☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 02-0377419 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
98 Spit Brook Road, Suite 100, Nashua, NH | 03062 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
Common Stock, $0.01 par value | ICAD | The Nasdaq Stock Market LLC |
Large Accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page | ||||||||||
PART I | ||||||||||
Item 1 | ||||||||||
Item 2 | ||||||||||
Item 3 | 25 | |||||||||
Item 4 | ||||||||||
PART II | ||||||||||
Item 1A | ||||||||||
Item | ||||||||||
March 31, | December 31, | |||||||
2022 | 2021 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 29,798 | $ | 34,282 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $573 in 2022 and $268 in 2021 | 10,309 | 8,891 | ||||||
Inventory, net | 4,736 | 4,171 | ||||||
Prepaid expenses and other current assets | 3,090 | 2,962 | ||||||
Total current assets | 47,933 | 50,306 | ||||||
Property and equipment, net of accumulated depreciation of $7,192 in 2022 and $7,106 in 2021 | 947 | 882 | ||||||
Operating lease assets | 859 | 1,059 | ||||||
Other assets | 104 | 899 | ||||||
Intangible assets, net of accumulated amortization of $8,776 in 2022 and $8,724 in 2021 | 640 | 683 | ||||||
Goodwill | 8,362 | 8,362 | ||||||
Total assets | $ | 58,845 | $ | 62,191 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,681 | $ | 2,779 | ||||
Accrued and other expenses | 5,128 | 5,642 | ||||||
Lease payable—current portion | 887 | 889 | ||||||
Deferred revenue | 5,765 | 5,652 | ||||||
Total current liabilities | 14,461 | 14,962 | ||||||
Lease payable, long-term portion | 54 | 266 | ||||||
Deferred revenue, long-term portion | 571 | 441 | ||||||
Deferred tax | 6 | 5 | ||||||
Total liabilities | 15,092 | 15,674 | ||||||
Commitments and Contingencies (Note 13) | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value: authorized 1,000,000 shares; NaN issued. | 0— | 0— | ||||||
Common stock, $0.01 par value: authorized 60,000,000 shares; issued 25,359,175 as of March 31, 2022 and 25,326,086 as of December 31, 2021. | ||||||||
Outstanding 25,173,344 as of March 31, 2022 and 25,140,255 | 253 | 253 | ||||||
as of December 31, 2021. | ||||||||
Additional paid-in capital | 301,640 | 300,859 | ||||||
Accumulated deficit | (256,725 | ) | (253,180 | ) | ||||
Treasury stock at cost, 185,831 shares in 2022 and 2021 | (1,415 | ) | (1,415 | ) | ||||
Total stockholders’ equity | 43,753 | 46,517 | ||||||
Total liabilities and stockholders’ equity | $ | 58,845 | $ | 62,191 | ||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Revenue: | ||||||||
Products | $ | 4,560 | $ | 5,557 | ||||
Service and supplies | 2,963 | 3,087 | ||||||
Total revenue | 7,523 | 8,644 | ||||||
Cost of revenue: | ||||||||
Products | 1,087 | 1,409 | ||||||
Service and supplies | 1,049 | 867 | ||||||
Amortization and depreciation | 75 | 79 | ||||||
Total cost of revenue | 2,211 | 2,355 | ||||||
Gross profit | 5,312 | 6,289 | ||||||
Operating expenses: | ||||||||
Engineering and product development | 2,275 | 2,192 | ||||||
Marketing and sales | 3,565 | 3,424 | ||||||
General and administrative | 2,931 | 2,151 | ||||||
Amortization and depreciation | 63 | 55 | ||||||
Total operating expenses | 8,834 | 7,822 | ||||||
Loss from operations | (3,522 | ) | (1,533 | ) | ||||
Interest expense | (9 | ) | (112 | ) | ||||
Other income (expense) | (13 | ) | 2 | |||||
Other expense, net | (22 | ) | (110 | ) | ||||
Loss before income tax expense | (3,544 | ) | (1,643 | ) | ||||
Tax expense | (1 | ) | 0 | |||||
Net loss and comprehensive loss | $ | (3,545) | $ | (1,643) | ||||
Net loss per share: | ||||||||
Basic | $ | (0.14 | ) | $ | (0.07 | ) | ||
Diluted | $ | (0.14 | ) | $ | (0.07 | ) | ||
Weighted average number of shares used in computing loss per share: | ||||||||
Basic | 25,160 | 23,929 | ||||||
Diluted | 25,160 | 23,929 | ||||||
(Unaudited) | ||||||||
September 30, | December 31, | |||||||
2021 | 2020 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 35,805 | $ | 27,186 | ||||
Trade accounts receivable, net of allowance for doubtful accounts of $87 in 2021 and $111 in 2020 | 11,792 | 10,027 | ||||||
Inventory, net | 3,290 | 3,144 | ||||||
Prepaid expenses and other current assets | 1,989 | 1,945 | ||||||
Total current assets | 52,876 | 42,302 | ||||||
Property and equipment, net of accumulated depreciation of $7,020 in 2021 and $6,778 in 2020 | 925 | 744 | ||||||
Operating lease assets | 1,176 | 1,758 | ||||||
Other assets | 1,657 | 1,527 | ||||||
Intangible assets, net of accumulated amortization of $8,667 in 2021 and $8,494 in 2020 | 741 | 889 | ||||||
Goodwill | 8,362 | 8,362 | ||||||
Total assets | $ | 65,737 | $ | 55,582 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 2,651 | $ | 2,869 | ||||
Accrued and other expenses | 5,523 | 7,039 | ||||||
Lease payable — current portion | 856 | 726 | ||||||
Deferred revenue | 5,930 | 6,117 | ||||||
Total current liabilities | 14,960 | 16,751 | ||||||
Lease payable, long-term portion | 431 | 1,075 | ||||||
Notes payable, long-term portion | — | 6,960 | ||||||
Deferred revenue, long-term portion | 520 | 267 | ||||||
Deferred tax | 5 | 4 | ||||||
Total liabilities | 15,916 | 25,057 | ||||||
Commitments and Contingencies | 0 | 0 | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $0.01 par value: authorized 1,000,000 shares; NaN issued. | 0— | 0— | ||||||
Common stock, $0.01 par value: authorized 60,000,000 shares; issued 25,287,837 as of September 30, 2021 and 23,693,735 as of December 31, 2020. | ||||||||
Outstanding 25,102,006 as of September 30, 2021 and 23,508,575 as of December 31, 2020. | 253 | 236 | ||||||
Additional paid-in capital | 300,017 | 273,639 | ||||||
Accumulated deficit | (249,034 | ) | (241,935 | ) | ||||
Treasury stock at cost, 185,831 shares in 2021 and 2020 | (1,415 | ) | (1,415 | ) | ||||
Total stockholders’ equity | 49,821 | 30,525 | ||||||
Total liabilities and stockholders’ equity | $ | 65,737 | $ | 55,582 | ||||
For the three months ended March 31, | ||||||||
2022 | 2021 | |||||||
(in thousands) | ||||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (3,545) | $ | (1,643) | ||||
Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
Amortization | 53 | 58 | ||||||
Depreciation | 86 | 76 | ||||||
Bad debt provision | 305 | 0 | ||||||
Stock-based compensation | 655 | 935 | ||||||
Deferred tax | 1 | 0 | ||||||
Amortization of debt discount and debt costs | 0 | 12 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,723 | ) | (622 | ) | ||||
Inventory | (565 | ) | 647 | |||||
Prepaid and other assets | 653 | (89 | ) | |||||
Accounts payable | (98 | ) | (1,617 | ) | ||||
Accrued expenses | (514 | ) | (1,313 | ) | ||||
Deferred revenue | 243 | (7 | ) | |||||
Total adjustments | (904 | ) | (1,920 | ) | ||||
Net cash used for operating activities | (4,449 | ) | (3,563 | ) | ||||
Cash flow from investing activities: | ||||||||
Additions to patents, technology and other | (10 | ) | 0 | |||||
Additions to property and equipment | (151 | ) | (262 | ) | ||||
Net cash used for investing activities | (161 | ) | (262 | ) | ||||
Cash flow from financing activities: | ||||||||
Proceeds from option exercises pursuant to stock option plans | 66 | 270 | ||||||
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans | 60 | 47 | ||||||
Proceeds from issuance of common stock, net | 0 | 23,229 | ||||||
Net cash provided by financing activities | 126 | 23,546 | ||||||
(Decrease) increase in cash and cash equivalents | (4,484 | ) | 19,721 | |||||
Cash and cash equivalents, beginning of period | 34,282 | 27,186 | ||||||
Cash and cash equivalents, end of period | $ | 29,798 | $ | 46,907 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 9 | $ | 92 | ||||
Taxes paid | $ | 0 | $ | 0 | ||||
Common Stock | Additional | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | |||||||||||||||||||
Balance at December 31, 2021 | 25,326,086 | $ | 253 | $ | 300,859 | $ | (253,180 | ) | $ | (1,415 | ) | $ | 46,517 | |||||||||||
Issuance of common stock relative to vesting of restricted stock | 875 | 0 | 0 | — | — | 0 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | 22,833 | 0 | 66 | — | — | 66 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plans | 9,381 | 0 | 60 | — | — | 60 | ||||||||||||||||||
Stock-based compensation | — | — | 655 | — | — | 655 | ||||||||||||||||||
Net loss | — | — | — | (3,545 | ) | — | (3,545 | ) | ||||||||||||||||
Balance at March 31, 2022 | 25,359,175 | $ | 253 | $ | 301,640 | $ | (256,725 | ) | $ | (1,415 | ) | $ | 43,753 | |||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Revenue: | ||||||||||||||||
Products | $ | 6,320 | $ | 4,538 | $ | 16,429 | $ | 11,220 | ||||||||
Service and supplies | 3,041 | 2,591 | 9,401 | 8,027 | ||||||||||||
Total revenue | 9,361 | 7,129 | 25,830 | 19,247 | ||||||||||||
Cost of revenue: | ||||||||||||||||
Products | 1,807 | 1,345 | 4,592 | 2,899 | ||||||||||||
Service and supplies | 763 | 667 | 2,462 | 2,169 | ||||||||||||
Amortization and depreciation | 79 | 92 | 237 | 287 | ||||||||||||
Total cost of revenue | 2,649 | 2,104 | 7,291 | 5,355 | ||||||||||||
Gross profit | 6,712 | 5,025 | 18,539 | 13,892 | ||||||||||||
Operating expenses: | ||||||||||||||||
Engineering and product development | 2,285 | 1,849 | 6,745 | 5,938 | ||||||||||||
Marketing and sales | 3,886 | 2,979 | 10,739 | 9,218 | ||||||||||||
General and administrative | 2,658 | 1,834 | 7,461 | 6,476 | ||||||||||||
Amortization and depreciation | 64 | 52 | 178 | 153 | ||||||||||||
Total operating expenses | 8,893 | 6,714 | 25,123 | 21,785 | ||||||||||||
Loss from operations | (2,181 | ) | (1,689 | ) | (6,584 | ) | (7,893 | ) | ||||||||
Interest expense | 0 | (115 | ) | (141 | ) | (360 | ) | |||||||||
Other income | 5 | 10 | 12 | 85 | ||||||||||||
Loss on extinguishment of debt | 0 | — | (386 | ) | (341 | ) | ||||||||||
Loss on fair value of convertible debentures | — | — | — | (7,464 | ) | |||||||||||
Other income (expense), net | 5 | (105 | ) | (515 | ) | (8,080 | ) | |||||||||
Loss before income tax expense | (2,176 | ) | (1,794 | ) | (7,099 | ) | (15,973 | ) | ||||||||
Tax expense | — | (3 | ) | — | (34 | ) | ||||||||||
Net loss and comprehensive loss | $ | (2,176 | ) | $ | (1,797 | ) | $ | (7,099 | ) | $ | (16,007 | ) | ||||
Net loss per share: | ||||||||||||||||
Basic | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) | ||||
Diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) | ||||
Weighted average number of shares used in computing loss per share: | ||||||||||||||||
Basic | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
Diluted | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
Common Stock | Additional | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Paid-in Capital | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | |||||||||||||||||||
Balance at December 31, 2020 | 23,694,406 | $ | 236 | $ | 273,639 | $ | (241,935 | ) | (1,415 | ) | $ | 30,525 | ||||||||||||
Issuance of common stock relative to vesting of restricted stock | 20,000 | 0 | 0 | — | — | 0 | ||||||||||||||||||
Issuance of common stock, net | 1,393,738 | 14 | 23,215 | — | — | 23,229 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | 28,934 | 1 | 270 | — | — | 271 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 6,354 | — | 47 | — | — | 47 | ||||||||||||||||||
Stock-based compensation | — | — | 935 | — | — | 935 | ||||||||||||||||||
Net loss | — | — | — | (1,643 | ) | — | (1,643 | ) | ||||||||||||||||
Balance at March 31, 2021 | 25,143,432 | $ | 251 | $ | 298,106 | $ | (243,578 | ) | $ | (1,415 | ) | $ | 53,364 | |||||||||||
For the Nine Months ended September 30, | ||||||||
2021 | 2020 | |||||||
(in thousands) | ||||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (7,099 | ) | $ | (16,007 | ) | ||
Adjustments to reconcile net loss to net cash used for operating activities: | ||||||||
Amortization | 176 | 234 | ||||||
Depreciation | 242 | 206 | ||||||
Bad debt provision | (25 | ) | 80 | |||||
Stock-based compensation | 2,102 | 2,542 | ||||||
Amortization of debt discount and debt costs | 17 | 65 | ||||||
Loss on extinguishment of debt | 386 | 341 | ||||||
Deferred tax expense | — | 1 | ||||||
Change in fair value of convertible debentures | — | 7,464 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,827 | ) | 1,151 | |||||
Inventory | (146 | ) | (535 | ) | ||||
Prepaid and other assets | 493 | 69 | ||||||
Accounts payable | (217 | ) | 96 | |||||
Accrued expenses | (2,028 | ) | (2,322 | ) | ||||
Deferred revenue | 65 | 532 | ||||||
Total adjustments | (762 | ) | 9,924 | |||||
Net cash used for operating activities | (7,861 | ) | (6,083 | ) | ||||
Cash flow from investing activities: | ||||||||
Additions to patents, technology and other | (24 | ) | (11 | ) | ||||
Additions to property and equipment | (426 | ) | (275 | ) | ||||
Net cash used for investing activities | (450 | ) | (286 | ) | ||||
Cash flow from financing activities: | ||||||||
Issuance of common stock pursuant to stock option plans | 933 | 415 | ||||||
Issuance of common stock pursuant to Employee Stock Purchase Plan | 190 | 209 | ||||||
Proceeds from issuance of common stock, net | 23,229 | 12,174 | ||||||
Taxes paid related to restricted stock issuance | (59 | ) | (225 | ) | ||||
Principal payments of capital lease obligations | — | (4,638 | ) | |||||
Repayment of debt financing | (7,363 | ) | 775 | |||||
Repayment on line of credit | — | (2,000 | ) | |||||
Proceeds from notes payable | — | 6,957 | ||||||
Debt issuance costs | — | 22 | ||||||
Net cash provided by financing activities | 16,930 | 13,689 | ||||||
Increase in cash and equivalents | 8,619 | 7,320 | ||||||
Cash and cash equivalents, beginning of period | 27,186 | 15,313 | ||||||
Cash and cash equivalents, end of period | $ | 35,805 | $ | 22,633 | ||||
Supplemental disclosure of cash flow information: | ||||||||
Interest paid | $ | 92 | $ | 127 | ||||
Taxes paid | $ | — | $ | 34 | ||||
Issuance of common stock upon conversion of debentures | — | 21,164 | ||||||
Right-of-use | $ | — | $ | 69 | ||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2020 | 23,694,406 | 236 | 273,639 | (241,935 | ) | (1,415) | $ | 30,525 | ||||||||||||||||
Issuance of common stock relative to vesting of restricted stock | 43,831 | 1 | (60 | ) | — | — | (59 | ) | ||||||||||||||||
Issuance of common stock, net | 1,393,738 | 14 | 23,215 | — | — | 23,229 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | 138,450 | 2 | 931 | — | — | 933 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 17,412 | — | 190 | — | — | 190 | ||||||||||||||||||
Stock-based compensation | — | — | 2,102 | — | — | 2,102 | ||||||||||||||||||
Net loss | — | — | — | (7,099 | ) | — | (7,099 | ) | ||||||||||||||||
Balance at September 30, 2021 | 25,287,837 | $ | 253 | $ | 300,017 | $ | (249,034 | ) | $ | (1,415 | ) | $ | 49,821 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at June 30, 2021 | 25,213,302 | 251 | 299,049 | (246,858 | ) | (1,415 | ) | $ | 51,027 | |||||||||||||||
Issuance of common stock relative to vesting of restricted stock | 14,665 | 1 | (60 | ) | — | — | (59 | ) | ||||||||||||||||
Issuance of common stock, net | 54,702 | 1 | 296 | — | — | 297 | ||||||||||||||||||
Issuance of common stock pursuant to stock option plans | — | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 5,168 | — | 76 | — | — | 76 | ||||||||||||||||||
Stock-based compensation | — | — | 656 | — | — | 656 | ||||||||||||||||||
Net loss | — | — | — | (2,176 | ) | — | (2,176 | ) | ||||||||||||||||
Balance at September 30, 2021 | 25,287,837 | $ | 253 | $ | 300,017 | $ | (249,034 | ) | $ | (1,415 | ) | $ | 49,821 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at December 31, 2019 | 19,546,151 | $ | 196 | $ | 230,615 | $ | (224,325 | ) | $ | (1,415) | $ | 5,071 | ||||||||||||
Issuance of common stock relative to vesting of restricted stock, net | 97,830 | — | (225 | ) | — | — | (225 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 94,678 | 1 | 416 | — | — | 417 | ||||||||||||||||||
Stock Issuance Net | 1,562,500 | 16 | 12,158 | — | — | 12,174 | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 34,857 | 209 | 209 | |||||||||||||||||||||
Issuance of stock upon conversion of Debentures | 1,819,466 | 18 | 21,146 | — | — | 21,164 | ||||||||||||||||||
Stock-based compensation | — | — | 2,542 | 2,542 | ||||||||||||||||||||
Net loss | — | — | — | (16,007 | ) | — | (16,007 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Common Stock | Additional Paid-in Capital | |||||||||||||||||||||||
Number of Shares Issued | Par Value | Accumulated Deficit | Treasury Stock | Stockholders’ Equity | ||||||||||||||||||||
Balance at June 30, 2020 | 23,060,272 | $ | 231 | $ | 266,211 | $ | (238,535 | ) | $ | (1,415 | ) | $ | 26,492 | |||||||||||
Issuance of common stock relative to vesting of restricted stock | 29,106 | — | (94 | ) | — | — | (94 | ) | ||||||||||||||||
Issuance of common stock pursuant to stock option plans | 49,712 | — | 185 | — | — | 185 | ||||||||||||||||||
Stock Issuance Net | — | — | — | — | — | — | ||||||||||||||||||
Issuance of common stock pursuant Employee Stock Purchase Plan | 16,392 | — | 94 | — | — | 94 | ||||||||||||||||||
Issuance of stock upon conversion of Debentures | — | — | — | — | — | — | ||||||||||||||||||
Stock-based compensation | — | — | 465 | — | — | 465 | ||||||||||||||||||
Net loss | — | — | — | (1,797 | ) | — | (1,797 | ) | ||||||||||||||||
Balance at September 30, 2020 | 23,155,482 | $ | 231 | $ | 266,861 | $ | (240,332 | ) | $ | (1,415 | ) | $ | 25,345 | |||||||||||
Fair Value Measurements (in thousands) as of March 31, 2022 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 24,235 | — | — | $ | 24,235 | ||||||||||
Total Assets | $ | 24,235 | — | — | $ | 24,235 | ||||||||||
Fair Value Measurements (in thousands) as of December 31, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 30,573 | — | — | $ | 30,573 | ||||||||||
Total Assets | $ | 30,573 | — | — | $ | 30,573 | ||||||||||
Three months ended September 30, 2021 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 4,454 | $ | 2,358 | $ | 6,812 | ||||||
Service contracts | 1,554 | 398 | 1,952 | |||||||||
Supply and source usage agreements | — | 562 | 562 | |||||||||
Professional services | — | 35 | 35 | |||||||||
Other | — | — | — | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 4,454 | $ | 2,393 | $ | 6,847 | ||||||
Services transferred over time | 1,554 | 960 | 2,514 | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 3,629 | $ | 1,403 | $ | 5,032 | ||||||
OEM partners | 2,379 | — | 2,379 | |||||||||
Channel partners | — | 1,950 | 1,950 | |||||||||
$ | 6,008 | $ | 3,353 | $ | 9,361 | |||||||
Nine months ended September 30, 2021 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 11,778 | $ | 6,580 | $ | 18,358 | ||||||
Service contracts | 4,737 | 1,109 | 5,846 | |||||||||
Supply and source usage agreements | — | 1,572 | 1,572 | |||||||||
Professional services | — | 54 | 54 | |||||||||
Other | — | — | — | |||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 11,778 | $ | 6,633 | $ | 18,411 | ||||||
Services transferred over time | 4,737 | $ | 2,682 | 7,419 | ||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 10,691 | $ | 3,632 | $ | 14,323 | ||||||
OEM partners | 5,824 | — | 5,824 | |||||||||
Channel partners | — | 5,683 | 5,683 | |||||||||
$ | 16,515 | $ | 9,315 | $ | 25,830 |
Three months ended September 30, 2020 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 3,889 | $ | 1,038 | $ | 4,927 | ||||||
Service contracts | 1,400 | 347 | 1,747 | |||||||||
Supply and source usage agreements | — | 444 | 444 | |||||||||
Professional services | — | 9 | 9 | |||||||||
Other | 2 | — | 2 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 3,889 | $ | 1,051 | $ | 4,940 | ||||||
Services transferred over time | 1,402 | 787 | 2,189 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 2,904 | $ | 857 | $ | 3,761 | ||||||
OEM partners | 2,387 | — | 2,387 | |||||||||
Channel partners | — | 981 | 981 | |||||||||
$ | 5,291 | $ | 1,838 | $ | 7,129 | |||||||
Nine months ended September 30, 2020 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 9,690 | $ | 2,959 | $ | 12,649 | ||||||
Service contracts | 4,151 | 1,079 | 5,230 | |||||||||
Supply and source usage agreements | — | 1,305 | 1,305 | |||||||||
Professional services | — | 20 | 20 | |||||||||
Other | 43 | — | 43 | |||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 9,731 | $ | 3,039 | $ | 12,770 | ||||||
Services transferred over time | 4,153 | 2,324 | 6,477 | |||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 7,785 | $ | 3,131 | $ | 10,916 | ||||||
OEM partners | 6,099 | — | 6,099 | |||||||||
Channel partners | — | 2,232 | 2,232 | |||||||||
$ | 13,884 | $ | 5,363 | $ | 19,247 | |||||||
Three months ended March 31, 2022 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 3,864 | $ | 696 | $ | 4,560 | ||||||
Service | 1,657 | 386 | 2,043 | |||||||||
Sources and source usage agreements | — | 413 | 413 | |||||||||
Disposable applicators | — | 415 | 415 | |||||||||
Other | — | 92 | 92 | |||||||||
$ | 5,521 | $ | 2,002 | $ | 7,523 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 3,881 | $ | 1,264 | $ | 5,145 | ||||||
Services transferred over time | 1,640 | 738 | 2,378 | |||||||||
$ | 5,521 | $ | 2,002 | $ | 7,523 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 2,895 | $ | 815 | $ | 3,710 | ||||||
OEM partners | 2,626 | — | 2,626 | |||||||||
Channel partners | — | 1,187 | 1,187 | |||||||||
$ | 5,521 | $ | 2,002 | $ | 7,523 | |||||||
Three months ended March 31, 2021 | ||||||||||||
Reportable Segments | ||||||||||||
Detection | Therapy | Total | ||||||||||
Major Goods/Service Lines | ||||||||||||
Products | $ | 4,161 | $ | 1,396 | $ | 5,557 | ||||||
Service | 1,558 | 350 | 1,908 | |||||||||
Sources and source usage agreements | — | 629 | 629 | |||||||||
Disposable applicators | — | 495 | 495 | |||||||||
Other | — | 55 | 55 | |||||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 | |||||||
Timing of Revenue Recognition | ||||||||||||
Goods transferred at a point in time | $ | 4,161 | $ | 2,104 | $ | 6,265 | ||||||
Services transferred over time | 1,558 | 821 | 2,379 | |||||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 | |||||||
Sales Channels | ||||||||||||
Direct sales force | $ | 3,875 | $ | 674 | $ | 4,549 | ||||||
OEM partners | 1,844 | — | 1,844 | |||||||||
Channel partners | — | 2,251 | 2,251 | |||||||||
$ | 5,719 | $ | 2,925 | $ | 8,644 | |||||||
Contract balances | ||||||||
Balance at | Balance at | |||||||
September 30, 2021 | December 31, 2020 | |||||||
Receivables, which are included in ‘Trade accounts receivable’ | $ | 11,792 | $ | 10,027 | ||||
Current other assets” | 658 | 481 | ||||||
Non-current contract assets, which are included in “otherassets” | 1,602 | 1,434 | ||||||
Contract liabilities, which are included in “Deferred revenue” | 6,450 | 6,384 |
Balance at March 31, 2022 | Balance at December 31, 2021 | |||||||
Receivables, which are included in ‘Trade accounts receivable’ | $ | 10,309 | $ | 8,891 | ||||
Current contract assets, which are included in “Prepaid and other assets” | $ | 1,174 | $ | 1,895 | ||||
Non-current contract assets, which are included in “other assets” | $ | 49 | $ | 844 | ||||
Contract liabilities, which are included in “Deferred revenue” | $ | 6,336 | $ | 6,093 |
Contract liabilities | September 30, 2021 | December 31, 2020 | ||||||
Short term | $ | 5,930 | $ | 6,117 | ||||
Long term | 520 | 267 | ||||||
Total | $ | 6,450 | $ | 6,384 | ||||
Three Months Ended March 31, 2022 | ||||
Balance at beginning of period | $ | 6,093 | ||
Deferral of revenue | 2,940 | |||
Recognition of deferred revenue | (2,697 | ) | ||
Balance at end of period | $ | 6,336 | ||
Nine Months Ended September 30, 2021 | ||||
Balance at beginning of period | $ | 6,384 | ||
Deferral of revenue | 9,761 | |||
Recognition of deferred revenue | (9,695 | ) | ||
Balance at end of period | $ | 6,450 | ||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Net loss | $ | (2,176 | ) | $ | (1,797 | ) | $ | (7,099 | ) | $ | (16,007 | ) | ||||
Shares used in the calculation of basic and diluted net loss per share | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
Diluted shares used in the calculation of net loss per share | 25,053 | 23,173 | 24,662 | 21,827 | ||||||||||||
Net loss per share—basic and diluted | $ | (0.09 | ) | $ | (0.08 | ) | $ | (0.29 | ) | $ | (0.73 | ) |
As of September 30, | ||||||||
2021 | 2020 | |||||||
Stock options | 2,509,511 | 1,971,704 | ||||||
Restricted stock | 1,750 | 29,166 | ||||||
Total | 2,511,261 | 2,000,870 | ||||||
September 30, 2021 | December 31, 2020 | |||||||
Raw materials | $ | 1,845 | $ | 1,538 | ||||
Work in process | 104 | 76 | ||||||
Finished Goods | 1,567 | 1,774 | ||||||
Inventory Gross | 3,516 | 3,388 | ||||||
Inventory Reserve | (225 | ) | (244 | ) | ||||
Inventory Net | $ | 3,290 | $ | 3,144 | ||||
Input | December 31, 2019 | February 21, 2020 | ||||||
Company’s stock price | $ | 7.77 | $ | 11.64 | ||||
Conversion price | 4.00 | 4.00 | ||||||
Remaining term (years) | 1.97 | 0.00 | ||||||
Equity volatility | 49.00 | % | N/A | |||||
Risk free rate | 1.57 | % | N/A | |||||
Probability of default event 1 | 0.45 | % | N/A | |||||
Utilization of Forced Conversion (if available) 1 | 100.00 | % | 100.00 | % | ||||
Exercise of Default Redemption (if available) 1 | 100.00 | % | N/A | |||||
Effective discount rate 1 | 18.52 | % | N/A |
Convertible Debentures | December 31, 2019 | February 21, 2020 | ||||||
Fair value, in accordance with fair value option | $ | 13,642 | $ | 21,164 | ||||
Principal value outstanding | $ | 6,970 | $ | 6,970 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cash interest expense | $ | 0 | $ | 94 | $ | 141 | $ | 232 | ||||||||
Interest on convertible debentures | — | — | — | 49 | ||||||||||||
Accrual of notes payable final payment | — | 8 | — | 47 | ||||||||||||
Amortization of debt costs | — | 13 | — | 32 | ||||||||||||
Total interest expense | $ | 0 | $ | 115 | $ | 141 | $ | 360 | ||||||||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Net loss | $ | (3,545) | $ | (1,643) | ||||
Shares used in the calculation of basic and diluted net loss per share | 25,160 | 23,929 | ||||||
Diluted shares used in the calculation of net loss per share | 25,160 | 23,929 | ||||||
Net loss per share—basic and diluted | $ | (0.14 | ) | $ | (0.07 | ) | ||
Lease Cost | Classification | Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||
Operating lease cost—Right of Use Asset | Operating expenses | $ | 214 | $ | 649 | |||||
Operating lease cost—Variable | Operating expenses | 63 | $ | 127 | ||||||
Total | $ | 277 | $ | 776 | ||||||
Three Months Ended September 30, 2021 | Nine Months Ended September 30, 2021 | |||||||||
Cash paid from operating cash flows for operating leases | $ | 230 | $ | 581 |
2021 | ||||
As of September 30, 2021: | Operating Leases | |||
2021 | 229 | |||
2022 | 899 | |||
2023 | 211 | |||
2024 | 5 | |||
Total lease payments | 1,344 | |||
Less: imputed interest | (57 | ) | ||
Total lease liabilities | 1,287 | |||
Less: current portion of lease liabilities | (856 | ) | ||
Long-term lease liabilities | $ | 431 |
As of March 31, | ||||||||
2022 | 2021 | |||||||
Stock options | 2,894,449 | 2,246,776 | ||||||
Restricted stock | 0 | 31,654 | ||||||
Total | 2,894,449 | 2,278,430 | ||||||
March 31, 2022 | December 31, 2021 | |||||||
Raw materials | $ | 3,333 | $ | 2,962 | ||||
Work in process | 504 | 173 | ||||||
Finished Goods | 1,174 | 1,279 | ||||||
Inventory Gross | 5,011 | 4,414 | ||||||
Inventory Reserve | (275 | ) | (243 | ) | ||||
Inventory Net | $ | 4,736 | $ | 4,171 | ||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||
Average risk-free interest rate | 0.41 | % | 0.15 | % | 0.28 | % | 0.79 | % | ||||
Expected dividend yield | NaN | NaN | NaN | NaN | ||||||||
Expected life | 3.5 years | 3.5 years | 3.5 years | 3.5 years | ||||||||
Expected volatility | 65.57% to 67.42 | % | 66.0% to 66.0 | % | 65.57% to 67.42 | % | 50.2 to 65.7 | % | ||||
Weighted average exercise price | $15.04 | $8.84 | $16.61 | $10.08 | ||||||||
Weighted average fair value | $6.18 | $4.11 | $7.34 | $4.34 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Cost of revenue | $ | 3 | $ | 3 | $ | 20 | $ | 28 | ||||||||
Engineering and product development | 73 | 64 | 281 | 406 | ||||||||||||
Marketing and sales | 149 | 61 | 629 | 608 | ||||||||||||
General and administrative | 431 | 337 | 1,172 | 1,500 | ||||||||||||
$ | 656 | $ | 465 | $ | 2,102 | $ | 2,542 | |||||||||
Remaining expense | $ | 4,972 | ||
Weighted average term | 1.3 |
As of September 30, | ||||||||
Aggregate intrinsic value | 2021 | 2020 | ||||||
Stock options | $ | 8,765 | $ | 6,679 | ||||
Restricted stock | 19 | 257 |
Fair Value Measurements as of December 31, 2020 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 27,186 | — | — | $ | 27,186 | ||||||||||
Total Assets | $ | 27,186 | — | — | $ | 27,186 | ||||||||||
Fair Value Measurements (in thousands) as of September 30, 2021 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Assets | ||||||||||||||||
Money market accounts | $ | 35,805 | — | — | $ | 35,805 | ||||||||||
Total Assets | $ | 35,805 | — | — | $ | 35,805 | ||||||||||
Lease Cost | Classification | Three Months Ended March 31, 2022 | ||||
Operating lease cost—Right of Use Asset | Operating expenses | $ | 215 | |||
Operating lease cost—Variable | Operating expenses | 61 | ||||
Total | $ | 276 | ||||
Three Months Ended March 31, 2022 | ||||
Cash paid from operating cash flows for operating leases | $ | 229 | ||
As of March 31, 2022 | ||||
Weighted-average remaining lease term of operating leases (in year) | 1.02 | |||
Weighted-average discount rate for operating leases | 5.5 | % |
2022 | 701 | |||
2023 | 253 | |||
2024 | 16 | |||
Total lease payments | 970 | |||
Less: imputed interest | (29 | ) | ||
Total lease liabilities | 941 | |||
Less: current portion of lease liabilities | (887 | ) | ||
Long-term lease liabilities | $ | 54 | ||
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cash interest expense | $ | 0 | $ | 92 | ||||
Accrual of notes payable final payment | 0 | 7 | ||||||
Amortization of debt costs | 0 | 13 | ||||||
Total interest expense | $ | 0 | $ | 112 | ||||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
Average risk-free interest rate | 1.46% | 0.20% | ||
Expected dividend yield | NaN | NaN | ||
Expected life | 3.5 years | 3.5 years | ||
Expected volatility | 66.3% to 69.5% | 66.0% to 66.0% | ||
Weighted average exercise price | $5.22 | $18.00 | ||
Weighted average fair value | $2.56 | $8.37 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Cost of revenue | $ | 0 | $ | 14 | ||||
Engineering and product development | 68 | 149 | ||||||
Marketing and sales | 199 | 353 | ||||||
General and administrative | 388 | 419 | ||||||
$ | 655 | $ | 935 | |||||
As of March 31, | ||||||||
Aggregate intrinsic value | 2022 | 2021 | ||||||
Stock options | $ | 1,311 | $ | 29,305 | ||||
Restricted stock | 0 | 672 |
Consolidated reporting unit | Detection | Therapy | Total | |||||||||||||
Accumulated Goodwill | $ | 47,937 | $ | — | $ | — | $ | 47,937 | ||||||||
Accumulated impairment | (26,828 | ) | — | — | (26,828 | ) | ||||||||||
Fair value allocation | (21,109 | ) | 7,663 | 13,446 | — | |||||||||||
Acquisition of DermEbx and Radion | — | — | 6,154 | 6,154 | ||||||||||||
Acquisition measurement period adjustments | — | — | 116 | 116 | ||||||||||||
Acquisition of VuComp | — | 1,093 | — | 1,093 | ||||||||||||
Sale of MRI assets | — | (394 | ) | (394 | ) | |||||||||||
Impairment | — | — | (19,716 | ) | (19,716 | ) | ||||||||||
Balance at December 31, 2020 and September 30, 2021 | — | 8,362 | — | 8,362 |
Three Months Ended March 31, | ||||||||
2022 | 2021 | |||||||
Segment revenues: | ||||||||
Detection | $ | 5,521 | $ | 5,719 | ||||
Therapy | 2,002 | 2,925 | ||||||
Total Revenue | $ | 7,523 | $ | 8,644 | ||||
Segment gross profit: | ||||||||
Detection | $ | 4,661 | $ | 4,725 | ||||
Therapy | 651 | 1,564 | ||||||
Segment gross profit | $ | 5,312 | $ | 6,289 | ||||
Segment operating income (loss): | ||||||||
Detection | $ | 622 | $ | 941 | ||||
Therapy | (1,209 | ) | (312 | ) | ||||
Segment operating income (loss) | $ | (587 | ) | $ | 629 | |||
General, administrative, depreciation and amortization expense | $ | (2,935 | ) | $ | (2,162 | ) | ||
Interest expense | (9 | ) | (112 | ) | ||||
Other (expense) income | (13 | ) | 2 | |||||
Loss before income tax | $ | (3,544 | ) | $ | (1,643 | ) | ||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||
Segment revenues: | ||||||||||||||||
Detection | $ | 6,008 | $ | 5,291 | $ | 16,515 | $ | 13,885 | ||||||||
Therapy | 3,353 | 1,838 | 9,315 | 5,362 | ||||||||||||
Total Revenue | $ | 9,361 | $ | 7,129 | $ | 25,830 | $ | 19,247 | ||||||||
Segment gross profit: | ||||||||||||||||
Detection | $ | 5,058 | $ | 4,227 | $ | 13,788 | $ | 11,227 | ||||||||
Therapy | 1,654 | 798 | 4,751 | 2,665 | ||||||||||||
Segment gross profit | $ | 6,712 | $ | 5,025 | $ | 18,539 | $ | 13,892 | ||||||||
Segment operating income (loss): | ||||||||||||||||
Detection | $ | 671 | $ | 866 | $ | 1,664 | $ | 721 | ||||||||
Therapy | (173 | ) | (711 | ) | (735 | ) | (2,149 | ) | ||||||||
Segment operating income (loss) | $ | 498 | $ | 155 | $ | 929 | $ | (1,428 | ) | |||||||
General, administrative, depreciation and amortization expense | $ | (2,679 | ) | $ | (1,844 | ) | $ | (7,513 | ) | $ | (6,465 | ) | ||||
Interest expense | — | (115 | ) | (141 | ) | (360 | ) | |||||||||
Other income | 5 | 10 | 12 | 85 | ||||||||||||
Loss on extinguishment of debt | — | — | (386 | ) | (341 | ) | ||||||||||
Fair value of convertible debentures | — | — | — | (7,464 | ) | |||||||||||
Loss before income tax | $ | (2,176 | ) | $ | (1,794 | ) | $ | (7,099 | ) | $ | (15,973 | ) |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||
Detection revenue | ||||||||||||||||||||||||||||||||
Product revenue | $ | 4,454 | $ | 3,889 | $ | 565 | 14.5 | % | $ | 3,864 | $ | 4,161 | $ | (297 | ) | (7.1 | )% | |||||||||||||||
Service and supplies revenue | 1,554 | 1,402 | 152 | 10.8 | % | 1,657 | 1,558 | 99 | 6.4 | % | ||||||||||||||||||||||
Subtotal | 6,008 | 5,291 | 717 | 13.6 | % | 5,521 | 5,719 | (198 | ) | (3.5 | )% | |||||||||||||||||||||
Therapy revenue | ||||||||||||||||||||||||||||||||
Product revenue | 1,866 | 649 | 1,217 | 187.5 | % | 696 | 1,396 | (700 | ) | (50.1 | )% | |||||||||||||||||||||
Service and supplies revenue | 1,487 | 1,189 | 298 | 25.1 | % | 1,306 | 1,529 | (223 | ) | (14.6 | )% | |||||||||||||||||||||
Subtotal | 3,353 | 1,838 | 1,515 | 82.4 | % | 2,002 | 2,925 | (923 | ) | (31.6 | )% | |||||||||||||||||||||
Total revenue | $ | 9,361 | $ | 7,129 | $ | 2,232 | 31.3 | % | $ | 7,523 | $ | 8,644 | $ | (1,121 | ) | (13.0 | )% | |||||||||||||||
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Detection revenue | ||||||||||||||||
Product revenue | $ | 11,779 | $ | 9,691 | $ | 2,088 | 21.5 | % | ||||||||
Service revenue | $ | 4,736 | 4,194 | 542 | 12.9 | % | ||||||||||
Subtotal | 16,515 | 13,885 | 2,630 | 18.9 | % | |||||||||||
Therapy revenue | ||||||||||||||||
Product revenue | $ | 4,650 | 1,529 | 3,121 | 204.1 | % | ||||||||||
Service revenue | $ | 4,665 | 3,833 | 832 | 21.7 | % | ||||||||||
Subtotal | 9,315 | 5,362 | 3,953 | 73.7 | % | |||||||||||
Total revenue | $ | 25,830 | $ | 19,247 | $ | 6,583 | 34.2 | % | ||||||||
Three months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||
Products | $ | 1,807 | $ | 1,345 | $ | 462 | 34.3 | % | $ | 1,087 | $ | 1,409 | $ | (322 | ) | (22.9 | )% | |||||||||||||||
Service and supplies | 763 | 667 | 96 | 14.4 | % | 1,049 | 867 | 182 | 21.0 | % | ||||||||||||||||||||||
Amortization and depreciation | 79 | 92 | (13 | ) | (14.1 | )% | 75 | 79 | (4 | ) | (5.1 | )% | ||||||||||||||||||||
Total cost of revenue | $ | 2,649 | $ | 2,104 | $ | 545 | �� | 25.9 | % | $ | 2,211 | $ | 2,355 | $ | (144 | ) | (6.1 | )% | ||||||||||||||
Gross profit | $ | 6,712 | $ | 5,025 | $ | 1,687 | 33.6 | % |
Three months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | Change | % Change | 2022 | 2021 | Change | % Change | |||||||||||||||||||||||||
Detection gross profit | $ | 5,058 | $ | 4,227 | $ | 831 | 19.7 | % | $ | 4,661 | $ | 4,725 | $ | (64 | ) | (1.4 | %) | |||||||||||||||
Therapy gross profit | 1,654 | 798 | 856 | 107.3 | % | 651 | 1,564 | (913 | ) | (58.4 | %) | |||||||||||||||||||||
Gross profit | 6,712 | 5,025 | 1,687 | 33.6 | % | $ | 5,312 | $ | 6,289 | $ | (977 | ) | (15.5 | %) | ||||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Products | $ | 4,592 | $ | 2,899 | $ | 1,693 | 58.4 | % | ||||||||
Service and supplies | 2,462 | 2,169 | 293 | 13.5 | % | |||||||||||
Amortization and depreciation | 237 | 287 | (50 | ) | (17.4 | )% | ||||||||||
Total cost of revenue | $ | 7,291 | $ | 5,355 | $ | 1,936 | 36.2 | % | ||||||||
Gross profit | $ | 18,539 | $ | 13,892 | $ | 4,647 | 33.5 | % |
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | % Change | |||||||||||||
Detection gross profit | $ | 13,788 | $ | 11,227 | $ | 2,561 | 22.8 | % | ||||||||
Therapy gross profit | 4,751 | 2,665 | 2,086 | 78.3 | % | |||||||||||
Gross profit | 18,539 | 13,892 | 4,647 | 33.5 | % | |||||||||||
Three months ended September 30, | Three months ended March 31, | |||||||||||||||||||||||||||||||
2021 | 2020 | Change | Change % | 2022 | 2021 | Change $ | Change % | |||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||
Engineering and product development | $ | 2,285 | $ | 1,849 | $ | 436 | 23.6 | % | $ | 2,275 | $ | 2,192 | $ | 83 | 3.8 | % | ||||||||||||||||
Marketing and sales | 3,886 | 2,979 | 907 | 30.4 | % | 3,565 | 3,424 | 141 | 4.1 | % | ||||||||||||||||||||||
General and administrative | 2,658 | 1,834 | 824 | 44.9 | % | 2,931 | 2,151 | 780 | 36.3 | % | ||||||||||||||||||||||
Amortization and depreciation | 64 | 52 | 12 | 23.1 | % | 63 | 55 | 8 | 14.5 | % | ||||||||||||||||||||||
Total operating expenses | $ | 8,893 | $ | 6,714 | $ | 2,179 | 32.5 | % | $ | 8,834 | $ | 7,822 | $ | 1,012 | 12.9 | % | ||||||||||||||||
Three months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Interest expense | $ | — | $ | (115 | ) | $ | 115 | (100.0 | )% | |||||||
Other income | 5 | 10 | (5 | ) | (50.0 | )% | ||||||||||
$ | 5 | $ | (105 | ) | $ | 110 | (104.8 | )% | ||||||||
Tax benefit (expense) | $ | — | $ | (3 | ) | $ | 3 | (100.0 | )% |
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Operating expenses: | ||||||||||||||||
Engineering and product development | $ | 6,745 | $ | 5,938 | $ | 807 | 13.6 | % | ||||||||
Marketing and sales | 10,739 | 9,218 | 1,521 | 16.5 | % | |||||||||||
General and administrative | 7,461 | 6,476 | 985 | 15.2 | % | |||||||||||
Amortization and depreciation | 178 | 153 | 25 | 16.3 | % | |||||||||||
Total operating expenses | $ | 25,123 | $ | 21,785 | $ | 3,338 | 15.3 | % | ||||||||
Nine months ended September 30, | ||||||||||||||||
2021 | 2020 | Change | Change % | |||||||||||||
Interest expense | $ | (141 | ) | $ | (360 | ) | $ | 219 | (60.8 | )% | ||||||
Other income | 12 | 85 | (73 | ) | (85.9 | )% | ||||||||||
Loss on extinguishment of debt | (386 | ) | (341 | ) | (45 | ) | 13.2 | % | ||||||||
Loss on fair value of debentures | — | (7,464 | ) | 7,464 | (100.0 | )% | ||||||||||
$ | (515) | $ | (8,080 | ) | $ | 7,565 | (93.6 | )% | ||||||||
Tax benefit (expense) | $ | — | $ | (34 | ) | $ | 34 | (100.0 | )% |
Three months ended March 31, | ||||||||||||||||
2022 | 2021 | Change $ | Change % | |||||||||||||
Interest expense | $ | (9 | ) | $ | (112 | ) | $ | 103 | (92.0 | )% | ||||||
Other income (expense) | (13 | ) | 2 | (15 | ) | (750.0 | )% | |||||||||
$ | (22 | ) | $ | (110 | ) | $ | 88 | (80.0 | )% | |||||||
Tax expense | $ | (1 | ) | $ | — | $ | (1) | 0.0 | % |
For the nine months ended September 30, | For the three months ended March 31, | |||||||||||||||
2021 | 2020 | 2022 | 2021 | |||||||||||||
(in thousands) | (in thousands) | |||||||||||||||
Net cash used for operating activities | $ | (7,861 | ) | $ | (6,083 | ) | $ | (4,449 | ) | $ | (3,563 | ) | ||||
Net cash used for investing activities | (450 | ) | (286 | ) | (161 | ) | (262 | ) | ||||||||
Net cash provided by financing activities | 16,930 | 13,689 | 126 | 23,546 | ||||||||||||
Increase in cash and equivalents | $ | 8,619 | $ | 7,320 | ||||||||||||
(Decrease) increase in cash and cash equivalents | $ | (4,484 | ) | $ | 19,721 | |||||||||||
Item . | Quantitative and Qualitative Disclosures about Market Risk |
Item 4. | Controls and Procedures |
Item 1A. | Risk Factors: |
Item 6. | Exhibits |
* | Filed herewith |
** | Furnished herewith |
iCAD, Inc. | ||||
(Registrant) |
Date: | By: | |||||
/s/ Stacey Stevens | ||||||
Name: | ||||||
Title: | Chief Executive Officer (Principal Executive Officer) |
Date: | By: | |||||||
/s/ Charles R. Carter | ||||||||
Name: | ||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |