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iCAD, Inc. is a global medical technology company specializing in innovative solutions for cancer detection. The company develops and markets AI-powered technologies designed to enhance early cancer detection and improve patient outcomes. Its flagship offerings include advanced imaging analysis tools and a comprehensive breast health suite that integrates detection, density assessment, risk evaluation, and cardiovascular risk insights.
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Detection Solutions - Provides AI-powered tools for analyzing 2D and 3D mammograms, enabling healthcare professionals to identify suspicious areas and improve early cancer detection accuracy.
- Breast Density Assessment - Standardizes and simplifies breast density reporting for clinicians.
- Risk Evaluation - Offers near-term probabilities (1-2 years) for developing breast cancer, aiding in actionable clinical decisions.
- Cardiovascular Risk Assessment - Identifies breast arterial calcifications to assess cardiovascular health risks.
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Therapy Solutions - Previously offered the Xoft System, an isotope-free cancer treatment platform for various cancers, including early-stage breast cancer and nonmelanoma skin cancer. This segment was sold in October 2023 to focus exclusively on detection technologies.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Dana Brown ExecutiveBoard | CEO, President, Chair of the Board | None | Dana Brown has been CEO and President since March 10, 2023, and Chair of the Board since January 2023. She has been a member of the Board since February 2022. | View Report → |
Eric Lonnqvist Executive | Chief Financial Officer | None | Eric Lonnqvist joined iCAD in February 2021 as VP of Financial Planning and Analysis and became CFO in April 2023. | |
Jonathan Go Executive | Chief Technology Officer | None | Jonathan Go joined iCAD in February 2019 as SVP of R&D and was promoted to CTO in the same year. | |
Andy Sassine Board | Director | CFO of Arcturus Therapeutics Holdings Inc. | Andy Sassine has been a Director at iCAD since 2015, with extensive experience in finance and governance. | |
Dr. Hedvig Hricak Board | Director | Various roles in global health initiatives and academic positions | Dr. Hricak has extensive experience in radiology and oncology, serving on multiple boards and advisory roles. She joined iCAD's Board on February 22, 2024. | |
Dr. Rakesh Patel Board | Director | Managing Partner of Precision Cancer Specialists, Chair of High-Risk Breast Program, Director of Cancer Program at Good Samaritan Hospital, Co-Founder of TME Breast Care Network, Head of Digital Health Product Strategy at Invitae Corporation | Dr. Patel has been a Director at iCAD since October 2018, bringing expertise in oncology and healthcare innovation. | |
Dr. Susan Wood Board | Director | President and CEO of VIDA Diagnostics, Inc., Board of Governors at University of Maryland | Dr. Wood has been a Director at iCAD since October 2018, with over 25 years of experience in clinical solutions and leadership roles. | |
Michael Doyle Board | Director | President, CEO, and Director of Spire Health | Michael Doyle has over 35 years of experience in healthcare and technology, focusing on AI and machine learning to improve patient outcomes. He joined iCAD's Board on January 23, 2024. |
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Given that GE remains 100% perpetual for new deals and significantly contributes to your perpetual revenue, how do you plan to manage the shift to subscription and cloud models without impacting your revenue streams from GE?
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As you intentionally sacrifice immediate recognition of GAAP revenue and cash flow during the transition to cloud, how will you address potential concerns from investors regarding short-term revenue flattening or declines?
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Despite mentioning that the new FDA mandate on breast density reporting may not significantly drive additional sales of your density solution, how do you plan to leverage this regulatory change to enhance adoption of your full product suite?
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With the recent FDA clearance of ProFound Detection version 4.0, what obstacles might delay its full deployment to new and existing customers, and how do you plan to overcome them?
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As your cash and cash equivalents decreased from $21.7 million to $18.8 million over nine months, and given your ongoing investments in R&D and the shift to cloud, how confident are you in not needing additional funding to support your operations?
| Customer | Relationship | Segment | Details |
|---|---|---|---|
GE Healthcare | OEM Partner | All | In 2024: $3.4M (17% of total revenue). As of Dec 31, 2024: $1.1M (65% of OEM partner receivables). |
Major Direct Customer | Direct Customer | All | In 2024: $1.7M (9% of total revenue). As of Dec 31, 2024: $1.3M (25% of total receivables). |
Recent press releases and 8-K filings for ICAD.
- 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.
- 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.
- 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 ( ).
- 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.
- 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.