iCAD Announces Leadership Transition
Stacey
Stevens Resigns as President and CEO and as a Member of the Board
Dana
Brown Named President and CEO, remains Chairman of the Board
NASHUA, N.H. – March 13, 2023 – iCAD, Inc. (NASDAQ: ICAD), a global medical
technology leader providing innovative cancer detection and therapy solutions,
today announced the Board of Directors has accepted the resignation, for
personal reasons, of Stacey Stevens as President and CEO. Stacey will remain
with the Company through April 30, 2023 to ensure a smooth transition of the
business. The Board has named Dana Brown as President and Chief Executive
Officer, effective immediately. Ms. Brown will also retain her position as
Chairman of the Board.
The Board congratulates Ms. Stevens on her outstanding leadership
and thanks her for her dedicated service of over 16 years that has led to
numerous successes for the organization. Ms. Stevens joined iCAD as its Senior
Vice President Marketing and Strategy in 2006. Since then, she helped to build
important strategic partnerships, improve and stabilize shareholder and
customer relationships, and usher in the transition from a perpetual license
business model to a subscription approach, among many other accomplishments.
Her marketing and strategy, sales and partnership building skills have created
a foundational structure that will serve iCAD for years to come and are a true
testament to Ms. Stevens’ skillset as a leader. “We cannot thank Ms. Stevens
enough for the commitment, passion, creativity, and enthusiasm she has given
iCAD during her tenure,” said Dr. Susan Wood, member of iCAD’s Board of
Directors and Chairman of the Compensation Committee.
“Dana takes the reins of this great company at a time of
transformation, and the Board has every confidence that she is the best leader
to set the vision and drive the plans for the Company’s continued success and
growth. She has the right mix of skills and experience to lead us forward
having run large, complex technology organizations, delivered strong financial
and operational results in the face of turnarounds, and overseen strategy and
innovation for the world’s leading breast cancer organization,” said Dr.
Rakesh Patel, member of iCAD’s Board of Directors and Chairman of the
Nominating and Corporate Governance committee.
Ms. Brown said, “I’m thrilled to be leading this incredible
company. Working alongside our talented team, our Board, our clients and
partners, I am committed to upholding our vision to be the world’s most
pervasive and personalized suite of AI cancer detection solutions for our
shareholders and stakeholders. Breast cancer is the most common cancer in women
worldwide and the second leading cause of cancer death among women in the U.S.
With iCAD’s early detection technology, we have the ability to detect cancers
early thereby giving individuals the opportunity for more positive outcomes and
more lives saved. I am energized by this challenge and look forward to guiding
iCAD’s continued success.”
iCAD expects to file its Annual Report on Form 10-K for the period
ending December 31, 2023 by Tuesday, March 28, 2023.
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 expansion of
access to the Company’s products, improvement of performance, acceleration of
adoption, 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
Investor Inquiries:
iCAD Investor Relations