Appointment establishes executive infrastructure to enhance strategic and operational momentum and capitalize
on significant growth opportunities
Announcement follows pivotal FDA clearance and successful U.S. commercial launch of ProFound AI™
for digital breast tomosynthesis along with strong financial results reported on recent fourth quarter 2018 earnings
call
Expands upon Ms. Stevens’ prior commercialization & strategy acumen and more than 20 years of executive-level
healthcare experience to include broader operational management responsibilities and drive the next phase of growth and innovation
at iCAD
NASHUA, N.H., March 28, 2019 (GLOBE NEWSWIRE) -- iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing
innovative cancer detection and therapy solutions, today announced that Stacey Stevens has been named President. As President, Ms.
Stevens will have expanded global P&L responsibility and focus on the Company's day-to-day operations and timely execution of
key business initiatives.
“As we continue to build our commercial momentum with ProFound AI, strengthen our market-leading position in clinical artificial
intelligence (AI) solutions, and capitalize on increasing market demand, the Board of Directors concluded that Stacey is
well-positioned to drive iCAD’s continued success based on her impressive track record of strategic, commercial and increasingly
operational accomplishments,” said Michael Klein, Chairman and CEO of iCAD. “Stacey’s deep expertise in bringing revolutionary
cancer detection and therapy solutions to market, results-oriented achievements, and timely execution of key business initiatives
strongly positions her to serve in this expanded role and execute our growth-oriented priorities.”
“With Stacey in this important operational leadership role, I will be increasingly able to expand upon our key strategic
imperatives, many of which were outlined on our recent earnings call. These include the expansion of our ProFound platform
offering, movement into new applications such as risk prediction, acceleration of our ProFound cloud-based AI launch, and the
targeted expansion of additional clinical AI solutions, both within and beyond breast cancer detection,” added Mr. Klein. “With
this appointment, we will be in an even stronger position to transition iCAD into a broad-spectrum clinical AI provider, utilizing
both our expanded global commercial infrastructure and working with targeted strategic partners.”
"iCAD’s revolutionary product portfolio is transforming cancer care, saving lives, and reducing healthcare costs by decreasing
unnecessary procedures and streamlining workflow. I am honored to lead the Company at this time of tremendous opportunity and look
forward to continuing to work with our talented and passionate employees to build upon our emerging momentum, advance our strategic
goals, and drive long-term growth and value creation," said Stacey Stevens, President of iCAD.
Since joining the company in 2006, Ms. Stevens has held several senior executive-level roles with increasing responsibility and
has most recently served as Executive Vice President & Chief Strategy and Commercial Officer. Under her leadership, the Company has
successfully launched leading-edge products within its cancer detection and therapy businesses, formalized its partnership with
lead breast cancer researchers at the renowned Karolinska Institutet, accelerated development of an artificial intelligence-based
risk prediction offering, and deployed a strong commercial organization to drive future growth.
Ms. Stevens brings more than 20 years of global business development, sales and marketing leadership experience with
distinguished organizations such as Philips Medical Systems, Agilent Technologies and Hewlett Packard's Healthcare Solutions Group
to iCAD. Prior to her tenure at iCAD, she held the position of Vice President, Marketing Planning at Philips Medical Systems, where
she was responsible for the leadership of all global marketing planning functions for Philips' Healthcare Business. From 2003 to
2005, she was Vice President of Marketing for the Cardiac and Monitoring Systems Business Unit of Philips where she was responsible
for all marketing and certain direct sales activities for the America's Field Operation. Prior to that, Ms. Stevens held several
key marketing management positions in the Ultrasound Business Unit of Hewlett-Packard/Agilent and Philips Medical Systems. Ms.
Stevens earned a Bachelor of Arts Degree in Political Science from the University of New Hampshire, and an MBA from Boston
University’s Graduate School of Management.
About iCAD, Inc.
Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy
solutions. For more information, visit www.icadmed.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such
factors include, but are not limited to the Company’s ability to achieve business and strategic objectives, improve its market
position, expand into new applications, reduce health care costs, the risks of uncertainty of patent protection, the impact of
supply and manufacturing constraints or difficulties, uncertainty of future sales levels, protection of patents and other
proprietary rights, product market acceptance, possible technological obsolescence of products, increased competition, litigation
and/or government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt
obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks
detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe”, “demonstrate”, “intend”,
“expect”, “would”, “could”, “consider”, “project”, “estimate”, “will”, “continue”, “anticipate”, “likely”, “seek”, and similar
expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking
statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to
any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the
disclosure contained in our public filings with the Securities and Exchange Commission, including the 10-K for the year ended
December 31, 2017, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov.
Contact:
Media Inquiries:
ARPR, on behalf of iCAD, Inc.
Paul Barren, +1 (855) 300-8209
paul@arpr.com
Investor Relations:
LifeSci Advisors
Jeremy Feffer, +1 (212) 915-2568
jeremy@lifesciadvisors.com
