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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 has appointed Daniel Shea as interim Chief Financial Officer and William Keyes as Senior Vice President of US Commercial Sales for its AI division, effective immediately. The search for a full-time CFO is anticipated to conclude in about 90 days. Shea brings over 30 years of experience in finance leadership from various firms, while Keyes has more than 35 years in healthcare technology sales. Both executives are expected to contribute significantly to the company's transition towards a sustainable, partnership-based revenue model in AI, as stated by CEO Stacey Stevens.
Dana Brown has been appointed as the Executive Chair of the Board at iCAD, effective January 11, 2023. Previously a board member since February 2022 and former Chief Strategy and Operations Officer at Susan G. Komen, Brown aims to leverage her experience to bolster iCAD's cancer detection and therapy solutions. The company is expected to form crucial partnerships with organizations like Google Health and Radiology Partners for growth. Outgoing Chair Timothy Irish is acknowledged for his role in the company's significant partnerships.
iCAD (NASDAQ: ICAD) announced that Solis Mammography will participate in the upcoming ProFound Insights, ProFound Impact webinar on December 14, 2022. Chirag Parghi, MD, Chief Medical Officer of Solis Mammography, will discuss the clinical value of ProFound AI, iCAD’s breast imaging solution. With over one million women served annually through its 100+ locations, Solis Mammography integrates ProFound AI to enhance clinical decisions and improve patient care. The companies aim to extend collaboration to assess cardiovascular disease risk using mammogram data.
iCAD has announced a strategic partnership with Google Health, marking the latter's first collaboration with a mammography AI vendor. This agreement aims to integrate Google’s AI technology into iCAD’s portfolio, enhancing their breast cancer detection capabilities. The collaboration is expected to improve the accuracy and efficiency of mammography and expand access to innovative breast imaging solutions globally. iCAD will leverage Google Cloud’s infrastructure to transition its offerings to cloud-based solutions, enhancing scalability and reaching underserved regions.
NASHUA, N.H., Nov. 15, 2022 - iCAD, a leader in medical technology, has announced that CEO Stacey Stevens will participate in the 13th Annual Craig-Hallum Alpha Select Conference on November 17 in New York City. The event will provide a platform for investor engagement through one-on-one meetings. This participation highlights iCAD's commitment to advancing cancer detection and therapy solutions. Interested investors can arrange meetings via Craig-Hallum representatives. For more details, visit www.icadmed.com.
iCAD (NASDAQ: ICAD) will be prominently featured at HLTH 2022, a major health industry conference held from November 13-16 at the Venetian Hotel in Las Vegas. The event will see over 8,500 senior leaders collaborate on pressing healthcare issues. iCAD's President and CEO, Stacey Stevens, will speak about enhancing breast cancer screening through AI on November 14, from 1:55 to 2:35 pm in the Google Health Theater Room. This participation underscores iCAD's commitment to innovative cancer detection and therapy solutions.
iCAD reported a Q3 2022 revenue of $6.4 million, down 32% year-over-year, attributed to a 49% drop in product revenue. Cost-cutting measures aim to reduce expenses by over $3 million annually. A strategic shift towards a subscription-based model has resulted in increased demand, with more subscriptions booked in Q3 than in the first half of 2022. The new Subscription Annual Recurring Revenue (S-ARR) metric aims to highlight progress in this area. The net loss for Q3 2022 was $3.9 million, compared to $2.2 million in Q3 2021.
iCAD has announced a strategic multi-year partnership with Radiology Partners, the largest radiology practice in the U.S., to expand the adoption of iCAD's Breast AI Suite. This collaboration aims to enhance breast cancer screening access for millions of women nationwide. The agreement includes an initial order from Radiology Partners, enabling the deployment of iCAD's technologies across its expansive network, which serves over 3,000 facilities. The Breast AI Suite incorporates advanced AI tools for improved mammography accuracy and personalized risk evaluation.
iCAD, Inc. (NASDAQ: ICAD) announced it will release its third-quarter financial results for the period ending September 30, 2022, after market close on November 10, 2022. A conference call is scheduled for 4:30 PM ET on the same day, allowing investors and analysts to discuss the outcomes. The information aims to provide insights into the company's ongoing efforts in cancer detection and therapy solutions, reflecting its position as a leader in medical technology.
iCAD, Inc. (NASDAQ: ICAD) has entered a strategic collaboration with Solis Mammography to enhance cardiovascular disease (CVD) detection in women through mammography. The partnership aims to develop an AI solution leveraging ProFound AI technology to identify breast arterial calcifications, a key indicator of heart disease risk. The initiative addresses a critical health issue, as heart disease is the leading cause of death among women in the U.S. This collaboration builds upon their existing relationship, with Solis Mammography already using iCAD's technology across its network.
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