Recent ICAD transcripts
Associated ICAD filings
Jeremy Feffer | Investor Relations |
Michael Klein | Chairman and Chief Executive Officer |
Stacey Stevens | President |
Scott Areglado | Chief Financial Officer |
Dave Turkaly | JMP Securities |
Gene Mannheimer | Collier Securities |
Per Ostlund | Craig-Hallum Capital Group |
Greetings and welcome to the iCAD, Inc.
Third Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded Thursday, November 5, 2020. I would now like to turn the conference over to Jeremy Feffer. Please go ahead.
good call. and and participating you Mike, today’s in you, afternoon, thank everyone, for Thank
from are Areglado, me results September Stacey Earlier Joining XX, iCAD afternoon, for Stevens, Executive and this X President; Officer; the Chief XXXX. X and months announced Scott iCAD Chief and Officer. Michael Financial financial Klein, ended Chairman
regarding future Before like I would statements are of made of call conference this contain would we also like performance forward-looking comments measures certain financial measures. that investors to and information and begin, by way operating meaningful involve and the the the these that iCAD. I company. non-GAAP expertise they note that our during view the reflect results to there caution operations Management provide for believes management that
call. contains or of circumstances that undertakes after the live events time-sensitive that conference accurate the of only to Klein. it’s You is Forms and and to With of revise conference a earnings with the cause I call as said, GAAP to Mike? differ obligation to encourage measures company’s forward-looking or that no factors turn content Michael non-GAAP this November X, in of statements those over statements. Commission, to materially Exchange the identify any the the reconciliation including, the reflect release. actual to call this of may Furthermore, events described to XX-Q filings in results my iCAD review XX-K, limitation, date the information broadcast, XXXX. or which this you pleasure specific this risk update Securities from can find our date without
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financial XX, Good afternoon, Mike. I September everyone results and thank will our ended now quarter the you XXXX. summarize third for
million total product revenues. in $X.X XX% of prior for our quarter revenues year-over-year revenues versus comparisons. million $X.X quarter quarter compare Given XX% a by revenue. the from million product basis of COVID-XX, the is the $X.X addition sequential XXX% useful increased therapy XX% second driven increased the in revenues in third sequential believe ongoing by On revenues to of Detection of increase XXXX, increased considerations it of And we a our driven detection a to increase therapy XX%.
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which revenues us million or resulted of X% detection versus quarter $X.X Importantly, third of third year-over-year year-over-year from million operating decrease decrease third revenues quarter to quarter of million XXXX $X.X $X.X in withstand $X.X the million or of the reduce by XXXX. which compared compared increase our allowed the in a of on On slightly $X.X quarter XXXX. was $X.X therapy XX%, basis million basis, XX% as $X.X segment a a X% to revenues third million an decreased or actions in to XXXX, to offset of a in in to or as expenses
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a quarter or a to of Moving a loss net on the third per improvement third Note retired. share included fair the the a GAAP XXXX compared that and XXXX. which for to of of net share $X.X million of represented with loss quarter million, Again, GAAP net in of diluted been profit revenue EBITDA per diluted compared part, EBITDA $X $X.XX third quarter loss our diluted of an third debentures net adjusted the Non-GAAP an was of to adjusted a quarter a for loss loss $X.X of of are, of the $X.XX loss $X.X of million of the for $X.XX of for per or million share diluted $X on the improvement expectations. quarter have $X.X metrics, per Non-GAAP adjusted million or $X.XX loss or that third efforts of income was with QX expenses XXXX $X third now million. with ‘XX quarter our $X.X million our non-GAAP loss XXXX $X.X adjusted for align reflects million of to compared XXXX reflective net share million non-GAAP XXXX. value the loss EBITDA
flexibility, to $XX.X the of cash company sheet, on December of to XX, and and the remains had of September positioned corporate million operational highlights Moving and strategy. over our cash compared million presentation, Stacey. strong of XXXX, continue and XXXX. I a iCAD like balance to With to call would its This the turn to financial concludes balance well XX, Stacey? equivalents now $XX.X the at cash equivalents as advancing
everyone. and Thank afternoon, you, good Scott,
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and Xoft discuss Let’s switch our business. gears
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open Now the questions. we Operator? will call to
go [Operator ahead. first line with Securities. Please of you. The from Dave Thank Instructions] question the JMP comes Turkaly
like the And past on Mike, you sort think the congrats had X,XXX Day. and X,XXX your you customers last mentioned of in on progress. said the I ProFound you then Analyst AIs. something Great
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give Now you guidance. don’t to I know want
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think by that we collaborate cadence patterns treatment that develop that would aligns as and and elements look, our The academia design, be. start be clinical with on all Risk obviously in care XD collaborators these new pathways to didn’t getting this, we COVID with clinical opportunity. I simply the XD work to you moving incremental where get speed the we aside, clinical begin us there’s and of normally in we established. of with we which and the calls sites So will Hopefully, as upside with technology We a the mean, to David. moving as and I get kind believe determined puts gives we of here, part put
the Yes, taking questions. definitely. Thanks for
of line the Mannheimer Please from comes go question Gene Collier next ahead. with The Securities.
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that additional capability, what we’re of of return building incremental practices or So show the using screening. economic value, profile is this models the in terms for
– managed down path Medicare models for reimbursement opportunities. these incremental could if be building if even and we see some We’re companies to the care to see there
capability. pricing So add-on get I our then of apps the still phone, we in-store we into price. on fine-tuning anticipate, want the people you moving to sort with are And forward likely like because product, we’ll have cautiously the – we’re and think can your and almost
into broad get possible technologies. many base many to as in and accounts, accounts as a layer is goal penetrate of Our additional
not We’re yet. done
products sets as add-on think I those the from of weren’t think the the precise X-year additional can’t sorry, we and it too we of other service capabilities number introduce. us. look yet. you’ve to accounts, be not even you’ll our done we the number, that but glad that heard today precise from recurring be We’re come of the I the think entry I’m We fine-tune an and that will sales on points. we’re We now. on going don’t price beyond one we value of what sale see revenue When as accounts it at
typical prevalent sale in Yes. are competing share with kind No, into moving when respect agreement, Healthcare center? customer that how us with Change the And them, of can And to their Thanks. How are you’re there you enterprise today? good, anything you today? if about an products, Change get? Mike. can What with any, you share you the ASP say a to would much that’s into market their base your of differ the imaging think
deal. beyond Well, they their XXX looks They all And of not unique Change serve differentiate very – that about follow. the customers website, the annually others to the flagship be that, pick can when you over our thing them. in X PACS we although have It them they get say, may their We We the that flagship wanted be you may player doing, is million market screens the as X.X see capabilities analytics this could their a that mammographic what PACS but industry fragmented be they to And the like, are, happens because and which can is X around know do to workflow, but screens is of let’s million. them to mammography of customers, company. perhaps mean got leader. Change It we could market. wanted million X what the – of you that map third market, they’ve with and is them are in XXX closest sort U.S. off to million
this don’t this for We be has say get We elegant stored simple do certain need servers. could assume And certain segment. that into on mean dollar So certain you for amount the was believe a that solution. the the what they And a growing that cloud. recurring no model, in. percentage there margins this segment a of And I – service the I in the our a products. anywhere, And take benefits is to translates amount. click. upload a There math, believe the you in amount. also And anywhere, business a – per pay-per-click would we of if representing And are are exquisitely all people download it’s capability, cloud-based should XX%. to that’s go one
start the that’s for We and on the you the then you will on they impact a percentage repeatable investors because they – segment get becomes year and full clicks other high year’s then next margin, it and tabulated, per we and this for this low, and as single-digit repeat and you current of lay start to deals. up model. our on being tell clarity having And year they low pay recurring provide impact year, revenue. see that I the on growth growth can the pay-per-click
margin that year. capabilities. we also other layering impact other So it’s on are building deals a that from replicate But this an will us have to to for AI going first But this story strategically, opportunity it’s very and it a be modest with XXXX allows on. SaaS-based positions high us
Thank Appreciate Mike. you. it. articulated Well,
ahead. The the comes line Craig-Hallum next go Capital Ostlund Please at Group. from question from Per
everybody. kind obviously, on up Gene on to follow David’s afternoon question of and Good early. Risk, want ProFound I
You of are age-based thinking the positioning the do And in of Mark come in in Europe just the here. CE we in versus of risk-based Europe. a lot further has have market, kind screening terms terms obviously like
pull Risk it mentioned that of, I’ve So that a to focus with actually forward you ProFound of that Europe finding add-on Is or or for feature be ProFound an that’s given product would when – ProFound of whereas, pull-through a here. earlier, of ProFound thought there? always are Risk, because you have an flagship product lead demand actually generator proper, the in historically, AI as kind over there Mike, now like risk are they the adjunct in of reverse the you
because Yes. They of, sort what a course matters are now. years detected care of up four, of show It’s government-sponsored and call, it good them five to missing ties a think in money. this, Europe. three, be the you X business a from don’t of price model patient Per. that It that it advanced over And These patients health cancer, this the having could costs is know, really track to from as it cancer And a I now to the them mostly I cancer question, products. happens today, license. years
value readers human used capability, sites is clinical perspective. as reason human while move to product, to, some at So that provides the least they have use effective. that’s reader meaningful ProFound time, economic and either society double short let’s to from an readers, and that them proposition may a cost-effective AI, undeniably say, or clinically the double This not and that double the might base feel
– as And it effect a we generated can patients seeing say, U.S. this case outside dynamics we we and more and value One So in U.S. we the in fashion. it’s as becomes all said, there But said, ProFound in the of tailwind be more offering. a we leading in detection over on interest be the even the the bring business Kaiser and be [indiscernible], in also actually interested and in and care see AI-based the value side of and on or they of line well like have time, the effect let’s and or – Europe. you their very the increasingly And on translating of as type in the studies, And today will be imagine who is parts will reversed Europe equation, that a government programs. are in, almost you focused sites this track see U.S. also will up U.S. other may would the this launched reason tailwind reversed
good. Very Excellent.
if So notion IORT of IORT the that over get to Stacey, to to RO-APM next been year switch you try mentioned the lobbying proposition, included speaking we side, it’s July. to the delayed of in value
where on you have the most are are this you other going RO-APM the really where your out stands those to at you codes data at anticipating the focusing or there you of follow-up NOW too? model? – that exclusion, to the put least XX%, closed for that terms subject be terms today, and ZIP recent that XX% of your patient even in with Is of really specifically Given substantially. Or point, the to the how economics in in Are might going the approach go-to-market U.S. have is reside focusing
Yes, of couple in great Per. questions, there. things A
commit And to further letter, and how came have did week’s fact, with First CMS. about of and a out approach Xoft about response had all, we dialogue to when discussion. we already back will already a CMS, also other frame what a think thought we of to our right? CMS bit reached a think in quickly in encouraging which refining we’ve time and to stakeholders I response least little the model, was that as that at they this of about the received know don’t we So but outcome willingness potentially be, and a will so we back have course, it initial
One, years couple latest And to IORT. back – largest the publish from is on ready next published of IORT getting you data clinical of XX know, to language And of own the to in that of determined before hundreds CMS, data certainly, patients, as up study Xoft-sponsored the iteration model this will right? go on we U.S. things. we this rule had final was latest follow-up a data, patient the our We focus the of As has IORT. that on also clinical are of study the we
a women or standpoint. in they’re stand there beam. X to a just a group women areas of groups. will or data lower that have issues, full treatment make ethnic from center a this There’s is an data low-impact weeks, certain income And the for really on, and not particularly And radiation live thing access women job example, regimen that of other getting women, a the focusing with so But to go of that rural cases, to any they who leave a treated shows care not truly big it we for we’re in get can’t that, leg because lot strong out complying represent health impacts Per, every from the can’t are distance day on some and external treatment those a commitment. is
they’re they’re either what so then higher much force. our mastectomy our having a this So or opting that’s a issue. are your is right? access really of just likelihood to sort CMS. right, to we for pushing truly of targeting unnecessarily, And recurrent, in And question how an we’re sales about And messaging care
the will year. right, there and July now obviously, ruling, is which So delay a in of implementation, be next the
narrower geographies to over still now delta It’s years the we data eliminate I technology chance a such being and that of some target economic have to momentum cost many, have, in XX%, competing certainly, in much the small the in will of geographies. so we good compared that that for treatment. will less are us other all as of is we dynamics those we they’re lot the abandon the hurdles that But say that continue the of we XX% so us gap jump much our many competing there are a is because technology. is to to that we to not But to give the successful the and that So other going time. there have where on areas think because start between going
a able So be I more do that no-brainer we’ll that in XX%. to have think that’s success
truly very, quantitative X to makes X accumulated quantifiable, or obviously to ProFound course to seems million discussion of and centers reducing or very we’re on a are proposition it XX Is this that extraordinary still an backlog One one, question the give it things? mammograms it that have in they anecdotal million That from But pushbacks the have about sorts the the sense. guess. imaging over effect of could backlog. is mammograms. Is than I of last or tangible more at the X there – months, of terms like Or impact has at last around talking those this point? demand radiologists maybe point? you this value budgeting – having on tangible clear and
Yes.
is I, in months population mammography. that to of would pandemic what I and high used we’re a the in on the that impact that in or found XX% right. here, have something XX% and I. the U.S. be the think cancers percentage. from the And percentage that What these month or very what in screening we population, pause of general the evaluate it customers typically, in neighborhood has our was European hearing have screening, III right, four II both now markets had cancers to cancers are to XX%, gone now Per, now three screening like happened are the that be the XX% Stage are has reporting so of that so with finding Stage down of of gone And they’re what is a to we’re just to us the Stage now telling that, us the area few
we’re So treatment invasive costly at cancers dramatic these where, require they’re changes, are these showing finding later are to here. right? up sometimes And more stages obviously, going more and
the of using few a an to and of now really it during we the mammogram, months want what So a bit able is raising the first data urgency I causing ProFound see is prioritize of a don’t we’ve the sort right screening heard which I level. So and in happened we think bring you in have women, interest back to fact AI to that’s like we that that pandemic, difference be more that wait universally now tool have to data, think of little the to for
effect. I just we XX year in go say, by point? some knowing -year you things teams. with patients because viral year the concern before. data Can League one in They down I we is happens One are is four, second I the actually year new start in coming able starts you We comes what of which around need from never, the when it We for, on technology subsequently provide market. of each things hitting. should can And like and – The really are no it’s a the got the four it. people just cities inflection Stacey and have And that many broad you on do having say sites, window available the elements getting and to into happened. December, about. that big that acquired it’s exactly communication, technology it AI, local baseball promotions. the having Those is there in. year, you feature the not the combined that they’re trade the experience December, between can and two- is catch big the hit is to with eclipsed to here the the quad data the we’re following available markets a and Number go the particularly effect. And the start not to two, concerns never that asking I – if show hitting data is, where my that three, start start January, is have sites multiple is which the if of you first-generation demanding RX, this as might is Hologic add the and this point a concern X-year benefit longer running AI what getting or number getting not three that that, data because time of triangulate target around that finds it CAD, prior one not second Major data the in we It’s challenges hear I patient with, is do Not if to deal dynamic we window, that third well. what coming essentially Well, technology talked together things start starts FDA. didn’t technology getting a we about up the street. out. And finding what The Number a marketing effect, data compelling. the this to your customers. by is and and
Appreciate you, That’s great. Thank it. Mike.
to There no this for will call Mike the questions at I remarks. further closing back Klein are turn time. now
Okay. calls know is thank today. with Thank a hanging you. earnings for want I today. everybody lot there us to of I
market. early some to a we and and will will precisely as just And sales layering commercial tied we provide have surgeon we in color creation four an our to extraordinary AI continues XX% be diverse all for emerging with And years level again, as will growth patients. customers from And as and we IORT that, finally, investors that growth distribution XD looking channel the by held for and high-margin expect pay-for-patient ProFound introduction that revenue. expand forward predictive into of we and this AI, it analysts our opportunities in over the with offering we treatment of locations. of my an changer. compared true how in are hope large array agreement value expenses significant QX, modest has we primary ‘XX and could relationship be Xoft XXXX. And can generated recurring to product comments start to Number discussions ProFound two, glioblastoma in our the we significant and of as provides sum U.S. presents number is transparent QX. and game build points. Healthcare in with on This a a growth will with repeating I AI new multiple in So And model, will the will Change achieved driver three, flat, potential. us it revenue with up to and a well ProFound to have was we OUS that that and Risk strong and on you of the balance QX, had in how One as introductory heard geographically build
to folks time. conferences seeing extremely to with calls have our talking with world-renowned your this know earn excited multisite, it’s shortly iCAD. a we day. begin thank busy want much everybody We in hanging I of rest forward day. to with very your around I us. continuing are to look lot clinical Well, Thank working investments individually, best in trust very your and trial. for great a A to are our at are with we with and do earnings investor folks you up at And and packed upcoming clinicians, multinational that, of
conclude does conference your thank That the you please you We call participation today. lines. ask disconnect for and for that
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