iCAD, Inc. Reports Q4 and Full Year 2024 Financial Results: A New Milestone in AI-Powered Breast Health Solutions
NASHUA, N.H., March 19, 2025 – iCAD, Inc. (NASDAQ: ICAD), a pioneering company dedicated to creating a world where cancer can’t hide by providing clinically proven AI-powered breast health solutions, recently announced its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Financial Highlights
For the full year 2024, iCAD reported total revenue of $158.2 million, a 17% increase compared to the previous year. The net income for the year was $16.2 million, representing a significant improvement from the net loss reported in 2023. The company’s gross profit margin expanded to 63.5% due to increased sales of its AI-powered ProFound AI solutions.
Operational Highlights
During the fourth quarter, iCAD launched its ProFound AI Density v2.0, a next-generation solution designed to help radiologists more accurately and consistently assess breast density. This innovation builds on the success of ProFound AI, which has been adopted by over 1,000 hospitals and imaging centers worldwide. The company also expanded its partnership with Fujifilm to include the distribution of ProFound AI in Europe.
Impact on Consumers
The advancements in AI-powered breast health solutions, such as ProFound AI Density v2.0, have the potential to significantly improve early detection and diagnosis of breast cancer. By providing radiologists with more accurate and consistent assessments, these solutions can help reduce false positives and false negatives, leading to better patient outcomes. For consumers, this means increased peace of mind and a more effective screening process.
Impact on the World
The global impact of iCAD’s AI-powered breast health solutions extends beyond individual consumers. By improving the accuracy and efficiency of breast cancer screening, these solutions can help reduce healthcare costs and improve overall patient care. Additionally, the widespread adoption of AI in medical imaging can lead to the development of new applications and innovations, further advancing the field of healthcare technology.
Conclusion
iCAD’s financial and operational results for the fourth quarter and full year 2024 represent a significant milestone in the company’s mission to create a world where cancer can’t hide. With the successful launch of ProFound AI Density v2.0 and expanding partnerships, iCAD is poised to continue leading the way in AI-powered breast health solutions. These advancements not only benefit individual consumers but also contribute to the global effort to improve healthcare efficiency and effectiveness. As we move forward, the integration of AI in medical imaging and diagnostics is expected to revolutionize the field and lead to new innovations that will further enhance patient care.
- iCAD reports significant revenue growth and improved net income for 2024
- ProFound AI Density v2.0 launched, aiding in more accurate breast density assessments
- Expanded partnership with Fujifilm for distribution of ProFound AI in Europe
- AI-powered breast health solutions improve early detection and diagnosis
- Global impact includes reduced healthcare costs and improved patient care
