Momentum reflects response to state mandated breast density notifications and healthcare provider confidence in iCAD’s radiology workflow solution platform
NASHUA, NH – May 23, 2016 – iCAD (Nasdaq: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer, today announced positive momentum in U.S. sales of its iReveal® automated breast density system, as adoption expands into several new markets.
The Company launched iReveal in July 2015 as the latest addition to the iCAD PowerLook® Advanced Mammography Platform. The iReveal software is designed to deliver automated, rapid and reproducible breast density assessments to help identify patients who may experience reduced sensitivity to digital mammography due to dense breast tissue. The PowerLook platform is the hub that supports the breast density module, 2D computer-aided detection (CAD) and future 3D solutions, such as density and concurrent read tomosynthesis software.
“Now that 27 U.S. states have enacted laws requiring hospitals to inform patients about their breast density, we are especially pleased that this leading solution is being recognized by more healthcare facilities nationwide for the benefits it delivers to clinicians and patients,” said Ken Ferry, CEO of iCAD. “Our iReveal technology rapidly produces consistent breast density results while reducing the risk of reader variability. As a result, radiologists may be better able to identify women who can benefit from additional screening.”
An estimated 40% of women in the U.S. have dense breast tissue, which can mask potential cancers in mammography screening.i For women with dense breasts, mammography sensitivity is reduced to approximately 48% from an average of 98%.ii
The iReveal automated workflow tool efficiently and accurately assesses breast density, then assigns the patient to a specific category established by the American College of Radiology’s (ACR) Breast Imaging Reporting and Data System (BI-RADS®). Patients with dense breast tissue may be recommended for additional screening exams, including use of breast tomosynthesis.
“iReveal takes the guess work out of breast density assessments,” according to Jason Stiver, radiology department manager at Punxsutawney Area Hospital (PAH), where iReveal was recently adopted. “Before iReveal, our prior breast density reporting solution was relatively subjective, and results could vary greatly from one radiologist to another. However, iReveal is automated and was seamlessly incorporated into our practice with virtually no learning curve required.”
In addition to PAH, other medical facilities that have recently adopted iReveal technology include: Phelps County Regional Medical Center in Rolla, MO; Catholic Medical Center in Manchester, NH;
Karmanos Cancer Institute in Detroit, MI; Maine Coast Memorial Hospital in Ellsworth, ME; and Olmsted Medical Center in Rochester, MN.
“I am extremely pleased with iReveal, as the solution’s clinical support decision scorecard is extremely accurate and helps me make more informed decisions,” noted Mohammed Omar Khalaf Al-Tawil, MD, diagnostic radiology specialist at PAH.
About iCAD, Inc.
iCAD delivers innovative cancer detection and radiation therapy solutions and services that enable clinicians to find and treat cancers earlier and faster while improving patient outcomes. iCAD offers a comprehensive range of upgradeable computer aided detection (CAD) and workflow solutions to support rapid and accurate detection of breast, prostate and colorectal cancers. iCAD’s Xoft® Axxent® Electronic Brachytherapy (eBx®) System® is a painless, non-invasive technology that delivers high dose rate, low energy radiation, which targets cancer while minimizing exposure to surrounding healthy tissue. The Xoft System is FDA cleared and CE marked for use anywhere in the body, including treatment of non-melanoma skin cancer, early-stage breast cancer and gynecological cancers. The comprehensive iCAD technology platforms include advanced hardware and software as well as management services designed to support cancer detection and radiation therapy treatments. For more information, visit or www.icadmed.com or www.xoftinc.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 defend itself in litigation matters, to achieve business and strategic objectives, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of 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.
For iCAD investor relations:
The Ruth Group
Zack Kubow, 646-536-7030 / 7024
For iCAD media inquiries:
Berry & Company Public Relations, LLC
Jessica Burns, 212-253-8881