iCAD Reports Financial Results For Third Quarter And Nine Months Ended September 30, 2020
Achieved Sequential Revenue Growth of 28% in Third
Quarter of 2020, Driven by Detection Product and Therapy Product Revenue Growth
of 44% and 251%, Respectively
Net Loss Improved by $1.2 million to $1.8 million in
the Third Quarter of 2020 as Compared to $3.0 million in the Third Quarter of
2019
New AI Offering Expands Focus from Current Age Based
Detection to 2 Year Risk Assessment and Personalized Screening Regimen
New Partnership Agreement Enhances Commercial Access
to Enterprise and Integrated Delivery Systems
Conference Call Today at 4:30 p.m. ET
NASHUA,
N.H. – November 5, 2020 – 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 nine months
ended September 30, 2020.
Recent
Highlights:
- 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, currently available on an introductory basis for 2D
mammography in the U.S. and Europe
● Data published recently
in the peer-reviewed journal, Radiology,
showed that our technology significantly outperformed existing breast cancer
risk models - Signed
distribution agreement with Change Healthcare, a leading independent healthcare technology company focused
on insights, innovation and accelerating the transformation of the U.S.
healthcare system, that will expand access to ProFound AI™ for more hospitals
and imaging centers across North America - Presented
updated positive clinical data for Xoft® Brain IORT demonstrating significant improvement in overall survival
and local progression-free survival in patients with recurrent GBM treated with
Xoft versus patients treated with external beam radiation therapy and systemic
therapy - Cash balance of $22.6 million at the end of the third
quarter of 2020