The following is a summary of the ICAD, Inc. (ICAD) Q4 2023 Earnings Call Transcript:

Financial Performance:

• iCAD reported annual revenue of $17.3 million in 2023, a decrease of 13% compared to 2022, due to a shift in revenue model and a reduction in salesforce.

• Q4 2023 revenue was $4.7 million, a 2% increase from Q4 2022; gross profit margin for Q4 2023 was 91%, an increase from 84% in Q4 2022.

• Total operating expenses decreased by 22% YoY, with non-GAAP adjusted EBITDA loss reducing to $0.4 million in Q4 2023.

• iCAD improved its cash balance by 61% YoY due to cost savings initiatives and converting to subscription-based model.

• The company ensured they have sufficient resources to fund current operations with no need to raise additional funding.

Business Progress:

• iCAD is transitioning to a subscription-based model, offsetting a decline in product revenue by a small increase in service revenue.

• The company reported 36% growth in annual recurring revenue following the introduction of the new model.

• The leadership team expanded with new executive appointments to drive business growth.

• iCAD's operational updates included forming partnerships with industry leaders, submitting solutions for FDA review, and planning to introduce ProFound AIs to new markets.

• ICAD closed 80 perpetual and 9 subscription orders in Q4 2023, while also aiming to deepen business with existing accounts, expand sales channels, and increase its geographic reach.

• ProFound 4.0 and Breast arterial calcification solution are under FDA review and are expected to be cleared for market later this year.

• Demand for iCAD's technology remains strong, and the company is focusing on long-term strategies that will contribute to shareholder value.

More details: iCAD Inc IR

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