iCAD Announces Preliminary Q4 2024 Financial Estimates Amid Ongoing Innovation in Cancer Detection
$ICAD
iCAD, Inc. (NASDAQ: ICAD), a leader in AI-driven cancer detection solutions, has released preliminary financial estimates for the fourth quarter of 2024. The company, known for its ProFound AI technology, anticipates revenue in the range of approximately $5.1 million to $5.3 million. This announcement coincides with iCAD’s participation in the upcoming BTIG at Snowbird: 12th Annual MedTech, Digital Health, Life Science & Diagnostic Tools Conference.
Based in Nashua, New Hampshire, iCAD also reported an 11% year-over-year increase in Total Annual Recurring Revenue (T-ARR), which now stands at approximately $9.8 million. This growth reflects the completion of 106 deals during the quarter, including 19 notable cloud-based agreements with both new and existing clients. These results highlight iCAD’s ongoing efforts to expand its market presence and strengthen its recurring revenue base.
The company plans to release its full audited financial results for the fourth quarter and the full year of 2024 in March 2025. These results are expected to offer deeper insights into iCAD’s financial health and operational performance. Meanwhile, its participation in the BTIG conference, set for February 11-12, 2025, in Snowbird, Utah, underscores its continued engagement in the MedTech sector.
CEO Dana Brown and CFO Eric Lonnqvist will represent iCAD at the event, participating in one-on-one meetings to discuss the company’s latest innovations and strategic direction. The company’s flagship product, the ProFound Breast Health Suite, remains at the forefront of breast cancer detection and analysis. The suite, which has received FDA clearance, CE marking, and Health Canada licensing, is widely utilized by healthcare providers globally.
Over the past five years, iCAD’s technology has been applied to more than 40 million mammograms worldwide, with nearly 30% involving tomosynthesis. The company continues to focus on expanding access to its solutions, enhancing performance, and driving broader adoption of its AI-powered technologies. As iCAD advances its mission to improve cancer detection and treatment through artificial intelligence, its innovations are expected to have a meaningful impact on patient outcomes. The forthcoming detailed financial results will provide additional perspective on the company’s trajectory and strategic initiatives.
Disclaimer: This content is for informational purposes only and should not be interpreted as investment advice. Investing involves risk, including the potential loss of principal. Readers are encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions.