First Quarter Revenues of $8.6 Million Represented 32% Year-Over-Year Growth Driven by 28% Growth in Detection Revenue and 41% Growth in Therapy Revenue

ProFound AI ® Product Revenue Increased 34% in the First Quarter of 2021 as Compared to 2020 First Quarter with Continued Adoption of ProFound AI ® Risk Assessment

Net Loss Declined 86% to $0.07 Per Share in the First Quarter of 2021 as Compared to 2020 First Quarter Driven by a $1.8 Million Gross Margin Increase and a $0.6 Million Decrease in Operating Expenses Conference Call Today at 4:30 PM ET

NASHUA, N.H. – April 28, 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 months ended March 31, 2021.

Recent Highlights:

  • Continued market penetration with ProFound AI® Risk, the first and only commercially available clinical decision support tool providing two-year breast cancer risk estimation personalized for each woman, for 2D mammography in the U.S. and Europe
  • Significant number of agreements signed leveraging momentum from Q4 2020 partnership with Solis Mammography, the largest independent provider of mammography and breast health services in the U.S.
  • Received FDA clearance for ProFound AI® Version 3.0 for 3D Mammography – Company’s third-generation AI solution offers significant improvement in algorithm specificity performance and faster processing time compared to the prior versions
  • Raised approximately $25.1 million in gross proceeds from a public offering of approximately 1.4 million shares of common stock at a price of $18 per share

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