iCAD Highlights Global Availability of ProFound Cloud and International Expansion Milestones at JFR 2024

Rhea-AI Summary

iCAD announced its participation in the 72nd Journées Francophones de Radiologie (JFR) 2024 Meeting in Paris, highlighting the global availability of ProFound Cloud. This secure, scalable SaaS platform delivers iCAD's advanced AI solutions to healthcare providers worldwide, processing nearly 100,000 cases in its first two U.S. quarters with speeds over 50% faster than traditional on-premises solutions.

The company reported significant progress in global expansion, including new distribution partnerships in countries like Dominican Republic, France, Spain, Turkey, and UAE, as well as regulatory clearances in South Africa and UAE. Built on Google Cloud Platform, ProFound Cloud offers continuous updates and improved operational efficiency.

At JFR 2024, iCAD will host an AI Symposium led by Prof. Bruno Boyer, discussing the contribution of iCAD's AI solutions to breast cancer screening, detection, density evaluation, and risk assessment.

Positive

• ProFound Cloud processed nearly 100,000 cases in its first two U.S. quarters
• ProFound Cloud achieves processing speeds over 50% faster than traditional on-premises solutions
• New distribution partnerships established in multiple countries
• Regulatory clearances obtained in South Africa and UAE
• Built on Google Cloud Platform, offering scalability and continuous updates

Negative

• None.

NASHUA, N.H. and PARIS, Oct. 03, 2024 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”) a global leader in clinically proven AI-powered cancer detection solutions, today announced its participation in the 72nd edition of the Journées Francophones de Radiologie (JFR) 2024 Meeting, taking place from October 4-7 in Paris, France. At JFR, iCAD will premier ProFound Cloud, a secure, scalable SaaS platform designed to deliver the company’s advanced AI solutions to healthcare providers worldwide.

Global Commercial Availability of ProFound Cloud

In its first two full quarters of U.S. availability, ProFound Cloud has processed nearly 100,000 cases, demonstrating rapid early adoption. Achieving processing speeds more than 50% faster than many traditional on-premises solutions, the ProFound Cloud is an efficient solution for deploying the ProFound AI Suite. With recent global distribution partnerships and regulatory clearances, the availability of Profound Cloud is expanding around the globe.

“We are thrilled to expand our global reach with ProFound Cloud, an innovative SaaS solution that provides radiologists worldwide with secure and cost-effective access to our cutting-edge AI tools,” said Dana Brown, President and CEO of iCAD. “As we continue to expand both in the U.S. and internationally, our focus remains on equipping healthcare providers with AI-driven technologies that enhance diagnostic accuracy and operational efficiency across breast health.”

The launch of its new Cloud platform represents a key milestone in iCAD's global expansion.

Over the past quarter, iCAD has made significant progress across three key areas—strengthening partnerships, securing new regulatory clearances, and expanding its AI capabilities:

• Global Distribution Partnerships: iCAD has forged new commercial distribution alliances in countries such as Dominican Republic, France, Spain, Turkey, United Arab Emirates and with leading healthcare technology companies, including Tamer, Ozel and deepc, expanding the availability of its ProFound AI solutions globally.
• Regulatory Clearances in Key Markets: In line with its global growth strategy, iCAD has recently received regulatory clearances for its ProFound AI platform in South Africa and the United Arab Emirates.
• ProFound Cloud Expansion: Built on Google Cloud Platform (GCP), ProFound Cloud provides a scalable, secure, and affordable platform for healthcare providers to access iCAD’s AI-driven breast health technologies. The platform offers continuous updates and improved operational efficiency, making it a versatile solution for institutions of all sizes.
  

“As we continue to establish new partnerships and expand our AI solutions, our commitment to making world-class breast health technologies accessible to clinicians globally remains at the forefront,” said Brown. “The progress we've made this past quarter reflects our dedication to driving innovation in breast cancer detection.”

iCAD JFR24 Mini-Symposium Program

As part of the JFR 2024 program, iCAD will host an AI Symposium led by Prof. Bruno Boyer of the Centre for Medical Imaging Italy in Paris:

• Date and Time: Friday, October 4, 2024 | 09:45 – 10:10 AM
• Location: Room 251
• Speaker: Prof. Bruno Boyer, Centre for Medical Imaging, Italy, Paris
• Topic: Contribution of iCAD's Artificial Intelligence Solutions for Better Breast Cancer Screening: Detection, Density, and Risk – A review of the latest clinical studies and case reviews.

Prof. Boyer will discuss how iCAD’s ProFound AI suite is advancing breast cancer screening, focusing on the role of AI in cancer detection, breast density evaluation, and risk assessment. He will also review recent clinical studies highlighting the efficacy of these technologies.

Visit iCAD at JFR 2024

Attendees are invited to visit the iCAD booth #226A for live demonstrations of the company’s AI-powered technologies and to learn more about its commitment to transforming breast health. To connect with the iCAD team at JFR or schedule a virtual demo, visit our event page: https://www.icadmed.com/about/news-events/upcoming-tradeshows-and-meetings/jfr-2024

About iCAD, Inc.
iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., USA, iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis. For more information, including the latest in regulatory clearances, please visit www.icadmed.com.

Forward-Looking Statements
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the expansion of access to the Company’s products, improvement of performance, acceleration of adoption, expected benefits of ProFound AI^®, the benefits of the Company’s products, and future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, the willingness of patients to undergo mammography screening, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians, the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.

CONTACTS
Media inquiries:
pr@icadmed.com

Investor Inquiries:
John Nesbett/Rosalyn Christian
IMS Investor Relations
icad@imsinvestorrelations.com

FAQ

What is ProFound Cloud and how does it benefit healthcare providers?

ProFound Cloud is iCAD's secure, scalable SaaS platform that delivers advanced AI solutions for breast cancer detection. It benefits healthcare providers by offering faster processing speeds (over 50% faster than traditional on-premises solutions), improved operational efficiency, and continuous updates, making it accessible and cost-effective for institutions of all sizes.

How many cases has ProFound Cloud processed in its first two U.S. quarters?

ProFound Cloud has processed nearly 100,000 cases in its first two full quarters of U.S. availability, demonstrating rapid early adoption.

In which countries has iCAD (ICAD) recently established new distribution partnerships?

iCAD has recently established new distribution partnerships in countries including the Dominican Republic, France, Spain, Turkey, and the United Arab Emirates.

What regulatory clearances has iCAD (ICAD) recently obtained for its ProFound AI platform?

iCAD has recently received regulatory clearances for its ProFound AI platform in South Africa and the United Arab Emirates, in line with its global growth strategy.

What will be discussed at iCAD's AI Symposium during JFR 2024?

Prof. Bruno Boyer will discuss how iCAD's ProFound AI suite is advancing breast cancer screening, focusing on the role of AI in cancer detection, breast density evaluation, and risk assessment. He will also review recent clinical studies highlighting the efficacy of these technologies.