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iCAD Reports Strong Momentum of ProFound AI™, its Artificial Intelligence-Based Solution for Digital Breast Tomosynthesis

iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported strong adoption of its latest deep-learning, cancer detection software solution for digital breast tomosynthesis (DBT), ProFound AI™. The powerful solution built on artificial intelligence (AI) delivers critical benefits to radiologists, their facilities and patients in identifying cancer earlier.

“ProFound AI for DBT is like having another radiologist right there in the reading room with you,” said Randy Hicks, M.D., MBA, radiologist, co-owner and CEO at Regional Medical Imaging. “It’s software you can trust to help diagnose cancers and improve workflow, keeping physicians on track and enabling them to read cases more quickly.”

Since the product was launched in the United States in December 2018, ProFound AI has been adopted by a significant number of high-profile hospitals and imaging centers in all major geographic areas of the country, demonstrating the strong need for such revolutionary technology.

“We are very pleased with the preliminary success and strong adoption of ProFound AI among some of the top luminary sites in the U.S.,” said Stacey Stevens, executive vice president and chief strategy and commercial officer at iCAD. “This strong initial adoption of ProFound AI now allows us to create powerful reference sites, customer testimonials and educational events that will further accelerate growth of this unprecedented solution. As the only FDA cleared provider of AI technology for digital breast tomosynthesis, we look forward to driving continued adoption, ultimately transforming breast cancer detection and improving patient lives.”

ProFound AI is a high-performance, deep-learning, cancer detection and workflow solution for DBT delivering critical benefits to radiologists, their facilities, and their patients through the improvement of cancer detection rates by an average of 8 percent and decreasing unnecessary patient recall rates by an average of 7 percent. The new technology has been trained to detect malignant soft-tissue densities and calcifications. It also provides radiologists with scoring information representing the likelihood that a detection or case is malignant based on the large dataset of clinical images used to train the algorithm.

“Following our recent implementation of ProFound AI from iCAD, we have already recognized the value and benefits it is providing to us in reading our DBT studies. Our radiologists appreciate this compelling technology and the high sensitivity and specificity it delivers in identifying lesion markings. It is imperative for us to continue providing the community with the best technology available to detect breast cancer, and our use of ProFound AI is indicative of this,” said Harold Tanenbaum, M.D., radiologist, medical director Marine Park Radiology, NY.

In addition to improving clinical performance related to breast cancer detection and false positive rates, study results showed that ProFound AI can reduce radiologists’ reading time by more than 50 percent on average. An increase in reading time has been a significant challenge for radiologists when moving from 2D to 3D mammography.

“We are proud to be using ProFound AI for DBT to assist our radiology team in providing improved quality patient care. Timing is critical for patients with hidden breast cancers, and the combination of 3D mammography and iCAD’s ProFound AI software could be life saving,” said John Ervin, imaging director for Hunt Regional Healthcare.

ProFound AI is currently available for use with leading DBT systems in the U.S., Canada and Europe. For more information about the solution and its benefits, visit www.icadmed.com.

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.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. 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 defend itself in litigation matters, to achieve business and strategic objectives, the risks of uncertainty of patent protection, the impact of supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, litigation and/or 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”, “would”, “could”, “consider”, “project”, “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, including the 10-K for the year ended December 31, 2018, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.

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