iCAD Q2 Earnings Lag Street Estimates As Sales Impacted By Longer Enterprise Sales Cycles - icad (NASDAQ:ICAD)

iCAD Inc ICAD reported Q2 adjusted EPS loss of $(0.11) slightly better than $(0.12) a year ago, but missing the consensus of $(0.07).
Sales increased 41% Y/Y to $7.8 million, missing the wall street estimate of $9.15 million.
"Our second-quarter total revenue was negatively impacted by longer than expected Enterprise sales cycles in several large prospective accounts. We began to close some of these accounts in July," said Mike Klein, Chairman and CEO.
Cancer Detection revenue increased 16% Y/Y to $4.8 million
Therapy revenue increased 109% to $3.0 million, primarily driven by the surge in dermatology controller installations reflecting positive shifts in market dynamics.
The gross margin declined from 78% to 71%.
Price Action: ICAD shares are down 29.2% at $10.90 during the market session on the last check Friday.