iCAD shows revenue decline in Q2

Double-digit growth in product sales was not enough to offset a significant decline in service revenue for computer-aided detection (CAD) developer iCAD in the company's second-quarter financial report (end-June 30).

Total revenue decreased 34% to $7.4 million, compared with $11.1 million in the second quarter of 2015. The results reflect a 10% gain in product revenue and a 51% decrease in service revenue. The company's net loss for the second quarter was $1.6 million, compared with a net loss of $27.8 million in last year's second quarter.

iCAD blamed its second-quarter woes on "general uncertainty" over reimbursement for nonmelanoma skin cancer treatment in the U.S., as well as lower MRI-CAD product sales due to an exclusive distribution partner exercising its right last year to a fully paid license to distribute the software.

For the six-month period, total revenues slipped 45% to $13.4 million, compared with $24.3 million in the first half of 2015. The company's net loss was $4.1 million, compared with a net loss of $29.6 million in the same period of 2015.

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