RadNet, Inc. to Acquire iCAD, Inc. to Accelerate AI-Powered Early Detection and Diagnosis of Breast Cancer

• The Acquisition will Unite Complementary Leading AI-Powered Cancer Detection and Workflow Solutions Focused on Improving the Accuracy and Early Detection of Breast Cancer
• The Transaction is Expected to Add to RadNet’s Wholly Owned Subsidiary, DeepHealth, an Installed Base of Over 1,500 Healthcare Provider Locations Across Over 50 Countries
• With iCAD’s Seasoned Commercial and Engineering Team Anticipated to Join DeepHealth, the Combination is Expected to Accelerate RadNet’s Growth and Leadership in Cancer Screening and Artificial Intelligence
• Following the Completion of the Acquisition, iCAD will be Integrated into RadNet’s DeepHealth Portfolio of Solutions

RadNet, Inc., a national leader in providing high-quality, cost-effective diagnostic imaging services and digital health solutions, and iCAD, Inc., a global leader in providing clinically proven AI-powered breast health solutions, announced today that they have entered into a definitive merger agreement under which RadNet will acquire iCAD in an all-stock transaction.

Under the terms of the merger agreement, iCAD stockholders will receive 0.0677 shares of RadNet common stock for each share of iCAD common stock they hold at the closing of the merger.

Based upon RadNet’s closing price on Monday, April 14, 2025, this represents a transaction value of approximately $103 million, or approximately $3.61 per share of iCAD common stock on a fully diluted basis and an approximately 98% premium to iCAD stockholders based on iCAD’s closing stock price on Monday, April 14, 2025.

Dr. Howard Berger, President and Chief Executive Officer at RadNet, commented, “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. 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. 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.”

Dana Brown, President and CEO at iCAD, added, “As we join forces with RadNet to create a broad offering of AI-driven solutions, we have the opportunity to redefine how breast cancer and other diseases are detected and treated. Together, we will work to expand access to cutting-edge tools, accelerate innovation, and advance our product roadmaps, empowering 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.

Associated materials regarding the transaction will be available on the investor relations section of each company’s website.

Perkins Coie LLP and Reed Smith LLP are serving as legal counsel to RadNet in connection with the transaction. Piper Sandler & Co. is serving as financial advisor to iCAD and Dentons LLP is serving as iCAD’s legal counsel.

About RadNet

RadNet, Inc. is a leading national provider of freestanding, fixed-site diagnostic imaging services in the United States based on the number of locations and annual imaging revenue. RadNet has a network of 398 owned and/or operated outpatient imaging centers. RadNet’s 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, teleradiology professional services, and other related products and services to customers in the diagnostic imaging industry. Together with contracted radiologists, and inclusive of full-time and per diem employees and technologists, RadNet has a total of over 11,000 employees. For more information, visit radnet.com.

About iCAD

iCAD is a global leader on a mission to create a world where cancer can’t hide by providing clinically proven AI-powered solutions that enable medical providers to accurately and reliably detect cancer earlier and improve patient outcomes. Headquartered in Nashua, N.H., iCAD’s industry-leading ProFound Breast Health Suite provides AI-powered mammography analysis for breast cancer detection, density assessment, and risk evaluation. Used by thousands of providers serving millions of patients, ProFound is available in over 50 countries. In the last five years alone, iCAD estimates reading more than 40 million mammograms worldwide, with nearly 30% being tomosynthesis. For more information, including the latest in regulatory clearances, please visit icadmed.com.

Originally announced April 15th, 2025