iCAD Reports Financial Results for Second Quarter Ended June 30, 2023
NASHUA, N.H. – August 14, 2023 – 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, 2023.
Highlights:
- iCAD signs 20-year worldwide development and commercialization agreement with Google Health to integrate Google’s AI technology with its ProFound Detection for 2D Mammography for use upon regulatory approval as an independent reader for breast cancer screening.
- iCAD signs strategic multi-year commercial agreement with Radiology Partners, the nation’s largest radiology practice providing 15% of all U.S. mammography screenings, through its owned and affiliated practice, enabling iCAD to expand access to the Company’s Breast AI Suite to thousands of physicians and millions of patients in the U.S.
- Company secures largest subscription deal to-date with a prestigious multispecialty academic medical center renowned for exceptional healthcare services and ranked as one of the top hospitals in the U.S.
- Company remains on track to achieve profitability exiting 2024 via implementation of a number of strategic changes to align and streamline cost base, while reducing annualized expenses by $4.3 – $4.6 million.
“We are pleased to report significant progress last quarter in our collaborations with some of our most esteemed partners, exemplifying our Company’s commitment to creating the world’s most pervasive and personalized suite of AI cancer detection solutions for our shareholders and stakeholders,” said Dana Brown, President and CEO of iCAD, Inc.
“Our continued collaboration with Google Health will expand the integration of their AI technology with iCAD’s ProFound AI for 2D Mammography for use upon regulatory approval as an independent reader for breast cancer screening. This 20-year worldwide commercialization agreement offers the potential to ease radiologist workload around the globe, particularly in countries where a double-reading workflow is standard practice, while offering a viable solution to the global radiologist shortage that is continuing to impact patient care With the majority of imaging facilities outside the US still using 2D mammography as the standard of care, this agreement expands and accelerates our ability to serve this market and revolutionize screening for millions of women around the world,” Ms. Brown said.