iCAD Signs Strategic Commercial Agreement with Radiology Partners, the Nation’s Largest Radiology Practice
Agreement positions iCAD as Radiology Partners’ breast AI provider, expanding potential for iCAD’s technology to reach millions of women in the U.S.
NASHUA, N.H., July 18, 2023 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced it has signed a new strategic multi- year commercial agreement with Radiology Partners, the nation’s largest radiology practice through its owned and affiliated practices.
Under the agreement, which was executed on June 27, Radiology Partners selected iCAD as its provider of breast AI technologies deployed through the Radiology Partners Cloud, allowing iCAD to leverage Radiology Partners’ clinical expertise, AI validation platform, scale, and leadership position to expand access to the Company’s Breast AI Suite to thousands of physicians and millions of patients.
“We were pleased to join forces with Radiology Partners in November 2022, and the finalization of this commercial agreement marks a meaningful milestone in our collective mission to transform radiology by improving the workflow for providers and outcomes for patients,” said Dana Brown, President and CEO of iCAD, Inc.
Nationally recognized for clinical leadership in mammography screening, Radiology Partners provides mammography services to millions of women per year across more than 3,200 facilities, including 17 of the 20 largest health systems in the country.
“The execution of this agreement represents an exciting step forward for Radiology Partners and the patients we serve, and aligns with RP’s vision to partner with the best AI companies in the world. iCAD’s suite of AI solutions is transforming the standard of care in mammography screening, and the body of evidence supporting this technology is already generating interest and demand across our network,” said Dr. Nina Kottler, Radiology Partners Associate CMO for Clinical Artificial Intelligence. “New research from one of our sites recently presented at the European Congress of Radiology (ECR) meeting in March demonstrated ProFound AI increased breast cancer detection by 23 percent, without increasing the rate of false positives.1 We look forward to continuing to partner closely with iCAD to expand on our shared mission to take on one of the greatest threats to women’s health nationwide.”
“We are also working with Radiology Partners to deploy iCAD’s technology via the Radiology Partners Cloud, significantly increasing the potential for adoption across their network of facilities and unleashing the ability to improve mammography screening for millions of women across the country. With an initial order from Radiology Partners recognized in 1Q 2023 and the execution of this agreement, we are enthusiastic about the potential of this relationship in 2023 and beyond,” said Ms. Brown.
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.
About Radiology Partners
Radiology Partners, through its owned and affiliated practices, is the largest radiology practice in the U.S., serving more than 3,200 hospitals and other healthcare facilities across the nation. As a physician- led and physician-owned practice, our mission is to transform radiology by innovating across clinical value, technology, service and economics, while elevating the role of radiology and radiologists in healthcare. Using a proven healthcare services model, Radiology Partners provides consistent, high- quality care to patients, while delivering enhanced value to the hospitals, clinics, imaging centers and referring physicians we serve. Learn more at radpartners.com and connect with us at @Rad_Partners.
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 https://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
- Schilling K. Real-world breast cancer screening performance with digital breast tomosynthesis before and after implementation of an artificial intelligence detection system. Research presentation session presented at the European Congress of Radiology (ECR) meeting; March 1-5, 2023; Vienna, Austria.