The following is a summary of the ICAD, Inc. (ICAD) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 2024 revenue was $5 million, a 21% increase over the first quarter of 2023, primarily driven by key deal closings.

• Gross profit margin was 84%, up from 81% in the prior year, with a total gross profit of $4.2 million.

• GAAP net loss was $1.7 million, an improvement from a net loss of $2.3 million in Q2 2023.

• Annual Recurring Revenue (ARR) reached $9.2 million by June 30, 2024, with cloud ARR starting at $0.2 million.

Business Progress:

• iCAD launched its ProFound Cloud Platform, advancing its SaaS model initiative.

• Closed 60 perpetual deals, 29 subscription deals, and 10 cloud deals in Q2, demonstrating expanded sales and strategic market penetration.

• Through strategic partnerships and expanding its global presence, iCAD is positioned for growth in underpenetrated markets.

Opportunities:

• With only 37% of US mammography sites currently utilizing AI, there is significant room for market penetration and global expansion.

• Transitioning to a SaaS model with its cloud platform to improve service delivery and financial predictability.

Risks:

• No explicit risks mentioned.

More details: iCAD Inc IR

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