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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, Inc. (NASDAQ: ICAD) announced plans for a public offering of its common stock. The shares will be sold by the company, with an option for underwriters to purchase an additional 15% of the offering. Proceeds will be utilized for working capital and general corporate purposes. The offering is subject to market conditions, with no guarantee of completion or specific terms. Guggenheim Securities is the sole book-running manager. The securities will be offered under an existing effective shelf registration statement with the SEC, emphasizing full compliance with regulatory requirements.
iCAD reported fourth quarter 2020 revenues of $10.5 million, reflecting a 47% sequential growth driven by a 70% increase in ProFound AI® product revenue. The company saw a 21% revenue growth year-over-year for ProFound AI® products. A significant milestone was reached with the largest single contract in iCAD’s history with Solis Mammography. The net loss narrowed 52% to $0.07 per share. Cash increased 20% to $27.2 million. CEO Mike Klein highlighted strong market interest in ProFound AI® Risk and the company’s effective cost management.
iCAD, Inc. (NASDAQ: ICAD) is scheduled to announce its financial results for Q4 and the year ending December 31, 2020, after market close on February 24, 2021. A conference call will take place at 4:30 PM ET, allowing investors to gain insights into the company's performance. The results are anticipated to highlight progress in iCAD's innovative cancer detection and therapy solutions. Interested parties can join the call via domestic and international numbers or through a webcast.
iCAD, a leader in cancer detection and therapy, will have its CEO, Michael Klein, participate in a fireside chat at the BTIG Virtual MedTech Conference on February 18 at 4:30 PM ET. This event will allow Klein to discuss the company's innovative technologies, including ProFound AI, which enhances mammography efficiency and accuracy. Investors can access the live presentation through the company's website. iCAD is also known for the Xoft System, which offers targeted cancer treatment while preserving healthy tissue.
NASHUA, N.H., Jan. 19, 2021 -- iCAD, a leader in medical technology focused on cancer detection, announced that CEO Michael Klein will participate in a fireside chat at the B. Riley Securities Virtual Oncology Investor Conference on January 20 at 11:00 AM ET. Klein will also hold one-on-one meetings with investors. A live audio webcast of the presentation will be accessible on iCAD's investor website, with a replay available afterward. iCAD is known for its ProFound AI and Xoft System, innovative solutions aimed at improving cancer treatment and detection.
iCAD announced its participation in the 10th Annual LifeSci Partners Corporate Access Event from January 6-8 and 11-14, 2021. CEO Michael Klein will host meetings and participate in a panel titled Innovations in Cancer Diagnostics on January 7 at 4pm EST. The focus will be on the newly launched ProFound AI Risk software, which provides a 2-year risk estimation for breast cancer based solely on screening mammograms. Research indicates this tool effectively identifies women at high risk of a breast cancer diagnosis within two years.
iCAD, a leader in cancer detection and therapy, has appointed Dr. Santosh Kesari as Principal Investigator for an international multi-center clinical trial. The trial will evaluate the Xoft Axxent Electronic Brachytherapy System as a sole treatment for recurrent glioblastoma (GBM) following surgery. Commencing in January 2021, it aims to enroll 80-100 participants. The Xoft System delivers precise radiation to the tumor site, minimizing harm to surrounding tissue. Results may lead to quicker adoption of this innovative therapy, addressing a critical need in the aggressive treatment of GBM.
iCAD and Solis Mammography have entered a five-year partnership to integrate iCAD's ProFound AI technology across Solis's extensive network, enhancing breast cancer detection. The ProFound AI platform aims to improve patient outcomes for over one million women served, utilizing advanced AI for precise cancer risk estimation. This collaboration underscores iCAD's commitment to women's health, as it offers a clinically proven increase in mammography reading accuracy and reduced false positives. Both companies are positioned for growth in the evolving healthcare landscape.
iCAD has announced a webinar on December 7, 2020, featuring leading experts discussing its ProFound AI Risk, a novel breast cancer risk assessment tool. This innovative solution shifts the focus from age-based to risk-adaptive screening. The tool has shown promise in identifying women at high risk of breast cancer within two years of a negative mammogram, as highlighted in recent research published in Radiology. The webinar will also cover advancements in iCAD's ProFound AI technology platform for digital breast tomosynthesis, aiming to enhance cancer detection.
iCAD has introduced the ProFound AI Risk, a groundbreaking tool that enhances breast cancer screening by transitioning from an age-based to a risk-adapted approach. Showcased at the RSNA annual meeting, this innovation offers a precise two-year breast cancer risk estimation based solely on screening mammograms. Developed in collaboration with the Karolinska Institutet, it significantly outperforms existing risk models. The technology is expected to enhance patient care, reduce reading time for radiologists by 52.7%, and improve detection rates.
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