iCAD Announces Leadership Transition

Stacey Stevens Resigns as President and CEO and as a Member of the Board

Dana Brown Named President and CEO, remains Chairman of the Board

NASHUA, N.H., March 13, 2023 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced the Board of Directors has accepted the resignation, for personal reasons, of Stacey Stevens as President and CEO. Stacey will remain with the Company through April 30, 2023 to ensure a smooth transition of the business. The Board has named Dana Brown as President and Chief Executive Officer, effective immediately. Ms. Brown will also retain her position as Chairman of the Board.

The Board congratulates Ms. Stevens on her outstanding leadership and thanks her for her dedicated service of over 16 years that has led to numerous successes for the organization. Ms. Stevens joined iCAD as its Senior Vice President Marketing and Strategy in 2006. Since then, she helped to build important strategic partnerships, improve and stabilize shareholder and customer relationships, and usher in the transition from a perpetual license business model to a subscription approach, among many other accomplishments. Her marketing and strategy, sales and partnership building skills have created a foundational structure that will serve iCAD for years to come and are a true testament to Ms. Stevens’ skillset as a leader. “We cannot thank Ms. Stevens enough for the commitment, passion, creativity, and enthusiasm she has given iCAD during her tenure,” said Dr. Susan Wood, member of iCAD’s Board of Directors and Chairman of the Compensation Committee.

“Dana takes the reins of this great company at a time of transformation, and the Board has every confidence that she is the best leader to set the vision and drive the plans for the Company’s continued success and growth. She has the right mix of skills and experience to lead us forward having run large, complex technology organizations, delivered strong financial and operational results in the face of turnarounds, and overseen strategy and innovation for the world’s leading breast cancer organization,” said Dr. Rakesh Patel, member of iCAD’s Board of Directors and Chairman of the Nominating and Corporate Governance committee.

Ms. Brown said, “I’m thrilled to be leading this incredible company. Working alongside our talented team, our Board, our clients and partners, I am committed to upholding our vision to be the world’s most pervasive and personalized suite of AI cancer detection solutions for our shareholders and stakeholders. Breast cancer is the most common cancer in women worldwide and the second leading cause of cancer death among women in the U.S. With iCAD’s early detection technology, we have the ability to detect cancers early thereby giving individuals the opportunity for more positive outcomes and more lives saved. I am energized by this challenge and look forward to guiding iCAD’s continued success.”

iCAD expects to file its Annual Report on Form 10-K for the period ending December 31, 2023 by Tuesday, March 28, 2023.

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