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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 will showcase its award-winning breast health solutions at the inaugural Pink Paradigm Summit and the NCoBC Annual Conference in Las Vegas from March 11-16, 2022. With innovations like ProFound AI for Digital Breast Tomosynthesis and the PowerLook® Breast Density Assessment, iCAD's technology aims to enhance breast cancer detection and patient care. Presentation by Mark Traill, MD, will highlight the benefits of AI in breast cancer risk assessment. CEO Stacey Stevens emphasized the significance of these gatherings to connect with clinical leaders and advocates.
iCAD, a leader in innovative cancer detection technology, is set to participate in the 32nd Annual Oppenheimer Healthcare Conference from March 15-17, 2022. Stacey Stevens, President and CEO, will present on March 17, 2022, at 8:00 a.m. EST. Interested parties can view the webcast at the provided link. iCAD is renowned for its advanced cancer detection and therapy solutions, aimed at improving patient outcomes. The company addresses various risks and uncertainties in its forward-looking statements, emphasizing a commitment to innovation in the healthcare sector.
iCAD, a leader in medical technology, announced its solutions are among the first to integrate with the NVIDIA AI Enterprise software suite. This partnership aims to enhance the deployment and scalability of its breast health technologies, including ProFound AI and PowerLook. The integration allows healthcare organizations to streamline AI workloads in virtualized data centers. iCAD's solutions improve cancer detection efficiency and risk assessment, promising faster adoption for hospitals, particularly amidst ongoing pandemic challenges.
iCAD, a leader in medical technology for cancer detection, announced its participation in the 42nd Annual Cowen Health Care Conference from March 7-9, 2022.
Stacey Stevens, President and CEO, will present on March 8, 2022, at 10:30 a.m. EST. Investors can access the live webcast here.
iCAD continues to focus on innovative solutions for cancer care, showcasing its commitment to improving patient outcomes through advanced technology.
iCAD, a leader in cancer detection and therapy solutions, reported Q4 2021 revenues of $7.8 million, down 25% from $10.5 million in Q4 2020. Annual revenues rose 13.3% to $33.6 million. The company faced challenges from the Omicron variant, which impacted order processing. A net loss of $4.1 million for Q4 was reported, compared to $1.6 million loss in the same quarter last year. The company maintains a cash reserve of $34.3 million. New initiatives include launching the ProFound AI Risk tool and securing a global distribution agreement with Arterys.
iCAD, a leader in medical technology focused on innovative cancer detection and therapy solutions, will release its financial results for Q4 and the full year ending December 31, 2021, on February 28, 2022, post-market closure. A conference call will follow at 4:30 PM ET, where they will discuss the results. Investors can join the call through domestic and international numbers provided or via a webcast link. For further information about iCAD, visit their official website.
NASHUA, N.H., Feb. 08, 2022 – iCAD, a leader in cancer detection and therapy solutions, will participate in the virtual BTIG MedTech, Digital Health, Life Science & Diagnostic Tools Conference from February 15-17, 2022. Stacey Stevens, President and incoming CEO of iCAD, will engage in a fireside chat on February 15 at 4:00 p.m. EST, hosted by analyst Marie Thibault. This event will not be webcast. For more details, contact your BTIG representative.
For further information about iCAD, visit www.icadmed.com.
iCAD has secured an Authorization to Operate (ATO) from the U.S. Department of Defense for its breast AI platform. This milestone allows the technology to be used in military healthcare facilities, a significant market opportunity. The ProFound AI platform enhances breast cancer detection by improving reader sensitivity by 8% and specificity by 7%, while reducing reading times by 52.7%. With over 500 military healthcare facilities and 9.62 million beneficiaries, this authorization underscores the platform's security and reliability in supporting cancer screening efforts.
iCAD appointed Dana Brown and Timothy Norris Irish as independent members of its Board of Directors, effective January 10, 2022. Dana Brown, with over 30 years in technology and women's breast health, previously held roles at Susan G. Komen and United Way. Timothy Norris Irish, a professor at King’s College London, brings experience from the healthcare sector. Stacey Stevens, iCAD's President and incoming CEO, also joined the board, increasing total members to eight. Their expertise aims to enhance iCAD’s innovative cancer detection and therapy solutions and drive shareholder value.
iCAD, Inc. (NASDAQ: ICAD) announced its preliminary estimated revenues for Q4 2021, expecting figures between $7.8 million and $8.0 million. For the entire year, revenues are projected to be approximately $33.6 million to $33.8 million. The company faced significant challenges due to the COVID-19 Omicron variant, which disrupted staffing and delayed sales. Despite these setbacks, iCAD remains confident in returning to a growth trajectory in 2022 by adapting its commercial operations to evolving market needs.
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