The stock of iCAD, Inc. (ICAD) declined in the current market after the company announced their estimated results of the 4th quarter of 2021 and fiscal year 2021 revenues in a press release. The stock is valued at $5.54 in the current market losing more than 26.00% from the previously closed value. Lastly, the stock of ICAD closed at $7.48 at the end of the last trading session.
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Reason for the ICAD stock decline
Today the company announced their estimated results for the revenues of the 4rth quarter and fiscal year 2021. The unaudited financial information about the revenues is expected to be between $7.8 and $8 million and overall the total revenue for the fiscal year 2021 is estimated to be between $33.6 to $33.8 million approximately.
Their sales in quarter 4 of 2021 are comparatively less than the sales in quarter 4 of 2020. Last year the sales in quarter 4 were $10.45 million. iCAD, Inc. (ICAD) said in the press release that the decline in sales is due to the new Omicron variant. The new variant disrupt the flow of customers and it ultimately affected the sales. The lockdown situation affected the supply chain and made the decision-makers issue purchase orders in just the last three weeks of 2021.
The iCAD, Inc. (ICAD) fiscal year ended on 31st December 2021 but its report for the financial statement of 2021 is still not released. Although the information stated in the above press release is not final yet, it may have some changes when the report is fully public.
Effect on the stock
As soon as the news hit the market, the stock of iCAD, Inc. (ICAD) declined in the pre-market. Investors are shying from investing in its stock for now. They will wait for the official releases of the report and further devise their strategy.
Conclusion
The Omicron variant affected many businesses. As soon as the lockdown situation eases, the flow of patients will be back to its normal routine. Right now the decline in the stock is temporary.
