iCAD, Inc. (NASDAQ:ICAD) Q1 2022 Earnings Conference Call May 11, 2022 4:30 PM ET

Company Participants

Stacey Stevens – President & Chief Executive Officer

Charles Carter – Chief Financial Officer

Anthony Takazawa – Director, Investor Relations

Conference Call Participants

Per Ostlund – Craig-Hallum

Marie Thibault – BTIG

Yale Jen – Laidlaw & Company

Frank Takkinen – Lake Street Capital

Operator

Good afternoon, ladies and gentlemen, and welcome to the iCAD, Inc. First Quarter 2022, 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, Tony Takazawa, Director, Investor Relations. Sir, the floor is yours.

Anthony Takazawa

Thank you, Matthew. Good afternoon, everyone. Thank you for joining us today for iCAD's First Quarter 2022 Earnings Conference Call. On the call today, we have Stacey Stevens, our President and Chief Executive Officer, and Charlie Carter, our Chief Financial Officer. Before turning the call over to Stacey, 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 our 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 may 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 Stacey.

Stacey Stevens

Thank you, Tony. And good afternoon, everyone. I will begin with some high-level comments on our first-quarter results and then provide additional granularity around the current business environment and key areas of focus for the company, for the rest of 2022. As we indicated in our pre -release on April 21st, Q1 has been a period of rapid change for our company. As we announced the appointment of Timothy Norris Irish as Chairman of the Board of Directors. He will succeed Michael Klein, who will remain as the director of the Board. On behalf of the Board of Directors and our entire management team, I would like to thank Mike for his contributions as Chairman of the Board over the past three years. And we're excited to welcome Tim as he offers tremendous insight and decades of relevant experience in corporate leadership and health technologies, along with a proven track record of leading innovation and strategic change. We also recently announced that our Chief Financial Officer, Charles Carter, will be leaving the company for personal reasons. Charlie will continue to serve as CFO to assist with the transition of his responsibilities until his successor is in place. I would also like to thank Charlie on behalf of the Board of Directors and the entire iCAD team for his work as CFO over the past year. He has played an important role during a period of transition for the company. And we appreciate the contributions that support our company's future success. We have previously shared that we believe we are currently at an important inflection point that offers significant potential across both sides of our business. With a robust portfolio of world-leading differentiated solutions in large under-penetrated markets in the detection segment, and the expansion of Xoft in promising applications such as the treatment of brain tumors in the cancer therapy segment, our team has been laying the foundation for a path to continued success this year. We plan to continue to leverage the strength of our robust portfolio of powerful solutions in 2022 and beyond by expanding access to the technologies in our existing portfolio, aggressively targeting broader market opportunities and offering more flexible ways for our technologies to meet customer needs. Based on what the team accomplished in Q1, I believe that we have the right plans and the right team in place to successfully execute our strategic vision and elevate the company and our technologies to new heights. Although the global pandemic continued to present challenges in the earlier part of Q1, we are thankfully beginning to return to a more normal environment as COVID -related restrictions are beginning to loosen in many areas around the globe.