Computer-aided detection (CAD) technology developer iCAD reported a slight downturn in sales and a steep loss in unaudited results for its fiscal 2005 fourth quarter.
For the period (end-December 31) the Nashua, NH-based firm reported revenue of $6.2 million, slightly down from sales of $6.3 million for the same quarter in fiscal 2005. The company posted a net loss of $1.7 million for the quarter, a sharp reversal compared with net income of $659,000 in the same period a year ago.
The CAD developer said that ongoing legal expenses of approximately $1.2 million in the quarter, associated principally with its patent arbitration proceedings as well as settlement and merger discussions, contributed to the net loss in the quarter.
The unaudited year-end results showed a sharp slide for the firm in fiscal 2005. For the year, revenue declined to $19.8 million, compared with $23.3 million in the prior year period. The company reported a net loss of $4.7 million, a nearly sixfold increase compared with a net loss of $828,000 in fiscal 2004.
The firm referenced ongoing legal expenses of $2.3 million, incurred primarily due to its patent arbitration proceedings, as contributing to its losses for the period.
By AuntMinnie.com staff writers
March 14, 2006
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