We ended the year with $15.3 million in cash and cash equivalents, as compared to $12.2 million at the end of 2018. “We continue to grow our business from a position of financial strength. As of September 2019, nine patients were still alive from the IORT group, whereas none of the patients in the comparison group survived.” Median overall survival in the IORT group was 24 months versus 21 months for the comparison group. In a matched pair study, 30 patients were treated for recurrent GBM with either a single fraction of radiation immediately following surgical resection, without chemotherapy or temozolomide following surgery, or routine postoperative adjuvant chemotherapy +/- concomitant or sequential EBRT. The strong interest in this new application was driven by clinical results reported in the September 2019 issue of World Neurosurgery.
using the Xoft® Axxent® System as part of a clinical trial utilizing IORT in patients with large metastases treated with neurological resection. “We were excited to recently announce that the first metastatic brain tumor was treated in the U.S. “In our Cancer Therapy segment, we are developing multiple new IORT applications targeting large market opportunities, such as brain, prostate and rectal cancer therapeutic indications” continued Mr. As we enter our second year with ProFound AI, in the commercial marketplace we are confident that our innovation and competitive edge will remain robust and our differentiation will continue to expand.”
Of the 39% growth in the Detection business, software license sales grew an impressive 59% year-over-year. “Our Detection revenue grew 39% in the fourth quarter of 2019, as compared to the same period of 2018, driven by a $1.8 million contract with a single hospital system in the U.S. commercial launch of ProFound™ AI, following the December 2018 FDA approval,” continued Mr.
“We have now completed one full year of the U.S. Our customers report life-threatening cancers being identified earlier and faster with this solution that is changing the landscape of breast cancer detection.” “In particular our results continue to be especially strong in Detection, as ProFound™ AI further penetrates the market. “We are pleased with the overall performance of our business in 2019,” said Michael Klein, Chairman and Chief Executive Officer of iCAD, Inc.
(NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today reported its financial and operating results for the quarter and full year ended December 31, 2019. Strong Q4 2019 revenue growth of 35% driven by a 39% increase in revenue from iCAD’s AI Cancer Detection segment