RadNet (RDNT) to acquire iCAD Inc. (ICAD) for $103 million

RadNet, Inc. (NASDAQ: RDNT), a national leader in providing high-quality, cost-effective diagnostic imaging services and digital health solutions, and iCAD, Inc. (NASDAQ: ICAD), a global leader in providing clinically proven AI-powered breast health solutions, announced today that they have entered into a definitive merger agreement under which RadNet will acquire iCAD in an all stock transaction.

Under the terms of the merger agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock they hold at the closing of the merger.

Based upon RadNet’s closing price on Monday, April 14, 2025, this represents a transaction value of approximately $103 million, or approximately $3.61 per share of iCAD common stock on a fully diluted basis and an approximately 98% premium to iCAD stockholders based on iCAD’s closing stock price on Monday, April 14, 2025.

Dr. Howard Berger, President and Chief Executive Officer of RadNet, commented, “Every 14 seconds, a woman is diagnosed with breast cancer worldwide, and in the United States alone, over 42,000 women are expected to die from breast cancer during 2025. iCAD’s ProFound Breast Health Suite and RadNet’s DeepHealth AI-powered breast screening solutions, together, have the power to materially expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early-detection. With over 1,500 healthcare provider locations, facilitating over 8 million annual mammograms in 50 countries, iCAD’s installed base and strong sales, engineering and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities that can accelerate our existing DeepHealth objectives. This business combination is expected to accelerate our global leadership and commitment to AI-powered breast cancer screening, and positions us to further advance population health.”

Dana Brown, President and CEO of iCAD added, “As we join forces with RadNet to create a broad offering of AI-driven solutions, we have the opportunity to redefine how breast cancer and other diseases are detected and treated. Together, we will work to expand access to cutting-edge tools, accelerate innovation and advance our product roadmaps, empowering radiologists with more precise, efficient and scalable solutions that should ultimately improve patient care and outcomes. With current and future products in breast cancer detection, risk evaluation, density assessment and breast arterial calcification, we believe RadNet’s scale, access to data and clinical leadership will ensure our current and future products are brought to market, improving radiologist and patient workflow and clinical outcomes.”

The transaction, expected to close in the second or third quarter of 2025, is subject to approval by iCAD stockholders and other customary closing conditions, and was unanimously approved by each company’s board of directors.

RadNet will host an investor conference call and webcast tomorrow, April 16, 2025, at 10:30 AM Eastern Time / 7:30 AM Pacific Time to discuss the details of the transaction. Associated materials regarding the transaction will be available on the investor relations section of each company's website.

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