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iCAD ICAD
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Quarterly report 2025-Q1
added 05-16-2026

iCAD Income Statement 2024-2008 | ICAD

Brief overview of income trends at iCAD

The comparison covers a five-year financial horizon. According to figures from iCAD, revenue changed from $31.3 million to $19.6 million over five years. Overall revenue changed by −37.4%, equal to an annualized rate of about −9%. Sales followed a declining trajectory over the five years.

The five-year change in gross profit reached −31.3%: from 24.2 million dollars to 16.6 million dollars. Direct costs grew more slowly than revenue and improved the economics of sales. Gross profit as a share of revenue changed from 77.3% to 84.8%. A wider margin shows that the economics of the core business improved.

EBITDA changed from −6.1 million dollars to −6 million dollars (+1.6%). Additional revenue translated efficiently into EBITDA. EBITDA margin was −19.5% at the start and −30.7% at the end. The business retained less EBITDA from each unit of revenue.

The net financial result changed from −$13.6 million to −$5.6 million. Losses became smaller, but the business remains unprofitable.

The five-year change in capitalization reached −65.8%: from $159 million to $54.3 million. Investors remain cautious despite better financial results.

Summary assessment

The financial trajectory is weak and requires a cautious interpretation. The strongest signals are improving net profitability and better sales economics. The overall view is constrained by a weaker market valuation, a low EBITDA margin and limited revenue growth. The key question is whether sales can be converted into sustainable profit.

Annual Income Statement iCAD

2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

Market Cap

54.3 M 41.2 M 32.8 M 120 M 409 M 159 M 93.3 M 52 M 59.6 M 70.9 M 112 M 126 M 53.1 M 30 M - - -

Shares

26.4 M 25.6 M 25.2 M 24.8 M 22.1 M 18.4 M 16.7 M 16.3 M 15.9 M 15.7 M 14.1 M 10.8 M 10.8 M 10.9 M 9.17 M 45.5 M -

Historical Prices

2.06 1.61 1.3 4.83 18.5 13.3 5.13 3.43 3.76 4.47 9.94 11.7 5.45 2.55 - - -

Net Income

-5.62 M -4.85 M -13.7 M -11.2 M -17.6 M -13.6 M -9.02 M -14.3 M -10.1 M -32.4 M -1.01 M -7.61 M -9.37 M -37.6 M -6.22 M -1.97 M -

Revenue

19.6 M 17.3 M 19.8 M 33.6 M 29.7 M 31.3 M 25.6 M 28.1 M 26.3 M 41.6 M 43.9 M 33.1 M 28.3 M 28.7 M - - -

Cost of Revenue

2.97 M 2.53 M 2.98 M 9.4 M 8.34 M 7.11 M 6.19 M 9.93 M 7.82 M 12.2 M 12.7 M 9.98 M 8.24 M 8.62 M 4.88 M 6.3 M -

Gross Profit

16.6 M 14.8 M 16.8 M 24.2 M 21.4 M 24.2 M 19.4 M 18.2 M 18.5 M 29.4 M 31.2 M 23.1 M 20 M 20 M 19.7 M 21.8 M -

Operating Income

-6.27 M -7.69 M -10.2 M -10.7 M -9.39 M -6.4 M -8.13 M -14.2 M -9.97 M -30.1 M 815 K -1.78 M -5.41 M -37.1 M -6.54 M -2.12 M -

Interest Expense

-49 K -14 K 10 K 141 K 476 K 784 K 504 K 124 K 63 K 650 K 2.64 M 3.28 M 3.42 M 422 K 348 K 9 K -

EBITDA

-6.03 M -7.44 M -9.98 M -10.5 M -9.19 M -6.12 M -7.82 M -9.53 M -8.85 M -1 M 2.56 M -838 K -2.62 M -7.19 M -6.07 M -1.37 M -

Operating Expenses

22.9 M 22.5 M 27 M 35 M 30.7 M 30.6 M 27.6 M 28.2 M 28.5 M 32 M 30.4 M 24.9 M 25.4 M 30.4 M 26.2 M 23.9 M -

General and Administrative Expenses

7.63 M 9.32 M 10.5 M 10.4 M 9.12 M 7.44 M 9.12 M 7.88 M 7.68 M 8.79 M 8.04 M 6.74 M 6.97 M 10.1 M 9.89 M 7.35 M -

All numbers in USD currency

Quarterly Income Statement iCAD

2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

Shares

26.7 M 26.4 M 26.4 M 26.4 K 26.4 M 26.4 M 25.6 M 25.3 K 25.3 K 25.3 M 25.2 M 25.2 M 25.2 K 25.1 M 25.1 M 25 M 23.9 M 23.5 M 23.2 M 22.4 M 20.2 M 19.3 M 19.3 M 17.6 M 17.2 M 16.8 M 16.7 M 16.7 M 16.6 M 16.5 M 16.4 M 16.3 M 16.1 M 16 M 16 M 15.9 M 15.8 M 15.7 M 15.7 M 15.7 M 15.6 M 15.5 M 15.3 M 14.1 M 11.4 M 10.9 M 10.8 M 10.8 M 10.8 M 10.8 M 10.8 M 10.8 M 10.8 K 10.9 M 10.9 K 54.6 K 10.9 M

Net Income

-833 K - -1.8 M -1.74 M -1.22 M - -1.37 M -1.75 M -3.78 M - -3.9 M -3.12 M -3.54 M - -2.18 M -3.28 M -1.64 M - -1.8 M -2.4 M -11.8 M -3.35 M -2.96 M -3.53 M -3.72 M -3.34 M -1.36 M -1.03 M -3.28 M -4.24 M -6.93 M -2.63 M -457 K -3.32 M -2.68 M -1.58 M -2.53 M -2.4 M -402 K -27.8 M -1.86 M -96 K 274 K -997 K -190 K -4.41 M -589 K -1.88 M -727 K -2.7 M -1.46 M -2.94 M -2.26 M -2.23 M -25.6 M -5.41 M -4.31 M

Revenue

4.87 M - 4.22 M 5.03 M 4.95 M - 4.07 M 4.17 M 5.78 M - 6.36 M 7.58 M 7.52 M - 9.36 M 7.83 M 8.64 M - 7.13 M 5.57 M 6.55 M 9.38 M 7.86 M 7.33 M 6.77 M 6.95 M 6.19 M 6.16 M 6.31 M 7.9 M 7 M 6.41 M 6.79 M 6.93 M 6 M 7.37 M 6.04 M 7.61 M 9.58 M 11.1 M 13.2 M 13.2 M 12.6 M 9.67 M 8.52 M 9.14 M 8.29 M 7.71 M 7.93 M 7.82 M 8.18 M 5.93 M 6.34 M 6.61 M 8.05 M 6.65 M 7.34 M

Cost of Revenue

685 K - 583 K 812 K 841 K - 552 K 773 K 1.65 M - 1.98 M 2.08 M 2.21 M - 2.65 M 2.29 M 2.36 M - 2.1 M 1.21 M 2.04 M - 1.8 M 1.6 M 1.49 M - 1.45 M 1.38 M 1.82 M - 2.36 M 1.91 M 2.1 M - 1.9 M 1.67 M 1.85 M - 2.76 M 3.26 M 3.86 M - 3.4 M 2.84 M 2.59 M - 2.36 M 2.49 M 2.28 M - 2.3 M 1.76 M 1.92 M - 2.16 M 2.14 M 2.21 M

Gross Profit

4.19 M - 3.63 M 4.22 M 4.11 M - 3.52 M 3.4 M 4.13 M - 4.37 M 5.49 M 5.31 M - 6.71 M 5.54 M 6.29 M - 5.02 M 4.36 M 4.51 M 7.16 M 6.05 M 5.73 M 5.28 M 5.41 M 4.74 M 4.78 M 4.5 M 4.34 M 4.64 M 4.5 M 4.69 M 4.53 M 4.1 M 5.7 M 4.19 M 5.29 M 6.82 M 7.88 M 9.36 M 9.3 M 9.17 M 6.83 M 5.93 M 6.29 M 5.93 M 5.22 M 5.65 M 5.55 M 5.88 M 4.17 M 4.43 M 4.5 M 5.89 M 4.5 M 5.13 M

Operating Income

-1.13 M - -2.02 M -1.95 M -1.44 M - -1.22 M -2.51 M -3.92 M - -3.96 M -3.11 M -3.52 M - -2.18 M -2.87 M -1.53 M - -1.69 M -2.31 M -3.89 M - -1.96 M -1.46 M -1.03 M - -1.25 M -939 K -3.15 M - -6.94 M -2.62 M -435 K - -2.65 M -1.53 M -2.49 M - -344 K -27.8 M 443 K - 926 K -166 K -460 K - -354 K -473 K -328 K - -704 K -1.9 M -2.03 M - -25.5 M -5.31 M -4.22 M

Interest Expense

124 K - 10 K 11 K 20 K - - -3 K - - 7 K - 9 K - - 29 K 112 K - 115 K 115 K 130 K - 193 K 202 K 209 K - 118 K 113 K 142 K - 36 K 10 K 5 K - 15 K 21 K 23 K - 46 K 70 K 507 K - 647 K 614 K 817 K - 807 K 834 K 826 K - 883 K 831 K 835 K - 111 K 111 K 105 K

EBITDA

-1.07 M - -1.96 M -1.88 M -1.38 M - -1.16 M -2.44 M -3.87 M - -3.9 M -3.05 M -3.46 M - -2.12 M -2.81 M -1.48 M - -1.64 M -2.26 M -3.84 M - -1.89 M -1.39 M -964 K - -1.18 M -862 K -3.06 M - -6.84 M -2.51 M -313 K - -2.36 M -1.24 M -2.21 M - -87 K -27.3 M 1.06 M - 1.35 M 89 K -209 K - -76 K -108 K -145 K - -3 K -1.43 M -1.78 M - -24.7 M -4.76 M -3.92 M

Operating Expenses

5.32 M - 5.65 M 6.16 M 5.55 M - 4.74 M 5.91 M 8.06 M - 8.33 M 8.6 M 8.83 M - 8.89 M 8.41 M 7.82 M - 6.71 M 6.67 M 8.4 M - 8.01 M 7.18 M 6.32 M - 5.99 M 5.72 M 7.65 M - 11.6 M 7.13 M 5.12 M - 6.75 M 7.24 M 6.68 M - 7.16 M 35.7 M 8.92 M - 8.24 M 7 M 6.39 M - 6.28 M 5.7 M 5.98 M - 6.59 M 6.07 M 6.45 M - 31.4 M 9.81 M 9.35 M

General and Administrative Expenses

2.25 M - 1.81 M 2.07 M 1.9 M - 2.04 M 2.76 M 2.86 M - 2.67 M 2.74 M 2.93 M - 2.66 M 2.65 M 2.15 M - 1.83 M 2.11 M 2.53 M - 1.87 M 1.86 M 1.55 M - 1.78 M 1.58 M 2.06 M - 1.94 M 2.09 M 2.03 M - 1.78 M 2.18 M 1.63 M - 2.12 M 2.33 M 2.21 M - 2.28 M 1.86 M 1.69 M - 1.46 M 1.6 M 1.67 M - 1.77 M 1.6 M 1.6 M - 2.15 M 3.41 M 2.8 M

All numbers in USD currency

The income statement is one of the three key financial reports of a company iCAD (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:

  • How much revenue the company earned
  • How much it spent on production, personnel, marketing, taxes, etc.
  • What profit remained in the end

Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.

Features
  • The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
  • Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
  • A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.

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