iCAD Announces Estimated Q1 Revenue and Upcoming Board and CFO Transitions
Company expects preliminary estimated
revenue to be $7.5 million
Timothy Norris Irish Appointed
Chairman of the Board of Directors, Successor CFO search underway
NASHUA, N.H. – April 21, 2022 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today reported select
preliminary, unaudited financial results for the first quarter of 2022. Based
on preliminary, unaudited financial information, the Company expects total
revenue for the first quarter of 2022 to be $7.5 million.
iCAD also today
announced the appointment of Timothy Norris Irish as Chairman of the Board of
Directors, succeeding Michael Klein, who will remain as a Director of the
Board.
“On behalf of
the Board of Directors and our entire management team, we would like to thank
Mr. Klein for his contributions as Chairman of the Board of Directors over the
past three years, and we are excited to welcome Mr. Irish, as he offers
tremendous insight and decades of relevant experience in corporate leadership
and health technologies, along with a proven track record of leading innovation
and strategic change,” said Stacey Stevens, President and CEO of iCAD, Inc.
An experienced
leader in the life sciences and healthcare sectors, Timothy Norris Irish is
currently a Professor at the Business School at King’s College London (KCL). He
also is currently a Trustee of Picker Institute Europe and Committee member of
the Alzheimer’s Society, in addition to several other remunerated Board roles
at KHP Medtech Innovations, Team Consulting Ltd., ImaginAb Inc, eZono AG,
Feedback Plc and Deltex Medical Group Plc. Prof. Irish also recently served as
Vice Chair at the National Institute for Health and Care Excellence (NICE),
where he previously held the roles of Acting Chair and Independent Director.
iCAD also today
announced that its Chief Financial Officer (CFO), Charles Carter, will be
leaving the Company for personal reasons. An interim CFO will be appointed
shortly to serve until a permanent successor to Mr. Carter is in place. Mr. Carter will continue to serve as CFO to assist with the
transition of his responsibilities and to participate in the Company’s upcoming
earnings call to discuss its first quarter 2022 financial results.
“I would like to
thank Mr. Carter for his dedication to the Company as CFO over the past year. He
has played an important role during a period of transition for the Company, and
we appreciate his contributions that support our Company’s future success,” said
Ms. Stevens. “Q1 has been a period of rapid change for our Company, but we
believe we now have a winning commercial infrastructure in place and a solid
and growing pipeline to ensure the trajectory we are on will position the organization
for success and bring our world-leading portfolio of innovative solutions into
the hands of more clinicians worldwide. We remain confident in the unique value
our portfolio of technologies offers and look forward to providing more updates
on our upcoming Q1 earnings call.”
“It has been a
privilege to work alongside Stacey, our leadership team and the many talented
individuals throughout the organization,” said Mr. Carter. “I believe the
Company is set up for continued success to serve customers and deliver innovative
technologies to the market that can significantly enhance patient care.”
iCAD’s
consolidated financial statements for the three months ended March 31, 2022 are
not yet available. The preliminary estimated financial information included in
this press release for the three months ended March 31, 2022 is based solely on
management’s estimates reflecting currently available preliminary information,
and remains subject to iCAD’s consideration of subsequent events, particularly with
respect to material estimates and assumptions used in preparing the consolidated
financial statements for the three months ended March 31, 2022. iCAD’s final
consolidated financial results as of and for the three months ended March 31,
2022 may differ materially from estimates and the interim balances set forth in
this release. Furthermore, the information presented herein does not present
all information necessary for an understanding of the Company’s first quarter
of 2022.
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.
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 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, particularly expectations for reported financial results, 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 completion of those procedures described above with
respect to the preparation of financial statements, the Company’s ability to
achieve business and strategic objectives, the willingness of patients to
undergo mammography screening in light of risks of potential exposure to
Covid-19, 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.
Contact:
Media
Inquiries:
Jessica
Burns, iCAD
+1-201-423-4492
Investor
Inquiries:
iCAD
Investor Relations