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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 reported first-quarter 2021 revenues of $8.6 million, a 32% increase year-over-year, driven by 28% growth in detection revenue and a remarkable 41% rise in therapy revenue. ProFound AI® product revenue rose by 34%, showcasing its continued market acceptance. The company achieved a net loss decline of 86% to $0.07 per share, spurred by a $1.8 million gross margin increase and reduced operating expenses. iCAD ended the quarter with $46.9 million in cash and full repayment of its credit facility, signaling strong financial management.
iCAD announced the release of its financial results for Q1 2021, scheduled for April 28, 2021, after market close. The company, a leader in medical technology for cancer detection and therapy, will host a conference call at 4:30 PM ET to discuss the results. Investors can join the call via domestic and international numbers or through a webcast link provided in the announcement.
This update is vital for stakeholders monitoring iCAD's performance in the medical technology sector.
iCAD has presented new research at two leading breast imaging conferences demonstrating the efficacy of ProFound AI in improving mammogram assessments. The findings indicate that ProFound AI accurately identifies 33.4% of normal cases without missing cancers, increasing to 58.6% when considering breast density and age. The AI tool enhances radiologists' sensitivity and specificity while reducing workload. Version 3.0 of ProFound AI, recently FDA-cleared, shows up to a 10% improvement in specificity and 1% in sensitivity compared to its predecessor, validating its clinical significance.
iCAD anticipates first-quarter 2021 revenues to exceed $8.1 million, reflecting significant growth compared to 2020. Key contributors include the successful market penetration of its ProFound AI products and Xoft Therapy. Cash equivalents stand at approximately $46.9 million, bolstered by a recent public offering of $25 million. Additionally, iCAD's CFO will depart in early May, prompting a search for a successor. While the preliminary results are promising, they are subject to change and may significantly differ from final consolidated financial statements.
iCAD announced a retrospective analysis published in the Journal of Medical Screening showing that its ProFound AI for 2D Mammography could detect 48% of interval cancers, including 93% of false negatives and minimal sign lesions. The study involved 37,367 women screened between 2011 and 2012, identifying various categories of interval cancers. This could enhance breast cancer detection rates in organized screening programs, ultimately leading to earlier treatment and improved outcomes for women.
iCAD announced FDA clearance for ProFound AI Version 3.0 for Digital Breast Tomosynthesis, enhancing algorithm specificity by 10% and processing speed by 40%. This third generation AI solution aids in the detection of malignant lesions, improving efficiency for radiologists. Developed using over 5 million images, this software aims to reduce false positives while maintaining cancer detection rates. The CEO highlighted the significance of these advancements in cancer detection, emphasizing the potential for improved clinical decision-making.
iCAD (NASDAQ: ICAD) showcased its expanded ProFound AI platform at the ECR 2021 Congress, featuring ProFound AI Risk, the first decision support tool providing short-term cancer risk estimations based on mammograms. New research indicated ProFound AI for Digital Breast Tomosynthesis (DBT) accurately identified 33.4% of screening exams as low-risk, with 0% false negatives. Additionally, ProFound AI Risk demonstrated superior performance in predicting individual cancer risk, enhancing clinicians' workflow and efficiency. iCAD continues to strengthen its position in innovative cancer detection solutions.
iCAD, Inc. (NASDAQ: ICAD) announced the successful closing of a public offering of 1,393,738 shares at $18.00 per share, raising gross proceeds of approximately $25.0 million as of March 5, 2021. The offering included the full exercise of an option by underwriters for an additional 171,516 shares. The funds will be used for working capital and general corporate purposes. Guggenheim Securities acted as the sole book-running manager. The securities were offered under effective registration statements with the SEC.
NASHUA, N.H., March 3, 2021 - iCAD, a leader in medical technology for cancer detection and therapy, announced that CEO Michael Klein will present at the Cowen 41st Annual Health Care Conference on March 4 at 12:10 PM ET. The presentation will include one-on-one investor meetings, with a live audio webcast available via iCAD’s investor website. iCAD's innovative products, including ProFound AI for mammography and the Xoft System for localized cancer treatment, are designed to improve efficiency and patient outcomes.
iCAD, Inc. (NASDAQ: ICAD) announced a public offering of 1,222,222 shares at $18.00 each, aiming for gross proceeds of approximately $22 million. The offering's closing is anticipated around March 5, 2021, pending customary conditions. Underwriters, led by Guggenheim Securities, have a 30-day option for an additional 171,516 shares. Proceeds will be used for working capital and corporate purposes. The offering is part of an effective shelf registration statement with the SEC, which allows for streamlined capital raises.
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