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ICAD Inc. (symbol: ICAD) is a leading force in the realm of medical technology, specializing in advanced image analysis, workflow solutions, and radiation therapies designed for the early detection and treatment of cancers.
Core Business: The company’s main operations focus on providing healthcare professionals with cutting-edge tools to identify pathologies through a comprehensive range of high-performance, upgradeable computer-aided detection (CAD) solutions. These solutions are pivotal in mammography for breast cancer, magnetic resonance imaging (MRI) for breast and prostate cancers, and computed tomography (CT) for colorectal cancer. ICAD’s flagship technology, the Xoft® System, delivers radiation treatment for early-stage breast cancer via intraoperative radiation therapy (IORT) and accelerated partial breast irradiation (APBI). Additionally, the Xoft System is approved for treating non-melanoma skin cancer and endometrial cancer.
Recent Achievements and Partnerships: Recently, ICAD announced the integration of key AI-powered solutions from its ProFound™ Breast Health Suite into GE HealthCare's MyBreastAI Suite, aimed at enhancing breast cancer detection worldwide. This collaboration underscores ICAD's commitment to advancing breast health, improving diagnostic accuracy, and streamlining workflow efficiency for clinicians.
Financial Condition: As of the first quarter of 2024, ICAD reported a total revenue of $5.0 million, marking a 14% increase from the previous year. The company's gross profit stood at $4.1 million, with an operating expense reduction of 18%, showcasing robust financial health and strategic cost management.
Global Reach: ICAD’s influence extends across multiple countries including France, Belgium, Italy, Germany, Switzerland, and others, reflecting its strong international presence and commitment to global healthcare improvement.
Innovative Solutions: ICAD’s ProFound AI technology has demonstrated significant benefits in clinical studies, including improved radiologist sensitivity and specificity, reduced reading times, and decreased unnecessary patient recall rates. The company’s solutions are used by thousands of providers, serving millions of patients, and are available in over 50 countries.
Future Prospects: ICAD continues to innovate with the recent introduction of the ProFound Cloud, powered by Google Cloud, to enhance the accessibility and efficiency of mammography screening data. The company also remains committed to expanding its AI capabilities and improving patient outcomes globally through strategic partnerships and technological advancements.
For more information, visit www.icadmed.com or contact their media and investor relations at pr@icadmed.com and ir@icadmed.com respectively.
iCAD (NASDAQ: ICAD) and Koios Medical have announced a strategic reseller partnership to deliver an integrated AI-powered breast cancer detection solution. The collaboration combines iCAD's ProFound AI® Breast Health Suite for mammography with Koios SmartUltrasound™, creating a comprehensive multi-modality AI suite.
The partnership aims to streamline AI implementation across both mammography and breast ultrasound, providing radiologists with an enhanced workflow from screening to diagnosis. Koios SmartUltrasound is an AI-based platform designed to detect and diagnose thyroid and breast cancers in ultrasound exams, improving interpretation speed and reducing unnecessary surgical procedures.
Both companies will showcase their integrated solution at ECR 2025 in Vienna, Austria, from February 26 to March 2, 2025.
iCAD announced five clinical presentations and abstracts at the European Congress of Radiology (ECR) 2025, highlighting advancements in breast cancer detection, risk evaluation, and breast arterial calcification assessment. The presentations, scheduled from February 26 to March 2, 2025, in Vienna, will showcase research on AI-powered solutions for personalized risk assessment and early detection.
The company will present its new ProFound Cloud, a SaaS platform designed to deliver advanced AI solutions to healthcare providers globally. The presentations include studies on a 10-year image-derived AI risk model, optimal utilization of AI diagnostic software in mammography screening, short-term risk prediction comparisons, and workflow optimization in breast screening programs.
iCAD will demonstrate its latest innovations at booth AI-27, including the ProFound suite of solutions for DBT Detection, 2D Detection, Density Assessment, and Risk.
iCAD has released preliminary, unaudited financial results for Q4 2024. The company expects total revenue to be between $5.1 million and $5.3 million. Total Annual Recurring Revenue (T-ARR) reached $9.8 million, showing an 11% year-over-year increase.
During Q4 2024, iCAD closed 106 deals, including 19 cloud deals with both new and existing customers. The company will participate in the BTIG at Snowbird Conference from February 11-12, 2025, where management will hold one-on-one meetings with investors. The full audited results for Q4 and year-end 2024 will be announced in March 2025.
iCAD announced four AI-driven breast cancer research abstracts presented at the 2024 San Antonio Breast Cancer Symposium. The studies focus on ProFound AI Breast Health Suite and its applications in breast cancer detection and risk assessment across diverse populations.
Key findings include: higher prevalence of Breast Arterial Calcifications (BAC) in breast cancer patients, suggesting potential need for cardiovascular assessment; effectiveness of AI-driven short-term breast cancer risk assessment across racial groups and breast densities; and superior performance of a 10-year image-derived AI-risk model compared to the clinical Tyrer-Cuzick v8 model. The AI risk model identified 32% of breast cancers in 9.7% of women classified as high-risk.
iCAD announces significant developments at RSNA 2024, including its FDA-cleared ProFound Detection Version 4.0 and a new partnership with Cascaid Health. The collaboration will launch ProFound Health in Q1 2025, offering virtual second reads of mammograms using AI technology to enhance breast cancer detection.
The new ProFound Detection Version 4.0 improves aggressive cancer detection by 22% and reduces cases with no marks by 18%. Clinical results show a 23% increase in overall cancer detection rates, 32% enhanced detection in dense breast tissue, and a 12% reduction in invasive cancer size.
The company is showcasing these innovations at RSNA 2024 in Chicago (December 1-5), featuring presentations on real-world AI implementation results and advances in calcification detection. The initiative aims to democratize access to AI-powered mammography and improve breast cancer detection outcomes.
iCAD announces major developments at RSNA 2024, including its FDA-cleared ProFound Detection Version 4.0 and a partnership with Cascaid Health. The collaboration will launch ProFound Health in Q1 2025, offering AI-powered second-read mammography services to expand access to breast health technology. The new Version 4.0 improves aggressive cancer detection by 22% and reduces no-mark cases by 18%. Clinical data shows significant improvements, including a 23% increase in cancer detection rates and 32% enhanced detection in dense breast tissue. The company will showcase these innovations at RSNA 2024 in Chicago, December 1-5, featuring presentations on real-world AI implementation results and technical advances.
iCAD reported Q3 2024 financial results with total revenue of $4.2 million, up 4% year-over-year. Annual Recurring Revenue (ARR) reached $9.3 million, showing a 10% increase. The company achieved an 86% gross profit margin and closed 13 cloud deals, including partnerships with UCSD and Charlotte Radiology. Notable developments include FDA clearance of ProFound Detection v4.0, delivering 22% improvement in detecting challenging cancer subtypes and 18% reduction in false positives. The company reported a GAAP net loss of ($1.8) million or ($0.07) per share. Cash position stands at $18.8 million, which management believes is sufficient for planned operations.
iCAD announces FDA clearance for ProFound Detection Version 4.0, an AI-powered cancer detection solution for Digital Breast Tomosynthesis (DBT). The new version shows a 22% overall improvement in detecting challenging cancer subtypes, including a 50% improvement in dense breast tissue detection and 60% improvement in invasive lobular cancers identification. The solution features a 6.3% improved AUC over the previous version and introduces prior exam integration capability. The upgrade also delivers 18% improvement in reducing false positives, with 20% fewer vascular calcification marks and 51% fewer non-vascular calcification marks.
iCAD, a leader in AI-powered breast health solutions, announced its participation in the 15th Annual Craig-Hallum Alpha Select Conference on November 19, 2024, at the Sheraton New York Times Square Hotel. CEO Dana Brown and CFO Eric Lonnqvist will be available for one-on-one meetings during the event.
The conference serves as an idea generation platform for institutional investors, featuring over 90 selected companies with market caps under $500 million. Selected companies demonstrate characteristics such as attractive business models, strong management, competitive advantages, unique solutions, and growth prospects.
iCAD (NASDAQ: ICAD), a provider of AI-powered cancer detection solutions, has scheduled its Q3 2024 financial results release for November 13, 2024, after market close. The company will host a conference call at 4:30 PM Eastern Time on the same day. Investors can access the call via toll-free number 877-545-0320 or international number 973-528-0002 using participant code 509249. A webcast will also be available.
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