Financial Results - iCAD, Inc. announced preliminary, unaudited financial information for Q4 2024, with specific updates to be detailed in the attached press release[4] - The financial results will include key metrics such as revenue and earnings, which are expected to be disclosed in the press release[4] Regulatory Compliance - The report is filed under the Securities Exchange Act of 1934, indicating compliance with regulatory requirements[7]

Core Insights - iCAD, Inc. reported strong financial results for Q4 2024, with total revenue reaching $5.4 million, a 14% increase year-over-year, driven by a transition to a SaaS-based model and increased customer adoption of AI-powered breast health solutions [6][8][13]. Financial Performance - Total revenue for Q4 2024 was $5.4 million, up $0.7 million or 14% compared to Q4 2023 [6][8]. - Product revenue increased by 23.5% to $3.7 million, while services revenue slightly decreased by 1.8% to $1.7 million [7][8]. - For the full year 2024, total revenue was approximately $19.6 million, an increase of about $2.3 million or 13% compared to 2023 [13][14]. Annual Recurring Revenue (ARR) Growth - Total ARR reached $9.8 million, reflecting an 11% year-over-year growth [8]. - The company closed 382 total deals in 2024, with 42 specifically for ProFound Cloud [8]. Profitability Metrics - Gross profit margin for Q4 2024 was 86%, with gross profit amounting to $4.7 million [9][8]. - Full year 2024 gross profit was $16.6 million, maintaining an 85% margin [14]. Operating Expenses and Losses - Total operating expenses for Q4 2024 were $5.5 million, a 10% increase from $5.0 million in Q4 2023 [9]. - GAAP net loss from continuing operations for Q4 2024 was ($0.9) million, or ($0.03) per diluted share, compared to a net loss of ($0.5) million, or ($0.02) per diluted share in Q4 2023 [10][11]. Regulatory and Market Developments - iCAD received FDA clearance for ProFound Detection® Version 4.0, enhancing its position as an industry leader in AI-powered breast health solutions [3][8]. - The company expanded its global reach with new distribution agreements in South Africa, Portugal, and the UK during 2024 [8].

Core Viewpoint - iCAD, Inc. is set to release its financial results for Q4 and the full year of 2024 on March 19, 2025, and will host a conference call to discuss these results [1]. Company Overview - iCAD, Inc. is a global leader in AI-powered cancer detection solutions, aiming to enhance early cancer detection and improve patient outcomes [2]. - The company's ProFound Breast Health Suite offers AI-driven mammography analysis for breast cancer detection, density assessment, and risk evaluation, utilized by thousands of providers across over 50 countries [2]. - In the past five years, iCAD has estimated reading over 40 million mammograms globally, with nearly 30% being tomosynthesis [2].

Core Insights - iCAD, Inc. and RamSoft have formed a strategic partnership to integrate iCAD's ProFound AI Breast Health Suite into RamSoft's RIS/PACS platform, enhancing breast cancer detection capabilities across North America [1][2][3] Company Overview - iCAD, Inc. is a leader in AI-powered cancer detection solutions, with its ProFound Breast Health Suite designed to improve early detection of breast cancer and enhance patient outcomes [7] - RamSoft provides cloud-based RIS/PACS solutions, utilized by over 750 sites globally, focusing on improving radiology workflows and diagnostic accuracy [5] Partnership Details - The collaboration aims to streamline workflows in imaging centers by integrating ProFound AI into RamSoft's existing platforms, starting with Mammolink, a provider of 3D mammography services [2][3] - The ProFound AI Breast Health Suite addresses the challenge of undetected breast cancers, which range from 20% to 40% in traditional screenings, by offering high sensitivity analysis of mammograms [2] Technology and Features - The PowerServer platform, which will host the ProFound AI integration, is FDA 510(k) cleared and IHE compliant, ensuring high standards of quality and regulatory compliance [3] - Features of the PowerServer include customizable layouts, MG CAD Markers support, and digital breast tomosynthesis (DBT) capabilities, all aimed at enhancing diagnostic efficiency [3] Industry Context - The increasing adoption of AI in healthcare is driven by the need for improved diagnostic accuracy and operational efficiency, particularly in breast cancer screening [2]

Core Viewpoint - iCAD, Inc. and Koios Medical have formed a strategic reseller partnership to create a comprehensive AI suite for breast cancer detection, integrating iCAD's ProFound AI® with Koios SmartUltrasound™ to enhance the diagnostic pathway for radiologists [1][3][4]. Company Overview - iCAD, Inc. is a global leader in AI-powered cancer detection solutions, particularly known for its ProFound Breast Health Suite, which provides AI-driven mammography analysis for breast cancer detection and risk evaluation [6]. - Koios Medical specializes in AI-driven ultrasound cancer diagnosis, with its SmartUltrasound platform designed to accurately detect and diagnose breast and thyroid cancers [4][5]. Partnership Details - The partnership aims to streamline the acquisition and implementation of AI solutions in breast imaging, responding to the growing demand from radiologists for integrated, efficient, and accurate diagnostic tools [3][4]. - The collaboration is positioned as a customer-driven initiative, reflecting the increasing adoption of advanced AI technologies in breast imaging facilities [3]. Technology and Innovation - Koios SmartUltrasound utilizes AI algorithms to improve the speed and accuracy of disease diagnosis, particularly relevant for women with dense breast tissue, who often require alternatives to traditional mammography [4][5]. - The integration of iCAD's ProFound AI with Koios SmartUltrasound is expected to enhance workflow efficiency and diagnostic accuracy, providing a more comprehensive approach to breast cancer screening [4]. Market Context - The partnership highlights the trend of increasing utilization of AI solutions in healthcare, particularly in the field of breast cancer detection, as healthcare providers seek to improve clinical outcomes and reduce unnecessary procedures [3][4].

Core Insights - iCAD, Inc. is a global leader in AI-powered breast health solutions, focusing on advancements in breast cancer detection and risk evaluation, with five clinical presentations accepted at ECR 2025 [1][2][3] Group 1: Company Developments - iCAD will present the new ProFound Cloud, a secure and scalable SaaS platform designed to deliver advanced AI solutions to healthcare providers globally [3] - The company emphasizes its commitment to AI innovation in breast health, showcasing how its solutions improve personalized risk evaluation and early detection [3][5] Group 2: Clinical Presentations - Five clinical presentations will cover topics such as a 10-year image-derived AI risk model for breast cancer prevention and the optimal use of AI diagnostic software in mammography screening [6] - iCAD will showcase its latest innovations, including the ProFound Cloud, which offers access to a full suite of solutions like DBT Detection and Risk Assessment [5][6] Group 3: Industry Impact - The studies presented at ECR 2025 highlight the real-world impact of iCAD's solutions on clinical outcomes and workflow efficiency for radiologists [2][3] - iCAD's ProFound Breast Health Suite is used by thousands of providers in over 50 countries, having read more than 40 million mammograms in the last five years [8]

iCAD to Participate in the BTIG at Snowbird:12th Annual MedTech, Digital Health, Life Science & Diagnostic Tools Conference NASHUA, N.H., Jan. 27, 2025 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”), 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 select preliminary, unaudited financial results for the fourth quarter of 2024. Based on preliminary, unaudited financial information, ...

NASHUA, N.H., Dec. 04, 2024 (GLOBE NEWSWIRE) -- Further to a release issued under the same headline on November 26, 2024 13:00 ET by iCAD, Inc., the headline and fourth paragraph have been updated to acknowledge a pending trademark application for the mark “SecondReadAI” by Lunit, Inc. The corrected release follows: iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”), a global leader in clinically proven AI-powered cancer detection solutions, will showcase its groundbreaking breast health AI technologies at ...

NASHUA, N.H., Nov. 26, 2024 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD) (“iCAD” or the “Company”), a global leader in clinically proven AI-powered cancer detection solutions, will showcase its groundbreaking breast health AI technologies at the Radiological Society of North America (RSNA) 2024 Annual Meeting in Chicago, December 1-5. Key highlights include the recent FDA-cleared ProFound Detection Version 4, clinical research presentations, and a new partnership with Cascaid Health to expand access to AI- ...

Financial Performance - Total revenue for Q3 2024 was $4,217,000, a 3.5% increase from $4,073,000 in Q3 2023[8] - Product revenue increased to $2,508,000 in Q3 2024, up 14.1% from $2,198,000 in Q3 2023[8] - Gross profit for the nine months ended September 30, 2024, was $11,965,000, compared to $10,463,000 for the same period in 2023, reflecting a 14.4% increase[8] - The net loss for Q3 2024 was $1,801,000, compared to a net loss of $1,374,000 in Q3 2023[8] - For the nine months ended September 30, 2024, the net loss was $4,762,000 compared to a net loss of $6,902,000 for the same period in 2023, representing a 30.9% improvement[13] - Total revenue for the nine months ended September 30, 2024, increased by approximately $1.6 million or 12.9% to $14.2 million compared to $12.6 million for the same period in 2023[108] - Product revenue for the nine months ended September 30, 2024, increased by approximately $1.9 million or 27.3% to $8.9 million, attributed to higher demand for subscription licenses[108] Operating Expenses - Operating expenses rose to $5,649,000 in Q3 2024, compared to $4,740,000 in Q3 2023, marking a 19.2% increase[8] - Operating expenses for the nine months ended September 30, 2024 were approximately flat at $17.4 million compared to the same period in 2023, with a slight decrease of $67 thousand or 0.4%[123] - Engineering and product development costs increased by approximately $0.8 million or 67.9% to $1.9 million for the three months ended September 30, 2024, primarily due to higher personnel costs[120] - Marketing and sales expenses rose by approximately $0.5 million, or 9.1%, from $5.7 million in the nine months ended September 30, 2023 to $6.2 million in 2024, driven by higher commissions on increased sales revenue[125] - General and administrative expenses decreased by approximately $1.9 million, or 24.5%, from $7.7 million in the nine months ended September 30, 2023 to $5.8 million in 2024, mainly due to cost-saving measures[126] Cash Flow and Liquidity - Cash and cash equivalents decreased to $18,793,000 as of September 30, 2024, down from $21,670,000 at the end of 2023[6] - The company had cash on hand of $18.8 million, which is deemed sufficient to sustain operations through at least the next 12 months[96] - Net cash used for operating activities improved to $2.6 million for the nine months ended September 30, 2024, compared to $3.5 million in the same period of 2023, due to cost-saving initiatives[139] - Net cash used for investing activities decreased to $263 thousand in the nine months ended September 30, 2024, from $675 thousand in 2023, primarily related to the completion of the ProFound Cloud software project[140] Assets and Liabilities - Total assets decreased to $37,107,000 as of September 30, 2024, from $41,418,000 at the end of 2023[6] - Total liabilities decreased to $7,734,000 as of September 30, 2024, down from $8,001,000 at the end of 2023[6] - Stockholders' equity decreased to $29,373,000 as of September 30, 2024, compared to $33,417,000 at the end of 2023[6] - The company reported total assets measured at fair value of $16.083 million as of September 30, 2024, all classified as Level 1 measurements[36] Business Operations and Strategy - The company completed the sale of its Xoft business line on October 23, 2023, and now operates solely in the Cancer Detection segment[16] - Approximately 16% of the company's total revenue for the nine months ended September 30, 2024, was derived from customers located outside the United States, compared to 14% in the same period of 2023[22] - The Company provided migration and transition services under a transition services agreement for five months following the sale of the Xoft business[29] - The Company completed the sale of its Xoft business line for total cash consideration of approximately $5.76 million, with $5 million received in November 2023 and $0.7 million held in escrow[27] Stock and Compensation - The Company has 3,092,336 stock options outstanding as of September 30, 2024, compared to 3,209,591 options as of September 30, 2023[52] - The 2024 Omnibus Equity Incentive Plan allows for the issuance of up to 2,000,000 shares of common stock, with no awards granted since its approval[73] - The total stock-based compensation expense was $214 thousand for the three months ended September 30, 2024, compared to $303 thousand for the same period in 2023, representing a decrease of approximately 29.4%[74] - Stock-based compensation for the nine months ended September 30, 2024, was $718,000, down from $1,114,000 in the same period of 2023, a decline of 35.5%[13] Tax and Regulatory - The effective tax rates for the three and nine months ended September 30, 2024, were less than 1%, consistent with the previous year, primarily due to changes in valuation allowances[79] - The effective date for ASU No. 2023-09, requiring detailed income tax disclosures, is for fiscal years beginning after December 15, 2024[24] - ASU No. 2024-03, requiring disaggregated disclosure of income statement expenses, will be effective for fiscal years beginning after December 15, 2026[25] - The Company is evaluating the disclosure requirements related to the new segment reporting standard effective for fiscal year 2024[23]