iCAD Reports Financial Results For Second Quarter 2022
Company reports accelerating demand for subscription
and cloud-based business models driving long-term recurring revenue
opportunities
Cancer
Detection revenue grew 10.4% compared to the second quarter of 2021
Company to host conference call and webcast today at
4:30 PM ET
NASHUA, N.H. – August 10, 2022 – 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 six months ended June 30, 2022.
Recent Highlights:
- Increased demand for subscription and
SaaS-based models is accelerating customer acquisition and establishing
predictable, long-term revenue streams. - Compelling
new research published in Science Translational Medicine finds ProFound
AI Risk is up to 2.4 times more accurate than traditional lifetime risk models,
underscoring the unique clinical value this technology offers to patients.
“We
are in the midst of a pronounced and exciting shift in our business, as in
recent months we are seeing a marked increase in demand for monthly
subscriptions, in lieu of traditional perpetual software licenses,” said Stacey
Stevens, President and CEO of iCAD, Inc. “While customers continue to validate
the critical value our leading-edge Breast AI Suite offers to facilities,
clinicians, and patients, they are increasingly accounting for a range of
factors when making purchasing decisions, such as easier procurement and lower
up-front costs. As a result, we sold 31 subscriptions in the first half of 2022
and customer demand for our flexible subscription and cloud-based models is
beginning to accelerate at a faster-than-expected rate.”