iCAD, Inc. (NASDAQ:ICAD) Q1 2023 Earnings Conference Call May 15, 2023 4:30 PM ET

Company Participants

Linnell Faber - Executive Assistant to CEO

Dana Brown - President and CEO

Eric Lonnqvist - CFO

Conference Call Participants

Per Ostlund - Craig Hallum

Marie Thibault - BTIG

Yale Jen - Laidlaw & Company

Frank Takkinen - Lake Street Capital Markets

Francois Brisebois - Oppenheimer

Operator

Good day, everyone, and welcome to the iCAD, Inc. First Quarter 2023 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, Linnell Faber. Ma'am, the floor is yours.

Linnell Faber

Thank you, operator. Good afternoon, everyone. Thank you for joining us today for iCAD's First Quarter 2023 Earnings Call. On the call today, we have Dana Brown, our President and Chief Executive Officer; and Eric Lonnqvist, our Chief Financial Officer.

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

For a list of factors that could cause actual results to differ, please see today's press release and our filings with the U.S. Securities and Exchange Commission. iCAD undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call.

I would also note that management will refer to certain non-GAAP financial measures. Management believes that these measures provide meaningful information for investors and reflect the way they view the operating performance of the company. You can find a reconciliation of our GAAP to non-GAAP measures at the end of the earnings release.

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

Dana Brown

Thank you, Linnell, and good afternoon, everyone.

Let's begin with our business update. As mentioned on our previous call, we are exploring strategic options for the Xoft business that could accelerate the accessibility of this technology and provide more focus and synergies to its growth. While we explore these options, we continue to operate the business and customers worldwide continue to treat patients with this targeted therapy.

And while we retain stack to support sales and services, revenue for Q1 was 18% lower than our budget coming in at $1.43 million versus $1.7 million. Sales have slowed as customers and distributors are cautious about the business' future. To address these concerns, we've redeployed some internal resources to better support Xoft sales.