iCAD Offers ROI Analysis Based on Real-World Results from its ProFound Breast AI Suite at AHRA Annual Meeting

NASHUA, N.H., July 10, 2023 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced it is showcasing its ProFound AI Suite of clinically proven solutions for breast cancer detection, density assessment, and short-term risk evaluation in booth #228 at the AHRA 2023 annual meeting, taking place July 9-12 in Indianapolis, IN. The Company will also be assisting organizations in determining their return on investment (ROI) for adopting ProFound AI via an easy-to-use ROI tool, which is available in iCAD’s booth at the meeting.

“iCAD's Breast AI Suite is the only solution on the market today offering a complete portfolio of breast cancer detection, density assessment, and risk evaluation solutions that are clinically proven to increase cancer detection, assist radiologists in assessing short-term cancer risk, improve workflow, and enhance patient care. But when it comes to measuring impact, we don’t just stop at improving clinical outcomes. Our technology not only maximizes our customers’ clinical performance, it also boosts their bottom line,” said Dana Brown, President and CEO of iCAD, Inc. “We know with any investment, it’s important to measure its return, whether a facility is aiming to reduce reading times or backlog, increase screening volume or improve cancer detection. Our ROI tool enables prospective customers to envision how an investment in our ProFound AI solution can pay off for clinicians, facilities, and patients.”

iCAD’s Breast AI Suite includes ProFound AI Detection®, which became the first AI technology for 3D mammography to be FDA-cleared in 2019, ProFound AI® Density Assessment, which simplifies and standardizes breast density assessments, and ProFound AI® Risk, the world’s first commercially available technology that provides an accurate short-term breast cancer risk estimation that is truly personalized for each woman, based only on her mammogram.

“As more hospitals and imaging facilities adopt iCAD’s Breast AI Suite, customers increasingly report the Company’s technologies offer a range of benefits beyond cancer detection,” said Ms. Brown. “Customers consistently confirm that our technology has empowered them to reduce reading times, enhance efficiency, and increase throughput, allowing them to accommodate more patients without compromising the quality of care. Additionally, our technology is clinically proven to minimize false positives, which can help to reduce unnecessary follow-up tests and spare patients from undue anxiety.”

Midstate Radiology Associates, LLC doubles screening breast ultrasound with iCAD’s Breast AI Suite

In less than 10 years, Midstate Radiology Associates, LLC grew from serving a single hospital with two outpatient imaging centers to now serving four Hartford HealthCare hospitals, along with 18 outpatient imaging centers and three vein centers. During this timeframe, the team grew from seven radiologists and two advanced practice providers (APPs) to more than 50 radiologists and 11 APPs.

“We experienced such exponential growth that it became a challenge to accommodate the sheer volume of patients we were seeing. Due to our organic and inorganic strategies, we experienced such growth year-over-year, so we really had to focus on improving operational efficiencies, for both radiologists and frontline teams. We knew we needed an AI solution to help us more efficiently serve our patients,” said Tom Cappas MBA, MS RT (R)(MR), Chief Operating Officer (COO) at Midstate Radiology Associates, LLC, headquartered in Wallingford, CT. “We are laser-focused on adopting the latest and most innovative technologies at our imaging facilities, and iCAD’s comprehensive solutions fit nicely into our intense focus on preventative care, so we decided to adopt ProFound AI Detection and PowerLook Density Assessment in 2020.”

Although breast cancer screenings slowed during the pandemic, the radiologists at Midstate Radiology Associates soon found iCAD’s solutions helped them more efficiently manage the accumulation of patients that needed to be screened as the threat of COVID began to subside. After using the technology for about a year, they also noticed their breast density assessments were becoming more standardized, and other ancillary services, such as screening breast ultrasound, had increased substantially.

“With PowerLook Density Assessment, our density assessments have become more standardized and uniform, which has more than doubled our utilization of screening breast ultrasound and ultimately helps us identify which women would benefit from supplemental screening. And with ProFound AI, our team is overall more confident and efficient in reading even the most complex mammography cases,” said Mr. Cappas.

ProFound AI increased patient volume by 15% without adding additional staff at Kettering Health

Kettering Health upgraded all of its 15 breast centers with 3D mammography in 2019, but the team soon discovered the AI solution on some of their mammography units was not supporting radiologists adequately. After extensive research, the organization chose ProFound AI Detection as its AI solution for DBT, and ultimately decided to implement this technology across its enterprise in 2020.

“We are proud to offer ProFound AI Detection on every mammogram across our entire network,” said Sally Grady, Director, Kettering Health Breast Centers, Kettering Health. “With ProFound AI, our radiologists are more accurate and reading faster than ever across the board. Last year we performed more than 66,000 screening mammograms at our facility, and with ProFound AI, we are able to find smaller cancers that are not easily detectable. We are now reading in almost real-time – in fact, patients are increasingly telling us how impressed they are that their results are ready before they even walk out the door.”

Ms. Grady also feels iCAD’s technology sets the facility apart as a leader in breast care on a local level, which has helped to drive patient volume and increase ancillary services while enhancing patient care at the facility.

“We’ve increased our patient volume by 15% without adding additional staff, and our numbers show that not only are more women choosing Kettering Health for their breast imaging, but they are also choosing to return to us for any follow-up care that is needed,” said Ms. Grady. “We believe ProFound AI is a great tool that helps set us apart from other competitors in the area.”

ProFound AI improves cancer detection and reading time at Naugatuck Valley Radiology, without increasing recalls

As a full-service diagnostic imaging network with three locations in Connecticut, Naugatuck Valley Radiology offers a comprehensive range of diagnostic imaging services, including 3D mammography.

“When we adopted iCAD’s ProFound AI software into our practice in 2021, the deployment and integration of iCAD’s technology into our mammography workflow and PACS was seamless, which enabled our team to leverage this powerful tool right away,” said Yeo Yang Shin, MD, breast imaging radiologist at Naugatuck Valley Radiology in Waterbury, CT. “It acts as another set of eyes in the detection of subtle breast abnormalities, without increasing our rate of recalls. We’ve also found it decreases our interpretation times on average about 30 seconds per case.”

As the team at Naugatuck learned to trust the technology more, they found the technology not only enhanced workflow and confidence for radiologists, it helped to elevate the caliber of patient care at the facility.

“With this additional layer of intelligence, we can provide a higher level of assurance and accuracy in our diagnosis, which is crucial in the fight against breast cancer,” said Maria Benvenuto, operations manager at Naugatuck Valley Radiology in Prospect, CT. “ProFound AI enables our radiologists to focus their expertise where it’s most needed and has reinforced our mission to provide the highest standard of care to our patients.”

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.

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
+1-201-423-4492
jburns@icadmed.com

Investor Inquiries:
iCAD Investor Relations
ir@icadmed.com