iCAD Announces CEO Transition
Stacey
Stevens Appointed as President and CEO and will Join the Board of Directors in
2022, Michael Klein to remain Chairman of iCAD Board
NASHUA, N.H. – December 6, 2021 – iCAD,
Inc. (NASDAQ: ICAD), a global
medical technology leader providing innovative cancer detection and therapy
solutions, today announced that its Board of Directors appointed Stacey Stevens
as iCAD’s President and Chief Executive Officer (CEO), effective March 1, 2022.
Stevens, who has served as the Company’s President since 2019, will also join the
Company’s Board of Directors. Michael Klein, who currently serves as the
Company Chairman and CEO, will continue to serve as Chairman of iCAD’s Board of
Directors.
“On behalf of the entire Board of
Directors, I would like to congratulate Ms. Stevens on this appointment. It has
been a privilege to work closely with her for the past three years, as she brings a relentless focus on leading change and a proven track
record of driving growth and innovation. I look forward to continued interaction in her new
capacity as CEO,” said Michael Klein, Chairman and CEO of iCAD, Inc. “We are
currently at an important inflection point, with the recent launch of several
first-in-kind technologies and the Company’s increasing focus on enterprise
sales on the Detection side of the business, and with the expansion of Xoft in
emerging applications, such as the treatment of brain tumors, on the Therapy
side of the business. I am
confident that with Ms. Stevens at the helm, iCAD and its technologies will
continue to transform the landscape of cancer detection and therapy and
accelerate the value we bring to all of our stakeholders.”
“I am honored to have the opportunity to lead
the company at this exciting time in our growth,” said Stacey Stevens,
President of iCAD, Inc. “iCAD’s
technologies offer clinical performance superiority, workflow improvements, and
a broad healthcare economic value proposition for both clinicians and patients.
We are enhancing patient care and
optimizing outcomes, which ultimately translates to improving, extending, and
saving lives. I look forward to working with our talented and passionate team
to advance the Company as we continue to evolve our business and technology,
drive sustained market leadership, and create additional significant shareholder
value.”
“The Board of Directors would
also like to thank Mr. Klein for his significant contributions as CEO over the
last three years,” said Nate Dalton, iCAD’s Lead Independent Director. “Under his
leadership, the Company’s robust portfolio of cancer detection and therapy technologies
has expanded, offering strong
value propositions for clinicians, patients, and our shareholders. With iCAD now
well positioned for future growth, we are confident that Ms. Stevens will strengthen
iCAD’s position as an industry leader providing medical technologies that are improving
the landscape of cancer detection and therapy, while delivering consistent
returns to our shareholders.”
An accomplished executive with more
than 20 years of marketing, strategy and sales experience, Ms. Stevens has served
as iCAD’s President since 2019. Prior to that, she served as Executive Vice President
and Chief Strategy and Commercial Officer from 2017-2019. Ms. Stevens joined
iCAD in 2006 as Senior Vice President of Marketing and Strategy. Prior to her
tenure at iCAD, she held numerous commercial leadership positions across
multiple business units at Philips Healthcare. Ms. Stevens earned a Bachelor of
Arts Degree in Political Science from the University of New Hampshire, and an
MBA from Boston University’s Questrom School of Business. Ms. Stevens was named
one of CEO Today’s “Businesswomenof the Year” in 2021.
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology
leader providing innovative cancer detection and therapy solutions. For more
information, visit www.icadmed.com.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
Certain statements contained in this News Release constitute
“forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995. For example, when the Company discusses the benefits
of the Company’s products, and clinical plans and updates, it is using
forward-looking statements. Such forward-looking statements involve a number of
known and unknown risks, uncertainties and other factors which 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,
increase sales and acceptance of products, adoption by CMS of a new payment
model, and that such model will prove beneficial to the Company, which is not
assured, implement expansion plans, the risks of uncertainty of patent
protection, the impact of supply and manufacturing constraints or difficulties,
uncertainty of future sales levels, protection of patents and other proprietary
rights, the impact of supply and manufacturing constraints or difficulties,
product market acceptance, possible technological obsolescence of products,
increased competition, ability to successfully defend itself in litigation
matters, 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; the effects of a global pandemic, 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.
Contact:
Media Inquiries:
Jessica Burns, iCAD
+1-201-423-4492
Investor Relations:
Brian Ritchie, LifeSci Advisors
+ 1-212-915-2578