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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 announced positive results from clinical research supporting its ProFound AI Risk tool for Digital Breast Tomosynthesis (DBT), indicating that 14% of women with a negative screen had a significantly elevated risk of developing breast cancer. The study, involving over 154,200 women, achieved an area under the curve (AUC) of 0.82, underscoring its predictive accuracy compared to traditional models. This advancement aims to refine breast cancer screening strategies, potentially improving early detection and outcomes.
iCAD (NASDAQ:ICAD), a leader in medical technology, will present at the Spring Into Action - Best Ideas Virtual Investor Conference from May 16-20, 2022. Stacey Stevens, President and CEO, is scheduled to speak on May 17 from 11:30 to 11:55 a.m. EST. The presentation will be available for live webcast and replay. Investors interested in one-on-one meetings or further details can email angie.wright@issuerdirect.com. For registration, visit here.
iCAD, a leader in cancer detection technology, reported its Q1 2022 results, revealing a 13.0% decline in total revenue to $7.5 million, attributed to decreases in both product and service revenues. The company recorded a GAAP net loss of $3.5 million, compared to a loss of $1.6 million in Q1 2021. Despite a 70.6% gross profit margin, operating expenses rose by 12.9%. Notably, iCAD secured an enterprise agreement for ProFound AI and is advancing clinical research, with promising developments in its GLIOX trial.
iCAD recently highlighted its ProFound AI technology as the leading solution in a competitive trial conducted by Wake Radiology, which operates 14 imaging centers in North Carolina. The upcoming webinar, part of iCAD's series 'ProFound Insights, ProFound Impact,' will discuss the advantages of ProFound AI and its flexibility in reading mammograms across various systems. The event will feature experts from Wake Radiology and aims to showcase the effectiveness of iCAD's solutions in enhancing breast imaging practices.
iCAD, Inc. (NASDAQ: ICAD), a leader in cancer detection and therapy solutions, announced it will release its financial results for Q1 2022 on May 11, 2022, after market close. The company will also host a conference call at 4:30 PM ET the same day, where details on financial performance will be discussed. Interested parties can join via the provided domestic and international numbers or through a webcast. The upcoming financial results are anticipated to provide insights into the company’s growth and strategic direction.
iCAD reports strong commercial momentum for its ProFound AI breast health solutions, outperforming competitors in clinical performance and workflow efficiency. Key clients, including Wake Radiology and Kettering Health, have transitioned to ProFound AI, citing significant improvements in accuracy and efficiency for mammography readings. The AI integration has been praised for reducing false positives and enhancing patient care. Ongoing improvements to the technology have further solidified customer satisfaction and market positioning.
iCAD (NASDAQ: ICAD) anticipates a preliminary revenue of $7.5 million for Q1 2022, reflecting ongoing growth in the medical technology sector focused on cancer detection and therapy solutions. The company has appointed Timothy Norris Irish as the new Chairman of the Board, succeeding Michael Klein. Irish brings extensive experience from the healthcare sector. Furthermore, CFO Charles Carter will be leaving the position, with an interim CFO to be announced soon. iCAD remains optimistic about its commercial infrastructure and future prospects.
iCAD announced the launch of a new webinar series called ProFound Insights, ProFound Impact, starting with an event titled “Why Kettering Health Traded out Previous AI Software for ProFound AI®”. The first session is scheduled for April 27, 2022, featuring experts from Kettering Health, an enterprise breast care provider in southwest Ohio. The event will showcase customer success stories, emphasizing the effectiveness of ProFound AI in enhancing reading efficiency and patient care, as noted by Kettering's Director and Medical Director.
iCAD announced positive developments regarding its Xoft electronic brachytherapy (eBx) technology, particularly in the international multi-center GLIOX trial.
Clinicians across Spain report successful treatments using the Xoft System for recurrent glioblastoma and various cancers, showcasing its versatility.
The system, FDA-cleared and CE marked, offers efficient treatment with minimal side effects, potentially replacing weeks of traditional therapy. Preliminary data indicates promising outcomes, with extended survival rates for patients treated with Xoft compared to the control group.
iCAD, Inc. (NASDAQ: ICAD) showcased its innovative Breast AI solutions at the HIMSS Global Health Conference in Orlando, FL, from March 14-18, 2022. The company highlights the capabilities of ProFound AI® for Digital Breast Tomosynthesis, which enhances reading accuracy and reduces reading time significantly. iCAD's suite includes tools for cancer detection, breast density assessment, and risk evaluation, all designed to improve workflow and interoperability in healthcare systems. The technology integrates with NVIDIA AI Enterprise, optimizing IT environments to enhance cancer detection capabilities.
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