10-Q Filing

ICAD INC CIK: 749660 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001437749-23-014560`
Period End Date	20230331
Filing Date	20230515
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	icad20230331_10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 17

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$922.00K	USD	Point-in-time
Allowance for doubtful accounts on trade accounts receivable	`AllowanceForDoubtfulAccountsReceivableCurrent`	$922.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.66M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.31M	USD	Point-in-time
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	`AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment`	$2.15M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.93M	USD	Point-in-time
Trade accounts receivable, net of allowance for credit losses of $922 as of both March 31, 2023 and December 31, 2022	`AccountsReceivableNetCurrent`	$7.38M	USD	Point-in-time
Trade accounts receivable, net of allowance for credit losses of $922 as of both March 31, 2023 and December 31, 2022	`AccountsReceivableNetCurrent`	$8.90M	USD	Point-in-time
Intangible assets, accumulated amortization	`FiniteLivedIntangibleAssetsAccumulatedAmortization`	$8.98M	USD	Point-in-time
Inventory, net	`InventoryNet`	$5.39M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Inventory, net	`InventoryNet`	$4.87M	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.64M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.29M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.20M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$38.24M	USD	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $2,151 and $2,135 as of March 31, 2023 and December 31, 2022, respectively	`PropertyPlantAndEquipmentNet`	$1.07M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Property and equipment, net of accumulated depreciation of $2,151 and $2,135 as of March 31, 2023 and December 31, 2022, respectively	`PropertyPlantAndEquipmentNet`	$1.15M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$3.36M	USD	Point-in-time
Operating lease assets	`OperatingLeaseRightOfUseAsset`	$3.20M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	60.00M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	25.45M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	25.45M	shares	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$55.00K	USD	Point-in-time
Other assets	`OtherAssetsMiscellaneousNoncurrent`	$69.00K	USD	Point-in-time
Intangible assets, net of accumulated amortization of $8,980 and $8,932 as of March 31, 2023 and December 31, 2022, respectively	`IntangibleAssetsNetExcludingGoodwill`	$436.00K	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	25.26M	shares	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	25.26M	shares	Point-in-time
Intangible assets, net of accumulated amortization of $8,980 and $8,932 as of March 31, 2023 and December 31, 2022, respectively	`IntangibleAssetsNetExcludingGoodwill`	$482.00K	USD	Point-in-time
Treasury Stock, Common, Shares (in shares)	`TreasuryStockCommonShares`	185,831.00	shares	Point-in-time
Goodwill	`Goodwill`	$8.36M	USD	Point-in-time
Treasury Stock, Common, Shares (in shares)	`TreasuryStockCommonShares`	185,831.00	shares	Point-in-time
Goodwill	`Goodwill`	$8.36M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$116.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$111.00K	USD	Point-in-time
Total assets	`Assets`	$51.70M	USD	Point-in-time
Total assets	`Assets`	$47.52M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.97M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.89M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$4.21M	USD	Point-in-time
Accrued and other expenses	`AccruedLiabilitiesCurrent`	$4.68M	USD	Point-in-time
Less: current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$569.00K	USD	Point-in-time
Less: current portion of lease liabilities	`OperatingLeaseLiabilityCurrent`	$582.00K	USD	Point-in-time
Deferred revenuecurrent portion	`ContractWithCustomerLiabilityCurrent`	$6.22M	USD	Point-in-time
Deferred revenuecurrent portion	`ContractWithCustomerLiabilityCurrent`	$6.21M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.45M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$12.88M	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.64M	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$2.80M	USD	Point-in-time
Deferred revenue, net of current	`ContractWithCustomerLiabilityNoncurrent`	$283.00K	USD	Point-in-time
Deferred revenue, net of current	`ContractWithCustomerLiabilityNoncurrent`	$542.00K	USD	Point-in-time
Deferred tax	`DeferredIncomeTaxLiabilitiesNet`	$6.00K	USD	Point-in-time
Deferred tax	`DeferredIncomeTaxLiabilitiesNet`	$6.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$15.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.80M	USD	Point-in-time
Commitments and Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 12)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued.	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value: authorized 1,000,000 shares; none issued.	`PreferredStockValue`	-	USD	Point-in-time
Outstanding 25,260,576 as of both March 31, 2023 and December 31, 2022.	`CommonStockValue`	$254.00K	USD	Point-in-time
Outstanding 25,260,576 as of both March 31, 2023 and December 31, 2022.	`CommonStockValue`	$254.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$302.90M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$303.49M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-270.61M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-266.84M	USD	Point-in-time
Treasury stock at cost, 185,831 shares as of both March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$1.42M	USD	Point-in-time
Treasury stock at cost, 185,831 shares as of both March 31, 2023 and December 31, 2022	`TreasuryStockCommonValue`	$1.42M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$34.90M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$31.71M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$46.52M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$43.75M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$51.70M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$47.52M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$5.78M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$7.52M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$2.21M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$1.65M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.13M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.31M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.28M	USD	1 Quarter
Engineering and product development	`ResearchAndDevelopmentExpense`	$2.27M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$3.56M	USD	1 Quarter
Marketing and sales	`SellingAndMarketingExpense`	$2.86M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.93M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.86M	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$55.00K	USD	1 Quarter
Amortization and depreciation	`DepreciationAndAmortization`	$63.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.05M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.83M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.92M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.52M	USD	1 Quarter
Interest expense	`InterestExpense`	$9.00K	USD	1 Quarter
Interest expense	`InterestExpense`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	-	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$150.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$2.00K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-13.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$-22.00K	USD	1 Quarter
Other income (expense), net	`NonoperatingIncomeExpense`	$152.00K	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.54M	USD	1 Quarter
Loss before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-3.77M	USD	1 Quarter
Provision for tax expense	`IncomeTaxExpenseBenefit`	$1.00K	USD	1 Quarter
Provision for tax expense	`IncomeTaxExpenseBenefit`	$5.00K	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net loss and comprehensive loss	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-0.15	USD	1 Quarter
Basic and diluted (in dollars per share)	`EarningsPerShareBasic`	$-0.14	USD	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25,160.00	shares	1 Quarter
Basic and diluted (in shares)	`WeightedAverageNumberOfSharesOutstandingBasic`	25,261.00	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$53.00K	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$46.00K	USD	1 Quarter
Depreciation	`Depreciation`	$86.00K	USD	1 Quarter
Depreciation	`Depreciation`	$78.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$161.00K	USD	1 Quarter
Non-cash lease expense	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$200.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	$305.00K	USD	1 Quarter
Bad debt provision	`ProvisionForDoubtfulAccounts`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$655.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$586.00K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxesAndTaxCredits`	$1.00K	USD	1 Quarter
Deferred tax	`DeferredIncomeTaxesAndTaxCredits`	$5.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.52M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.72M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$-523.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$565.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-363.00K	USD	1 Quarter
Prepaid and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-653.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-120.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-84.00K	USD	1 Quarter
Accrued and other expenses	`IncreaseDecreaseInAccruedLiabilities`	$-468.00K	USD	1 Quarter
Accrued and other expenses	`IncreaseDecreaseInAccruedLiabilities`	$-514.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-177.00K	USD	1 Quarter
Lease liabilities	`IncreaseDecreaseInOperatingLeaseLiability`	$-214.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$-264.00K	USD	1 Quarter
Deferred revenue	`IncreaseDecreaseInContractWithCustomerLiability`	$243.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$2.25M	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-904.00K	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.45M	USD	1 Quarter
Net cash used for operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.53M	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Additions to patents, technology and other	`PaymentsToAcquireIntangibleAssets`	$10.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$151.00K	USD	1 Quarter
Additions to property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$122.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-122.00K	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-161.00K	USD	1 Quarter
Proceeds from option exercises pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Proceeds from option exercises pursuant to stock option plans	`ProceedsFromStockOptionsExercised`	$66.00K	USD	1 Quarter
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans	`ProceedsFromStockPlans`	$60.00K	USD	1 Quarter
Proceeds from issuance of common stock pursuant to Employee Stock Purchase Plans	`ProceedsFromStockPlans`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$126.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-1.65M	USD	1 Quarter
(Decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-4.48M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.31M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.66M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.80M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$34.28M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$21.31M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$19.66M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$29.80M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$34.28M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$9.00K	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$34.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$43.75M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$586.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$655.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.78M	USD	1 Quarter
Issuance of common stock relative to vesting of restricted stock	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	-	USD	1 Quarter
Issuance of common stock pursuant to stock option plans (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	1 Quarter
Issuance of common stock pursuant to stock option plans (in shares)	`StockIssuedDuringPeriodSharesStockOptionsExercised`	22,833.00	shares	1 Quarter
Issuance of common stock pursuant to stock option plans	`StockIssuedDuringPeriodValueStockOptionsExercised`	$66.00K	USD	1 Quarter
Issuance of common stock pursuant Employee Stock Purchase Plans	`StockIssuedDuringPeriodValueEmployeeStockPurchasePlan`	$60.00K	USD	1 Quarter
Balance	`StockholdersEquity`	$34.90M	USD	Point-in-time
Balance	`StockholdersEquity`	$31.71M	USD	Point-in-time
Balance	`StockholdersEquity`	$46.52M	USD	Point-in-time
Balance	`StockholdersEquity`	$43.75M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.