ICAD (ICAD) Company Report

RadNet, Inc.'s wholly-owned subsidiary, DeepHealth, completed the acquisition of iCAD, Inc. on July 17, 2025.
As a result of the merger, iCAD became a wholly owned subsidiary of RadNet.
Each outstanding share of iCAD common stock was converted into the right to receive 0.0677 shares of RadNet common stock.
iCAD notified Nasdaq to delist its shares prior to the opening of the market on July 18, 2025, and intends to suspend its reporting obligations.
Following the merger, the iCAD board and officers ceased service, with Dr. Howard Berger appointed CEO and Mark Stolper appointed CFO of iCAD.

Jul 17, 2025, 12:00 AM

iCAD Stockholders Approve Merger Agreement with RadNet

ICAD

M&A

Proxy Vote Outcomes

iCAD, Inc. held a virtual special meeting of stockholders on July 14, 2025, with 63.60% of outstanding shares present or represented by proxy, constituting a quorum.
The Merger Agreement Proposal with RadNet, Inc. was approved by stockholders, receiving 16,951,244 votes in favor.
This approval satisfies a key condition for the merger, which is now expected to close on July 17, 2025.
An advisory proposal regarding executive compensation related to the merger was also approved on a non-binding basis.

Jul 14, 2025, 12:00 AM

ICAD Inc Announces Merger Agreement and Option Amendment

ICAD

M&A

ICAD Inc entered into a merger agreement with RadNet, Inc. and Trio Merger Sub, under which iCAD will merge and become a wholly owned subsidiary of RadNet.
The Board approved an amendment to the exercise provisions for 1,828,124 options with an exercise price under $7.20, affecting both vested and unvested options.
The filing includes additional proxy and registration statements related to the proposed merger, alerting investors to review these documents for detailed transaction information.

May 22, 2025, 12:00 AM

ICAD Inc. Acquisition Announcement

ICAD

M&A

RadNet, Inc. (NASDAQ: RDNT) recently announced plans to acquire iCAD, Inc. to bolster its leadership in AI-powered breast cancer detection and diagnosis.
iCAD supports a global network of over 1,500 healthcare provider locations that perform approximately 8 million annual mammograms across 50 countries.
This move aligns with the broader expansion of clinical AI platforms worldwide amid favorable regulatory conditions and market tailwinds.

Apr 29, 2025, 3:10 PM

ICAD Inc Merger to Expand Breast Imaging AI Capabilities

ICAD

M&A

New Projects/Investments

RadNet’s DeepHealth announced a stock-for-stock acquisition of iCAD, valuing iCAD’s equity at $103 million with a 98% premium, aiming to integrate iCAD’s established AI solutions into its breast imaging portfolio.
The merger is expected to drive both cost, commercial, and product synergies, expand market reach across 50+ countries, and help achieve positive adjusted EBITDA run rate by 2026.
The transaction will also integrate a team of 66 iCAD employees into DeepHealth, enhancing R&D, commercial, and support functions to further accelerate AI innovation in breast cancer detection.

Apr 16, 2025, 2:31 PM

iCAD to be Acquired by RadNet in AI Breast Detection Deal

ICAD

M&A

RadNet, Inc. has entered into a definitive merger agreement to acquire iCAD, Inc. in an all-stock transaction, with iCAD stockholders receiving 0.0677 shares of RadNet common stock per share and a transaction value of approximately $103 million, representing a roughly 98% premium based on iCAD’s closing price ( ).
The acquisition is expected to integrate iCAD’s AI-powered breast health solutions into RadNet’s DeepHealth portfolio, which already serves over 1,500 healthcare provider locations worldwide, accelerating advancements in early breast cancer detection ( ).
RadNet will discuss further details of the transaction during a conference call scheduled at 10:30 a.m. ET on April 16, 2025 ( ).

Apr 15, 2025, 12:00 AM

ICAD Announces Q4 2024 Earnings Results

ICAD

Earnings

Revenue Acceleration/Inflection

Product Launch

Robust top-line performance: Q4 revenue reached $5.4 million (a 14% increase over Q4 2023), with full-year revenue at $19.6 million, demonstrating strong growth driven by the company's strategic business transformation.
SaaS transition gains: Total annual recurring revenue (ARR) was $9.8 million, with a notable shift from perpetual license maintenance (declining from $7.1 million to $6.4 million) to higher subscription ($2.6 million, up from $1.7 million) and cloud revenues ($0.8 million) supported by 33 subscription and 19 cloud deals in Q4.
Enhanced product capabilities: The launch of ProFound Detection Version 4.0 features a 22% improvement in detecting aggressive cancers and includes integrated prior exam analysis, addressing key customer requests and enhancing diagnostic precision.
Expense trends and profitability impact: Operating expenses increased by about 10% in Q4, while the GAAP net loss from continuing operations slightly widened to $0.9 million, reflecting short-term headwinds amid the ongoing SaaS conversion.

Mar 19, 2025, 8:31 PM

ICAD Announces Q4 2024 Financial and Operational Results

ICAD

Earnings

Revenue Acceleration/Inflection

Q4 2024 revenue reached $5.4 million, marking a 14% increase year-over-year with a gross profit margin of 86%.
Operational highlights include a total ARR of $9.8 million (up 11% YoY), new global distribution agreements, and FDA clearance for ProFound Detection V4.0.
The company reported a GAAP net loss of $0.9 million in Q4 2024 (compared to $0.5 million in Q4 2023) and ended the period with $17.2 million in cash, supporting its transition to a SaaS-based model.