Fourth Quarter Revenues of $10.5 Million Represented 47% Sequential
Growth Driven by 70% Growth in ProFound AI ® Product

AI® Product Revenue Increased 21% in the Fourth Quarter of 2020 as Compared to 2019 Fourth Quarter
Fueled by Launch
of ProFound AI ® Risk Assessment Offering

Recent Agreement with Solis Mammography Represents Largest Single
Contract in iCAD’s History and Includes Both ProFound AI ® Detection
and Risk

Net Loss Declined 52% to $0.07 Per Share in the Fourth Quarter of 2020
as Compared to 2019 Fourth Quarter

Conference Call Today at 4:30 p.m. ET

February 24, 2021 – 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
and twelve months
ended December 31, 2020.

Recent Highlights:

  • Gaining market traction with ProFound AI® Risk, the first
    and only commercially available clinical decision support tool providing
    accurate two-year breast cancer risk estimation personalized for each woman, for
    2D mammography in the U.S. and Europe
    – Global launch for 3D mammography planned for later this year
  • Over 1,000 licenses sold as part of ProFound AI® Detection sales
    -Significant percentage of licenses sold to facilities with
    GE, Siemens, and sites with multiple vendors, including Hologic and Fuji
  • Signed five-year partnership with Solis Mammography, the
    largest independent provider of mammography and breast health services in the
    U.S., whereby iCAD will provide the customer with its latest artificial intelligence
    breast health solutions, including ProFound AI® Detection and Risk
  • Appointed Santosh Kesari, M.D., Ph.D., a world-renowned
    neuro-oncologist at the John Wayne Cancer Center, as Principal Investigator of
    its international multi-center clinical trial evaluating the Xoft® Axxent® Electronic
    Brachytherapy (eBx®) System® as the sole radiation therapy to treat recurrent glioblastoma
    (GBM) following surgical excision of the malignancy
  • Cash increased $4.6 million or 20% to $27.2 million at
    December 31, 2020 as compared to September 30, 2020.

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Full Results