iCad (Nasdaq:ICAD) announced today that it accepted the resignation — for personal reasons — of Stacey Stevens as president and CEO.
Stevens, who took over the corner office in March 2022, plans to remain with the company through April 30, 2023. She intends to ensure a smooth transition to new president and CEO, Dana Brown. The iCad board named Brown to the position, effective immediately, while she also remains board chair.
Nashua, New Hampshire-based iCad, which develops cancer detection and therapy solutions, said in a news release that its board “congratulates Ms. Stevens on her outstanding leadership.” The board thanked Stevens for more than 16 years of service to iCad. She originally joined iCad as SVP for marketing and strategy in 2006.
About Dana Brown
Brown became the chair of iCad’s board in January of this year. She brings 30 years of experience across the technology industry. Most recently, she was a strategic advisor at Susan G. Komen. Brown also served as SVP, chief strategy and operations officer at Susan G. Komen. Additionally, she held the role of SVP and chief digital officer at United Way Worldwide.
Dr. Rakesh Patel, iCad board member and chair of the nominating and corporate governance committee, said Brown takes the reins “at a time of transformation. Patel added that Brown brings “the right mix of skills and experience” to lead the company forward.
“Working alongside our talented team, our board, our clients and partners, I am committed to upholding our vision to be the world’s most pervasive and personalized suite of AI cancer detection solutions for our shareholders and stakeholders,” Brown said. “Breast cancer is the most common cancer in women worldwide and the second leading cause of cancer death among women in the U.S. With iCad’s early detection technology, we have the ability to detect cancers early thereby giving individuals the opportunity for more positive outcomes and more lives saved. I am energized by this challenge and look forward to guiding iCad’s continued success.”
iCad previews Q4 results
Separate from the personnel changes, iCad released preliminary fourth-quarter results for the three months ended Dec. 31, 2022.
iCad expects total revenue to reach approximately $6.5 million. The company said it intends to implement measures to “align its cost base with changes in revenue.” This happens as it transitions from perpetual to subscription software licenses, according to a news release.
The company also engaged investment bankers to explore strategic options for its therapy business line.
BTIG analyst Marie Thibault said that business realignments make sense, while the analyst believes Brown’s tasks include “kick-starting” iCad’s detection business and increasing investor visibility into the subscription purchasing model.
“The company is implementing cost realignment measures. It is also exploring strategic options for its therapy business. We think such a move would make sense since we view the two business lines as separate opportunities without much overlap in target customers,” Thibault wrote.
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