iCAD Reports Fourth Quarter and Full-Year 2019 Financial Results
Strong Q4 2019 revenue growth of 35% driven by a 39% increase in revenue from
iCAD’s AI Cancer Detection segment
Conference call today at 4:30 p.m. ET
NASHUA,
N.H. – February 27, 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 quarter and full year
ended December 31, 2019.
Recent Highlights:
- Total revenue of approximately $9.4
million, an increase of approximately 35% over fourth quarter 2018. - Revenue in the Cancer Detection segment of
approximately $6.9 million, a 39% increase over the fourth quarter of 2018. - Detection product revenue of $5.4
million an increase of 59% over the fourth quarter of 2019, driven by a $1.8
million contract with a world-renowned healthcare institution, the largest
order in Company history. - The first metastatic brain tumor was treated in the U.S. using the
Xoft® Axxent® System.
“We are pleased with the overall performance
of our business in 2019,” said Michael Klein, Chairman and Chief Executive
Officer of iCAD, Inc. “In particular our results continue to be especially
strong in
Detection, as ProFound™ AI further penetrates the market. Our customers report life-threatening cancers
being identified earlier and faster with this solution that is changing the
landscape of breast cancer detection.”