iCAD Unveils ProFound Cloud, Enabling Interoperability and Access to Breast AI Solutions at Enterprise Scale

ProFound Cloud redefines accessibility to critical insights, empowering radiologists in early breast cancer detection

NASHUA, N.H. – April 2, 2024 – iCAD, Inc. (NASDAQ: ICAD) a global leader in clinically proven AI-powered cancer detection solutions, today announced commercial availability of ProFound Cloud. The innovative Software-as-a-Service (SaaS) platform provides medical providers with a cost-effective, secure, and scalable means to access and deploy the latest ProFound Breast Health Suite of AI solutions.

“With the commercial launch of ProFound Cloud, iCAD is enabling interoperability and access to Breast AI Solutions at enterprise scale, revolutionizing global access to cutting-edge AI solutions in breast health,” said Dana Brown, president, and CEO of iCAD. “Through the power of the cloud and our partnership with Google, we empower medical providers to enhance patient outcomes by helping detect cancer earlier.”

Powered by Google Cloud architecture and Google’s Health AI innovations, ProFound Cloud integrates a lightweight edge client and cloud-based components. Together, they securely transport and process mammography screening data between imaging sources, such as imaging modalities and Picture Archive and Communications Systems (PACS) and the cloud-based AI. The processed data is seamlessly delivered to systems that utilize AI outputs, including mammography review workstations, PACS and image and data storage systems.

“The healthcare landscape is shifting towards technology-as-a-service models, avoiding the pitfalls of investing in rapidly outdated hardware and software,” continued Brown. “As AI relies heavily on specialized hardware like graphical processing units (GPUs), setting up and upgrading both software and hardware becomes increasingly complex. Cloud-based solutions, like ProFound Cloud, address this challenge by providing Software as a Service (SaaS) to ensure that all customers access the latest technology without the initial hardware investment, support contracts, and constant updates. Moreover, ProFound Cloud provides facility administrators the ability to access the administration site, enabling them to update configurations and perform administrative tasks in multiple languages.”

“ProFound Cloud represents a significant advancement in the field of radiology, providing a seamless and standardized solution for accessing the latest AI technologies for our imaging network,” remarked Matt Dewey, chief information officer at Wake Radiology, a ProFound Cloud early access beta-testing facility. “This platform will undoubtedly streamline our workflow and improve our ability to deliver high-quality care while increasing volumes to our patient community across The Triangle region of North Carolina.”

“ProFound Cloud is a prime example of how collaboration in healthcare technology drives innovation,” said Shweta Maniar, global director of Life Science Strategy & Solutions, Google Cloud. “By offering AI solutions in a scalable cloud environment, iCAD empowers healthcare providers to deliver earlier, more accurate diagnoses, potentially improving outcomes for countless patients.”

ProFound Cloud is designed to support patients, providers and partners while facilitating the management of diverse data types critical for comprehensive healthcare analysis. This includes 2D and 3D mammography images alongside all cancer images, in parallel, it stores limited images of benign, recall and normal cases. ProFound Cloud also manages ProFound Risk and Density assessment results, radiology and pathology reports and detection results, while ensuring seamless access to critical diagnostic information. Importantly, ProFound Cloud securely handles de-identified patient information and provider data, adhering to strict privacy and compliance standards. The comprehensive approach enables robust analytics for informed decision-making.

About iCAD, Inc.

iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis. For more information, including the latest in regulatory clearances, please 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 that 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 orother 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 https://www.icadmed.com and on the SEC’s website at http://www.sec.gov.

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