 usd
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813000 usd
CY2023Q4 us-gaap Deferred Tax Assets Deferred Income
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1749000 usd
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6000 usd
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