Imaging AI vendor’s stock leaps 86% after inking ‘strategic commercial agreement’ with Radiology Partners
One imaging artificial intelligence vendor’s stock was up as high as 86% on Tuesday after announcing a “strategic commercial agreement” with Radiology Partners.
Nashua, New Hampshire-based iCAD Inc. said the deal spans multiple years and will see the nation’s largest radiology group adopting its breast AI technology enterprise-wide. Leaders estimate that the partnership will spread breast imaging artificial intelligence to thousands of physicians at RP and its affiliated practices.
“We are also working with Radiology Partners to deploy iCAD’s technology via the Radiology Partners cloud, significantly increasing the potential for adoption across their network of facilities and unleashing the ability to improve mammography screening for millions of women across the country,” Dana Brown, president and CEO of iCAD, said in a July 18 announcement. “With an initial order from Radiology Partners recognized in 1Q 2023 and the execution of this agreement, we are enthusiastic about the potential of this relationship in 2023 and beyond.”
Rad Partners first started working with the technology firm in November, and the two executed the agreement on June 27. ICAD said the partnership also grants it access to RP’s clinical expertise, AI validation platform and scale. The practice provides mammography services to millions of women annually at over 3,200 healthcare facilities including 17 of the 20 largest hospital systems.
“We look forward to continuing to partner closely with iCAD to expand on our shared mission to take on one of the greatest threats to women’s health nationwide,” Nina Kottler, MD, Rad Partners’ associate CMO for clinical artificial intelligence, said in the announcement.
ICAD’s stock reached a peak of $3.84 per share midafternoon on Tuesday, representing a more than 86% uptick from its previous close of $2.06. However, the company’s shares have fallen as much as 80% during the past three years as the firm has failed to turn a profit, one analysis noted.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.