Company is exploring strategic options for its Therapy
NASHUA, N.H., March 13, 2023 — iCAD, Inc. (NASDAQ: ICAD), a global medical
technology leader providing innovative cancer detection and therapy solutions,
today announced that it will release financial results for the fourth quarter
and year ended December 31, 2022, after the market close, and host a conference
call at 4:30 PM ET on Tuesday, March 28, 2023.
Based on preliminary, unaudited
financial information, the Company expects total revenue for the fourth quarter
ended December 31, 2022 to be approximately $6.5 million.
Company is implementing measures to align its cost base with changes in revenue
from its ongoing transition from perpetual to subscription software licenses,
while maintaining investments in key growth initiatives.
Company has also engaged investment bankers to explore strategic options for
its Therapy business line.
iCAD’s consolidated financial statements for the twelve
months ended December 31, 2022 are not yet available. The preliminary estimated
financial information included in this press release for the fourth quarter
ended December 31, 2022 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 twelve months ended December 31, 2021. iCAD’s final
consolidated financial results as of and for the three months ended December
31, 2021 may differ materially from estimates and the interim balances set
forth in this release. Furthermore, the information presented herein does not
include all information necessary for an understanding of the Company’s full
fiscal year ended December 31, 2022.
Conference call details are as follows:
Access Code: 864678
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.
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.
Jessica Burns, iCAD
iCAD Investor Relations