| Jeremy Feffer | IR |
| Michael Klein | Chairman and CEO |
| Stacey Stevens | Chief Strategy and Commercial Officer |
| Scott Areglado | Interim CFO |
| Francois Brisebois | Laidlaw |
| Per Ostlund | Craig-Hallum Capital |
Greetings, welcome to the iCAD, Incorporated Fourth Quarter and Full Year 2018 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded. I will now turn the conference over to your host, Jeremy Feffer, Managing Director at LifeSci Advisors. Mr. Feffer, you may begin.
good and Omar, you, afternoon, everyone. Thank for you participating in call. today's Thank
from afternoon, full iCAD Joining Officer; Michael Klein, and Stacey three-months today Chairman are ending Chief for Chief Officer. me this Interim and and Scott announced financial iCAD the Strategy December and Areglado, Officer; Commercial Earlier Financial Stevens, year Chief results Executive XX, XXXX.
the to by regarding in including, Michael XXXX conference or involve is of the of would XX, and March accurate forward-looking or like results review company's results excuse I that the made no as XX-K, company's limitation, operations conference XX-Q actual reflect described call to after comments this filings Mike? events of obligation risks future contains cause date that that this of or events call. with to revise to factors over during the statements update Forms forward-looking risk only may uncertainties that I without management caution to begin, SEC, differ which content of statements. the contains date materially With the call we specific me. encourage the to it's iCAD the conference my – time-sensitive any turn said, broadcast, information undertakes identify Furthermore, Before and this those XXXX you the from pleasure circumstances and to that live Klein. this call statements iCAD.
and transforming Areglado, technology on Officer. recent With and the lay am my we pleased CFO a firmly to laid unique of and today to computer future have Thank and now offering. Stacey our you Corporate speak Controller detection opportunity AI interim thank AI out which for in In Stevens, into Strategy I update last are iCAD’s our reinforcing CEO, for Chief me Commercial detection our Good and today. have vision you, you company's I and you Jeremy. evolved believe cancer Scott first and plans. leadership progress some afternoon, our my out that today joining is as strategic aided our everyone the us call, with CAD, iCAD. On I robust or detection,
represents With the Tomosynthesis approval ProFound a are learning AI, now its capability. launch positives, in breakthrough we December our Digital quantum on The improvements FDA ProFound the US initial or for to is cancer while as AI now way iCAD our with offering. way with sensitivity, very commercial achieving has to DBT, is this from efficacy. Breast on positive. recent false in exciting fewer latest goals clear subsequent software and well a or Achieving our solution leap AI facilitating in its specificity clinical -- feedback of as customers improving actively achieving using reading detection time, workflow, vast deep been in
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turn depth I in over before to highlight of like Now for the to also an elements call therapy Scott review, financial business. some I'd our
Importantly, we are our on for the outlook business, Xoft. increasingly optimistic IORT
therapy you XX radiation breast approximately States. United real I this Xoft business utilized know when of the as of cancer a is is in solution being served XX-minute during that’s US the now it was delivered. sites outside accelerated Our time approximately CEO Most that's when used lumpectomy, treatment technology XX sites that startup. and
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scalable is completed lumpectomy cancers our delivered also of It a earning radical a is robotic as recently on ability spectrum IORT now treatment model from for detail, subscription and decision non-shielded have in results a service impact place offer or following is a had in our real rectal to beneficial perspective, we the to of areas a the where With discontinue a to areas customers cleared single even meaningful our prostatectomy. in in cancer brachytherapy will ranging gynecological overall enormously during Scott time room, FDA to prostate first treatment. cancer to all XXXX. the Xoft treatment skin our strategic our business From financial business treatment
into drive closing, not in and offer will have and inherent that both units for skin We placing volume. We iCAD imaging scalable, significant exists simply dermatologist focused are AI sale channel. not we brachytherapy value business business the unlocking systems the left of remain enormously on that technology. assuming electronic the the that Xoft’s In in and
logically and and say recognize to success now Scott? our both I'd are operational investors one indicators, regular the drive pass our and Scott. success financial excited therapy assess our performance allow quarter-by-quarter near and and sustainable term achievement over opportunities to With blessed has I would and success be and goals. huge to the and accurately earned of to driven and on long-term metrics by We have core are basis. that KPIs, and our We quarter AI to call quarter on like measurable a two that we our constructing by in technologies key that, progress
earlier everyone. would fourth the Thank review released and financial were which good afternoon. Mike year highlights, quarter I XXXX you, full and company’s this afternoon, to like
our to March Form details. XX-K I and with XX-K XXXX. As report our to to only XXXX specific prior be the for to I'd for SEC from refer more its The company will like discussing Form expects annual the on results, financial XX, you highlights file
performance comments financial the these for and today, information way financial believes during the the begin that I reflect measures operating with like to provide measures. certain I that meaningful non-GAAP that we will investors company. referring Before I view my Management highlights, of would the note be to
non-GAAP the end our will of You for can With the quarter. find at to summarize results of that our now your fourth covered, GAAP reconciliation I release. our measures financial earnings
Given quarter would changes in then both and follow helpful thought I in it the first our to strategic compare fourth third with up prior XXXX be quarter. our and the business, quarter management the year to
growth For by quarter the million, XXXX, with improvement total the million, The represented fourth which on both approximately an our three $X.X million XD increased and of of or quarter represents XD slightly over $X businesses. $X This was detection the million XX% a as business, compared segment which third Revenue by therapy XXXX. increases systems in strong QX. QX systems was two $X.X in offset to decrease in
quarter as company. year of Moving on year fourth of quarter a fourth revenue the XXXX XXXX, fiscal challenges represented of standpoint, to the from compared the a for to XXXX
the business, side of business. On January skin we exit therapy subscription to company in as strategic announced the decision the made XXXX, the a
our partners’ primarily as declined due to year weakness to related OEM sales detection compared of fiscal underlying addition, products. revenue to XXXX In
XX% the customers. quarter a quarter approximately an sales XXXX decrease indicator by of significant increase in XD installed X in approximate million believe the or revenue base fourth in approximately We from an direct to decision decrease $X.X in detection our XXXX. offset XXXX fourth of million revenue, and therapy with or to due or revenue The to quarter XX% our fourth the our decrease of decreased by and million $XXX,XXX. of X% of $XXX,XXX our is is OEMs due of million to The For overall in XD to X.X to attributable X.X force X.X this X.X revenue. and million in in revenue decrease million a of decrease was increase the in detection positive revenue, XXXX, continue sales the primarily pursue total product
US XXXX. systems the system by million sold of we that side decrease XXXX as business and fact subscription OUS therapy due decreased exit the due one the remainder one the in compared of the with four of the of XXX,XXX to the fourth to the skin business, OUS revenue to and On quarter in X.X
also on the skin had the IORT burn focus and I as As the for as further move to benefits cash well and down, exit business our subscription expenses. reducing improved mentioned company
and to $X.X of percentage basis, fourth profit, in million the on therapy for million fourth a the $X.X on quarterly debt gross million improvement. basis, quarter profit expenses XX%. compared This as management gross to for operating charge, the of gross million increase board a subscription On a marketing $X.X pure the of fourth profit incremental decrease impairment $X.X dollar expenses quarter On quarter XXXX Moving prior in was XXXX, fourth the XX% included the related million to a XXXX primarily prior business. is and impressive expenses million turnover, represented legal attributable the operating quarter XX% Absent quarter. This year-over-year expenses. quarter charge for the expenses $X.X fourth totaled as reflects related to year-over-year. This were profit $X.X expenses. Operating skin million. was $X of quarter from profit this gross operating that business. exit It and an just to quarter revenues fourth the the to of improvement percentage a XXXX noted dollar compared or sales the gross of from severance our increased of XXXX. should year Both company's year reflective in XX% placement, be improvement to the
as we to build our higher XXXX XXXX of and ProFound especially necessary the AI, market to for out the trend somewhat in in infrastructure compared we year. expect operating look the XXXX, expenses to As half continue success first of to
period per million and prior period the comparable our impairment was loss or of the net absence driven $X.XX share, million. due increasing margin loss or the This million million quarter. from the over share Now XXXX fourth a loss in subscription compared primarily summarizing year our charge business. our profit non-GAAP the reduced was $X the net the by The the quarter. in improvement EBITDA $X.X improvement per year prior the business $X.XX metrics, quarter GAAP with for operating improvement adjusted fourth net of loss year was to the the subscription a quarter was of $X.X expenses loss in the the $X.X in in million represented exit goodwill gross expenses again associated $X.X On by for net million increased to offset basis, skin fourth of prior $X.X and skin the the
quarter which $XX.X the the on on to to million transaction, compares sheet, debentures includes ended as $X subordinated million million accredited private fourth following balance institutional of on to approximate we XXXX. to completed XX, $X.X participation three we this we the XXXX the including In XXXX. QX hand in This December sold years with XXXX convertible of certain Moving and placement we hand. investors, shares had cash unsecured issuance successfully position. into by any an executive a debentures of all With semi-annually strong paid at are will Interest the cash be subject the stock share, extremely $X in a iCAD per common financing, on dimensions financial XXXX of rate of of directors entered per annum will conversion in adjustment. X%. iCAD. time, to be convertible we At at price officers the to and maturity, prior this
is AI. the on transformational a we focused are ProFound product, of for believe successful preparing what launch We
within Stacey. call to exit Stacey? turn continues This opportunities business would concludes benefit highlight like to business. our our to In growth to of financial the the skin over overall our decision section we addition, and now segment. meaningful And I see strategic the presentation. our subscription IORT therapy
you, Scott good and everyone. Thank afternoon,
on me overall performance level some comments XXXX. begin in our with Let high
in The and relatively we This largest reductions and our during offset sales some growth. most throughout top here X% weak declined was the product in our While direct momentum our software XXXX GE, was that lot In achieved as and we headed confronting by in mammography with cash in to into expansion line substantial with partner, all year-over-year revenues significant accelerate we OEM year, us of business partially faced gross that operating strong our execute plans With in ability a indicated, Scott significant said, confidence year. the both stronger business weakness XXXX. efforts XXXX. challenge expenses with business, and margin burn. headwinds our
we in access The FDA a edge provides FDA today. false customers year, large the cancer from reading decrease results ProFound cutting received clearance the to breast software rates patient last clinical detection reader As reduced positive with AI, our you marketplace clearance powerful for know, and in a December in study most solution positive of that showed increased and recalls, time. detection completed was a in based XXXX rate, significant on cancer that
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live US January sites ProFound our indicated, in first Mike customers went AI and AI highly The positive. as initial ProFound has feedback from been
the in from identified also true thought have which initial in leaders be for We will validation sites, critical our external KOL our space. important product establishing
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to for that cross functional our teams planned are controlled rollout a have ensure prepared. We
as relationships Europe. the well direct our in team distributor first the US making XXXX of investments sales focused in will be to expand Our as and on our in half Europe
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Mike like I'd however, reiterate Importantly, to stated earlier. what
OEMs building we progress and solutions cloud best towards to breed decline on ProFound overall make the moving ProFound AI with ready customers with as AI channels will of imaging will resources, many As our the to continue commercial to continue access from increasingly robust have to our and platform out partners. dependence our
when We solutions non-exclusive well in to revolutionary future continue to access prediction. our as the move as risk relationships goal detection today we as and promote to cancer awareness is into our be open to
successful also a rollout we highly While invest product we on future of executing development. AI, focused in are ProFound to continue
mammography, We congress recently and ProFound clinical is booth, ECR for European currently showcased product we Our Radiology the at led presentations. XD Also meeting mark this or XD two ProFound pending CE Europe. of at mammography our radiological largest XXXX product AI previewed in in AI second XXXX, held ECR, the the for in world.
detection, and their a In how ProFound and with event addition, transforming attended risk vision we clinical assessment. well perspectives breast leaders their where on for experiences solutions research discussed their are cancer and iCAD detailed breast shared cancer practice customer AI personal clinical very in hosted
area is As critical of Mike for next iCAD. focus risk Assessment discussed, the
at in cancer risk were risk collaborate is of individual's accuracy an risk features to consideration. commercial data imaging project of screening breast partnership ProFound from Institute improved women now were breast breast cancer other tumors in tissue shift what from AI of into model in latest no been the a to iCAD’s These this on use data who whereby an this age upon mammography additional density based information assessment resulting now results with enabled breast breast prediction characteristics, recently other to identification were asymmetry Karolinska warranted. detection builds cancer Our mammography Among through algorithm. XXXX. developing and cancer. and other and researchers a There the was Promising Institute from with provided mammography tremendous of risk the based publication, the masking images that of iCAD things, have the improvement individual use on due dense XX,XXX a prediction model develop these early changing Karma breast to of developed that for study images by research combined using solution over an announced and identified today for indicated is high Since the innovative a in risk iCAD’s to Karolinska game sweetest now published early breast product on results researchers in of level women enrolled market cancer examinations adaptive and agreement assess in existing paradigm. AI researchers cancer or research solutions. takes determined it developed Karolinska screening for these intend mammographic model
this IORT continued XX% On We breast IORT performance US other one year in in sold to growth by compared sides, increased primarily last the and product was business. the therapy fourth in quarter, in in driven the segment our as strong systems Spain. two XXXX year. full This sales the in
also Spain. closed rental in four We agreements
Spain. four installations these have With regions additional major now Spanish of across centers, we seven
OUS We close continue XX growing XX to approximately pleased with install our currently US treating applicators. and/or and gynecological patients IORT with includes base, to which centers be centers,
clinical seen In with continues stage globally X% single in for Most IORT on cancer XXXX. in addition, from breast treated we a system the were by therapy technologies. cancers of year XXXX, total comparable and with early with Xoft Increased versus cancer approximately evaluated the up perspective a Elliot US to the surgical different applicator to full tumors patients data. This August favorable a which early the results recently, XXXX site that IORT enrolled in series results published in the patients XXXX in annals positive three with oncology. interest driven saw a trial be breast using of using rates XXXX show to follow with Xoft XXX nice increase growth building recurrence utilization system using id June sales are growing breast of XXXX who stage treated target Study years. of from studies, a of median those trial A IORT are
as markets Australia. key India being Spain, Taiwan, driven largely is momentum OUS and Our China, by progress such in
target are in interest large the In addition, us for a in increasing market seeing Japan, future. we
We underway applicators market additional and also new up to opportunities. active have open projects multiple commercialize
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we see, you positive of trends business. in As can number our are IORT a experiencing
segment. view as significant most term In fact, therapy we growth our long driver the IORT in
specific are is a partner for I There Mike? like would sustainable organization quarter. in turn years business. a sales completion comments. no significant progress we brachytherapy of come. And to ability in commercial continue that and our a as the such, a our to skin the our will growth XXXX commercial to leadership for As efforts identify create now for for investments seeking Mike in on position accelerate In we dermatology but partner. marketing this call we make fronts iCAD confident the in timeline summary, multiple fourth we on to the are made back believe key we space lead additional to targeted to leader process, and for
Thank you, Stacey.
for of comments Before questions for we a I expect what and opening qualitative up wanted half answers, to make the about XXXX. few first
commercial for we As AI. enhanced key One our of I launch are build earlier highlighted in robust my two our is in to using section, infrastructure ProFound cash position areas.
axis of and in largest our development we place. The the business, mammography is the vertical axis. the XXXX, revenue to build now Specific programs commercialization driver of mammography the second core the for of margin cloud, to horizontal ProFound platform, have and the out infrastructure for the ProFound acceleration
I cycles working clock. are three call or to We synchronize what
or of hired these to is clock cycles of recently rep. scale is first sales time XXX The for XX a the
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hit preannounced to a presentation camp to third. cannot first We process from close in AI XXX we XX cycles we the sales see the quote to a a ProFound time cycle of the of QX, end Although to and late of budgets prices till day or very begin XXXX.
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turn So we cycle. questions back synchronization and with controlled stated to moderator I'll full With answers. and of well above the the are and precision executing with that, launch a it
first from Laidlaw. comes Our Instructions] Francois [Operator question Brisebois,
find There's a you you consultants, I'm in terms people? This consultants was bit of AI them. a new can call how here, approach. reps, talk these you vet little digest just to here, is or I how guys’ the just lot these wondering wondering but you in how that so
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the had mentioned, versus RSNA away how does of you the have bit, Stacey do right And doesn't -- a I great. up could thought the just and if Okay, presented sure that to ECR you that here, just kind move just XD to machine, compare Can you had just little you cannibalize potential one process one XD? any response make and guys quick mammography you how XD the ECR.
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when therefore, as is that market see for we to comes So it robust market the Europe, for XD. XD a
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dynamic. addition amount And our product to come Europe XD. expect sales fair So in to it's a in of from different the we XD actually growth a market of
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five we have place KOL now nine cut countries. have vendors distributors we recently cover GE across running. Hologic, the that who and imaging all have up in So about eight in four sites put with we and Europe Siemens, Those with new major collectively sites with or
market XXXX. that, actually a the to addition we expect And focus could we France a reps really is sales have past, command market largest thought in growth Europe. in than it put the But So in direct direct mammography in off in presence. we the also added a with we in France. to more that and that on lot pay increased European have we geography that,
question Our Per Capital. next comes from Ostlund, Craig-Hallum
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technology performance thing products, current the is CAD that is The than from right. the that AI comes generation much greater previous increased the second
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mix institutions out between they country. hospitals mix and spread and in they academic community leading a and of terms are a geographically are everything of and the profile across hospitals sites, centers, of the imaging small between In
parts systems, country, from the ProFound of so all very vendors. have AI reading the early and installed different successfully different independent in of mention different thing we we mammography other environments, imaging feedback So review to I'll connected that also is the number large PACS a successfully the positive. And as have is mentioned, major a stations we
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that primarily They’re sales force we have direct here. orders
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Michael reached the would closing Instructions] session. remarks. to for we like turn question-and-answer end [Operator to of call back I the and Klein And gentlemen, have over Ladies the
To is Well, globally, to thank commercial digital you maximize forward. of ProFound close for and some success AI like priorities I by commercial would breast our underway. reiterating launch going the Tomosynthesis
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detection states. AI as transformation such of Specifically, into the of above And in expansion from breast across the clinical growth and our areas, company of disease AI broader will side brain, advance a offering rectal, offerings our and continue other our new predictions modalities as will imaging the and disease AI areas gynecology, into as and continued take non-breast form finally, areas. risk on with the some applications we exploration radiology IORT well
We continuing we all and successes. products that of ensuring will indicators, keep while financials, to with transparency, articulate our processes, thoughtfully predictably manage we rollout hit controlled metrics eyes and recognition our will key with milestones horizons on performance our the new and
we today for to updates So Thank again the year want look and for as additional forward to progresses. I all joining thank call providing you you joining our us.
conference. today's concludes This
you disconnect time. may at participation. You Thank your this lines for your