iCAD Reports Financial Results for First Quarter Ended March 31, 2023
Company to host conference call and webcast today at 4:30 PM ET
NASHUA, N.H. – May 15, 2023 – iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the three months ended March 31, 2023.
Highlights:
- Body of evidence supporting iCAD’s technologies grows, with compelling new research supporting Company’s Breast AI Suite and Xoft presented at key industry tradeshows and published in peer-reviewed journals
- Leadership team strengthened with seasoned executives poised to accelerate key initiatives in the Company’s strategic expansion
- Company implemented a number of strategic changes, including continued cost reduction measures to align and streamline cost base, reducing annualized expenses by $4.3 – $4.6 million and annualized cash burn by $4.9 – $5.2 million, putting Company on track to achieve profitability exiting 2024
“We are making bold moves to rapidly transform this Company, with a focus on preserving cash and building a defensible and competitive long-term strategy that diversifies our revenue stream and smooths out our customer concentration. Demand for our technology continues to be strong and the body of evidence supporting it continues to grow, with compelling new research supporting ProFound AI Detection, ProFound AI Risk and the Xoft System published in peer-reviewed journals and presented at key industry tradeshows last quarter,” said Dana Brown, President and CEO of iCAD, Inc.
“We are continuing to fortify our team with the addition of several seasoned executives who will accelerate key initiatives in the Company’s strategic plan, including forging new and strategic relationships that will ensure our continued success, such as partnerships with patient advocacy groups, pharmaceutical companies, and payer organizations. I am confident that their unique skillsets and contributions will be invaluable to our progress, as we work to scale the impact of our AI solutions and revolutionize patient care worldwide,” said Ms. Brown.
“With a continued focus on creating runway, preserving cash and building a defensible and competitive long-term strategy, we are currently going through a rigorous and thoughtful process to evaluate a range of growth opportunities to diversify our revenue stream and expand access to our technology to more customers and patients worldwide. I remain optimistic about the Company and its future, and I am confident that we are taking the right steps to ensure continued growth and create additional shareholder value,” said Ms. Brown.