And then there was one. Stacy Stevens resignation now means Ken Ferry is the last of the Dream Team hired by emporer Larry. 5 years and millions in losses later he is right where he was then. Except now now ICAD is a Brachytherapy company because Ken can't figure out how to sell CAD. Maybe that is why Stacy is leaving. How do you market a CAD company selling brachytherapy. This is what happens when you hire a big company guy to run a small company. no imagination.
Stevens was probably forced out. He was the vice president of marketing and sales, and has obviously did a very sorry job. I say good riddance. Hopefully, they'll put someone in his place who knows how to sell what is a very good product, just lacks execution.
Stevens was a she and she only did marketing. Barnes was the sales vp who brought in all the "professional" sales people from philips. He left last year, back to philips. Maybe he can sell ferry a defibrillator to shock this company back to life. Probably better just to call a T.O.D.
I think that the situation is far worse then what we see. This type of company requires an entrepreneur- not a corporate suit.
The corporate guy is looking for the cast of thousands to do his bidding, for fear of getting his hands dirty.
I have said this before- ICAD missed the boat when Hologic was on a buying spree. R2 was no better that Icad, but Parr would not pursue the sale- IMO-
ICAD was and is a one trick pony. The Xoft acquisition was a weak attempt at becoming something less than a footnote. BTW- nice due diligence there, eh? Always buy before the law suits are settled, makes for a lot more fun.
Look at the chart, the closest they came to success was when they were mediocre. What a bunch of sad sacks.
Parr was making a good buck and got fired. So they bring in Ken and the Phillips mafia, pay them even more and they do even worse. Unbelievable.
Before the pumpers start barking, no I am not a former employee nor did I ever made the mistake of buying into this. I almost did as I learned about them since they were a vendor of my company. The concept looked good and I thought they had a shot.
Fortunately, cooler heads prevailed- Hell, I almost bought at $4.
But now they have a firm grasp on going to thepink sheets, at least until they close the doors for good. Their technology is passe- nobody is going to buy them, and their "new" and improved IORT is not being reimbursed. Oh BTW Ken- medicine is about money.
So the people are leaving, the losses continue to mount and I am curious as what the over/under is on Ferry's tenure
By CEO standards, Parr didn't make much, about 250 if I remember right plus some options. He controled expenses. They were a tiny company when they bought CADx. I doubt they had 5% of the mammo CAD market when they merged. A combination of slow integration of the two companies, end of life products from both companies, and internal managmement strife helped cripple icad leadership. Despite this, two years later they were approaching 50% market share. It didn't hurt that R2 ownershipwas a cluster. Larry never understood any of this. He gutted the company and brought in a team of big company managers whose goal was to make money, for themselves. They succeeded.
You are right about needing an entrepreneur. This is a technolgy company that has to seek opportunities in change, not react defensively to them. What you will see the remainder of Ferrys tenure will be cost cutting, period. Thats a manager, not a leader.
CAD is here to stay. Larry needs to bring in someone who can package, market, and sell it. Not sure that is possible for someone who had the lack of imagination to hire someone like ferry to begin with.