iCAD (ICAD) Announces Estimated Q1 Revenues and Upcoming CFO Transition

iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, reported select preliminary, unaudited financial results for the first quarter of 2021. Based on preliminary, unaudited financial information, the Company expects total revenue for the first quarter of 2021 to exceed $8.1 million. Unaudited cash and cash equivalents as of March 31, 2021 were approximately $46.9 million, which includes proceeds of the public offering closed in March 2021 that generated gross proceeds of approximately $25.0 million.

“For the first quarter of 2021, anticipated final revenue numbers represent significant growth, compared to the first quarter of 2020,” according to Michael Klein, iCAD’s Chairman and CEO. “Our strong results were driven by growth in both AI Detection revenue, due to continued market penetration for ProFound AI® and ProFound AI® Risk, and Xoft® Therapy revenues.”

iCAD also today announced that its Chief Financial Officer (CFO), R. Scott Areglado, will be leaving the Company in early May to accept a position with another company. An interim CFO will be appointed shortly to serve until such time as a permanent successor to Mr. Areglado is in place. The search and selection process for a successor to Mr. Areglado is already underway.

“Scott has been a valued member of the iCAD team for 10 years, having served as CFO for the last two years. During his tenure as CFO, Scott played an instrumental role in helping accelerate revenue growth and strengthening our competitive position. We wish Scott well in his future endeavors,” Mr. Klein continued. “Both our current VP of Finance and Controller will assume expanded responsibilities during this period of transition.”

“It has been exciting to be a part of the successful growth of iCAD and the expansion of our products and markets," said Mr. Areglado. "I am proud to have worked with such a talented team with a track record of delivering on strategic and financial objectives.”

iCAD’s consolidated financial statements for the three months ended March 31, 2020 are not yet available. The preliminary estimated financial information included in this press release for the three months ended March 31, 2021 is based solely on management’s estimates reflecting currently available preliminary information, and remains subject to iCAD’s consideration of subsequent events, particularly as it relates to material estimates and assumptions used in preparing our consolidated financial statements for the three months ended March 31, 2021. iCAD’s final consolidated financial results as of and for the three months ended March 31, 2021 may materially differ from estimates and the interim balances set forth in this release. Furthermore, the information presented herein does not present all information necessary for an understanding of the Company’s first quarter of 2021.

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