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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.
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.
iCAD, a leader in medical technology, is hosting a complimentary virtual roundtable on September 15, 2020, titled “What is Real AI: Adopting Artificial Intelligence.” This event aims to educate clinicians on the integration of AI in cancer screening, particularly in the wake of COVID-19's impact on healthcare. Industry experts will discuss the benefits and innovations in AI technology, building on the success of ProFound AI, which enhances diagnostic accuracy. The event underscores the urgent need for AI solutions amid growing patient backlogs due to pandemic-related disruptions.
iCAD (NASDAQ: ICAD), a leader in medical technology for cancer detection, announced its participation in the LD 500 Virtual Conference from September 1 to 4, 2020. Michael Klein, the CEO, will present on September 1 at 11:00 AM ET and engage in one-on-one meetings. The presentation will be available via a live audio webcast. For more details about the conference and scheduling individual meetings, participants can contact LD Micro representatives.
iCAD, a leader in medical technology, announced that CEO Michael Klein will present at the Guggenheim MedTech Disruptors Summit on August 11, 2020, at 3:00pm ET. The company specializes in innovative solutions for cancer detection and therapy, including the ProFound AI™, which enhances mammography efficiency and accuracy. ProFound AI™ has shown to reduce radiologist reading time by 52.7%, improve sensitivity by 8%, and decrease patient recalls by 7.2%. The Xoft System offers targeted treatment for cancer with minimal damage to healthy tissue.
iCAD, Inc. (NASDAQ: ICAD) reported Q2 2020 revenue of $5.6 million, down 24% YoY, primarily due to COVID-19. Operating expenses were reduced by 7% to $6.7 million. The net loss for the quarter narrowed to ($2.4) million or ($0.11) per diluted share, compared to ($3.5) million in Q2 2019. The company launched ProFound AI Risk in Europe and secured a 50-license agreement with SimonMed Imaging, enhancing breast cancer detection capabilities. Cash reserves increased to $24.2 million from $15.3 million at year-end 2019.
iCAD has announced the launch of ProFound AI™ Risk, a pioneering clinical decision support tool that provides a personalized two-year breast cancer risk estimation based solely on a screening mammogram. This tool has received CE Mark approval in Europe and was unveiled at the European Congress of Radiology (ECR) virtual meeting. ProFound AI Risk combines various risk factors for improved assessment, targeting an estimated 250 million eligible women worldwide. The technology aims to enhance patient care by enabling earlier cancer detection and reducing unnecessary procedures.
iCAD (NASDAQ: ICAD) and SimonMed Imaging announced the deployment of ProFound AI™ across SimonMed's network. ProFound AI enhances the workflow for radiologists analyzing digital breast tomosynthesis (DBT), the first FDA-cleared AI for this purpose. It improves sensitivity by 8% and reduces false positives by 7.2%, cutting reading time by over 52%. Given the backlog of screenings due to the pandemic, this technology aids in efficiently managing increased patient loads. Both companies aim to enhance breast cancer detection and screening accuracy during this critical period.
iCAD (NASDAQ: ICAD) has been included in the Russell 2000® and Russell 3000® Indexes effective June 29, 2020. This inclusion is expected to enhance stock liquidity and raise investor awareness, according to CEO Michael Klein. The Russell indexes are crucial for investment managers and utilize market capitalization for membership. iCAD specializes in cancer detection and therapy, with products like ProFound AI™ and the Xoft System, which deliver innovative solutions in medical technology.
iCAD (NASDAQ: ICAD) announced a free virtual roundtable event for clinicians on June 4, 2020, focused on the effects of COVID-19 on breast cancer surgery and targeted radiation therapy. Renowned experts in breast cancer treatment will participate, discussing challenges posed by the pandemic. iCAD emphasized that its Xoft System's intraoperative radiation therapy (IORT) offers a one-time treatment option, potentially reducing hospital visits and resources needed during the pandemic. The company highlights the relevance of its technology in current healthcare challenges while promoting educational initiatives for clinicians.
iCAD announced its Q1 2020 financial results will be released after market close on May 11, 2020. The company will hold a conference call at 4:30 PM ET on the same day to discuss the results. This call will be accessible through a domestic number (888-394-8218) and an international line (323-794-2588). The conference ID is 6904669, and a webcast will be available for interested parties. iCAD specializes in innovative solutions for cancer detection and therapy.
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