Private company
ICAD INC
American surgical and medical instruments and apparatus company. Summary from the record
Last updated Oct 19, 2026.
Overview
- IndustrySurgical & Medical Instruments & Apparatus1
- HeadquartersNashua, New Hampshire1
- Incorporated inDE2
- Business address98 Spit Brook Road, Suite 100, Nashua, Nh 030622
- Filer categoryNon-accelerated filer, Smaller reporting company2
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Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2024
84.8%Gross margin4
-32.0%Operating margin4
-28.6%Net margin4
13.2%Revenue growth, 20244
-19.6%Return on equity4
-$4.1MFree cash flow4
Where the money goes
Where each dollar of revenue went, fiscal 2024
- Cost of revenue15¢$3.0M
- Research and development34¢$6.6M
- Other costs51¢$9.9M
- Income tax0¢$98.0K
Out of $19.6M in revenue.4 The company lost money this year.
Financial statements
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | $25.1M5 | $31.3M6 | $29.7M7 | $33.6M7 | $19.8M8 | $17.3M4 | $19.6M4 |
| Cost of revenue | $6.2M5 | $7.1M6 | $8.3M7 | $9.4M7 | $3.0M8 | $2.5M4 | $3.0M4 |
| Gross profit | $19.4M5 | $24.2M6 | $21.4M7 | $24.2M7 | $16.8M8 | $14.8M4 | $16.6M4 |
| Research and development | $9.4M5 | $9.3M6 | $8.1M7 | $9.2M7 | $5.5M8 | $5.2M4 | $6.6M4 |
| Operating expenses | $35.0M7 | $27.0M8 | $22.5M4 | $22.9M4 | |||
| Operating income | -$8.1M5 | -$6.4M6 | -$9.4M7 | -$10.7M7 | -$10.2M8 | -$7.7M4 | -$6.3M4 |
| Interest | $504.0K5 | $784.0K6 | $476.0K7 | $141.0K7 | $10.0K8 | $16.0K8 | |
| Income before tax | -$11.2M7 | -$10.0M8 | -$7.0M4 | -$5.5M4 | |||
| Income tax | $42.0K5 | $43.0K6 | $38.0K7 | $1.0K7 | -$116.0K8 | $20.0K4 | $98.0K4 |
| Net income | -$9.0M5 | -$13.6M6 | -$17.6M7 | -$11.2M7 | -$13.7M8 | -$4.8M4 | -$5.6M4 |
| Earnings per share | -$0.545 | -$0.746 | -$0.807 | -$0.457 | -$0.548 | -$0.194 | -$0.214 |
| Earnings per share (diluted) | -$0.545 | -$0.746 | -$0.807 | -$0.457 | -$0.547 | ||
| Shares (weighted, basic) | 24.8M shares7 | 25.2M shares8 | 25.6M shares4 | 26.4M shares4 | |||
| Shares (weighted, diluted) | 24.8M shares7 | 25.2M shares8 | 25.6M shares4 | 26.4M shares4 |
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash | $12.2M12 | $15.3M5 | $27.2M6 | $34.3M7 | $21.3M8 | $21.7M4 | $17.2M4 |
| Receivables | $8.9M7 | $5.8M8 | $6.4M4 | $7.2M4 | |||
| Inventory | $4.2M7 | $2.1M8 | $917.0K4 | $756.0K4 | |||
| Current assets | $21.2M12 | $29.2M5 | $42.3M6 | $50.3M7 | $38.2M8 | $29.7M4 | $26.4M4 |
| Property, plant and equipment | $882.0K7 | $704.0K8 | $1.8M4 | $1.7M4 | |||
| Goodwill | $8.4M7 | $8.4M8 | $8.4M4 | $8.4M4 | |||
| Intangible assets | $683.0K7 | $264.0K8 | $148.0K4 | $101.0K4 | |||
| Total assets | $31.7M12 | $41.7M5 | $55.6M6 | $62.2M7 | $51.7M8 | $41.4M4 | $37.5M4 |
| Accounts payable | $2.8M7 | $1.4M8 | $712.0K4 | $1.1M4 | |||
| Current liabilities | $13.2M12 | $18.8M5 | $16.8M6 | $15.0M7 | $13.5M8 | $6.7M4 | $7.6M4 |
| Total liabilities | $24.8M12 | $36.7M5 | $25.1M6 | $15.7M7 | $16.8M8 | $8.0M4 | $8.9M4 |
| Retained earnings | -$253.2M7 | -$266.8M8 | -$271.7M4 | -$277.3M4 | |||
| Shareholders’ equity | $6.9M6 | $5.1M7 | $30.5M7 | $46.5M8 | $34.9M4 | $33.4M4 | $28.7M4 |
| Shares outstanding | 16.9M shares12 | 19.4M shares5 | 23.5M shares6 | 25.1M shares7 | 25.3M shares8 | 26.4M shares4 | 26.4M shares4 |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Cash from operations | -$3.9M5 | -$7.1M6 | -$7.0M7 | -$9.4M7 | -$12.8M8 | -$5.0M4 | -$3.9M4 |
| Depreciation and amortization | $240.0K7 | $217.0K8 | $249.0K4 | $242.0K4 | |||
| Stock-based compensation | $2.8M7 | $1.7M8 | $1.3M4 | $883.0K4 | |||
| Capital spending | $301.0K5 | $296.0K6 | $461.0K7 | $563.0K7 | $524.0K8 | $922.0K4 | $168.0K4 |
| Free cash flow | -$4.2M | -$7.4M | -$7.4M | -$10.0M | -$13.3M | -$5.9M | -$4.1M |
| Cash from investing | -$587.0K7 | -$534.0K8 | $3.3M4 | -$519.0K4 | |||
| Cash from financing | $17.1M7 | $355.0K8 | $2.0M4 | $04 |
Leadership
Who has led ICAD INC, and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
2010201520202025
- Chief executive officerStacey M. Stevens Mar 23, 2022 to Mar 28, 202213
- Chief executive officerKenneth M. Ferry May 16, 2006 to Apr 2, 201814
- PresidentStacey M. Stevens Oct 22, 2019 to Mar 28, 202215
- PresidentKenneth M. Ferry May 16, 2006 to Nov 18, 201414
- Chief financial officerCharles Ross Carter Aug 4, 2021 to Jan 18, 202216
- Chief financial officerR. Scott Areglado Nov 10, 2016 to Feb 17, 202117
- Chief financial officerRichard Christopher Nov 14, 2016 to Dec 27, 201818
- Chief financial officerAnnette Heroux Jun 28, 2006 to Jun 28, 200619
- Chief financial officerDarlene M. Deptula-Hicks Sep 13, 2006 to Mar 31, 201120
Board members and other officers (27)
- OfficerDaniel Joseph Shea Jan 23, 2023 to Jan 23, 202321
- OfficerEric Lonnqvist Apr 25, 2023 to now22
- OfficerStephen P. Sarno Jun 7, 2022 to Jun 7, 202223
- OfficerCharles Ross Carter May 4, 2021 to May 4, 202124
- OfficerR. Scott Areglado Sep 16, 2016 to Sep 16, 201625
- Vice President, CT SolutionsMaha Sallam Feb 14, 2006 to Feb 14, 200626
- Senior VP of SalesJeffrey H. Barnes May 16, 2006 to Jul 11, 201127
- VP of Marketing & StrategyStacey M. Stevens Jun 1, 2006 to Mar 27, 201928
- Sr. VP Research & DevelopmentJonathan Go Nov 9, 2006 to now29
- Board memberHedvig Hricak Feb 26, 2024 to now30
- Board memberTimothy Norris Irish Jan 26, 2022 to Jan 5, 202331
- Board memberNathaniel Dalton Jan 14, 2020 to Jan 4, 202232
- Board memberRakesh Patel Nov 2, 2018 to now33
- Board memberAndy Sassine Dec 9, 2015 to now34
- Board memberRobert L. Goodman Feb 18, 2014 to Oct 2, 201835
- Board memberSomu Subramaniam Jan 4, 2011 to Oct 2, 201836
- Board memberAnthony F. Ecock May 12, 2008 to Oct 2, 201837
- Board memberHerschell Sklaroff Feb 14, 2006 to Dec 7, 200638
- Board memberMaha Sallam Feb 14, 2006 to Oct 8, 201026
- Board memberKenneth M. Ferry May 16, 2006 to Nov 15, 201614
- Board memberElliot J. Mba Sussman Md. Sep 14, 2006 to Oct 2, 201839
- Board memberJames Harlan Sep 14, 2006 to Apr 23, 200840
- Board memberGeorge P. Farley Oct 24, 2006 to May 7, 200741
- Board memberW. Scott Parr Oct 24, 2006 to Oct 24, 200642
- Board memberLawrence Howard Dr. Nov 16, 2006 to Oct 2, 201843
- Board memberRachel Brem Nov 16, 2006 to Jan 2, 201944
- Board memberSteven N. Rappaport Dec 12, 2006 to Oct 2, 201845
Former names
- HOWTEK INCMay 8, 1995 to Jul 15, 20022
Timeline
Filings
220 filings to the SEC since October 2021: 5 annual reports, 12 quarterly reports, 43 major events, 89 insider forms, 12 large holders, 59 other. The latest 20:
- Nov 10, 2025SCHEDULE 13G/A EDGAR
- Jul 28, 202515-12G NOTICE OF TERMINATION EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 21, 2025EFFECT EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
- Jul 17, 2025S-8 POS POST EFFECTIVE AMENDMENT TO S-8 EDGAR
The 220 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
19 open-market trades by officers, directors and large owners since October 2021: 7 buys and 12 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Mar 31, 2023 | Brown Dana RSee Remarks | Buy | 40,000 | $1.30 | $52.0K | Form 4 |
| Sep 12, 2022 | Go JonathanSee Remarks | Sale | 38,960 | $2.74 | $106.7K | Form 4 |
| Mar 3, 2022 | Irish Timothy NorrisDirector | Buy | 5,500 | $4.63 | $25.5K | Form 4 |
| Feb 8, 2022 | SASSINE ANDYDirector | Sale | 10,000 | $5.49 | $54.9K | Form 4 |
| Feb 7, 2022 | SASSINE ANDYDirector | Sale | 10,000 | $5.26 | $52.6K | Form 4 |
| Jan 7, 2022 | SASSINE ANDYDirector | Sale | 10,000 | $6.07 | $60.7K | Form 4 |
| Jan 6, 2022 | SASSINE ANDYDirector | Sale | 10,000 | $6.20 | $62.0K | Form 4 |
| Jan 5, 2022 | Stevens Stacey MCEO and President | Buy | 17,006 | $6.17 | $104.9K | Form 4 |
| Dec 9, 2021 | DALTON NATHANIELDirector | Buy | 6,900 | $7.24 | $50.0K | Form 4 |
| Dec 8, 2021 | Carter Charles RossCHIEF FINANCIAL OFFICER | Buy | 7,000 | $7.05 | $49.4K | Form 4 |
| Dec 8, 2021 | Wood Susan AlysonDirector | Buy | 1,500 | $7.31 | $11.0K | Form 4 |
| Dec 8, 2021 | Klein Michael SDirector | Buy | 13,475 | $7.38 | $99.4K | Form 4 |
| Dec 7, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $7.28 | $72.8K | Form 4 |
| Dec 6, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $6.71 | $67.1K | Form 4 |
| Nov 9, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $10.30 | $103.0K | Form 4 |
| Nov 8, 2021 | Go JonathanSee Remarks | Sale | 8,750 | $10.86 | $95.0K | Form 4 |
| Nov 8, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $10.89 | $108.9K | Form 4 |
| Oct 7, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $10.42 | $104.2K | Form 4 |
| Oct 6, 2021 | SASSINE ANDYDirector | Sale | 10,000 | $10.56 | $105.6K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Goldman SachsSCHEDULE 13G/A, 1 filing Nov 10, 202546
- Granahan Investment Management, LLCSC 13G/A, 5 filings Feb 14, 2022 to Feb 14, 202447
- PURA VIDA INVESTMENTS, LLCSC 13G, 1 filing Mar 15, 202348
- Orin HirschmanSC 13G/A, 2 filings Jul 6, 2022 to Dec 9, 202249
- Portolan Capital Management, LLCSC 13G/A, 1 filing Feb 11, 202250
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGARICAD INC filings on SEC EDGAR
- 2SEC EDGARICAD INC filings on SEC EDGAR
- 3
- 4SEC EDGARICAD INC 10-K for fiscal 2024
- 5SEC EDGARICAD INC 10-K for fiscal 2018
- 6SEC EDGARICAD INC 10-K for fiscal 2019
- 7SEC EDGARICAD INC 10-K for fiscal 2020
- 8SEC EDGARICAD INC 10-K for fiscal 2022
- 9SEC EDGARICAD INC 10-Q for fiscal 2024
- 10SEC EDGARICAD INC 10-Q for fiscal 2024
- 11SEC EDGARICAD INC 10-Q for fiscal 2025
- 12SEC EDGARICAD INC 10-K for fiscal 2018
- 13
- 14
- 15SEC EDGARStacey M. Stevens, President
- 16
- 17
- 18
- 19
- 20
- 21SEC EDGARDaniel Joseph Shea, Officer
- 22SEC EDGAREric Lonnqvist, Officer
- 23SEC EDGARStephen P. Sarno, Officer
- 24SEC EDGARCharles Ross Carter, Officer
- 25SEC EDGARR. Scott Areglado, Officer
- 26
- 27
- 28
- 29
- 30SEC EDGARHedvig Hricak, Board member
- 31SEC EDGARTimothy Norris Irish, Board member
- 32SEC EDGARNathaniel Dalton, Board member
- 33SEC EDGARRakesh Patel, Board member
- 34SEC EDGARAndy Sassine, Board member
- 35SEC EDGARRobert L. Goodman, Board member
- 36SEC EDGARSomu Subramaniam, Board member
- 37SEC EDGARAnthony F. Ecock, Board member
- 38SEC EDGARHerschell Sklaroff, Board member
- 39
- 40SEC EDGARJames Harlan, Board member
- 41SEC EDGARGeorge P. Farley, Board member
- 42SEC EDGARW. Scott Parr, Board member
- 43SEC EDGARLawrence Howard Dr., Board member
- 44SEC EDGARRachel Brem, Board member
- 45SEC EDGARSteven N. Rappaport, Board member
- 46
- 47
- 48
- 49SEC EDGAROrin Hirschman SC 13G/A on ICAD INC
- 50