 Launched ProFound AITM Risk Offering After Receiving CE Mark in Europe Recent 50 System Agreement with SimonMed Imaging Highlights Significant Value of ProFound AI SolutionExpert Panel Reviews Compelling Clinical Data on Xoft Brain IORTConference Call Today at 4:30 p.m. ETNASHUA, N.H., Aug. 04, 2020 GLOBE NEWSWIRE -- iCAD, Inc. NASDAQ: ICAD, a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the three and six months ended June 30, 2020.Recent Highlights: Revenue of 5.6 million for the second quarter of 2020 Operating expenses of 6.7 million, a 21 and a 7 reduction as compared to the first quarter of 2020 and the second quarter of 2019, respectively Net loss for the second quarter of 2020 was 2.4 million, or 0.11 per diluted share, compared with a net loss of 3.5 million, or 0.20 per diluted share, for the second quarter of 2019 Maintained gross profit margin of 78 as compared to second quarter of 2019 Cash balance of 24.2 million at the end of the second quarter of 2020 Announced 50 Profound AITM licenses with SimonMed Imaging, a national provider of mammography screening, allowing patients to receive real-time essential breast screening New ProFound AI Risk offering launched in Europe First and only commercially available clinical decision support tool provides accurate two-year breast cancer risk estimation personalized for each woman Presented positive new clinical data for Xoft Brain IORT at American Society of Clinical Oncology ASCO 2020 Virtual Scientific Program Promising clinical research supports Xoft Brain IORT as a viable treatment option for glioblastoma multiforme GBM that may extend patients lives Overall survival benefit reached statistical significance in the IORT group with tumors less than or equal to 2.5 cm3 p0.05Detection revenue in the second quarter was 4.1 million as compared to 4.5 million in the first quarter of 2020 or an 8 decline. However, with sites reopening and appropriate safety measures in place, we saw an increase in screening and customer ordering beginning late in the second quarter, said Michael Klein, Chairman and Chief Executive Officer of iCAD, Inc. Importantly, a backlog of 8-10 million, out of an estimated 40 million annual screening mammograms, currently exists in the U.S. alone. Mammography screening is a necessity, and our ProFound AI offering, with a 53 reduction in reading time and a clinically significant decrease in unnecessary patient call back procedures, positions iCAD extremely well to address the volume of screening that needs to be conducted in the months ahead.Our recent 50 license agreement with SimonMed highlights the significant benefits of ProFound AI, continued Mr. Klein. Our innovative technology provides real-time results to patients during their visit, thereby reducing unnecessary return visits. While rapid results are critical, the ability to personalize breast cancer risk is also key for women. Our receipt of CE Mark approval in Europe for ProFound AI Risk is a major advancement in this important area.Our Xoft IORT offering for the treatment of Glioblastoma GBM continues to rapidly advance, and compelling clinical results in both overall survival and progression free survival were presented at ASCO during the second quarter. These exciting data sets have recently been submitted for journal publication, which we anticipate will occur in the fall. Moreover, we recently convened 18 global brain cancer experts to optimize the design of a clinical trial of Xoft in GBM and ultimately validate and enhance adoption of this FDA cleared technology on global basis, concluded Mr. Klein.Second Quarter 2020 Financial ResultsRevenue: Reflective of the COVID-19 impact, Cancer Detection revenue for the second quarter of 2020, which includes the Companys mammography, breast density, and the associated service and supplies revenue, decreased by approximately 1.1 million, or 21, as compared to the second quarter of 2019. Therapy revenue for the second quarter of 2020, which includes Xoft Axxent eBx System sales, as well as the associated service and supplies revenue, decreased by 0.7 million, or 32, as compared to the second quarter of 2019. Total Detection and Therapy revenue for the second quarter of 2020 was 5.6 million, a decrease of 1.8 million, or 24, compared to the second quarter of 2019, reflecting a 34 decrease in product revenue, and a 10 decrease in service and supplies revenue.In 000s Three months ended June 30, 2020 2019 Change Change Product revenue 2,888 4,353 1,465 34 Service and supplies revenue 2,679 2,976 297 10 Total Revenue 5,567 7,329 1,762 24 In 000s Three months ended June 30, 2020 2019 Change Change Detection revenue Product revenue 2,702 3,808 1,106 29 Service and supplies revenue 1,415 1,401 14 1 Detection Revenue 4,117 5,209 1,092 21 Therapy revenue Product revenue 186 545 359 66 Service and supplies revenue 1,264 1,575 311 20 Therapy Revenue 1,450 2,120 670 32 Total Revenue 5,567 7,329 1,762 24 Gross Profit: Gross profit for the second quarter of 2020 was 4.4 million, or 78 of revenue, as compared to 5.7 million, or 78 of revenue, in the second quarter of 2019.Operating Expenses: Total operating expenses for the second quarter of 2020 were 6.7 million, a 0.5 million, or 7, decrease from 7.2 million in the second quarter of 2019. The decrease was driven by expense controls implemented during the second quarter.GAAP Net Loss: Net loss for the second quarter of 2020 was 2.4 million, or 0.11 per diluted share, compared with a net loss of 3.5 million, or 0.20 per diluted share, for the second quarter of 2019.Non-GAAP Adjusted Net loss: Non-GAAP adjusted net loss, a non-GAAP financial measure as defined below, for the second quarter of 2020 was 2.5 million, or 0.12 per diluted share, as compared to a non-GAAP adjusted net loss of 1.6 million, or 0.09 per diluted share, for the second quarter of 2019. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted Net Loss results for the three-month periods ended June 30, 2020 and 2019, respectively.Non-GAAP Adjusted EBITDA: Non-GAAP adjusted EBITDA, a non-GAAP financial measure as defined below, for the second quarter of 2020 was a loss of 0.7 million, a 0.3 million decrease compared to the second quarter 2019 non-GAAP adjusted EBITDA loss of 1.0 million. Please refer to the section entitled Reconciliation of Non-GAAP Financial Measures to Comparable GAAP Measures and the accompanying financial table included at the end of this release for a reconciliation of GAAP Net Loss to Non-GAAP Adjusted EBITDA results for the three-month periods ended June 30, 2020 and 2019, respectively.Six Months Ended June 30, 2020 Financial ResultsRevenue: Total Detection and Therapy revenue for the six months ended June 30, 2020 was 12.1 million, a decrease of 2.0 million, or 14, compared to the same period of 2019, reflecting an 18 decrease in product revenue, and an 8 decrease in service and supplies revenue.In 000s Six months ended June 30, 2020 2019 Change Change Product revenue 6,683 8,175 1,492 18 Service revenue 5,435 5,927 492 8 Total Revenue 12,118 14,102 1,984 14 Cancer Detection revenue for the six months ended June 30, 2020, which includes the Companys mammography, breast density, and the associated service and supplies revenue, decreased by approximately 0.8 million, or 8, as compared to the same period of 2019. Therapy revenue for the six months ended June 30, 2020, which includes Xoft Axxent eBx System sales, as well as the associated service and supplies revenue, decreased by 1.2 million, or 25, as compared to the same period of 2019.In 000s Six months ended June 30, 2020 2019 Change Change Detection revenue Product revenue 5,802 6,598 796 12 Service revenue 2,791 2,779 12 0 Detection Revenue 8,593 9,377 784 8 Therapy revenue Product revenue 881 1,577 696 44 Service revenue 2,644 3,148 504 16 Therapy Revenue 3,525 4,725 1,200 25 Total Revenue 12,118 14,102 1,984 14 Gross Profit: Gross profit for the six months ended June 30, 2020 was 8.9 million, or 73 of revenue, as compared to 11.0 million, or 78 of revenue, in the same period of 2019.Operating Expenses: Total operating expenses for the six months ended June 30, 2020 were 15.1 million, a 1.6 million, or 12, increase from 13.5 million in the same period of 2019. The increase was driven by increases in marketing and GA during the first quarter of 2020 offset by decreases in the second quarter as a result of expense controls implemented during the second quarter of 2020.GAAP Net Loss: Net loss for the six months ended June 30, 2020 was 14.2 million, or 0.67 per diluted share, compared with a net loss of 7.2 million, or 0.42 per diluted share, for the same period of 2019.Non-GAAP Adjusted Net loss: Non-GAAP adjusted net loss, a non-GAAP financial measure as defined below, for the six months ended June 30, 2020 was 6.4 million, or 0. 