iCAD Announces Estimated Q1 Revenues and Upcoming CFO Transition

Company expects preliminary estimated revenues
to exceed $8.1 million

Successor CFO search underway

NASHUA, N.H.,
April 05, 2021 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology
leader providing innovative cancer detection and therapy solutions, reported
select preliminary, unaudited financial results for the first quarter of 2021.
Based on preliminary, unaudited financial information, the Company expects
total revenue for the first quarter of 2021 to exceed $8.1 million. Unaudited
cash and cash equivalents as of March 31, 2021 were approximately $46.9
million, which includes proceeds of the public offering closed in March 2021
that generated gross proceeds of approximately $25.0 million.

“For the first
quarter of 2021, anticipated final revenue numbers represent significant
growth, compared to the first quarter of 2020,” according to Michael Klein,
iCAD’s Chairman and CEO. “Our strong results were driven by growth in both AI
Detection revenue, due to continued market penetration for ProFound AI®
and ProFound AI® Risk, and Xoft® Therapy revenues.”

iCAD also
today announced that its Chief Financial Officer (CFO), R. Scott Areglado, will
be leaving the Company in early May to accept a position with another company.
An interim CFO will be appointed shortly to serve until such time as a
permanent successor to Mr. Areglado is in place. The search and selection
process for a successor to Mr. Areglado is already underway.

“Scott has
been a valued member of the iCAD team for 10 years, having served as CFO for
the last two years. During his tenure as CFO, Scott played an instrumental role
in helping accelerate revenue growth and strengthening our competitive
position. We wish Scott well in his future endeavors,” Mr. Klein continued.
“Both our current VP of Finance and Controller will assume expanded
responsibilities during this period of transition.”

“It has been
exciting to be a part of the successful growth of iCAD and the expansion of our
products and markets,” said Mr. Areglado. “I am proud to have worked
with such a talented team with a track record of delivering on strategic and
financial objectives.”

iCAD’s
consolidated financial statements for the three months ended March 31, 2020 are
not yet available. The preliminary estimated financial information included in
this press release for the three months ended March 31, 2021 is based solely on
management’s estimates reflecting currently available preliminary information, and
remains subject to iCAD’s consideration of subsequent events, particularly as
it relates to material estimates and assumptions used in preparing our
consolidated financial statements for the three months ended March 31, 2021.
iCAD’s final consolidated financial results as of and for the three months
ended March 31, 2021 may materially differ from estimates and the interim
balances set forth in this release. Furthermore, the information presented
herein does not present all information necessary for an understanding of the
Company’s first quarter of 2021.

About
iCAD, Inc.

Headquartered
in Nashua, NH, iCAD is a global medical technology leader providing innovative
cancer detection and therapy solutions.

ProFound AI™
is a high-performing workflow solution for 2D and 3D mammography, or digital
breast tomosynthesis (DBT), featuring the latest in deep-learning artificial
intelligence. In 2018, ProFound AI for DBT became the first artificial
intelligence (AI) software for DBT to be FDA-cleared; it was also CE marked and
Health Canada licensed that same year. It offers clinically proven time-savings
benefits to radiologists, including a reduction of reading time by 52.7
percent, thereby halving the amount of time it takes radiologists to read 3D
mammography datasets. Additionally, ProFound AI for DBT improved radiologist
sensitivity by 8 percent and reduced unnecessary patient recall rates by 7.2
percent.

The Xoft
System is FDA-cleared, CE marked and licensed in a growing number of countries
for the treatment of cancer anywhere in the body. It uses a proprietary
miniaturized x-ray source to deliver a precise, concentrated dose of radiation
directly to the tumor site, while minimizing risk of damage to healthy tissue
in nearby areas of the body.

For more
information, visit www.icadmed.com and www.xoftinc.com.

Forward-Looking
Statements

Certain
statements contained in this release constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995,
including statements about the future prospects for the Company’s technology
platforms and products, and statements about the preliminary revenue results of
the Company for the three months ended March 31, 2021, which preliminary
results are based solely on management’s estimates reflecting currently
available information. 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 consideration of subsequent events (particularly
those related to material estimates and assumptions used in preparing the
Company’s consolidated financial statements), the Company’s ability to achieve
its business and strategic objectives, IORT’s ability to alleviate the burden
to our health system and minimize a patient’s potential exposure to COVID-19,
IORT’s benefits for patients which exceed the benefits of traditional therapy
or acceptance of IORT by patients or clinicians, the impact of supply and
manufacturing constraints or difficulties, uncertainty of future sales levels,
the Company’s need to engage in or defend legal actions to protect its patents
and other proprietary rights, the impact of supply and manufacturing
constraints or difficulties, product market acceptance, possible technological
obsolescence of products, increased competition, litigation and/or 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.

Contacts:

Media inquiries:
Jessica Burns, iCAD
+1-201-423-4492
jburns@icadmed.com

Investor
Relations:
Jeremy Feffer, LifeSci Advisors
+1-212-915-2568