iCAD Announces CFO Transition
Stephen P. Sarno appointed as interim
Chief Financial Officer to the Company, effective immediately
NASHUA,
N.H., May 25, 2022 — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today announced the Board of
Directors has approved the appointment of Stephen P. Sarno as interim Chief
Financial Officer (CFO), effective immediately. Mr. Sarno will assist with the
transition as Charles Carter departs the Company this month.
“Mr.
Sarno brings a tremendous amount of experience to the Company, as he previously
served in CFO roles at both private and public technology organizations
including software companies offering SaaS-based models.” said Stacey Stevens,
President and CEO of iCAD, Inc. “On behalf of the Company and the entire Board
of Directors, I would like to thank Mr. Carter for his leadership, and I look
forward to working with Mr. Sarno as we continue to scale our business, enhance
our team, and drive increased shareholder value.”
“It
is an honor to join the Company, particularly during this exciting period of opportunity,”
said Mr. Sarno. “iCAD’s technologies are expertly engineered to optimize
operational efficiency, clinician confidence and patient outcomes, and I look
forward to working with the talented team at iCAD as we continue to execute the
Company’s strategic vision and accelerate growth.”
Mr.
Sarno has previously held executive and senior leadership positions at
companies including PC Connection, Wyless, Exa Corporation, The Princeton
Review, Sapient Corporation and was part of PricewaterhouseCoopers’s technology
practice for 10 years. He earned a Master’s in Business Administration
at the University of Texas at Austin, a Bachelor’s degree in Business
Administration at the University of Massachusetts at Amherst, and is a
Certified Public Accountant in the Commonwealth of Massachusetts.
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 and www.xoftinc.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, external factors affecting the market for
our products, behavior of clients and prospective clients, and future prospects
for the Company’s technology platforms and products. 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, 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.
Media Inquiries:
Jessica Burns, iCAD
+1-201-423-4492
Investor Inquiries:
iCAD Investor Relations