Zacks Investment Research upgraded shares of Icad Inc (ICAD) from NEUTRAL to OUTPERFORM on April 30, 2014, with a target price of $13.00.
Revenue grew 17% and op expenses fell 2% in 2013. Therapy revenue up 47% in 2013 with growth coming from strong demand in non-melanoma skin cancer. We expect this momentum to carry into 2014. The Detection segment looks promising to return to long-term growth aided by iCAD's recent strategy shift towards a greater reliance on recurring revenue, services and a conventional software business model, new product launches, and a recently announced development agreement with Invivo (part of Philips Healthcare). New 3D breast tomo product could really accelerate Detection revenue in late 2014/2015. This coupled with a stringent focus on cost control looks like it is marking an important inflection point for iCAD. We remain highly positive on ICAD and management's ability to continue to grow the top and bottom lines. Our price target is $13/share.
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