iCAD Announces CFO Transition and Hires New Senior Vice President, US Commercial Sales, AI
Daniel
Shea appointed as interim Chief Financial Officer
William
Keyes hired as Senior Vice President, US Commercial Sales, AI
NASHUA, N.H. – January 23, 2023 – 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 Daniel Shea, CPA, as interim
Chief Financial Officer (CFO), effective immediately. The Company has launched
a search for a full-time CFO, with the goal of completing that process in
approximately 90 days. Also, after a rigorous search process, iCAD hired Bill
Keyes as Senior Vice President, US Commercial Sales, AI.
“We
are pleased to welcome Mr. Shea and Mr. Keyes to the iCAD senior leadership team,
as they each offer remarkable experiences and talents that are uniquely
positioned to benefit the Company during what is currently an exciting time of
transformation as we shift to a more sustainable partnership-based and
recurring revenue model for our AI business. Both Mr. Shea and Mr. Keyes offer impressive
business acumen and proven track records of driving transformation and growth,
and we are confident that they will be tremendous assets to the iCAD team,”
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 Steve Sarno for his work
as our previous interim CFO, and I look forward to working with Mr. Shea and
Mr. Keyes as we continue in our journey to execute our strategic vision, grow
our business and enhance our team with experienced leaders who know how to
deliver high-impact results.”
With
more than 30 years of experience building, leading and advising finance
functions in both private and public companies, Mr. Shea previously served as
CFO at companies including Pressure Biosciences, Inc., 4D Technologies, and
Easterly Partners Group. He earned a BS in Accounting and Finance from Boston
College and is a Certified Public Accountant.
“I am
honored to accept this role as interim CFO and look forward to working with iCAD’s
talented and passionate team, who are dedicated to revolutionizing the way
cancer is detected and treated,” said Mr. Shea.
As a seasoned
commercial leader with more than 35 years of healthcare technology experience at
companies ranging from entrepreneurial start-up environments to Fortune 500
companies, Mr. Keyes offers a consistent track record of success in building
and leading sales teams, driving growth via enterprise sales and software as a
service (SaaS) expertise. He previously held a range of senior leadership
positions, most recently serving as Chief Growth Officer at i2i Population
Health and Senior Vice President, Sales and Marketing, at Connecture. Mr. Keyes
earned a Master of Business Administration from DePaul University and a
Bachelor of Business Administration from the University of Iowa.
“iCAD
offers a winning combination of leading-edge technologies and smart, talented
staff,” said Mr. Keyes. “I am honored to accept this position and am excited to
work with the team as we embark upon a new and exciting era of opportunity and
progress as we enter 2023.”
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 expansion of
access to the Company’s products, improvement of performance, acceleration of
adoption, 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 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.
Contact:
Media
Inquiries:
Jessica
Burns, iCAD
+1-201-423-4492
Investor
Inquiries:
iCAD
Investor Relations