Nov 25 2020
iCAD, Inc., a global medical technology leader providing innovative cancer detection and therapy solutions, today reported that over 1,000 licenses have been sold as part of ProFound AI® sales since the products were launched, signaling the rapid and wide-spread adoption of the pioneering cancer detection software solution built on artificial intelligence (AI).
The sales have been distributed across all major mammography system vendors and enterprise-wide viewing applications with a significant percentage to date sold to hospitals and imaging centers with GE and Siemens, as well as facilities with more than one imaging system vendor, including Hologic and Fuji.
The solid momentum is led by the Company’s growing customer base and demand for its expanded suite of leading breast health AI solutions, including ProFound AI for both Digital Breast Tomosynthesis (DBT) and 2D mammography, and interest in the recently introduced ProFound AI Risk, which is helping to transform breast cancer screening from age-based screening to risk-adapted precision screening, individualized for each woman.
“iCAD offers the full continuum of breast health AI products—both for the detection of current breast cancers and for future risk assessment,” said Michael Klein, Chairman and CEO of iCAD. “We do so on a non-exclusive, open architecture basis, therefore allowing all global customers access to the best of breed AI software available. Of significant note is that no other breast AI solution has been shown to improve radiologists’ clinical performance when reading DBT more so than ProFound AI. Specifically, our high-performing cancer detection and workflow solution offers the highest cancer detection rate, the lowest false positive rate and a dramatic 52.7% reduction in radiologists’ reading time, representing a high level of clinical significance and advantage.”
According to Kathy Schilling, MD, Medical Director of the Christine E. Lynn Women’s Health & Wellness Institute at the Boca Raton Regional Hospital, “ProFound AI for DBT rapidly and accurately analyze patients’ DBT mammography images, identifying suspicious lesions and producing quantifiable AI scores, which enables us to identify cancers earlier. The software also improves workflow issues, as we’re able to more quickly navigate through DBT datasets.”
ProFound AI Risk is the first and only commercially available clinical decision support tool to provide an accurate two-year breast cancer risk estimation based solely on a screening mammogram.
Compelling research published in the peer-reviewed journal, Radiology concluded that the ProFound AI Risk model is effective at identifying women at high likelihood of being diagnosed with breast cancer within two years of a negative screening mammogram and in possible need of supplemental screening.
“I was very enthusiastic about the launch of ProFound AI Risk, which I believe is more accurate than the other risk tools I’ve used, and it is very easy to integrate into my daily workflow,” said Carine Van De Merckt, MD, Radiologist at Institut Jules Bordet in Brussels, Belgium. “Furthermore, it has proven to help me in my clinical decision making, allowing me to continue to provide the best care to my patients with even more confidence.”
As part of the Company’s growth, iCAD has recently achieved significant milestones, including:
- Sequential Revenue Growth of 44% in Third Quarter: The Company realized significant revenue growth over the second quarter in 2020, particularly with its innovative ProFound AI product offerings, which grew 44%.
- Strong International Growth: The Company, with products now distributed in 22 countries outside the U.S., recently signed distribution agreements in Switzerland and Portugal. The first ProFound AI for DBT sold in the United Kingdom and the first ProFound AI Risk sold in Belgium both occurred in October 2020.
- Distribution Agreement with Change Healthcare: A new agreement with the leading independent healthcare technology company, Change Healthcare, enhances commercial access to enterprise imaging and integrated delivery system networks throughout the U.S.
According to Change Healthcare’s Tracy Byers, Senior Vice President and General Manager of Imaging, as Change Healthcare looks to accelerate and transform enterprise imaging with the use of AI and cloud-native solutions, the partnership with iCAD enables them to offer their customers the ProFound AI platform as part of their Mammography Plus offering.
“We are focused on radiologist productivity and aiding them with decision support tools that are elegantly integrated into their workflow,” said Byers. “The integration of iCAD’s AI solutions into our digital mammography platform will help improve patient outcomes by improving early cancer detection and enhancing clinical workflow. We could not be more excited about empowering our customers and our new partnership with iCAD.”
“iCAD’s momentum underscores the increasing demand for our comprehensive breast health AI solutions for DBT, breast density, and 2D mammography, offering clinicians a broad range of powerful tools for early disease detection and optimized reading workflow that results in improved patient outcomes,” said Stacey Stevens, president at iCAD. “This, coupled with ProFound AI’s seamless integration with major PACS for decision support capabilities across large networks, and ProFound AI’s compatibility with all leading mammography systems, allows hospitals and imaging centers with one or multi-vendor imaging systems to have a proven, standardized AI solution.
“Moreover, our principal approach to transforming breast cancer detection and care is best illustrated by our panoramic vision—to provide a more holistic view of each patient’s current imaging exam, history, and short-term risk,” continued Stevens. “With the addition of ProFound AI Risk, we intend to move mammography from primarily an age-based screening paradigm to a risk-adjusted precision screening paradigm that is truly personalized for every woman.”