iCAD and Windsong Radiology Announce Strategic Commercial Agreement to Implement AI-Powered Mammography
iCAD (NASDAQ: ICAD) has announced a strategic agreement with Windsong Radiology Group, part of US Radiology Specialists, to implement iCAD's ProFound AI Breast Health Suite at Windsong Radiology centers. This AI-powered technology aims to improve mammography readings' accuracy and efficiency, potentially reducing false positives and unnecessary biopsies.
The collaboration aligns with iCAD's mission to enhance early cancer detection and provide broader access to AI capabilities in mammography. Windsong Radiology, as a leader in women's imaging, views this adoption as a step towards clinical excellence and innovation in patient care. US Radiology Specialists, with over 175 outpatient imaging centers across 13 states, sees this integration as a significant advancement in offering high-quality imaging services.
iCAD (NASDAQ: ICAD) ha annunciato un accordo strategico con il Windsong Radiology Group, parte di US Radiology Specialists, per implementare la ProFound AI Breast Health Suite di iCAD nei centri di radiologia Windsong. Questa tecnologia basata sull'AI mira a migliorare l'accuratezza e l'efficienza delle letture della mammografia, riducendo potenzialmente i falsi positivi e le biopsie non necessarie.
Questa collaborazione è in linea con la missione di iCAD di migliorare la diagnosi precoce del cancro e fornire un accesso più ampio alle capacità dell'AI nella mammografia. Windsong Radiology, essendo un leader nell'imaging femminile, considera questa adozione come un passo verso l'eccellenza clinica e l'innovazione nella cura dei pazienti. US Radiology Specialists, con oltre 175 centri di imaging ambulatoriale in 13 stati, vede questa integrazione come un importante progresso nell'offerta di servizi di imaging di alta qualità.
iCAD (NASDAQ: ICAD) ha anunciado un acuerdo estratégico con el Windsong Radiology Group, parte de US Radiology Specialists, para implementar la ProFound AI Breast Health Suite de iCAD en los centros de radiología Windsong. Esta tecnología impulsada por AI tiene como objetivo mejorar la precisión y la eficiencia de las lecturas de mamografías, reduciendo potencialmente los falsos positivos y las biopsias innecesarias.
La colaboración se alinea con la misión de iCAD de mejorar la detección temprana del cáncer y proporcionar un acceso más amplio a las capacidades de AI en mamografía. Windsong Radiology, como líder en imágenes femeninas, considera esta adopción como un paso hacia la excelencia clínica y la innovación en la atención al paciente. US Radiology Specialists, con más de 175 centros de imágenes ambulatorias en 13 estados, ve esta integración como un avance significativo en la oferta de servicios de imágenes de alta calidad.
iCAD (NASDAQ: ICAD)는 US Radiology Specialists의 일부인 Windsong Radiology Group과 전략적 협약을 체결하고 Windsong Radiology 센터에서 iCAD의 ProFound AI Breast Health Suite를 구현한다고 발표했습니다. 이 AI 기반 기술은 유방촬영의 정확성과 효율성을 개선하여, 가능하게는 거짓 긍정과 불필요한 생검을 줄이는 것을 목표로 합니다.
이 협력은 조기 암 검진을 향상시키고 유방촬영에서 AI 기능에 대한 더 넓은 접근을 제공하겠다는 iCAD의 사명과 일치합니다. Windsong Radiology는 여성 이미징의 선두주자로서 이 도입을 환자 치료에서의 임상 우수성과 혁신을 향한 한 걸음으로 보고 있습니다. US Radiology Specialists는 13개 주에 175개 이상의 외래 이미징 센터를 두고 있으며, 이 통합을 고품질 이미징 서비스를 제공하는 데 있어 중요한 발전으로 보고 있습니다.
iCAD (NASDAQ: ICAD) a annoncé un accord stratégique avec le Windsong Radiology Group, qui fait partie de US Radiology Specialists, pour mettre en œuvre la ProFound AI Breast Health Suite d'iCAD dans les centres de radiologie Windsong. Cette technologie alimentée par l'IA vise à améliorer la précision et l'efficacité des lectures de mammographies, réduisant potentiellement les faux positifs et les biopsies inutiles.
Cette collaboration s'aligne avec la mission d'iCAD d'améliorer la détection précoce du cancer et d'offrir un accès plus large aux capacités de l'IA en mammographie. Windsong Radiology, en tant que leader dans l'imagerie féminine, considère cette adoption comme un pas vers l'excellence clinique et l'innovation dans les soins aux patients. US Radiology Specialists, avec plus de 175 centres d'imagerie ambulatoire dans 13 États, voit cette intégration comme un avancement significatif dans l'offre de services d'imagerie de haute qualité.
iCAD (NASDAQ: ICAD) hat eine strategische Vereinbarung mit der Windsong Radiology Group, einem Teil der US Radiology Specialists, bekannt gegeben, um die ProFound AI Breast Health Suite von iCAD in den Windsong Radiologiezentren zu implementieren. Diese KI-gestützte Technologie zielt darauf ab, die Genauigkeit und Effizienz der Mammographiescreenings zu verbessern und potenziell falsche Positivbefunde und unnötige Biopsien zu reduzieren.
Die Zusammenarbeit steht im Einklang mit der Mission von iCAD, die frühe Krebsdiagnose zu verbessern und einen breiteren Zugang zu KI-Fähigkeiten in der Mammographie zu ermöglichen. Windsong Radiology, als führendes Unternehmen im Bereich der Bildgebung für Frauen, sieht diese Einführung als Schritt in Richtung klinischer Exzellenz und Innovation in der Patientenversorgung. US Radiology Specialists, mit über 175 ambulanten Bildgebungszentren in 13 Bundesstaaten, betrachtet diese Integration als einen wichtigen Fortschritt bei der Bereitstellung hochwertiger Bildgebungsdienste.
- Strategic agreement with Windsong Radiology Group to implement ProFound AI Breast Health Suite
- Potential for improved accuracy and efficiency in mammography readings
- Expansion of iCAD's technology to a broader patient base through US Radiology Specialists' network
- None.
Insights
The strategic agreement between iCAD and Windsong Radiology marks a significant step forward in the adoption of AI-powered mammography solutions. This partnership has several key implications:
- Enhanced Detection Capabilities: ProFound AI's ability to improve radiologist sensitivity by
8% and reduce unnecessary recalls by7.2% could lead to earlier cancer detection and fewer false positives. This improvement in accuracy could potentially save lives and reduce patient anxiety. - Market Expansion: By partnering with Windsong Radiology, part of US Radiology Specialists' network spanning 13 states, iCAD gains access to a broader patient base. This expansion could significantly boost iCAD's market presence and revenue potential.
- Industry Standard Setting: As a leader in women's imaging, Windsong Radiology's adoption of this technology could influence other radiology groups to follow suit, potentially accelerating the widespread adoption of AI in mammography.
However, investors should consider potential challenges:
- Implementation Costs: The initial investment required for implementing this technology across multiple locations could impact short-term financials.
- Regulatory Scrutiny: As AI becomes more prevalent in healthcare, increased regulatory oversight may affect future developments and implementations.
Overall, this agreement positions iCAD favorably in the growing market for AI-powered medical imaging solutions, with potential for significant long-term growth.
This strategic agreement between iCAD and Windsong Radiology presents several financial implications for iCAD:
- Revenue Growth Potential: By partnering with a member of US Radiology Specialists' network, which operates over 175 outpatient imaging centers across 13 states, iCAD gains access to a vast market. This could significantly boost the company's revenue streams in the coming years.
- Market Penetration: The agreement may serve as a springboard for further partnerships within the US Radiology network, potentially leading to rapid market penetration and increased market share.
- Recurring Revenue Model: While not explicitly stated, AI solutions often operate on a subscription or per-use basis, which could provide iCAD with a stable, recurring revenue stream.
- Cost Considerations: Investors should be aware of potential upfront costs associated with implementing the technology across multiple locations, which may impact short-term profitability.
From an investor's perspective, this agreement signals strong growth potential for iCAD. However, it's important to monitor the following:
- Implementation Timeline: The speed and efficiency of rolling out the technology across Windsong Radiology's locations will impact when revenue benefits materialize.
- Adoption Rates: The success of this partnership could influence other radiology groups' decisions to adopt iCAD's technology, potentially leading to a network effect.
- Competitive Landscape: As AI in healthcare gains traction, competition may intensify, potentially affecting iCAD's market position and pricing power.
While this agreement is promising, investors should carefully evaluate iCAD's financial reports in the coming quarters to assess the tangible impact on revenue and profitability.
Windsong Radiology to Champion First Wave of ProFound AI Breast Health Suite Expansion
NASHUA, N.H. and WILLIAMSVILLE, N.Y. and RALEIGH, N.C., July 29, 2024 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) a global leader in clinically proven AI-powered cancer detection solutions, today announced a strategic agreement with Windsong Radiology Group, one of US Radiology Specialists, Inc.’s national network of premier providers of diagnostic imaging services located in Western New York. This relationship aims to implement iCAD’s ProFound AI Breast Health at Windsong Radiology center locations.
The ProFound AI Breast Health Suite utilizes artificial intelligence to improve the accuracy and efficiency of mammography readings, thereby reducing false positives and unnecessary biopsies. This technology helps to augment radiologists by providing a concurrent read of screening and diagnostic mammograms, often enhancing early detection of breast cancer.
“We are thrilled to collaborate with US Radiology to bring our advanced AI-powered mammography solutions to a broader patient base,” said Dana Brown, CEO of iCAD, Inc. “This agreement aligns with our mission to create a world where cancer can’t hide and ensure that all patients have access to AI’s capabilities to detect cancer earlier.”
As a leader in women's imaging, Windsong Radiology is setting the standard by adopting the latest advancements in imaging technology. “Our practice is dedicated to clinical excellence for our patients. We are committed to bringing in new innovations that continue to further enhance our radiology expertise and offerings’” said Dr. Raja Cheruvu, President at Windsong Radiology. “We are excited to offer iCAD’s breast AI solutions to our community, a technology to remain at the forefront of breast cancer detection and treatment.”
US Radiology shares this commitment to leveraging cutting-edge technology to provide world-class radiology services across its more than 175 outpatient imaging centers that span 13 states. “Integrating iCAD’s ProFound AI Breast Health Suite into our screening services represents a significant step forward in our ongoing efforts to offer the highest quality imaging services,” said Gerry Lewis, Chief Information Officer of US Radiology Specialists. “This collaboration with iCAD underscores our dedication to utilizing next-generation technology to enhance patient centered outcomes.”
This strategic commercial agreement represents an advancement in breast cancer detection and patient care to advance the standard of care for women.
ProFound Breast Health Suite
iCAD’s ProFound Breast Health Suite consists of solutions for cancer detection, risk evaluation and breast density assessment. ProFound AI for DBT improved radiologist sensitivity by
About US Radiology Specialists, Inc.
US Radiology is one of the country’s premier providers of diagnostic imaging services. With over 5,000 team members and more than 175 outpatient imaging centers across 13 states, our team conducts more than 8 million studies annually. Our partnership of leading subspecialized radiology groups, high-quality imaging centers, and joint ventures with top health systems is built around a commitment to best-in-class clinical excellence, operations, infrastructure, and state-of-the-art technology.
About Windsong Radiology
Windsong Radiology is a comprehensive healthcare resource for Western New York, offering diagnostic imaging, breast imaging, breast surgery, radiology, vein care and genetic counseling. Windsong was the first breast care program in the region to achieve accreditation by the National Accreditation Program for Breast Centers with a goal of assisting newly diagnosed breast cancer patients through early detection and rapid diagnosis and consultation, and on to leading edge treatment options and a survivorship program. Since 2017, Windsong has operated Windsong Mobile Mammo, providing on-site screenings across the eight counties of Western New York. With offices in Amherst, Lancaster, Williamsville, Snyder, West Seneca and Hamburg, Windsong provides the high quality care that patients and healthcare providers trust that’s convenient, cost-effective. Learn more at WindsongWNY.com.
About iCAD, Inc.
iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly
Forward-Looking Statements
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expansion of access to the Company’s products, improvement of performance, acceleration of adoption, expected benefits of ProFound AI®, the benefits of the Company’s products, and future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, the willingness of patients to undergo mammography screening in light of risks of potential exposure to Covid-19, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
CONTACTS
iCAD Media Inquiries: pr@icadmed.com
iCAD Investor Inquiries: ir@icadmed.com
US Radiology Specialists: Chris.Core@usradiology.com
Windsong Radiology: mvasko@windsongwny.com
[i] Conant, E. et al. (2019). Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence.
[ii] ProFound Risk is CE Marked, Health Canada Licensed. May not be available in all geographies.
[iii] Mikael Eriksson et al. A risk model for digital breast tomosynthesis to predict breast cancer and guide clinical care. Sci. Transl. Med. 14, eabn3971 (2022). DOI: 10.1126/scitranslmed.abn3971
[iv] Eriksson M, Czene K, Strand F, Zackrisson S, Lindholm P, Lång K, Förnvik D, Sartor H, Mavaddat N, Easton D, Hall P. Identification of Women at High Risk of Breast Cancer Who Need Supplemental Screening. Radiology. 2020 Nov;297(2):327-333. doi: 10.1148/radiol.2020201620. Epub 2020 Sep 8. PMID: 32897160.
FAQ
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