iCAD books strong 2008, despite lower Q4
iCAD, a developer of advanced image analysis and workflow solutions, reported strong financial results for its consolidated 2008 fiscal year, despite a decrease in profits for the fourth quarter.
The company said its net income for fourth quarter totaled $320,869, compared with a net income of $525,061 in the year-ago quarter. For 2008, its net income was $4.36 million, compared with a net loss of $1.54 million in 2007.
The Nashua, N.H.-based iCAD said that its revenue for the 2008 fourth quarter was $9.32 million, compared with $8.1 million in the 2007 fourth quarter. For the 2008 fiscal year, its revenue was $37.49 million, compared with $26.61 million in the previous year.
"For the year, we achieved record revenue, earnings and cash flow while making significant progress on our product pipeline which should substantially expand our addressable markets for image analysis and workflow solutions with MRI and CT imaging," said Ken Ferry, iCAD's President and CEO.
For the fourth quarter, the company attributed its decrease in service and supply revenue to a decline in labor, parts and supplies associated with its older film-based products.
The company said its net income for fourth quarter totaled $320,869, compared with a net income of $525,061 in the year-ago quarter. For 2008, its net income was $4.36 million, compared with a net loss of $1.54 million in 2007.
The Nashua, N.H.-based iCAD said that its revenue for the 2008 fourth quarter was $9.32 million, compared with $8.1 million in the 2007 fourth quarter. For the 2008 fiscal year, its revenue was $37.49 million, compared with $26.61 million in the previous year.
"For the year, we achieved record revenue, earnings and cash flow while making significant progress on our product pipeline which should substantially expand our addressable markets for image analysis and workflow solutions with MRI and CT imaging," said Ken Ferry, iCAD's President and CEO.
For the fourth quarter, the company attributed its decrease in service and supply revenue to a decline in labor, parts and supplies associated with its older film-based products.