Computer-aided detection firm iCAD reported higher sales -- but also a bigger net loss -- in the first quarter of 2011, which the company attributed to the inclusion of financial results from its recent purchase of brachytherapy device developer Xoft.
For the period (end-March 31), the firm had total revenue of $7.3 million, a 13% increase compared to total revenue of $6.5 million for the first quarter of 2010. iCAD reported revenues of $960,000 from brachytherapy systems in the most recent period, versus no revenue contribution in the same period the year before.
The company's digital and MRI revenue totaled $3.8 million, down 10% compared to $4.2 million for the same period in 2010. Film-based CAD sales generated $517,000 in revenue, a 51% decrease compared to 2010's $1 million.
iCAD had service and supply revenue of $2.1 million, up 61% from $1.3 million for the same quarter a year ago. The company had a first-quarter net loss of $4.2 million, compared with $1.2 million a year ago; iCAD attributed the loss to higher operating expenses related to the Xoft acquisition.
