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Saturday, May 28, 2022

iCAD Inc. (NASDAQ: ICAD) stock is on a hike during after-hours. Here’s what’s happened:

iCAD Inc. (NASDAQ: ICAD) stock was on the rise by 0.43% in the last trade close, while the stock is up by 22.47% in after-hours after ICAD ‎announced that the profound AI version 3.0 for 3D mammography had got FDA clearance. ICAD is a company that manufactures medical devices for cancer detection and radiation therapy. ICAD provides computerized detection and workflow solutions to support the detection of breast, prostate, and colorectal cancer.


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Recent Development

The US Food and Drug administration FDA cleared the ProFound AI version 3.0 designed for Digital Breast Tomosynthesis (DBT). This version is designed and developed by using five million images from 30,000 cases, including 8000 cases of biopsy-proven cancers, and 1 million photos from 3500 issues that include 1200 biopsy-proven cancers were used for validation. As compared to the previous version of the software, the ProFound AI 3.0 algorithm provides approx. 10% improvement in specificity performance. The software also offers up to 40% increased working speed on the new Powerlook platform and around 1% improvement in sensitivity.1.

ProFound AI for DBT is made up of the latest in deep-learning technology that quickly recognizes and evaluates each tomosynthesis image and detects malignant soft tissue densities. It became the first 3D tomosynthesis software to be cleared by FDA in 2018 that utilizes artificial intelligence AI. ProFound AI 3.0 is the latest version of the same software, which is designed with modified and more advanced functioning.

The CEO of ICAD, Michael Klein, said that the FDA clearance of our ProuFound AI version 3.0 is an excellent achievement for the company. This third-generation AI solution for DBT can allow physicians to interpret a growing amount of data in DBT cases and analyze each image to detect malignant lesions more efficiently and precisely.

Conclusion

The company is definitely expected to find visible gains through this ProFound AI version 3.0 due to its advanced functioning and precise results for DBT. Investors would be interested in this as the software looks quite promising.

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