iCAD Announces CEO Transition

Rhea-AI Summary

iCAD appointed Stacey Stevens as President and CEO, effective March 1, 2022. Stevens, previously the company's President, joins the Board of Directors, while Michael Klein continues as Chairman. The Board highlighted Stevens' focus on driving change and innovation at a crucial growth phase for iCAD, particularly with recent technology launches in cancer detection and therapy. Stevens aims to enhance patient care and shareholder value through the company's advanced solutions.

Positive

• Stacey Stevens' promotion is expected to strengthen leadership and innovation.
• Recent technology launches may drive growth in the cancer detection and therapy sectors.
• The company is positioned at a crucial growth inflection point.

Negative

• None.

Stacey Stevens Appointed as President and CEO and will Join the Board of Directors in 2022, Michael Klein to remain Chairman of iCAD Board

NASHUA, N.H., Dec. 06, 2021 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced that its Board of Directors appointed Stacey Stevens as iCAD’s President and Chief Executive Officer (CEO), effective March 1, 2022. Stevens, who has served as the Company’s President since 2019, will also join the Company’s Board of Directors. Michael Klein, who currently serves as the Company Chairman and CEO, will continue to serve as Chairman of iCAD’s Board of Directors.

“On behalf of the entire Board of Directors, I would like to congratulate Ms. Stevens on this appointment. It has been a privilege to work closely with her for the past three years, as she brings a relentless focus on leading change and a proven track record of driving growth and innovation. I look forward to continued interaction in her new capacity as CEO,” said Michael Klein, Chairman and CEO of iCAD, Inc. “We are currently at an important inflection point, with the recent launch of several first-in-kind technologies and the Company’s increasing focus on enterprise sales on the Detection side of the business, and with the expansion of Xoft in emerging applications, such as the treatment of brain tumors, on the Therapy side of the business. I am confident that with Ms. Stevens at the helm, iCAD and its technologies will continue to transform the landscape of cancer detection and therapy and accelerate the value we bring to all of our stakeholders.”

“I am honored to have the opportunity to lead the company at this exciting time in our growth,” said Stacey Stevens, President of iCAD, Inc. “iCAD’s technologies offer clinical performance superiority, workflow improvements, and a broad healthcare economic value proposition for both clinicians and patients. We are enhancing patient care and optimizing outcomes, which ultimately translates to improving, extending, and saving lives. I look forward to working with our talented and passionate team to advance the Company as we continue to evolve our business and technology, drive sustained market leadership, and create additional significant shareholder value.”

“The Board of Directors would also like to thank Mr. Klein for his significant contributions as CEO over the last three years,” said Nate Dalton, iCAD’s Lead Independent Director. “Under his leadership, the Company’s robust portfolio of cancer detection and therapy technologies has expanded, offering strong value propositions for clinicians, patients, and our shareholders. With iCAD now well positioned for future growth, we are confident that Ms. Stevens will strengthen iCAD’s position as an industry leader providing medical technologies that are improving the landscape of cancer detection and therapy, while delivering consistent returns to our shareholders.”

An accomplished executive with more than 20 years of marketing, strategy and sales experience, Ms. Stevens has served as iCAD’s President since 2019. Prior to that, she served as Executive Vice President and Chief Strategy and Commercial Officer from 2017-2019. Ms. Stevens joined iCAD in 2006 as Senior Vice President of Marketing and Strategy. Prior to her tenure at iCAD, she held numerous commercial leadership positions across multiple business units at Philips Healthcare. Ms. Stevens earned a Bachelor of Arts Degree in Political Science from the University of New Hampshire, and an MBA from Boston University’s Questrom School of Business. Ms. Stevens was named one of CEO Today’s “Businesswomen of the Year” in 2021.

About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For example, when the Company discusses the benefits of the Company’s products, and clinical plans and updates, it is using forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which 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, increase sales and acceptance of products, adoption by CMS of a new payment model, and that such model will prove beneficial to the Company, which is not assured, implement expansion plans, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, the impact of supply and manufacturing constraints or difficulties, product market acceptance, possible technological obsolescence of products, increased competition, ability to successfully defend itself in litigation matters, 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; the effects of a global pandemic, 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.

Contact:
Media Inquiries:
Jessica Burns, iCAD
+1-201-423-4492
jburns@icadmed.com

Investor Relations:
Brian Ritchie, LifeSci Advisors
+ 1-212-915-2578
britchie@lifesciadvisors.com

FAQ

Who is the new CEO of iCAD as of March 2022?

Stacey Stevens has been appointed as the new President and CEO of iCAD, effective March 1, 2022.

What is the focus of iCAD's recent technology launches?

iCAD's recent technology launches are aimed at enhancing cancer detection and therapy solutions.

Who continues to serve as Chairman of iCAD's Board?

Michael Klein will continue to serve as Chairman of iCAD's Board of Directors.

What are the implications of Stacey Stevens' appointment for iCAD?

Stacey Stevens' appointment is expected to strengthen leadership and focus on growth, innovation, and shareholder value.