Icad Slumps To Near 2: year low after co forecasts Q4 sales fall

icad

04/01/2022 15:22

** Shares of medical-device manufacturer  ICAD.O  fall ~20%
to 22-month low of $6.02 in early trade 
    ** Stock on course for biggest one-day pct decline in about
five months
    ** ICAD expects total revenue for Q4 between $7.8 mln and
$8.0 mln, down from $10.5 mln in the same period a year earlier
    ** Analysts on average expect Q4 revenue of $10.7 mln -
Refinitiv data
    ** ICAD says Q4 sales fell primarily due to staffing
shortages amid surge in COVID-19 cases caused by Omicron variant
    ** Co notes its Detection business was more heavily impacted
than its Therapy segment
    ** Brokerage BTIG says it is "disappointed by the results,"
adding a robust recovery in the Detection segment is needed to
kickstart shares
    ** ICAD shares shed ~45.5% in 2021

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com;))