iCAD Customers in the U.S. and Europe Increasingly Adopting Company’s Full Suite of Breast AI Technologies via Subscription Model
Flexible subscription
model accelerates deployment of iCAD’s Breast AI Suite, the only complete solution
designed to comprehensively address today’s top imaging challenges
NASHUA, N.H. – August 29, 2022 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today announced that
a growing number of hospitals and imaging centers in the U.S. and Europe are increasingly
choosing to adopt iCAD’s Breast AI Suite, which includes
ProFound AI®, ProFound AI® Risk, and PowerLook® Density Assessment, via a
subscription model.
“iCAD’s Breast
AI Suite is the only complete portfolio of first-in-kind, clinically proven
technologies for the detection of breast cancer, automated breast density
assessment and short-term personal risk evaluation. Customers are increasingly
validating the unparalleled clinical performance of this solution along
with its market-leading multivendor flexibility. With our subscription model,
we extend this flexibility to the deployment of our technologies, making it
easier than ever for customers to experience the benefits these state-of-the-art
technologies offer – both quickly and affordably,” said Stacey Stevens,
President and CEO of iCAD, Inc.
iCAD’s subscription model offers an accelerated way for
customers to adopt, deploy and scale the Company’s technologies, with significantly
lower up-front costs, compared to a one-time license sale. These models also offer
customers the ability to add new functionalities more easily than in a one-time
license sale model, and without costly capital outlays while driving long-term recurring revenue opportunities for the Company.
“We recently decided to adopt iCAD’s
Breast AI technologies because it offers a comprehensive solution for breast
cancer screening that will not only help our team work more efficiently but
also will further differentiate our facility as a leader in breast care,” said Matthew
Rifkin, MD, Chair of Radiology at Mount Sinai South Nassau. “Furthermore,
adopting via iCAD’s subscription model enabled us to implement and deploy these
solutions more rapidly and seamlessly, and to be confident that our facility
will always be able to offer the highest level of algorithm performance as new
versions are released. Ultimately, these types of flexible and cost-effective
solutions are critical to our ability to continue to deliver the highest
quality patient care.”
“Our site was very pleased to learn
that iCAD now offers several ways to acquire their market-leading AI products
for breast cancer screening and diagnostics,” said Sophie Kerlaouezo, Chief of
the Facility at the Centre D’imagerie Médicale (CIMVI) in Vichy, France. “We
recently decided to purchase iCAD’s Breast AI Suite via the subscription model;
we found this option to be very flexible, and we were thrilled to learn that
updates to the algorithm and service are also included. The way iCAD is
implementing this is a game-changer for customers and something we have not
seen with other breast AI vendors.”
“With the promise of quick scalability and easier
collaboration, subscription business models are projected to grow at a rate of
18% over the next three years across all industries, and health companies
offering this model are experiencing the most amount of growth in recent years
than any other sector,[i],[ii]” added Ms. Stevens.
“By extending this
subscription model to our global base of customers, we offer a means of
adoption that is as future-proof and flexible as our technology is while
creating a growing installed base of customers who we believe will generate
significant recurring revenue for years to come. We are pleased to be able to
deliver our innovative technologies in this more modernized fashion that is
leading the market, just as iCAD continues to lead the market in breast AI.”
iCAD’s Breast AI Suite includes
ProFound AI, the first AI cancer detection software for 3D mammography to be
cleared by the FDA, PowerLook Breast Density Assessment, which aids in accurate
and consistent density-based stratification and reporting, and ProFound AI
Risk, the world’s first and only clinical decision support tool that provides
an accurate short-term, breast cancer risk estimation that is truly
personalized for each woman, based on age, breast density, and mammographic
features.
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 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
[i]
Investing in digital subscriptions. UBS Report. March 10, 2021. https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1525238.html.
[ii] How
Subscriptions will Play a Role in the Future of Health Tech. Journal of
mHealth. April 19, 2021. https://thejournalofmhealth.com/how-subscriptions-will-play-a-role-in-the-future-of-health-tech/