iCAD, Inc. (NASDAQ: ICAD), an industry-leading provider of advanced image analysis, workflow solutions and radiation therapies for the early identification and treatment of cancer, today reported financial results for the three and six months ended June 30, 2011.
Ken Ferry, President and CEO of iCAD, commented, “While we continue to remain highly confident in the long term growth prospects of our strategic shift into the oncology market, the first half was challenging. The continued weakness in the international markets for CAD product sales combined with the temporary effects of the FDA recall of the shielding product for our electronic brachytherapy business slowed progress towards achieving our growth goals.
“We have greater confidence in the prospects for even stronger top line growth for the second half of the year and beyond. Our MRI CAD business continues to grow significantly due to the market acceptance of our new thin-client platform that features significant improvements in key clinical areas. We expect to see continued growth with this new MRI CAD platform. In addition, we recently announced that our VeraLook® CTC CAD solution is now available as part of Vital Images products worldwide. Our partnership with this leading provider of advanced visualization and analysis solutions should be an important catalyst for the growth of VeraLook in virtual colonoscopy.
“We are particularly encouraged about the growth prospects for our electronic brachytherapy business going forward. There is growing global interest in IORT as evidenced by the positive response we received at key international industry meetings this year combined with demand from our existing IORT customers who are experiencing increases in their IORT patient volumes. With the recent FDA clearance of a new line of shielding products for the Axxent® system, our strong commercial marketing program can take hold. We believe the compelling clinical data from on-going trials, combined with the significant value proposition for physicians, patients and payors, will bode well for a favorable reimbursement decision when the Center for Medicare and Medicaid releases its final determination on new CPT codes in October, for effect January 1, 2012. As a result, we remain confident we can drive higher revenue growth over time as we leverage the significant market potential for the Axxent® eBx™ platform.”