Reports Q1 revenue $4.87M, consensus $4.54M. Dana Brown, president and CEO of iCAD (ICAD) commented, “We saw meaningful progress this quarter with increasing adoption of our cloud-based solutions and steady demand for our ProFound Breast Health Suite bringing total annual recurring revenue (TARR) to $10.7 million, supported by 19 new cloud deals. While year-over-year consolidated revenue decreased slightly due to the anticipated revenue recognition shift associated with our SaaS transition, we achieved improved gross margin of 86% compared to 83%, driven by higher-margin cloud revenues, and reduced operating expenses by 4%.”
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