iCAD Signs Distribution Agreement with Change Healthcare
iCAD has announced a distribution agreement with Change Healthcare, enhancing access to ProFound AI throughout North America. This solution utilizes advanced artificial intelligence for 3D mammography, enabling faster and more accurate identification of potential malignancies. ProFound AI is already utilized in numerous leading healthcare institutions, but this partnership aims to expand its reach amid growing demand for efficient cancer screening, particularly as the healthcare system adapts post-COVID-19.
- iCAD's partnership with Change Healthcare expands access to ProFound AI, potentially increasing revenue streams.
- ProFound AI has clinically proven improvements in reading accuracy, reducing radiologist reading time by 52.7%.
- The agreement positions iCAD favorably in a growing market for AI-assisted imaging solutions.
- Potential risks related to the adoption of AI in healthcare, including regulatory challenges and competition.
- Dependence on Change Healthcare's distribution capabilities raises concerns about reaching target sales levels.
Contract with market-leading enterprise imaging provider expands access to ProFound AI for hospitals and imaging centers across North America
NASHUA, N.H., Oct. 20, 2020 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced it has signed a distribution agreement with Change Healthcare (NASDAQ: CHNG), a leading independent healthcare technology company focused on insights, innovation and accelerating the transformation of the U.S. healthcare system. The agreement will expand access to ProFound AI™ for more hospitals and imaging centers across North America.
ProFound AI for Digital Breast Tomosynthesis (DBT), or 3D mammography, is a high-performing workflow solution featuring the latest in deep-learning artificial intelligence capabilities. Intended to be used by radiologists reviewing mammography or DBT images, ProFound AI rapidly and accurately analyzes each individual image or slice and identifies potentially malignant lesions. Trained with one of the largest available 3D image datasets, it provides radiologists with crucial information, such as Certainty of Finding lesion and Case Scores, which assists in clinical decision-making and prioritizing caseloads.
“ProFound AI offers unparalleled benefits to clinicians and patients alike, including clinically proven improvements in radiologists’ sensitivity and specificity when reading 3D mammography, as well as a significant reduction in reading time,” according to Stacey Stevens, President of iCAD.
“Although ProFound AI is already available throughout a growing number of leading institutions in the U.S. and the rest of the world, we are energized by this agreement as it will enable more clinicians and women in North America to benefit from this technology,” continued Stevens. “Profound AI offers a unique solution during the era of COVID-19 and beyond, as it enables radiologists to more effectively manage the backlog of women who need to be screened this year, while also improving reading accuracy.”
Change Healthcare collaborates with payers and providers to apply insights, innovation and transformation around data and analytics solutions and services to improve clinical decision-making, simplify billing, collection, and payment processes, and enable a better patient experience.
“As Change Healthcare looks to accelerate and transform enterprise imaging with the use of AI and cloud-native solutions, we are thrilled to partner with iCAD and offer our customers the ProFound AI platform as part of our Mammography Plus solution,” said Tracy Byers, senior vice president and general manager, Imaging, Change Healthcare. “We are focused on radiologist productivity and aiding them with decision support tools that are elegantly integrated into their workflow. The integration of iCAD solutions into our digital mammography solutions will help improve patient outcomes by improving early cancer detection and enhancing clinical workflow. We could not be more excited about empowering our customers and our new partnership with iCAD.”
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions.
ProFound AI™ is a high-performing workflow solution for 2D and 3D mammography, or digital breast tomosynthesis (DBT), featuring the latest in deep-learning artificial intelligence. In 2018, ProFound AI for Digital Breast Tomosynthesis (DBT) became the first artificial intelligence (AI) software for DBT to be FDA-cleared; it was also CE marked and Health Canada licensed that same year. It offers clinically proven time-savings benefits to radiologists, including a reduction of reading time by 52.7 percent, thereby halving the amount of time it takes radiologists to read 3D mammography datasets. Additionally, ProFound AI for DBT improved radiologist sensitivity by 8 percent and reduced unnecessary patient recall rates by 7.2 percent.i
The Xoft® Axxent® Electronic Brachytherapy (eBx®) System® is FDA-cleared, CE marked and licensed in a growing number of countries for the treatment of cancer anywhere in the body. It uses a proprietary miniaturized x-ray source to deliver a precise, concentrated dose of radiation directly to the tumor site while minimizing risk of damage to healthy tissue in nearby areas of the body.
For more information, visit www.icadmed.com and www.xoftinc.com.
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 expected benefits of the Company’s agreement with Change Healthcare and the 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 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, 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 the Company’s ability to fulfill 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 the Company’s 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 the Company’s public filings with the Securities and Exchange Commission, available on the Investors section of the Company’s website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
Media inquiries:
Amy Cook, iCAD
+1-925-200-2125
acook@icadmed.com
Investor relations:
Jeremy Feffer, LifeSci Advisors
+1-212-915-2568
jeremy@lifesciadvisors.com
i Conant, E. et al. (2019). Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence. 1 (4). Accessed via https://pubs.rsna.org/doi/10.1148/ryai.2019180096
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