iCAD Strengthens Leadership Team with Appointment of Chief Financial Officer and New Senior Executives
Eric Lonnqvist as Chief Financial Officer, Vasu
Avadhanula as Chief Product Officer, and Michelle Strong as Chief Operations
Officer bolster the Company’s executive leadership team and accelerate the
Company’s growth strategies
NASHUA, N.H., April 17, 2023 – iCAD, Inc. (NASDAQ: ICAD), a global medical
technology leader providing innovative cancer detection and therapy solutions, today
announced the Board of Directors has approved the appointment of Eric Lonnqvist
as Chief Financial Officer (CFO), effective immediately, as well as Vasu Avadhanula
as Chief Product Officer (CPO) and Michelle Strong as Chief Operations Officer
(COO), effective May 1.
“As we explore new strategic approaches to execute our mission and
expand our impact worldwide, experienced and visionary leadership is
critical to the success of our organization. Eric, Vasu, and Michelle bring
proven expertise to drive growth, increase revenue, and ensure long-term
success,” said Dana Brown, President and Chief Executive Officer of iCAD. “While
we have recently implemented measures to reduce expenses, we remain focused on
strategically investing in our Detection business and addressing some of the
top issues threatening women’s health today, such as breast cancer and cardiovascular
disease. The addition of these seasoned executives will accelerate key
initiatives in the Company’s strategic expansion, such as new partnerships with
patient advocacy groups, pharmaceutical companies, and payer organizations. I
am confident that their unique skillsets and contributions will be invaluable
to our progress, and we are pleased to welcome them to the team as we work to scale the
impact of our AI solutions and revolutionize patient care.”
Eric Lonnqvist Appointed as Chief Financial Officer
“On behalf of the Board of Directors, I am pleased to
congratulate Eric on his promotion to CFO. Eric has demonstrated strong
financial acumen and a commitment to excellence in his position as Vice President
of Financial Planning and Analysis at iCAD since 2021, which will continue to be
instrumental in leading the financial operations of the Company. We would also
like to thank Daniel Shea for his contributions to iCAD during his tenure as
interim CFO in recent months, and we wish him the best in his future endeavors,”
Ms. Brown added.
Mr. Lonnqvist brings more than 15 years of finance and
accounting experience in the medical device and technology industries. Prior to
joining iCAD, he previously held financial roles at companies including
NetBrain Technologies, TripAdvisor, Interactive Data Corporation, and Oracle. Mr.
Lonnqvist holds a Bachelor’s degree from Fitchburg State University and a
Master of Business Administration from Assumption University.
“I am honored to accept the position as CFO and pleased
to continue to partner with our talented team to build on our momentum and deliver
shareholder value. iCAD’s technologies are revolutionizing the way breast
cancer is detected, and I look forward to contributing to the success of the
Company in this next phase of growth and innovation,” said Mr. Lonnqvist.
Vasu Avadhanula joins as Chief Product Officer
“With a track record of turning new ideas into successful products
that disrupt the status quo and enhance the customer experience, Vasu is an
outstanding leader with a proven ability to build and scale high performing
global teams,” said Ms. Brown. “In his last role at Susan G. Komen®, Vasu was instrumental
in the success of Komen’s direct-to-patient programs and services,
including the development and launch of Komen Health Cloud, a SaaS patient engagement
platform as well as Share For Cures, the first patient-powered breast cancer research
registry, driving digital transformation and expanding revenue
opportunities. I am pleased to welcome him to the team and look forward to
incorporating his unique perspective into our future roadmap.”
Mr. Avadhanula brings more than 25 years of product development, business
analytics, and technology innovation experience in the healthcare and
technology industries. Prior to joining iCAD, he previously served as VP,
Health Technology and Digital Transformation at Susan G. Komen, as well as a
range of senior executive roles at SigmaFlow, Ignite Technologies, Thomson
Reuters, and Abbott Laboratories. Mr. Avadhanula holds a Bachelor of Engineering
from University of Madras, as well as certifications from Johns Hopkins
University and the Wharton School of the University of Pennsylvania. In his
role as CPO, he will oversee the Company’s overall product strategy and
roadmap.
“With a legacy of leadership in breast AI, iCAD’s innovation track
record has transformed the landscape of breast cancer screening and presents tremendous
potential for the future. I am delighted to join the iCAD team and look forward
to building on the Company’s culture of continuous improvement to accelerate the
Company’s growth and enhance the customer experience on a global scale,” said
Mr. Avadhanula.
Michelle Strong joins as Chief Operations Officer
“A seasoned commercial leader, Michelle excels at strategically
building and growing organizations, tackling challenging initiatives, and
developing strategic partnerships. She specializes in the implementation of new
business strategies that broaden awareness, bolster brand equity and drive revenue
growth,” said Ms. Brown. “In her last role at Susan G. Komen, she set the
overarching marketing and business development strategy for the organization. Under
Michelle’s leadership, Komen’s brand health experienced significant improvement
year-over-year, resulting in increased revenues and stakeholder
engagement to
advance its mission to save lives from breast cancer. I am pleased to welcome
her to the team and am confident that her unique set of skills and expertise will
be instrumental to our go-to-market success.”
Ms. Strong joins the Company with more than 25 years of
experience in marketing and healthcare technology, most recently serving as VP
of Marketing Strategy at Susan G. Komen. Prior to that role, she held senior
executive roles at LRS, Dealtaker, and Belo Interactive. She holds a Bachelor
of Science from Bradley University and completed a marketing graduate program
at Southern Methodist University. In her position as COO, Michelle will lead
the Company’s sales, marketing and partner success teams, as well as launch new
revenue-generating partnership initiatives to accelerate growth, increase
revenue, and achieve profitability.
“As
the global leader in breast AI, iCAD’s market position and track record of
innovation have solidified its brand equity and present promising potential for
growth,” said Ms. Strong. “With breast cancer being the most common cancer
among women worldwide, the need has never been greater for iCAD’s robust suite
of solutions and I look forward to working with the team to harness the large,
addressable market opportunity and expand our impact around the world.”
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
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
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:
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