iCAD, Inc. (NASDAQ:ICAD) Q1 2024 Results Conference Call May 15, 2024 8:30 AM ET
Company Participants
Jeremiah Bennett - Vice President, Marketing
Dana Brown - President and Chief Executive Officer
Eric Lonnqvist - Chief Financial Officer
Conference Call Participants
Per Ostlund - Craig-Hallum
Yale Jen - Laidlaw & Company
Operator
Good day, ladies and gentlemen, and welcome to the iCAD Incorporated First Quarter 2024 Earnings Call. At this time, all participants have been placed on a listen-only mode, and floor will be open for questions and comments following the presentation. [Operator Instructions] Please note this call is being recorded.
It is now my pleasure to turn the floor over to your host, Mr. Jeremiah Bennett. Sir, the floor is yours.
Jeremiah Bennett
Thank you, operator. Good morning, everyone. Thank you for joining us today for iCAD's first quarter fiscal year 2024 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'll 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.
Also, please 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 with 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, Jeremy, and good morning, everyone. Let's begin with our business update. On our last call, I recap the progress we've made executing a three-phase transformation. We've completed phases 1 and 2, which were realigning our base and strengthening our foundation. In these two phases, we were focused on stabilizing our cash burn, strengthening our leadership team, and divesting the Xoft business.
Phase 3 investing in growth initiatives, began in first quarter 2024, with a focus on expanding into key accounts and new markets with our existing solutions. This phase is focused on maximizing revenue from our sizable install base, including reengaging customers who've lapsed on annual maintenance service agreements, upgrading customers to new versions, including the transition to cloud, and accelerating deployments across large national accounts.