iCAD Offers ROI Analysis Based on Real-World Results from its ProFound Breast AI Suite at AHRA Annual Meeting
Company’s ROI Tool offers preview of business value the
ProFound Breast AI Suite offers to clinicians and imaging facilities
NASHUA, N.H., July 10, 2023 – iCAD, Inc. (NASDAQ: ICAD), a global medical
technology leader providing innovative cancer detection and therapy solutions,
today announced it is showcasing its ProFound AI Suite of clinically proven
solutions for breast cancer detection, density assessment, and short-term risk evaluation
in booth #228 at the AHRA 2023 annual meeting, taking place July 9-12 in
Indianapolis, IN. The Company will also be assisting organizations in
determining their return on investment (ROI) for adopting ProFound AI via an easy-to-use
ROI tool, which is available in iCAD’s booth at the meeting.
“iCAD’s Breast AI Suite is the only solution on the
market today offering a complete portfolio of breast cancer detection, density
assessment, and risk evaluation solutions that are clinically proven to increase
cancer detection, assist radiologists in assessing short-term cancer risk, improve
workflow, and enhance patient care. But when it comes to measuring impact, we
don’t just stop at improving clinical outcomes. Our technology not only maximizes
our customers’ clinical performance, it also boosts their bottom line,” said
Dana Brown, President and CEO of iCAD, Inc. “We know with any investment, it’s
important to measure its return, whether a facility is aiming to reduce reading
times or backlog, increase screening volume or improve cancer detection. Our
ROI tool enables prospective customers to envision how an investment in our
ProFound AI solution can pay off for clinicians, facilities, and patients.”
iCAD’s Breast AI Suite includes ProFound AI® Detection,
which became the first AI technology for 3D mammography to be FDA-cleared in
2019, ProFound
AI® Density Assessment, which simplifies and standardizes breast density
assessments, and ProFound
AI® Risk, the world’s first commercially available technology that provides
an accurate short-term breast cancer risk estimation that is truly personalized
for each woman, based only on her mammogram.
“As more hospitals and imaging facilities adopt iCAD’s
Breast AI Suite, customers increasingly report the Company’s technologies offer
a range of benefits beyond cancer detection,” said Ms. Brown. “Customers
consistently confirm that our technology has empowered them to reduce reading
times, enhance efficiency, and increase throughput, allowing them to
accommodate more patients without compromising the quality of care. Additionally,
our technology is clinically proven to minimize false positives, which can help
to reduce unnecessary follow-up tests and spare patients from undue anxiety.”
Midstate Radiology Associates, LLC doubles screening
breast ultrasound with iCAD’s Breast AI Suite
In less than 10 years, Midstate Radiology Associates, LLC
grew from serving a single hospital with two outpatient imaging centers to now
serving four Hartford HealthCare hospitals, along with 18 outpatient imaging
centers and three vein centers. During this timeframe, the team grew from seven
radiologists and two advanced practice providers (APPs) to more than 50
radiologists and 11 APPs.
“We experienced such exponential growth that it became a
challenge to accommodate the sheer volume of patients we were seeing. Due to
our organic and inorganic strategies, we experienced such growth
year-over-year, so we really had to focus on improving operational
efficiencies, for both radiologists and frontline teams. We knew we needed an
AI solution to help us more efficiently serve our patients,” said Tom Cappas
MBA, MS RT (R)(MR), Chief Operating Officer (COO) at Midstate Radiology
Associates, LLC, headquartered in Wallingford, CT. “We are laser-focused on
adopting the latest and most innovative technologies at our imaging facilities,
and iCAD’s comprehensive solutions fit nicely into our intense focus on
preventative care, so we decided to adopt ProFound AI Detection and PowerLook Density
Assessment in 2020.”
Although breast cancer screenings slowed during the
pandemic, the radiologists at Midstate Radiology Associates soon found iCAD’s
solutions helped them more efficiently manage the accumulation of patients that
needed to be screened as the threat of COVID began to subside. After using the
technology for about a year, they also noticed their breast density assessments
were becoming more standardized, and other ancillary services, such as
screening breast ultrasound, had increased substantially.
“With PowerLook Density Assessment, our density assessments
have become more standardized and uniform, which has more than doubled our
utilization of screening breast ultrasound and ultimately helps us identify
which women would benefit from supplemental screening. And with ProFound AI,
our team is overall more confident and efficient in reading even the most
complex mammography cases,” said Mr. Cappas.
ProFound AI increased patient volume by 15% without
adding additional staff at Kettering Health
Kettering Health upgraded all of its 15 breast centers with
3D mammography in 2019, but the team soon discovered the AI solution on some of
their mammography units was not supporting radiologists adequately. After
extensive research, the organization chose ProFound AI Detection as its AI
solution for DBT, and ultimately decided to implement this technology across its
enterprise in 2020.
“We are proud to offer ProFound AI Detection on every
mammogram across our entire network,” said Sally Grady, Director, Kettering Health Breast Centers,
Kettering Health. “With ProFound AI, our radiologists are more accurate
and reading faster than ever across the board. Last year we performed more than
66,000 screening mammograms at our facility, and with ProFound AI, we are able
to find smaller cancers that are not easily
detectable. We are now reading in almost real-time – in fact, patients
are increasingly telling us how impressed they are that their results are ready
before they even walk out the door.”
Ms. Grady also feels iCAD’s technology sets the facility
apart as a leader in breast care on a local level, which has helped to drive
patient volume and increase ancillary services while enhancing patient care at
the facility.
“We’ve increased our
patient volume by 15% without adding additional staff, and our numbers show
that not only are more women choosing Kettering Health for their breast imaging,
but they are also choosing to return to us for any follow-up care that is
needed,” said Ms. Grady. “We believe ProFound AI is a great tool that helps set
us apart from other competitors in the area.”
ProFound AI improves cancer detection and reading time at
Naugatuck Valley Radiology, without increasing recalls
As a full-service diagnostic imaging network with three
locations in Connecticut, Naugatuck Valley Radiology offers a comprehensive
range of diagnostic imaging services, including 3D mammography.
“When we adopted iCAD’s ProFound AI software into our practice
in 2021, the deployment and integration of iCAD’s technology into our
mammography workflow and PACS was seamless, which enabled our team to leverage
this powerful tool right away,” said Yeo Yang Shin, MD, breast imaging
radiologist at Naugatuck Valley Radiology in Waterbury, CT. “It acts as another
set of eyes in the detection of subtle breast abnormalities, without increasing
our rate of recalls. We’ve also found it decreases our interpretation times on
average about 30 seconds per case.”
As the team at Naugatuck learned to trust the technology
more, they found the technology not only enhanced workflow and confidence for
radiologists, it helped to elevate the caliber of patient care at the facility.
“With this additional layer of intelligence, we can provide
a higher level of assurance and accuracy in our diagnosis, which is crucial in
the fight against breast cancer,” said Maria Benvenuto, operations manager at
Naugatuck Valley Radiology in Prospect, CT. “ProFound AI enables our radiologists
to focus their expertise where it’s most needed and has reinforced our mission
to provide the highest standard of care to our patients.”
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:
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