With expectations of generating positive cash flow for the foreseeable future, the company is well-poised to put their significant cash balance to work. At close of Q1, iCAD had $20.3M in cash and aside from capital leases, was virtually debt-free. Since Q4 2014 iCAD paid off $15M worth of debt, including $11.3M at the end of Q1 2015 which was well ahead of the due dates ($3.8M was due at 2015 year-end, $7.5M was due at 2016 year-end). Management has recently focused on cleaning up the balance sheet, which along with significant cash flow, has meant the retirement of debt. Cash flow from operations (ex-changes in working capital was $2.1M). Adjusted EBITDA was $2.5M, equal to 19.2% of revenue. Management also reiterated their previously issued 2015 full-year revenue and adjusted EBITDA/revenue guidance of $55M - $59M and 16% - 20%.Īnd revenue continues to generate meaningful cash. And there were no meaningful surprises relative to our estimates as revenue, gross margin, operating expenses and net income / EPS all came in just about dead-on (excluding non-cash debt retirement expense) with our numbers. Detection and Therapy both turned in a solid performance, pushing revenue up 55% from the year-earlier period and extending the yoy revenue growth streak to 11 quarters. ICAD ( ICAD) announced financial results for the first quarter ending March 31 st. Mmgt Reiterates 2015 Revenue Guidance of +25% to + 34%. Q1 2015 Results: Results Dead-On w/ Our Estimates.