ICAD, Inc. (ICAD) saw its loss widen to $3.32 million, or $0.20 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $2.40 million, or $0.15 a share. On the other hand, adjusted net loss for the quarter widened to $3.24 million, or $0.20 a share from a loss of $2.24 million or $0.14 a share, a year ago.
Revenue during the quarter dropped 8.95 percent to $6.93 million from $7.61 million in the previous year period. Gross margin for the quarter contracted 414 basis points over the previous year period to 65.37 percent. Operating margin for the quarter stood at negative 47.52 percent as compared to a negative 30.88 percent for the previous year period.
Operating loss for the quarter was $3.29 million, compared with an operating loss of $2.35 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.01 million compared to negative $1.11 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 29.07 percent for the quarter compared to negative 14.56 percent in the last year period.
"Our fourth quarter revenue grew 15% sequentially compared to the third quarter of 2016, reflecting improved performance in our cancer therapy business," said Ken Ferry, chief executive officer. "This included a stronger quarter for IORT system and balloon applicator sales, as result of greater sales activity, and increased procedure volume in both the U.S. and international markets. We also had our strongest quarter of the year adding new customers in our skin electronic brachytherapy business. Our cancer detection team continues to make good progress with the development of software tools that enhance the workflow and interpretation of 3D tomosynthesis breast exams. We expect these tools to be a major growth opportunity for the Company over time. Currently, these products are available in certain international markets and are pending FDA clearance in the United States."
Operating cash flow remains negative
ICAD, Inc. has spent $5.48 million cash to meet operating activities during the year as against cash outgo of $1.90 million in the last year.
The company has spent $0.36 million cash to meet investing activities during the year as against cash outgo of $2.67 million in the last year.
The company has spent $0.86 million cash to carry out financing activities during the year as against cash outgo of $12.37 million in the last year period.
Cash and cash equivalents stood at $8.58 million as on Dec. 31, 2016, down 43.82 percent or $6.69 million from $15.28 million on Dec. 31, 2015.
Working capital drops significantly
Icad has witnessed a decline in the working capital over the last year. It stood at $7.08 million as at Dec. 31, 2016, down 47.52 percent or $6.41 million from $13.49 million on Dec. 31, 2015. Current ratio was at 1.55 as on Dec. 31, 2016, down from 1.94 on Dec. 31, 2015.
Debt comes down significantly
ICAD, Inc. has recorded a decline in total debt over the last one year. It stood at $0.17 million as on Dec. 31, 2016, down 83.98 percent or $0.89 million from $1.06 million on Dec. 31, 2015. Total debt was 0.44 percent of total assets as on Dec. 31, 2016, compared with 2.17 percent on Dec. 31, 2015. Debt to equity ratio was at 0.01 as on Dec. 31, 2016, down from 0.03 as on Dec. 31, 2015.
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