Signify Premium Insight: iCAD’s Woes Require More Being Done with Less

iCAD have long been among the frontrunners in the breast imaging AI market. Although breast imaging is one of the longest established use cases for medical imaging AI, the vendor has, in the past, still performed strongly compared to its peers.

This strength continued during 2020 and 2021 when the Covid-19 pandemic was most prevalent, which, in many cases, caused breast screening programmes to be paused. Despite such a setback the vendor was able to maintain, if not increase revenues.

However, such a run has ended, with the vendor’s latest results showing a decline of more than 20% in its detection product revenue. Of more concern, this, combined with results from its other segments, means that overall, in 2022, iCAD’s expenses were 21% higher than its revenues.