iCAD Reports Financial Results for Third Quarter Ended September 30, 2023
NASHUA, N.H. – November 13, 2023 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD) a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered breast health solutions, today reported its financial and operating results for the three and nine months ended September 30, 2023.
Highlights:
- Completed sale of Xoft, its therapy business line, to Elekta thereby enabling the Company to focus exclusively on its core business of AI-powered breast health solutions.
- Company re-introduces Annual Recurring Revenue (ARR) metrics to highlight progress of subscription sales and growing recurring revenue model.
- Company does not need to raise additional funding to pursue growth initiatives.
“With the divestiture of Xoft coupled with cost reductions earlier this year, we’ve completed our necessary steps to streamline operations and put all our focus into scaling the ProFound AI breast health business, immediately prioritizing expanding our sales and partnership models to grow revenue,” said Dana Brown, President and CEO, iCAD. “We’re pursuing a large addressable market where significant patient need exists, with globally more than 31,000 mammography systems serving approximately 250 million women in the age range recommended for annual mammograms. Yet, recent research indicates only 37% of mammography sites are currently using artificial intelligence (AI). Backed by science, clinical evidence, and proven patient outcomes; our ProFound Breast Health Suite solutions – Cancer Detection, Density Assessment, and Risk Evaluation – provide an unmatched approach to accurately detecting more cancers earlier, providing certainty and peace of mind to providers and patients. Our mission is to see that these solutions are deployed universally as part of the standard of care for breast health in order to achieve our vision of a world where cancer can’t hide.”