iCAD Reports Financial Results for Fourth Quarter and Year Ended December 31, 2020
Fourth Quarter Revenues of $10.5 Million Represented 47% Sequential
Growth Driven by 70% Growth in ProFound AI ® Product
Revenue
ProFound
AI® Product Revenue Increased 21% in the Fourth Quarter of 2020 as Compared to 2019 Fourth Quarter
Fueled by Launch
of ProFound AI ® Risk Assessment Offering
Recent Agreement with Solis Mammography Represents Largest Single
Contract in iCAD’s History and Includes Both ProFound AI ® Detection
and Risk
Net Loss Declined 52% to $0.07 Per Share in the Fourth Quarter of 2020
as Compared to 2019 Fourth Quarter
Conference Call Today at 4:30 p.m. ET
NASHUA, N.H. –
February 24, 2021 – iCAD, Inc.
(NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions,
today reported its financial and operating results for the three
and twelve months
ended December 31, 2020.
Recent Highlights:
- Gaining market traction with ProFound AI® Risk, the first
and only commercially available clinical decision support tool providing
accurate two-year breast cancer risk estimation personalized for each woman, for
2D mammography in the U.S. and Europe
– Global launch for 3D mammography planned for later this year
- Over 1,000 licenses sold as part of ProFound AI® Detection sales
-Significant percentage of licenses sold to facilities with
GE, Siemens, and sites with multiple vendors, including Hologic and Fuji
- Signed five-year partnership with Solis Mammography, the
largest independent provider of mammography and breast health services in the
U.S., whereby iCAD will provide the customer with its latest artificial intelligence
breast health solutions, including ProFound AI® Detection and Risk
- Appointed Santosh Kesari, M.D., Ph.D., a world-renowned
neuro-oncologist at the John Wayne Cancer Center, as Principal Investigator of
its international multi-center clinical trial evaluating the Xoft® Axxent® Electronic
Brachytherapy (eBx®) System® as the sole radiation therapy to treat recurrent glioblastoma
(GBM) following surgical excision of the malignancy
- Cash increased $4.6 million or 20% to $27.2 million at
December 31, 2020 as compared to September 30, 2020.