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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, a leader in medical technology, has launched ProFound AI Risk and an updated PowerLook Density Assessment, enhancing breast cancer screening capabilities. The ProFound AI Risk tool offers personalized short-term breast cancer risk estimations from mammogram images, integrating ethnic data for inclusive screening. This innovation aims to reduce unnecessary procedures and improve patient outcomes. Meanwhile, PowerLook Density Assessment automates breast density evaluation, addressing subjectivity in assessments. These advancements are expected to support clinicians as they navigate post-COVID challenges in breast cancer detection.
iCAD (NASDAQ: ICAD) will host a free educational roundtable on September 14, 2021, focusing on pandemic recovery in cancer screening, especially mammography, following significant drops due to COVID-19. Experts from leading institutions will discuss the integration of ProFound AI technology, designed to manage increased workloads and improve breast cancer detection. Notably, mammography screenings have surged past pre-pandemic levels, alleviating backlogs. This reflects iCAD's commitment to providing innovative solutions for healthcare providers and enhancing patient care.
iCAD, a global leader in medical technology, reported Q2 2021 revenues of $7.8 million, up 40.6% from $5.6 million in Q2 2020. For the six months ending June 30, 2021, revenues reached $16.5 million, a 36% increase year-over-year. The company recorded a net loss of $3.3 million in Q2 2021, compared to a loss of $2.4 million in Q2 2020. Notably, Therapy revenues surged 109% to $3.0 million. iCAD signed a distribution agreement with Sectra and attained CE Mark approval for ProFound AI® Version 3.0, enhancing its market position in cancer detection and therapy solutions.
NASHUA, N.H., Aug. 02, 2021 – iCAD, a leader in medical technology, announced participation in the Guggenheim MedTech Disruptors Summit. Michael Klein, Chairman and CEO, and Stacey Stevens, President, will engage in a fireside chat on August 10, 2021, at 10:00 AM Eastern Time. This event highlights iCAD's commitment to innovative cancer detection and therapy solutions. The company continues to lead advancements in medical technology from its Nashua, NH headquarters.
iCAD, a leader in cancer detection and therapy solutions, announced it will release its financial results for Q2 and six-months ending June 30, 2021, on August 5, 2021, after market close. This will be followed by a conference call at 4:30 PM ET. The call aims to discuss performance metrics, offering insights into the company’s financial health and strategic direction. Investors are encouraged to join the call to gain a comprehensive understanding of iCAD's progress and outlook.
iCAD's ProFound AI Version 3.0 for Digital Breast Tomosynthesis (DBT) has received CE Mark approval, enhancing the company's position in cancer detection technology. The new version boasts a 10% improvement in specificity and 40% faster processing compared to prior versions. This regulatory milestone allows existing customers to upgrade while introducing the solution to a wider market. Developed using data from over 5 million images, the technology aims to improve diagnostic accuracy and reduce false positives. iCAD also emphasizes ongoing innovation in breast cancer detection.
iCAD (NASDAQ: ICAD) has signed a global distribution agreement with Sectra to expand access to its ProFound AI and ProFound AI Risk technologies. This partnership will promote the tools via the Sectra Amplifier Marketplace, enhancing their availability in facilities worldwide. ProFound AI improves breast cancer screening efficiency and accuracy, while ProFound AI Risk provides personalized two-year breast cancer risk assessments from standard mammograms. The collaboration aims to boost iCAD's presence, particularly in Europe, tapping into recurring revenue segments.
iCAD, a leader in medical technology for cancer detection and therapy, announced participation in three virtual investor conferences in May and June 2021. Michael Klein, Chairman and CEO, will present at:
- The Oppenheimer MedTech, Tools & Diagnostics Summit with a pre-recorded presentation on May 26.
- The 2021 Jefferies Virtual Healthcare Conference on June 1, starting at 3:00 p.m. ET.
- The 18th Annual Craig-Hallum Institutional Investor Conference hosting virtual 1x1 meetings on June 2.
Webcasts and audio archives will be available on their website.
iCAD is highlighting positive developments in its Xoft intraoperative radiotherapy (IORT) technology for brain cancer treatment. A virtual panel discussion will feature prominent experts discussing the benefits and ongoing clinical trials related to the Xoft System, especially its application in treating recurrent glioblastoma (GBM). The GLIOX trial aims to compare outcomes of patients using Xoft IORT plus Bevacizumab against traditional external beam radiation therapy (EBRT). Recent data shows significant improvement in overall survival for patients treated with Xoft IORT.
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