iCAD, Inc. (NASDAQ:ICAD) Q2 2024 Earnings Conference Call August 13, 2024 4:30 PM ET

Company Participants

Rosalyn Christian - Investor Relations
Dana Brown - President, Chief Executive Officer and Chairman
Eric Lonnqvist - Chief Financial Officer

Conference Call Participants

Per Ostlund - Craig-Hallum Capital
Yale Jen - Laidlaw & Company

Operator

Good day and welcome to the iCAD Incorporated Second Quarter 2024 Earnings Call. At this time, all participants are in a listen-only mode. After management's prepared remarks, there will be a question-and-answer session.

I would now like to turn the call over to Rosalyn Christian of Investor Relations. The floor is yours.

Rosalyn Christian

Thank you, operator. Good afternoon, everyone. Thank you for joining us today for iCAD's second quarter 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 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 US 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 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.

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

Dana Brown

Thank you, Rosalyn, and good afternoon, everyone. I opened our last call recapping the progress we have made executing a three phase transformation plan. We completed Phases 1 and 2, in which we 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, upgrading customers to new versions, including the transition to cloud or SaaS, and accelerating deployment across large national accounts.