iCAD to Join Forces with Radiology Partners, the Nation’s Largest Radiology Practice

NASHUA, N.H., Nov. 10, 2022 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced the first step in the development of a new strategic multi-year commercial agreement and an initial order with Radiology Partners, the largest radiology practice in the U.S. This planned collaboration will solidify iCAD’s position as Radiology Partners’ provider of breast AI solutions and will leverage Radiology Partners’ clinical expertise, scale and leadership position to expand access to iCAD’s Breast AI Suite to thousands of physicians and millions of patients.

“As we continue to deliver on our mission to elevate the quality of breast cancer screening, the expected execution of a collaboration agreement will mark a key step forward in our ability to provide access to our unparalleled portfolio to significantly more radiologists, practices and patients nationwide,” said Stacey Stevens, President and CEO of iCAD, Inc. “Nationally recognized for their clinical leadership in mammography screening, Radiology Partners provides mammography services to millions of women per year across more than 3,000 facilities, including the top ten largest health systems in the country, making them an exceptional partner. This partnership will mark a tremendous milestone achievement for iCAD and will represent an exciting opportunity to aggressively expand access to our technology to more women.”

The company has already received its first order from Radiology Partners, allowing hundreds of thousands of women to be screened at Radiology Partners’ owned outpatient imaging center sites with iCAD’s Breast AI Suite. iCAD’s technology can be deployed to the Radiology Partners network 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.

iCAD’s Breast AI Suite is the only complete portfolio of first-in-kind, clinically proven technologies for the detection of breast cancer, automated breast density assessment and short-term personal risk evaluation. The portfolio includes: ProFound AI^®, the first AI cancer detection software for 3D mammography to be cleared by the FDA; PowerLook^® Breast Density Assessment, which aids in accurate and consistent density-based stratification and reporting; and ProFound AI^® Risk, the world's first and only clinical decision support tool that provides an accurate short-term, breast cancer risk estimation that is truly personalized for each woman based on age, breast density and mammographic features.

“As the largest and leading radiology practice in the U.S., it is important to identify partners that can work with us to deploy and integrate AI at scale as we advance our mission to transform radiology,” said Rich Whitney, Radiology Partners Chairman and CEO. “iCAD’s Breast AI Suite will allow us to equip our radiologists with tools to continually elevate our breast screening practices, which in turn strengthens our ability to provide quality care and excellent service to the women and families we serve across the U.S.”

“At Radiology Partners, we believe technological innovations are transforming the practice of radiology, and we are focused on leveraging AI to create the world’s leading imaging enterprise,” said Dr. Nina Kottler, Radiology Partners Associate CMO for Clinical Artificial Intelligence. “In our search for a breast AI solution, we were looking for a partner—not a product–and iCAD excels in this respect. In addition to their portfolio of unrivaled AI technologies, we share a commitment to advance the use of AI to become standard of care in mammography screening, and we are proud to partner with them in the fight against breast cancer.”

“In addition to transforming mammography screening nationwide, Radiology Partners and iCAD have an opportunity to leverage each other’s strengths to address some of the toughest challenges facing radiology today. As we move ahead, we look forward to realizing the mutually meaningful growth this partnership could represent,” added Ms. Stevens.

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 Partners
Radiology Partners is the largest radiology practice in the U.S., serving more than 3,250 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 expected benefits of ProFound AI^®, the benefits of the Company’s products, and prospects for the Company’s technology platforms and products. Such forward-looking statements involve several 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. No assurance can be given that we and Radiology Partners will agree upon and execute a definitive agreement. Such factors also include, but are not limited, to the Company’s ability to deploy its technology to the Radiology Partners network efficiently and effectively, to increase the potential for adoption across their network of facilities, 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, whether the partnership will in fact expand access to more women, 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