Icad’s Q2 shows loss after merger expenses

Boca Raton, FL-based icad, the company formed after Howtek’s acquisition of ISSI on June 28 of this year, reported second-quarter revenue of $800,000, down 11.3% from the $900,000 reported in the second quarter of 2001. For the quarter (end-June 30) the firm had a net loss of $7.4 million, compared with a net loss of $800,000 last year.

The reduction in revenue and increase in loss was due to a $2.8 million one-time, noncash accounting charge related to the issuance of restricted stock. In addition, the company stated that its graphic arts and photographic product lines contributed $3.2 million in losses to the company’s bottom line.

According to the company, the restructuring permits it to focus on the medical imaging and scanning business with its flagship computer-aided detection device, MammoReader, via its distributor, Instrumentarium Imaging of Milwaukee.

By AuntMinnie.com staff writers
August 23, 2002

Related Reading

Howtek, ISSI merge to form new CAD company, July 18, 2002

ISSI to defend R2 lawsuit, June 5, 2002

R2 sues ISSI, June 4, 2002

Howtek posts sharp Q1 sales decline, May 9, 2002

Howtek debuts new digitizer, March 26, 2002

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