NASHUA, N.H., Aug. 29, 2022 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced that a growing number of hospitals and imaging centers in the U.S. and Europe are increasingly choosing to adopt iCAD’s Breast AI Suite, which includes ProFound AI®, ProFound AI® Risk, and PowerLook® Density Assessment, via a subscription model.
“iCAD’s Breast AI Suite is the only complete portfolio of first-in-kind, clinically proven technologies for the detection of breast cancer, automated breast density assessment and short-term personal risk evaluation. Customers are increasingly validating the unparalleled clinical performance of this solution along with its market-leading multivendor flexibility. With our subscription model, we extend this flexibility to the deployment of our technologies, making it easier than ever for customers to experience the benefits these state-of-the-art technologies offer – both quickly and affordably,” said Stacey Stevens, President and CEO of iCAD, Inc.
iCAD’s subscription model offers an accelerated way for customers to adopt, deploy and scale the Company’s technologies, with significantly lower up-front costs, compared to a one-time license sale. These models also offer customers the ability to add new functionalities more easily than in a one-time license sale model, and without costly capital outlays while driving long-term recurring revenue opportunities for the Company.
“We recently decided to adopt iCAD’s Breast AI technologies because it offers a comprehensive solution for breast cancer screening that will not only help our team work more efficiently but also will further differentiate our facility as a leader in breast care,” said Matthew Rifkin, MD, Chair of Radiology at Mount Sinai South Nassau. “Furthermore, adopting via iCAD’s subscription model enabled us to implement and deploy these solutions more rapidly and seamlessly, and to be confident that our facility will always be able to offer the highest level of algorithm performance as new versions are released. Ultimately, these types of flexible and cost-effective solutions are critical to our ability to continue to deliver the highest quality patient care.”
“Our site was very pleased to learn that iCAD now offers several ways to acquire their market-leading AI products for breast cancer screening and diagnostics,” said Sophie Kerlaouezo, Chief of the Facility at the Centre D’imagerie Médicale (CIMVI) in Vichy, France. “We recently decided to purchase iCAD’s Breast AI Suite via the subscription model; we found this option to be very flexible, and we were thrilled to learn that updates to the algorithm and service are also included. The way iCAD is implementing this is a game-changer for customers and something we have not seen with other breast AI vendors.”
“With the promise of quick scalability and easier collaboration, subscription business models are projected to grow at a rate of 18% over the next three years across all industries, and health companies offering this model are experiencing the most amount of growth in recent years than any other sector,i,ii” added Ms. Stevens. “By extending this subscription model to our global base of customers, we offer a means of adoption that is as future-proof and flexible as our technology is while creating a growing installed base of customers who we believe will generate significant recurring revenue for years to come. We are pleased to be able to deliver our innovative technologies in this more modernized fashion that is leading the market, just as iCAD continues to lead the market in breast AI.”
iCAD’s Breast AI Suite includes ProFound AI, the first AI cancer detection software for 3D mammography to be cleared by the FDA, PowerLook Breast Density Assessment, which aids in accurate and consistent density-based stratification and reporting, and ProFound AI Risk, the world’s first and only clinical decision support tool that provides an accurate short-term, breast cancer risk estimation that is truly personalized for each woman, based on age, breast density, and mammographic features.
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 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
jburns@icadmed.com
Investor Inquiries:
iCAD Investor Relations
ir@icadmed.com
i Investing in digital subscriptions. UBS Report. March 10, 2021. https://www.ubs.com/global/en/wealth-management/our-approach/marketnews/article.1525238.html.
ii How Subscriptions will Play a Role in the Future of Health Tech. Journal of mHealth. April 19, 2021. https://thejournalofmhealth.com/how-subscriptions-will-play-a-role-in-the-future-of-health-tech/
