iCAD (ICAD) 29 Mar 232022 Q4 Earnings call transcript

Good day and welcome to the iCAD Inc. Fourth Quarter and Full Year 2022 Earnings Call. At this time all participants have been placed on a listen-only mode and we will open the floor for your questions and comments after the presentation. It is now my pleasure to turn the floor over to your host is Linnell Faber. Ma’am, the floor is yours.

operator. you, Thank everyone. Good afternoon, for and joining iCAD’s you today us year XXXX quarter full fourth earnings Thank for call.

On the and President Brown, Dana call today Chief we Executive have our Officer.

these to over forward-looking to making on uncertainty are circumstances. on the expectations. forward-looking in I the iCAD’s will These statements to Actual today. and differ are turning that we changes call would Before materially results subject like statements remind call current everyone be and from Dana, may based expectation

of filings list cause Exchange results U.S. a could For factors press actual and to that today's see release Securities Commission. differ, with please in our the

iCAD undertakes they company. provide that meaningful refer believes reflect to the update after date measures statements no of financial and the that way certain this these operating non of management to will GAAP the I or measures. note any reflect conference Management information events also circumstances the to obligation investors performance or call. view for revise would

can of the of You end at release. our non-GAAP measures find GAAP earnings the to reconciliation a

I'll over that, turn to the Dana. call With

good and afternoon Linnell, you, Thank everyone.

role and those our transition you new For past a member and the of for January. to and Brown, Board introduce XX Directors in haven't Chairman opportunity March myself. CEO the of year My had iCAD. announcement, Dana is into I’m I I've been meet, leadership name to I the for wanted President per the of iCAD’s stepped

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the recently million have cash reduced several which $X.X reduced changes $X.X million. to $X.X to to analyzed expenses We million has $X.X and annualized million by been made dollars, burn operations,

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of remiss I with existing leverage didn't companies Rad with if Siemens, Partners. relationship partnerships I developing technology and the further lastly, ability GE would are course top like our mention And be and to medical

competitive revenue long a preserving diversifies and strategy business summary, In creating and term that and from customer our our concentration. standpoint, I'm building smooths stream focused a out runway, defensible on cash

of strategy in expect this of able and share to be metrics quarter third year. We our to the the milestones

revenue. our or ended the XX, December the summarize XXXX. million for offset million, million, decrease with and December financial product $XX.X for in to year quarter $X.X fiscal Revenues XX% of $X.X now by $X.X detection over service million $XX.X revenue, increase The $X.X the XXXX XX, a I'll a million million in revenue XXXX. decreased million fourth results in year $XX.X segment reduction were ended

The full therapy decreased or a due to therapy revenue million revenues in for segment revenue. in decrease year XXXX. $X.X primarily $X.X million product decrease million to $X.X XX% was The

million million $X.X $X.X for $X.X segment revenue $X.X offset quarter decreased XXXX revenue. in revenue. revenue down therapy $X.X revenues quarter fourth decrease in The in XX% a increase of with by in revenue, The service The the the $X.X to XXXX. or million product Total due primarily detection revenue to $X.X segment was million to million $X.X of fourth the million was a $X.X product a XXXX. from of million, quarter from XX% million, in decrease therapy fourth decreased million approximately reduction

profit profit, gross fourth for fourth million fourth to the to gross XXXX. in of for in for profit the XXXX compared quarter was XX% reduction million Moving $X.X on quarter as the of the quarter of a compared quarter Gross XX% was XXXX, percentage basis $X.X of to XXXX revenue. reflective of on the fourth

quarter fourth operating in quarter The cost $X.X or expenses million decrease XX% XXXX. decrease were measures cutting for million, was XXXX. fourth XXXX from $X.XX in of Total the implemented million $X.XX a related to of the

million $X.X in margin decrease The This was from same decline to operating decrease gross million as quarter due XXXX. the $X.X loss from million XX December reduced in operating in by a the operating loss to offset in expenses, ended predominantly XXXX period decreased revenues. $X.X in the

a of XXXX. quarter GAAP $X.XX GAAP net year-over-year with primarily of to GAAP operating the compared for million $X.X of reductions. million the loss or loss $X.X the diluted XXXX diluted is for loss fourth share net due or per was decrease This share $X.XX quarter fourth in per per expense share,

of million quarter to million a $X.X $X Non-GAAP mentioned, now end of expenses, the following for share. annualized fourth ahead, net was I $X.X to was $X.XX loss million. Looking XXXX profitability per of reduced XXXX fourth EBITDA to million just projecting are of adjusted or we before the $X.X return of quarter loss as for adjusted the XXXX. the Non-GAAP

as of and and was cash XXXX. of the XXXX, to million company the cash $XX.X compared the XX, from fourth million balance to cash December XX, XXXX used equivalents Moving during cash sheet activities had December at equivalents Cash million. equivalents and $X.X of $XX.X cash quarter of operating

financial would operator turn concludes our call lead This the to Q&A. the presentation. the us of I highlights to now over to like through And back the

Instructions]. [Operator Certainly.

Your first Ostlund question Hallum is Group. coming from Capital from Per Craig

line live. is Your

Thanks, I good the be I afternoon, X-K a of want and Dana. week, a question. apologize restructuring little out with advance. bit in with Hi This long Linnell! start to last announced the might winded

the Dana, prepared it is take cancer detection was business. that also very, in couple reduction to force come said So in of side its side in the clear focusing a of But the the of around efforts remarks wanted your X-K I pieces. from company very Obviously the predominantly the in business. and it's detection the to

curious the go-to-market, I'm as doesn't you're So on sound within sound back you're detection, doesn't to development. on because it where the to, like most you places of, pulling back like logical I out it identification cut of saw pulling product guess

take since I'm guess side for focus forward. I it word, opportunity better bloat the the you lack So is costs a of curious to going saw where business, or the that of out - the of

the Per, Yeah, question. so thanks all of hear and to first from nice for you,

mentioned. mean it's a you already on we So side organization, but still the silos. as looked detection across some had fairly lean the I as organization we

one the hybrid that functional some cross things done create So more of we've bit little a is of teams, roles.

technology it practice, for skill sales sets we So with the and synergies particularly the their scale how for expertise example and teams. or customers were in best to about economies some right required, incorporate could maximize how by when you sales, right envision examples get own environment, think to post working where combining where pre of those you're of to

take do example that's of to able some out, an So you were reduction. where we of those know

is the area organization. across looking Another just

that's and go, when for to we that You we know where cloud things look sets still it's particularly at best want point are expertise based.

enabled us and some streamlining also focused get efficiencies roles that combining So to what really of by kind just some folks are on.

so come press notion up this follow a that partner to in something effort release in field your much the recent has led How quarters. talked a geared been up affect Maybe sense. that about toward makes point, your and to go the has partners, type that does market? How Okay, of model, of actually in sales more becomes sales. that and securing than marketing

Right.

that as leader, joined new Senior introduced of the focused President partnerships. have we've news exclusively just We've we organization a part the a on early He Vice got some So new created for January and Commercial. move in also right, right. roles

is motivating sales working them, making creating every day is the responsibility we that overlay direct primary of in and right field. resources have kind the force individuals So the leveraging with appropriately our that partner organization whole sure the with whose an each for sales partners,

partnership every some one So diversify to about been feeling some as know we're that I at to you roles enumerated and and revenue, have the of we're strong that, we've of good when that able component. each ideas kind will focus on right, exploring now I because areas a partnership. them look dedicated mean, create you

So as you more be to know I more think that going go hearing from forward. we you're and us

it a restructuring, offside. other think not I the company, it's the going Okay, – it's bears side Look but of company, bit focus to but the forward the makes sense. again, Maybe or discussion the little focus on good. forward not of this the That and that. of of

I that that is that with more think straightforward there. restructuring

how that? you help know it question, think actually conclusion you think to As about early furlough we not Does sell necessarily of by to should on have for you valuation a can that, last business desired pertains and the characterize alternatives, discussions to the can how but it? your how Do to part there? any much of and that the a least potentially look apologies on sort organization, strategic don't you potential come say, do about or of but a valuation sale timeline fourth streamlining

think the potential I how impacts so furlough the one I four. timeline got missed I Okay, know of you valuation.

I very think I have may the missed and first so… one,

thought the around characterizing I Just you discussions early know guess.

Okay, okay, great.

discussion bit can answer so a different going and CFO then we're Shea, get Interm timeline he I’ll So online, voice and characterizing to is the little kind what furlough valuation. and so of talk thinking about to pass to the for I’m hear a and him, ball you'll about Dan

staff, that So customers on any service we furlough could existing ensuring you and know we the customers. support know focused new you and

help is anything accretive focused continue business on. to you actually can we what So a to were in right do be know option the strategic we

You say to global know that restart because IP. and the want I the know around discussions its business really it's that a almost are are full you scale, just spectrum those kind options a really potential to technology in would strategic, of from interesting,

So it’s it's a broad spectrum, interesting. very

think created business. solutions breadth just I know this also right, speaks the it the that you off were in to as

As soon as timeline, possible. you far as as know

a enough not next support to far able know so. customers to as one that miss along were know, well steps beat, conversations a and staff to we're who get right quarter through that we're these you we for you know with You know ensure as targeting furloughed, the continue services the

want if process talk And valuation our about it. for then I'll pass it models the Dan over and to just to you

great. Okay,

you. thank Yes,

strategic who's financial to, buyer. I more the going or evaluation is course who are think talking buyer; on of they a a they are we’re the buyer depend of to

is is a that circles term it's know the the a others. brand you what know I feeling got product and Xoft – great something and different name to worth strong than modalities. a with pretty that you think some buyers we to is strong It's have within a other

So the how depend going and they is going it. I is who think valuation buyer on are just to use the to

sort commensurate commands sort know, timeline days you to said, know breaks Dana be money the pretty the some pump a efficient because brand. something as it's bit, value feeling – a the the is looking that's sort save it's you XX that's know you furlough a and – run of could of we're process is little And and days, XX The at that that accurately. of with

Okay, all floor. Thanks. over that I sounds all will sounds the good, logical. turn

Thanks.

Thank you. that I'd questions. also Shea, Dan Interim like line the to audience we know let our for CFO have on

BTIG. next from is coming Your question Thibault Marie from

Your live. line is

recurring from sale we possibility quite motivated. flat in little But that as that’ll the workforce concerned be the a a it where expect with of Hi certainly term you up Per installed model. furloughs see the on I that? and left the on outlook I up Xoft know be of base not in revenue Dan! just near sort Dana! given some I'm XXXX. if you service a the on that certainly that revenue should know where business. certainly and understand pick for just of I that being think if for How – to little your taking announced this may drill that afternoon. revenue business to more product can curious to ought the was in Hi Thank questions about wanted off bit a you hold bit

would you revenue about have us how thinking the side? therapy product that near So term from

hi Dana. So This Marie! is

over going and turn So a comments then Dan. few I'll it I’m answer to to

want I the thing short about and passionate that product, is that a they say committed. Extremely doing. Xoft but amazingly I've are while, been to team onboard research only work first The the

just just distinctiveness again additional proved it. right, and You got the know studies data you we that competitiveness of some know

mighty So that's we but didn't to of the business. power team, underestimate manage continuing small a right, that

XX%. you mentioned, that high somewhere percentage a of You reoccurring as you XX%, know, business has know revenue,

they that our with we we right, the account support have. were So to and make that know able to able were you into sure take you reductions know customers service to

to to it turn make some Dan, for over there's question. you're going I'm to Marie's additional if you going comments

out right big service decisions, the furloughed you furloughed. revenue. you're think to a furlough I know the of know that I think you wouldn't Yes, that was we when and factor thought a get known, point of get who in That's I persistency determining and would the who think

manufacturing right covering workforce I know a that's service, for source of kinds and now sort think x-rays you filling all sort of there, that's assembling there's disposables. orders field of

controllers, to and the back partners, know now think so earlier, with I there sort there said, – you the furlough, know think the because getting through side, approach of controllers partially we Xoft you at the – product go-to-market is done is in. low a I the of the I least our just but discussion is On like a bit of still a, we’re think

particular a to order, chain some who partners the U.S. market are in them enough orders. an make purchased have there's in that's delivering know have be to We available you in strong the a supply position and outside to –

question yes, on a it's good That I I product think, side. the think

I also revenue. the to service think of persistency right highlight you're the

Sure.

Okay, assuming for to I questions. very strategic that? us new like you to you we growth you mentioned assuming to of getting that question, one a that's you sort of in for part is you you I thank would could know helpful, the What to Are in thing that that margins And business, if help on the you look plot us profitability sort assuming on guess Thank Xoft? option for highlight hear. guess the as as timelines, what the top us some late the refresh that detection from that's of line? are ‘XX. you encouraging is other Are profitability today there know you that. out

I'll it you. So Dan, on flip hey

to maybe I model underlying oriented, and on just business the can some some of talk the If metrics tackle then you first go want assumptions the side. to and of

determining how up the – on a going for Dana sale through it that the sale sort we Okay. process you Yeah, in much generates or that’s to you're with. our if know cash running sale, business what you and runway I follow mean have to get mean I and to a started to highlight of right and detection it’s keep might running help and know obviously that everything think

are top is a of or I and the head detection So around I you are you [inaudible]. from standpoint, know – Xoft margin for guess know more like my I think think know you obviously you XX% XX% the I think off the margins XX% margins for, know

You think think know this you lower the more XX will Xoft the would – detection it the to at that we're be of and at are margin XX way was as probably I like hard and I side. products yes, selling so the a software are think we're than

Okay, given okay, assumptions? then and just the

so going just was have is very conservative. we now right model I Yeah, to say, the

So cash assuming that models it create could reserve, compelling additional an an areas sale. into That would of right, and going from a from be these bit so. mentioned for to to investment to receiving know of news and revenue some we we're you bring right, ROI treat deploy from dependent I this influx and really as diversify be streams that we a those some is we on not revenue cash as actually example online, able standpoint, good actually Xoft would it

cash scenarios. out reductions conservative And of that to into the options in the would like business, positive right in flow as these catch right, ahead position most the over want been in is And being we’ve this be the point could could profitable we then, get what – exit and to and even business course laid case enough hopefully to now, next we about you on, self-sustaining the be actually at we've of know talking months deep faster. us grow next then you and mean dive opportunity, to a cost the of see to So take few it build which that being so. work alternatives market ones time, we that right we've got year know we it’s this point – right, like

Okay, you taking understood. questions. Thank the for

welcome. You’re

Thank is coming Company. you. [Operator Yale Instructions] Your question from Laidlaw Jen from & next

Your line live. is

and for company the thanks now. to questions, as right – on leader and afternoon, congrats Good taking the of the again

you. Thank

is of estimate, that is year question same a of first take about of from reach the that XX% needs the rough to revenue, understand bit more seems the a a on the to year largely be eventually and detections total the little – and My be the revenue that this detection this to of by end to add this based goal therapy nevertheless transition the reasonably probability XXXX. it’s lower. business filled I presumably just for But hole the

any sort grow or aspect and you particular feel So on? potential much maybe areas was there revenue or could can specific of comment you that the quicker that

you. in maximize I I'll one area say So with we're over explore chime beginning I’ll just particular that right and to to I or in think then Dan can pass it

the we that partnerships. channel great of the in leveraging new got based XXXX opportunity greatest our think it's is upon have, accomplished work and term I some really near

beginning so on an in the with believe Rad last partnership It's that’s exciting I right, the development that's speed. was to So up introduced Partners, pick earnings call, partnership.

area up in business really their ramp then working In day here the through scaling the to see details an hour around so the it, team Partners they going and XXXX. in take that personally of spend Rad fact, that's begin architecture, to helping XXXX an exciting come probably of think terms with hold so how each are in I growth we’ll through online

So Dan, any add. other comments to to you want it there's to over you I'm going if pass

ton. a Not

explore business have is past the Yale, to is originally you're path options two. XX% you're as is going by might integrated guess aren't the of the lot our of the separating feeling lose think we XXXX therapy the about you and a on know that not strategic I in – to that two that as businesses synergies they know, the envisioned so You revenue. the I And right that thinking, least at

then And cash it's losses check or the by runway really, cash (b) burn. generating then subscription Dana big this (a) preserving just and minimizing our candidly, into to Xoft hopefully model, It's what giving a said. grow for SaaS know on of business very focused and you and us check a we're more sort

revenue more built. very, general Health does that you could sort maybe also just the is that's -- other there involve recently great, of very a Would helpful. Okay, greater Google one public, just Which much be to have, in that And the the question of or awareness are the that increased aspects of partnership here. more generation.

I right. sure also we're think so make – all just just Yes, to to clear,

right. is a this technology So partnership,

great channel Google. great seeing processing But it's for awareness, in knowing would reading lift obviously So fantastic. we're processing your to partner a these images a point, Turnaround for Google power, actually ways to Google just power. a which, perspective time be give like the not us. We're brand leveraging with already going right and co-developing technology the to from sales operations. is has the

way deploy part Rad as Partners, best and work doing technology of example. for So exploring, we're the the to the with

shorten have privacy, right to know this that's the So because think services. mitigation and hopefully because of the awareness, that brand will time data already are work their risk technology of Health I Google seen for in do for you place be as relationship going around the do think first cycle. I the of to cloud for that kind they companies help and sales moving again security

see to even So revenue, a going per I channel sales help they're to accelerate you're indirectly se, think going for us. like it's that not and though

well. congrats. And very the taking that's questions as helpful thanks for and great, Okay,

you. Yeah, thank

Thank you.

from coming Securities. Turkaly is JMP next David from Your question

Your line is live.

first thoughts color I trends end evening. potentially was able for probably offer if you be any some the we – close offer that us either on I of are terms specifically to or that on wondering, what the the color pretty any to to look guidance, maybe rest might trajectory detection, first could quarter. know you've quarter Obviously seen. Good would but of the want like, you us in there in year. don't is any you give the or Hi!

Yeah.

as go I'm Dan, to first well. on going So let this you one

be, it could bumpy the I could is I I a path, I could sort we over a be come or well, the think little yeah, room of elephant described and ride. when of just think think big could of it in sort be dribbles. somewhat, guess had this Yes the waves as it it out the the rolled bumpy, rocks – It sort model, first in we subscription

that and a And of have rest so of that's think way - push year probably is think that subscription. to to sales so proven the know, it's you big I way, the the a we far, big have we to be the really

would pressing new certain sale really been of sales term exploring term of together contracts a incentive protected new with provide a the guaranteed She’s our sort stream sort Our a force periods of that sort very of revenue contracts are program the Sales Head model encourages subscriptions. for which more of that longer with has excited. with we subscription

next base, of wave ready can a of cash subscription future, sort before accounting the going the be it will because revenue, up we're element the time persistent I the stand we again to think really, ventures. looking definitely business point, revenue I for think base start into will generating see really the the take to that of build So the against pushing to

it. happened detection it comment the again force helpful. wonder comment give since since But mentioned specifically remaining. would turnover, because you be announced that's it. And us on, anything side, you Thank Got restructuring just if you. size, could any any sales that that's I you on then what's

here. can So, I jump in

we So side. force reductions on not sales do did the

same have still know the you we team. So

that’s function just commercial, made to help a post them one leader remained mentioned, actually end change OUS in from also sales. success is going so that The to perspective, pre this team we brought for we creating same we customer and both I teams stable. new for the As end think

be for they are putting you access the a know customers help together, or either at ready that post the to again, talent getting so. available that can to proposals actually and being pool sales them, to support services bigger and training, So offer

Thanks.

you. Thank

Brisebois question is next from Your coming from Oppenheimer. Francois

line live. Your is

transitioning guess thanks short just how this to the if but. right, on models goal going models know big work take obviously model subscription for hit wondering taking is one the influx, I'm - the All for just or is SaaS of terms – I first software to in term a a my a access profitability you on based questions. work, here. on

term this a on wondering, transition So the business why of short was in such focus profitability I here? through just

to pass So going it I'll chime and to then Dan. I'm in

happen So I to know it faster. even was actually because would smiling like the you Board right, see I think

love I and question. that that So comment

year. the looking fastest a able the will, the changes you the so including move I so we've if say by that really with cloud think with with you right, to know at end profitability. the selling reach is to from I'll made have, That far, cost of restructuring, we're revenue stream right, the what we

being like And was that actually, felt prudent. we pretty

key so maintain cut we didn't initiatives. we investment far continue couldn't So that to

opportunities, know that we this till complete the could come plan that to exploring business we profitability, to the we very our way third that we're as in and between If diversify, we could that However, we X, return right invest on investment, right. right, we and out here's that first new think can the Board that's back now might complete would which and quarter. the go be say, push proposal but we yet we a it don't these to revenue may work path diligence, and well want

So I like get we of well. conservative and taking with part leverage Mammography, some set solutions; moving again, Partners, the consideration which of could just current to key these on base with consideration year., to we case like next cloud; so a took our Solis felt taking what as think is partnerships Rad really model there detection of into we building how approach, to of our

sustainable right going business So approach business and plan we from ability to our our felt that the perspective was, and say a in forward. I in to looking at your having like responsible confidence execute,

side? Dan, to in is want that there anything the chime on profitability you

a lot say. said I of would Yeah, you what

thing planning to I as is sort that guess this this think about. of I notion the is business what that's the all of talking mind just of core and about, comes we're what

we person when bringing to will. because party, know so run skunk there's customers and business, that we were a in course, in were to you as certain SaaS are go planning a getting lawn there's of who perpetual motivation were, a never But room the if possible. of persistent pretty to revenue bit have as a probably of on some fast the upfront you're treasury always the probably for side the is And on one you're and the before, that of sales, revenues that they SaaS, not maybe going

to runway a You know have long as and balance - then the to some for pace just there the subscription OEMs of you overseas, needs is cash. the I perpetual that be as the while, to right between and a keeping think

here near as long hold enough you your But at have of change point time to in term, it and and and just to planning start I out balance the want term, be kind sense. and there wearing get As business there possible. dynamic to the the a how cash fast completed will of some to in the the we'll hat yourself take treasury needs whole near as people subscription the evolves. makes those person to between guess that the as go who cloud Hope the

you. Thank me. from it that’s Yeah,

Thanks.

you. Thank

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good color. that's questions. Thanks Okay, taking for

Thank you. the back session. go ahead. now CEO Dana Q&A and conference That hand Brown, our Please President I for will remarks. of to concludes closing iCAD

based is SaaS in XXXX our are grow continuing and new strong; plan with the and Thank transition you, partnerships to that evidence supporting Demand late operator. success. be to for made a conclusion, continued strides will we technology technology ensure significant to strategic year. our In complete solidifying and we we continues that our cloud it this to platform, upgrade

ensure I'm focused continued optimistic stream additional step building and growth to our the just customer defensible cash runway, a and value. I'm term to strategy future, long and about taking confident diversifies reiterate, shareholder company and our and on And out creating we're smooths its competitive right and preserving revenue I'm that the concentration. create

our to great shareholder value. evening! increased and to next our get towards on have quarter enhance you clarity as I and looking am drive we forward Thank a you, team updating continue strategy,

today's you, concludes Thank event. This everyone.

wonderful have You time participation. at your and for a Thank this day! disconnect may you