Press Releases

Agreement Positions Both Companies for Growth; Leading-edge AI Technology to be Installed Across Largest Independent Provider of Mammography and Breast Health Services’ Network

NASHUA, NH and DALLAS, TX – December 10, 2020 –  iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, and Solis Mammography, the largest independent provider of mammography and breast health services in the United States, today announced a five-year partnership whereby iCAD will provide Solis Mammography’s nationwide network with its latest artificial intelligence (AI) breast health solutions, including ProFound AI® for DBT and ProFound AI Risk, the first and only clinical decision support tool to provide an accurate two-year breast cancer risk estimation based on a screening mammogram.

“After a thorough evaluation of all available AI solutions, we have chosen iCAD’s ProFound AI platform as our sole breast health AI solution to integrate with our Hologic 3D mammography systems throughout our entire network,” said Grant Davies, President and Chief Executive Officer of Solis Mammography. “ProFound AI will further enhance patient care and outcomes for the over one million women we serve while also supporting our continued growth and expansion.” 

ProFound AI for DBT is a high-performing workflow solution trained with the latest in deep-learning AI capabilities. It assists radiologists by rapidly and accurately analyzing each individual DBT image to identify potentially malignant lesions. The ProFound AI platform powered by Panorama is compatible with all leading mammography systems and allows for seamless integration with major PACS for decision support capabilities across large networks.

“Our partnership with Solis underscores our ongoing commitment to improving women’s health and we are thrilled that even more women across the United States will benefit from our revolutionary technology that is helping to improve lives,” said Michael Klein, Chairman and CEO of iCAD. “ProFound AI powered by Panorama offers unparalleled benefits to patients and radiologists alike, including a clinically proven improvement in sensitivity and specificity, which dramatically improves reading accuracy for mammograms and reduces the rate of false positives. Likewise, with the addition of our recently introduced ProFound AI Risk offering, we believe we will move mammography from what is today an age-based screening paradigm to a risk-adjusted precision screening paradigm that is personalized for every woman.”

In September 2020, compelling research published in the peer-reviewed journal, Radiology concluded that the ProFound AI Risk model is effective in identifying women at a high likelihood of being diagnosed with breast cancer within two years of a negative screening mammogram and in possible need of supplemental screening. 

“We’ve reinvented the mammography experience with a compassionate, patient-focused approach,” said Alexander Sardiña, MD, Chief Medical Officer at Solis Mammography. “We ensure that all of our facilities are equipped with the latest, state-of-the-art screening and diagnostic technologies designed to improve the patient experience and offer women peace of mind. The recent adoption of ProFound AI for DBT throughout our network will allow our radiologists to quickly and accurately evaluate their patients’ 3D mammography images and aid in the identification of suspicious lesions earlier. In addition, the ability to provide a short-term, two-year breast cancer risk assessment will significantly enhance clinical decision making and further complement the armamentarium of breast cancer diagnostic and therapeutic tools available at Solis Mammography.”

ProFound AI for DBT is proven to curtail workflow challenges substantially by reducing radiologists’ reading time by 52.7%, thereby reducing by half the amount of time it takes radiologists to read 3D mammography datasets. Additionally, the platform improved radiologists’ performance measured by Area Under the Curve (AUC) by nearly 6% and reduced unnecessary patient recall rates by more than 7%. 

About Solis Mammography

Solis Mammography is the nation’s largest independent provider of breast screening and diagnostic services. It operates more than 80 Solis-branded centers in 11 states, as well as seven offices in the Washington, DC metro area through its affiliate brand, Washington Radiology. Solis has been dedicated to helping women achieve and maintain breast health and peace of mind for more than 30 years and more than five million procedures. As a pioneer and innovator in 3D mammography, Solis has stayed at the forefront of breast health by continuing to deliver a better experience and a more accurate mammogram to the generations of women we serve.

About iCAD, Inc.

Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. ProFound AI® is a high-performing workflow solution for 2D and 3D mammography, or digital breast tomosynthesis (DBT), featuring the latest in deep-learning artificial intelligence (AI). In 2018, ProFound AI for DBT became the first AI software for DBT to be FDA-cleared; it was also CE marked and Health Canada licensed that same year. It provides crucial information, such as Certainty of Finding lesion and Case Scores, which assists in clinical decision-making and improving reading efficiency. ProFound AI Risk is currently available on an introductory basis for 2D mammography and will subsequently be available for the rapidly growing 3D mammography market. For more information, visit www.icadmed.com. 

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 benefits of the Company’s agreement with Solis 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.