RadNet Inc. (NASDAQ: RDNT), a diagnostic imaging services and digital health solutions company, is acquiring iCAD Inc. (NASDAQ: ICAD), a provider of AI-powered breast health solutions for approximately $103 million.
Los Angeles-based RadNet has a network of 398 owned and/or operated outpatient imaging centers. Its markets include Arizona, California, Delaware, Florida, Maryland, New Jersey, New York and Texas. In addition, RadNet provides radiology information technology and artificial intelligence solutions marketed under the DeepHealth brand, as well as teleradiology professional services.
The iCAD ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment and risk evaluationIn the last five years alone, Nashua, N.H.-based iCAD estimates reading more than 40 million mammograms worldwide.
“Every 14 seconds, a woman is diagnosed with breast cancer worldwide, and in the United States alone, over 42,000 women are expected to die from breast cancer during 2025. iCAD’s ProFound Breast Health Suite and RadNet’s DeepHealth AI-powered breast screening solutions, together, have the power to materially expand and improve patient diagnosis and outcomes on a global basis through further enabling accuracy and early detection,” said Howard Berger, M.D., president and CEO of RadNet in a statement.
"With over 1,500 healthcare provider locations, facilitating over 8 million annual mammograms in 50 countries, iCAD’s installed base and strong sales, engineering and marketing capabilities will provide us with immediate broad and valuable customer relationships and commercialization capabilities that can accelerate our existing DeepHealth objectives,” Berger continued. “This business combination is expected to accelerate our global leadership and commitment to AI-powered breast cancer screening, and positions us to further advance population health.”
In a statement, Dana Brown, president and CEO of iCAD, said the combined company would empower radiologists with “more precise, efficient and scalable solutions that should ultimately improve patient care and outcomes. With current and future products in breast cancer detection, risk evaluation, density assessment and breast arterial calcification, we believe RadNet’s scale, access to data and clinical leadership will ensure our current and future products are brought to market, improving radiologist and patient workflow and clinical outcomes.”
The transaction, expected to close in the second or third quarter of 2025, is subject to approval by iCAD stockholders and other customary closing conditions, and was unanimously approved by each company’s board of directors.