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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 announces new clinical data supporting the Xoft Axxent Electronic Brachytherapy System presented at the ESTRO 2020 meeting.
The studies affirm the system's efficacy in treating early-stage breast and endometrial cancers, showcasing its viability as an alternative to traditional methods. Key findings highlight significant radiation dose reductions to adjacent organs, enhancing patient safety. Since 2015, over 600 early-stage breast cancer and 150 gynecological cancer patients have been treated using the Xoft system, which is FDA-cleared and CE-marked for multiple cancer types.
iCAD, Inc. (NASDAQ: ICAD) has reported significant sales momentum for its ProFound AI® software, with over 1,000 licenses sold since launch, demonstrating widespread adoption across major mammography vendors including GE and Siemens. The Company achieved a 44% sequential revenue growth in Q3 2020 due to increased demand for its breast health AI solutions. Notably, ProFound AI for DBT showcases highest cancer detection rates and a remarkable 52.7% reduction in radiologists' reading time. Additionally, iCAD expanded its international market presence with agreements in Switzerland and Portugal.
iCAD reported strong sequential revenue growth of 28% in Q3 2020, driven by 44% growth in AI products and an impressive 251% rise in therapy product revenue. The net loss improved to $1.8 million from $3.0 million year-over-year. The company launched ProFound AI Risk, a new tool for personalized breast cancer risk assessment, and signed a distribution agreement with Change Healthcare to enhance access. iCAD's cash balance stood at $22.6 million by the end of Q3 2020, indicating solid liquidity.
iCAD, a leader in medical technology for cancer detection, will release its third-quarter financial results for the period ending September 30, 2020, after market close on November 5. A conference call is scheduled for 4:30 PM ET on the same day, with dial-in options for domestic and international participants. Interested parties can access the webcast for further details.
iCAD (NASDAQ: ICAD), a leader in medical technology for cancer detection and therapy, is showcasing its expanded Xoft platform at the ASTRO Virtual Annual Meeting from October 24-28, 2020. The Xoft System offers a single-fraction Intra-Operative Radiation Therapy (IORT) solution, enhancing treatment for early-stage breast cancer and brain tumors. Recent studies confirm its safety and efficacy, with promising outcomes indicating reduced hospital visits and costs during the COVID-19 pandemic. iCAD is expanding research and applications for its Xoft System across multiple cancer types.
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, a leader in medical technology, announced promising results for its Xoft® Electronic Brachytherapy System aimed at treating recurrent glioblastoma (GBM). Data from a prospective study, presented at the European Congress of Neurosurgery, indicated significant improvements in overall survival and local progression-free survival in patients treated with Xoft compared to traditional therapies. Among 28 patients, those receiving Xoft had survival rates from 16 to 59 months, while none in the external beam radiation therapy group survived beyond 38.5 months. This innovation may enhance treatment options for aggressive brain tumors.
iCAD will host a technology innovation webinar on October 21, 2020, at 10 AM ET, focusing on cancer treatment advancements. Key opinion leaders will discuss the current treatment landscape and unmet needs in treating cancers such as glioblastoma, breast, and rectal cancers. The management will also present updates on their breast cancer risk-assessment solution and positive clinical data for Xoft® Brain IORT, highlighting its viability for treating GBM. The event aims to enhance understanding of innovative treatment methods.
iCAD, Inc (NASDAQ: ICAD) commented on the new Radiation Oncology (RO) Model by the Centers for Medicare & Medicaid Services (CMS). The model aims to enhance cancer care quality and reduce costs through bundled payments for radiotherapy across 16 cancer types. Set for implementation on January 1, 2021, it establishes reimbursement rates for various treatments, including intensity-modulated radiation therapy. The Xoft System continues to be highlighted as a flexible treatment option, though CMS did not include intraoperative radiation therapy in the new model, maintaining its current reimbursement framework.
On September 18, 2020, iCAD (NASDAQ: ICAD) responded to the Center for Medicare and Medicaid Services' (CMS) announcement regarding the Radiation Oncology alternative payment model (RO-APM). The new model will not cover iCAD's intraoperative radiation therapy (IORT) but will continue to use existing CMS reimbursement codes for all markets. The bundled payment system takes effect on January 1, 2021, covering 16 cancer types. iCAD expressed disappointment over this decision and plans to submit additional data to CMS for reconsideration.
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