Icad Inc Stock Price, News & Analysis

iCAD, Inc. (NASDAQ: ICAD) announced new clinical evidence published in the Journal of Clinical Oncology, demonstrating that ProFound AI Risk for 2D Mammography outperforms the Tyrer-Cuzick v8 risk model for assessing breast cancer risk.

This study analyzed data from 8,604 women over ten years, confirming higher accuracy for ProFound AI Risk across various demographics. The results indicate significant potential for personalized screening regimens and timely cancer detection, enhancing patient outcomes.

iCAD's technology aims to transform breast cancer screening by providing clinicians with improved insights and potentially saving lives through earlier diagnosis.

iCAD, a medical technology leader in cancer detection and therapy, reported its financial results for the year ending December 31, 2022. Total revenue decreased by 17% to $27.9 million, with a notable 20% drop in Therapy revenue. The company is strategically focusing on its Detection business, particularly the Breast AI Suite, with new partnerships signed with Google Health and Solis Mammography. iCAD reduced annual expenses by $4.3 to $4.6 million, aiming for profitability by the end of 2024 without seeking additional capital. Despite losses, the gross profit remained stable at 71% of revenue, indicating effective cost management.

iCAD is showcasing its Breast AI Suite at the National Consortium of Breast Centers (NCoBC) Annual Conference in Las Vegas from March 25-27, 2023. This suite enhances breast care, aligning with the FDA's recently established national breast density reporting standard. With nearly 50% of women over 40 having dense breasts, iCAD's technology empowers clinicians to provide accurate density assessments and personalized screening recommendations. The PowerLook Density Assessment is clinically proven and removes subjectivity from reporting, achieving 99.8% agreement with radiologists. iCAD aims to enhance patient care by automating and improving the accuracy of breast cancer detection.

iCAD (NASDAQ: ICAD), a leader in cancer detection and therapy solutions, announced plans to release its financial results for Q4 and FY 2022 post-market on March 28, 2023. The preliminary revenue for Q4 2022 is projected to be around $6.5 million. The company is restructuring its cost base to accommodate the shift from perpetual to subscription software licenses while continuing to invest in growth areas. Additionally, iCAD is working with investment bankers to explore strategic options for its Therapy business line, signaling potential changes in its business strategy.

iCAD, Inc. (NASDAQ: ICAD) announced on March 13, 2023, the resignation of Stacey Stevens as President and CEO for personal reasons, effective until April 30, 2023. Dana Brown has been appointed as the new President and CEO, retaining her role as Chairman of the Board. Stevens’ 16-year tenure saw significant achievements, such as the transition to a subscription model and strategic partnerships. Brown emphasized her commitment to enhancing iCAD's vision for AI cancer detection solutions and addressing the challenges of breast cancer. iCAD plans to file its Annual Report on Form 10-K by March 28, 2023.

iCAD (NASDAQ: ICAD), a leader in cancer detection technology, presented significant clinical evidence at ECR 2023 showing that its ProFound AI® enhances radiologists' efficiency and cancer detection rates. The study revealed a 23% increase in cancer detection, finding 1.31 more cancers per 1,000 screenings without raising recall rates. iCAD showcased its Breast AI Suite, which includes tools for breast cancer detection and risk assessment. The company emphasized its AI solutions' positive impact on clinicians' workflows and patient care.

iCAD, a leader in medical technology, will attend the BTIG Snowbird MedTech Conference from February 14-16, 2023, in Snowbird, UT. The company aims to showcase its innovative cancer detection and therapy solutions. Stacey Stevens, President and CEO, will conduct one-on-one meetings with investors during the event. Interested parties should connect with their BTIG representative for meeting requests. iCAD’s products, including ProFound AI, aim to enhance cancer detection efficacy and improve patient outcomes. For further details, visit icadmed.com.

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.