iCAD Reports First Quarter 2020 Financial Results
Brain Cancer Initiatives
Conference Call Today at 4:30 p.m. ET
NASHUA, N.H. – MAY 11, 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 first quarter ended March 31, 2020
Recent Highlights:
- Entered into a new credit facility and ended Q1 2020
with $14.3 million in cash followed by an equity offering with gross proceeds
of $12.5 million in April 2020, strengthening balance sheet and increasing
operational flexibility. - Equity offering enables post market clinical studies to expand the use
of Xoft IORT for the treatment of brain cancers. - New Detection initiative positions Profound AI technology to assess
risk and prioritize growing backlog of mammography screening. - Provider evaluation of IORT emerging in response
to changing guidelines that recommend shorter course treatments
“In the face of the significant challenges posed by the ongoing
COVID-19 global health
pandemic, the iCAD team continues to find innovative
solutions to support customer needs,” said Michael Klein, Chairman and Chief
Executive Officer of iCAD, Inc. “As previously communicated, we are
experiencing a disruption in ordering patterns due to circumstances associated
with COVID-19, which is impacting shipping, logistics, service, installation,
and training. However, importantly, we believe that fundamental demand for both
our Detection and Therapy offerings has not diminished. In fact, we are seeing
an increased appreciation of the need for AI-enabled imaging
and 10-minute on demand radiation therapy, delivered simultaneously with surgical procedures. With a backlog of patients overdue
for regular mammography screening exams, the need to appropriately schedule and
prioritize patient care further highlights the value proposition for ProFound
AI. With ProFound AI, radiologists will have the ability to review prior year
mammograms and prioritize which patients should not delay breast cancer screening.”
“In addition, in April, we closed an equity offering
with gross proceeds
of $12.5 million,” continued Mr. Klein. “The proceeds from this offering
will be dedicated in part to conducting post market studies for our Xoft IORT
for glioblastoma and other brain cancers, as well as evaluating our commercial
launch strategy. This follows the first use of Xoft IORT to treat brain cancer
in the US in February, as well as the release last fall of data from a study
conducted at the European Medical Center in
Moscow.”
“Due to the current
market dynamics, we have reprioritized certain initiatives and redeployed
resources to focus on and leverage near-term objectives and trends. We are
moving to an efficient commercialization and product development infrastructure
that allows us to reduce costs, while continuing a precise and focused approach
towards the shifting
market dynamics. While these are unprecedented times,
we strongly believe that
iCAD’s business and world-class technology are well-positioned to thrive for
years to come,” concluded Mr. Klein.