iCAD appoints new chief commercial officer to drive growth

NASHUA, N.H. - iCAD, Inc. (NASDAQ: ICAD), a company specializing in AI-powered breast health solutions, announced today the appointment of Mark Koeniguer as its new Chief Commercial Officer (CCO). Koeniguer, with over three decades of experience in the medical technology sector, will take charge of the company's revenue growth initiatives both in North America and globally. According to InvestingPro data, the company maintains impressive gross profit margins of nearly 87% and generated revenue of $19.6 million in the last twelve months.

Koeniguer's career spans executive positions in several high-profile companies, including his most recent role as CEO of ScreenPoint Medical. There, he significantly increased annual recurring revenue and launched two FDA-cleared products. His background also includes leadership roles at Riverain Technologies, Volpara Health, R2 Technology, Stereotaxis, and GE Healthcare.

Dana Brown, President and CEO of iCAD, expressed confidence in Koeniguer's expertise in radiological health and AI solutions, stating that his leadership will be crucial for iCAD's engagement with global health providers. Michelle Strong, Chief Operations Officer of iCAD, also acknowledged Koeniguer's deep industry experience and his potential impact on the company's mission to enhance breast cancer detection.

iCAD, headquartered in Nashua, N.H., is known for its ProFound Breast Health Suite, an AI-powered platform that aids in the early detection of breast cancer, density assessment, and risk evaluation. The company's technology is used by thousands of providers and is available in over 50 countries. According to iCAD, nearly 30% of the 40 million mammograms read in the past five years using their technology were tomosynthesis. InvestingPro analysis indicates the company maintains a strong financial position with more cash than debt and a healthy current ratio of 3.5x, suggesting robust operational stability.

This strategic appointment comes as iCAD continues to innovate in the field of breast cancer diagnostics and treatment. The company's forward-looking statements indicate a focus on expanding access to its products, improving performance, and accelerating adoption, aiming to benefit patients and clinicians alike. With analyst price targets ranging from $3 to $9 per share, investors can access detailed valuation analysis and 8 additional exclusive ProTips through InvestingPro's comprehensive research reports.

The information reported is based on a press release statement from iCAD, Inc.

In other recent news, iCAD Inc. reported its fourth-quarter 2024 earnings, revealing a revenue of $5.41 million, which surpassed the forecasted $4.5 million. The company's earnings per share (EPS) also exceeded expectations, coming in at -$0.03 compared to the projected -$0.06. This performance was bolstered by a 14% year-over-year increase in revenue, highlighting the company's successful transition towards a Software-as-a-Service (SaaS) model. BTIG maintained its Buy rating and set a $3 price target for iCAD, emphasizing the company's strong revenue performance and growth in total recurring revenue, which reached $9.8 million, marking an 11% year-over-year increase.

The company closed 106 deals in the fourth quarter, including 19 cloud-based agreements, indicating a rising preference for SaaS solutions. iCAD's ProFound Detection v4.0, which received FDA clearance, has been deployed and is reportedly showing better accuracy in practice than in clinical studies. The company is also working towards FDA approval for its Breast Arterial Calcification (BAC) and plans to submit ProFound Risk for approval next year. Despite the positive results, the company anticipates near-term variability in revenue due to the transition to a recurring revenue model, though it expects steady growth in the long term.

iCAD's cash and cash equivalents stood at $17.2 million as of December 31, 2024, with net cash used in operations amounting to $3.9 million for the year. The transition to a SaaS model is expected to enhance financial predictability, with BTIG projecting roughly flat sales growth year-over-year in 2025 and a 10% increase in 2026.

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