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iCAD Signs Global Distribution Agreement with Sectra
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iCAD Signs Global Distribution Agreement with Sectra

iCAD, Inc. (ICAD) has inked a deal with an international medical imaging IT and cybersecurity company, Sectra, to distribute clinical decision support tools — ProFound AI and ProFound AI Risk — worldwide.

Shares of iCAD, a global medical technology leader that provides innovative cancer detection and therapy solutions, gained 1% and closed at $18.50 on June 8. (See ICAD stock analysis on TipRanks)

As per the terms of the deal, Sectra Amplifier Marketplace will distribute ProFound AI and ProFound AI Risk, thereby extending their access to more facilities and imaging centers globally.  

iCAD CEO Michael Klein said, “Although ProFound AI and ProFound AI Risk are already available throughout a growing number of leading institutions in the U.S. and the rest of the world, we are energized by this agreement with Sectra, as it will enable more clinicians and women around the world to benefit from iCAD’s transformative, first-in-kind innovations.”

He added, “Sectra offers unique access to recurring revenue segments of the global market. Particularly noteworthy is Sectra’s strong presence in the European market, which we see as integral to enhanced growth of our ProFound AI product offering.”

Meanwhile, Oppenheimer analyst Francois Brisebois has reiterated a Buy rating with a price target of $28 (51.4% upside potential).

Brisebois looks to the agreement with Sectra favorably and says that the move will boost ICAD’s ability to deliver continued revenue growth. The analyst forecasts that the deal will help increase mammography screens by 7.5M annually, leading to increased revenues of $15M.

Overall, the stock has a Strong Buy consensus rating based on 5 unanimous Buys. The ICAD average analyst price target of $24 implies 29.7% upside potential from current levels. Shares of ICAD have jumped 51% over the past year.

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