iCAD and Windsong Radiology Announce Strategic Commercial Agreement to Implement AI-Powered Mammography

Windsong Radiology to Champion First Wave of ProFound AI Breast Health Suite Expansion

NASHUA, N.H. and WILLIAMSVILLE, N.Y. and RALEIGH, N.C., July 29, 2024 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD) a global leader in clinically proven AI-powered cancer detection solutions, today announced a strategic agreement with Windsong Radiology Group, one of US Radiology Specialists, Inc.’s national network of premier providers of diagnostic imaging services located in Western New York. This relationship aims to implement iCAD’s ProFound AI Breast Health at Windsong Radiology center locations.

The ProFound AI Breast Health Suite utilizes artificial intelligence to improve the accuracy and efficiency of mammography readings, thereby reducing false positives and unnecessary biopsies. This technology helps to augment radiologists by providing a concurrent read of screening and diagnostic mammograms, often enhancing early detection of breast cancer.

“We are thrilled to collaborate with US Radiology to bring our advanced AI-powered mammography solutions to a broader patient base,” said Dana Brown, CEO of iCAD, Inc. “This agreement aligns with our mission to create a world where cancer can’t hide and ensure that all patients have access to AI’s capabilities to detect cancer earlier.”

As a leader in women’s imaging, Windsong Radiology is setting the standard by adopting the latest advancements in imaging technology. “Our practice is dedicated to clinical excellence for our patients. We are committed to bringing in new innovations that continue to further enhance our radiology expertise and offerings’” said Dr. Raja Cheruvu, President at Windsong Radiology. “We are excited to offer iCAD’s breast AI solutions to our community, a technology to remain at the forefront of breast cancer detection and treatment.”

US Radiology shares this commitment to leveraging cutting-edge technology to provide world-class radiology services across its more than 175 outpatient imaging centers that span 13 states. “Integrating iCAD’s ProFound AI Breast Health Suite into our screening services represents a significant step forward in our ongoing efforts to offer the highest quality imaging services,” said Gerry Lewis, Chief Information Officer of US Radiology Specialists. “This collaboration with iCAD underscores our dedication to utilizing next-generation technology to enhance patient centered outcomes.”

This strategic commercial agreement represents an advancement in breast cancer detection and patient care to advance the standard of care for women.

ProFound Breast Health Suite

iCAD’s ProFound Breast Health Suite consists of solutions for cancer detection, risk evaluation and breast density assessment. ProFound AI for DBT improved radiologist sensitivity by 8% and reduced unnecessary patient recall rates by 7.2%.^[i] The ProFound Risk^[ii] platform has a proven track record of predicting the risk of breast cancer 2.4x more accurately in the next year than traditional lifetime risk models.^[iii],[iv] iCAD’s ProFound Density Assessment uses mammography images to categorize breast density, leading to personalized patient care plans with supplemental screenings and a custom schedule.

About US Radiology Specialists, Inc.

US Radiology is one of the country’s premier providers of diagnostic imaging services. With over 5,000 team members and more than 175 outpatient imaging centers across 13 states, our team conducts more than 8 million studies annually. Our partnership of leading subspecialized radiology groups, high-quality imaging centers, and joint ventures with top health systems is built around a commitment to best-in-class clinical excellence, operations, infrastructure, and state-of-the-art technology.

About Windsong Radiology

Windsong Radiology is a comprehensive healthcare resource for Western New York, offering diagnostic imaging, breast imaging, breast surgery, radiology, vein care and genetic counseling. Windsong was the first breast care program in the region to achieve accreditation by the National Accreditation Program for Breast Centers with a goal of assisting newly diagnosed breast cancer patients through early detection and rapid diagnosis and consultation, and on to leading edge treatment options and a survivorship program. Since 2017, Windsong has operated Windsong Mobile Mammo, providing on-site screenings across the eight counties of Western New York. With offices in Amherst, Lancaster, Williamsville, Snyder, West Seneca and Hamburg, Windsong provides the high quality care that patients and healthcare providers trust that’s convenient, cost-effective. Learn more at WindsongWNY.com.

About iCAD, Inc.

iCAD, Inc. (NASDAQ: ICAD) is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis.  For more information, including the latest in regulatory clearances, please 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 that 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.

CONTACTS

iCAD Media Inquiries: pr@icadmed.com 

iCAD Investor Inquiries: ir@icadmed.com

US Radiology Specialists: Chris.Core@usradiology.com

Windsong Radiology: mvasko@windsongwny.com

^{[i] Conant, E. et al. (2019). Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence.
[ii] ProFound Risk is CE Marked, Health Canada Licensed. May not be available in all geographies.
[iii] Mikael Eriksson et al. A risk model for digital breast tomosynthesis to predict breast cancer and guide clinical care. Sci. Transl. Med. 14, eabn3971 (2022). DOI: 10.1126/scitranslmed.abn3971
[iv] Eriksson M, Czene K, Strand F, Zackrisson S, Lindholm P, Lång K, Förnvik D, Sartor H, Mavaddat N, Easton D, Hall P. Identification of Women at High Risk of Breast Cancer Who Need Supplemental Screening. Radiology. 2020 Nov;297(2):327-333. doi: 10.1148/radiol.2020201620. Epub 2020 Sep 8. PMID: 32897160.}