Icad Inc Stock Price, News & Analysis

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.

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.