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iCAD (ICAD) Withdraws FY15 Guidance Due to General Reimbursement Uncertainty

May 27, 2015 9:11 AM EDT

iCAD, Inc. (Nasdaq: ICAD) announced today that it is withdrawing its full year 2015 financial guidance due to general uncertainty related to reimbursement for non-melanoma skin cancer in the United States. The Company's guidance was based on the assumption that there would be no changes to the reimbursement environment for fiscal 2015. The Company is proactively working to gain clarity on the issue and will provide an update on reimbursement when appropriate.

Ken Ferry, CEO of iCAD, said, "There continues to be a large population of patients that can benefit from our electronic brachytherapy technology, particularly in the treatment of non-melanoma skin cancer, where eBx provides significant advantages over traditional surgical techniques for certain patients. In the United States alone, we believe there are over one million non-melanoma skin cancer lesions per year that can be effectively treated utilizing electronic brachytherapy. We are working closely with Centers for Medicare and Medicaid Services (CMS), Medicare Administrative Contractors (MACs), professional medical societies and industry in order to gain clarity on reimbursement for skin eBx, which remains an important option for many physicians and patients throughout the country."

Mr. Ferry added, "We have innovative and disruptive technologies in several large markets, including radiation therapy for skin and breast cancers, as well as a significant opportunity in 3D computer aided detection (CAD). We believe we are well positioned over the long-term to expand our market presence and penetration in both cancer detection and radiation therapy."



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