iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader
providing innovative cancer detection and therapy solutions, today
announced it has signed a new strategic multi-year commercial
agreement with Radiology Partners, the nation’s largest radiology
practice through its owned and affiliated practices.
Under the agreement, which was executed on June 27, Radiology
Partners selected iCAD as its provider of breast AI technologies
deployed through the Radiology Partners Cloud, allowing iCAD to
leverage Radiology Partners’ clinical expertise, AI validation
platform, scale, and leadership position to expand access to the
Company’s Breast AI Suite to thousands of physicians and millions
of patients.
“We were pleased to join forces with Radiology Partners in
November 2022, and the finalization of this commercial agreement
marks a meaningful milestone in our collective mission to transform
radiology by improving the workflow for providers and outcomes for
patients,” said Dana Brown, President and CEO of iCAD, Inc.
Nationally recognized for clinical leadership in mammography
screening, Radiology Partners provides mammography services to
millions of women per year across more than 3,200 facilities,
including 17 of the 20 largest health systems in the country.
“The execution of this agreement represents an exciting step
forward for Radiology Partners and the patients we serve, and
aligns with RP’s vision to partner with the best AI companies in
the world. iCAD’s suite of AI solutions is transforming the
standard of care in mammography screening, and the body of evidence
supporting this technology is already generating interest and
demand across our network,” said Dr. Nina Kottler, Radiology
Partners Associate CMO for Clinical Artificial Intelligence. “New
research from one of our sites recently presented at the European
Congress of Radiology (ECR) meeting in March demonstrated ProFound
AI increased breast cancer detection by 23 percent, without
increasing the rate of false positives.1 We look forward to
continuing to partner closely with iCAD to expand on our shared
mission to take on one of the greatest threats to women’s health
nationwide.”
“We are also working with Radiology Partners to deploy iCAD’s
technology via the Radiology Partners Cloud, significantly
increasing the potential for adoption across their network of
facilities and unleashing the ability to improve mammography
screening for millions of women across the country. With an initial
order from Radiology Partners recognized in 1Q 2023 and the
execution of this agreement, we are enthusiastic about the
potential of this relationship in 2023 and beyond,” said Ms.
Brown.
About iCAD, Inc.Headquartered in Nashua, NH,
iCAD® is a global medical technology leader providing innovative
cancer detection and therapy solutions. For more information, visit
www.icadmed.com.
About Radiology PartnersRadiology Partners,
through its owned and affiliated practices, is the largest
radiology practice in the U.S., serving more than 3,200 hospitals
and other healthcare facilities across the nation. As a
physician-led and physician-owned practice, our mission is to
transform radiology by innovating across clinical value,
technology, service and economics, while elevating the role of
radiology and radiologists in healthcare. Using a proven healthcare
services model, Radiology Partners provides consistent,
high-quality care to patients, while delivering enhanced value to
the hospitals, clinics, imaging centers and referring physicians we
serve. Learn more at radpartners.com and connect with us at
@Rad_Partners.
Forward-Looking Statements Certain statements
contained in this News Release constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995, including statements about the expansion of
access to the Company’s products, improvement of performance,
acceleration of adoption, expected benefits of ProFound AI®, the
benefits of the Company’s products, and future prospects for the
Company’s technology platforms and products. Such forward-looking
statements involve a number of known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. Such
factors include, but are not limited, to the Company’s ability to
achieve business and strategic objectives, the willingness of
patients to undergo mammography screening in light of risks of
potential exposure to Covid-19, whether mammography screening will
be treated as an essential procedure, whether ProFound AI will
improve reading efficiency, improve specificity and sensitivity,
reduce false positives and otherwise prove to be more beneficial
for patients and clinicians, the impact of supply and manufacturing
constraints or difficulties on our ability to fulfill our orders,
uncertainty of future sales levels, to defend itself in litigation
matters, protection of patents and other proprietary rights,
product market acceptance, possible technological obsolescence of
products, increased competition, government regulation, changes in
Medicare or other reimbursement policies, risks relating to our
existing and future debt obligations, competitive factors, the
effects of a decline in the economy or markets served by the
Company; and other risks detailed in the Company’s filings with the
Securities and Exchange Commission. The words “believe,”
“demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,”
“anticipate,” “likely,” “seek,” and similar expressions identify
forward-looking statements. Readers are cautioned not to place
undue reliance on those forward-looking statements, which speak
only as of the date the statement was made. The Company is under no
obligation to provide any updates to any information contained in
this release. For additional disclosure regarding these and other
risks faced by iCAD, please see the disclosure contained in our
public filings with the Securities and Exchange Commission,
available on the Investors section of our website at
http://www.icadmed.com and on the SEC’s website at
http://www.sec.gov.
Contact:
Media Inquiries:Jessica Burns, iCAD
+1-201-423-4492jburns@icadmed.com
Investor Inquiries:iCAD Investor
Relationsir@icadmed.com_________________________
1 Schilling K. Real-world breast cancer screening performance
with digital breast tomosynthesis before and after implementation
of an artificial intelligence detection system. Research
presentation session presented at the European Congress of
Radiology (ECR) meeting; March 1-5, 2023; Vienna, Austria.
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