Market Newsdesk

NORTHLAKE, Texas, Sept. 09, 2021 (GLOBE NEWSWIRE) — Farmer Bros. Co. (NASDAQ: FARM) (the “Company”) today reported financial results for its fourth quarter and fiscal year ended June 30, 2021.

Fourth Quarter Fiscal 2021 Highlights:

• Net sales were $102.9 million, an increase of $21.8 million, or 26.9%, from the prior year period due to notable improvement in the DSD channel compared to the prior year
• Gross margin increased to 27.6% from 19.2% in the prior year period, and was the highest gross margin quarter during fiscal 2021
• Net loss was $4.0 million compared to a net loss of $9.7 million in the prior year period
• Adjusted EBITDA was $3.4 million compared to $0.7 million in the prior year period*
• As of June 30, 2021, total debt outstanding was $91.0 million and cash and cash equivalents was $10.3 million
• Negotiated new credit facilities, effectively increasing borrowing capacity and flexibility while lowering overall borrowing cost

Fiscal 2021 Highlights:

• Net sales were $397.8 million, a decrease of $103.5 million, or 20.6%, from the prior year due primarily to the impact of the COVID-19 pandemic
• Achieved notable improvement in DSD channel sales compared to pre-COVID levels during fiscal year 2021, with sequential improvement in every quarter, from down 45% at June 30, 2020 to down 27% for the fourth quarter of 2021
• Gross margin decreased to 25.4% from 27.6% in the prior year, but improved sequentially in every quarter of the year.
• Net loss was $41.7 million compared to a net loss of $37.1 million in the prior year period
• Adjusted EBITDA was $16.6 million compared to $18.7 million in the prior year period
• Successfully completed key initiatives within the company’s optimization strategy, including:
  • Doubling production and packaging capacity at the Northlake, Texas facility
  • Ending production and fully exiting the aged Houston, Texas facility
  • Opening a new West Coast distribution facility in Rialto, California, and
  • Completing full deployment of new handheld technology on our DSD routes

(*Adjusted EBITDA, a non-GAAP financial measure, is reconciled to its corresponding GAAP measure at the end of this press release.)

Deverl Maserang, Chief Executive Officer, commented, “We’re very pleased with the continued progress we made during our fourth fiscal quarter, which builds on the work we achieved throughout the year and positions us well heading into the new fiscal year. Our optimization strategies have led to solid efficiencies that we’re seeing increasingly materialize as volumes have steadily improved throughout the quarter. As a result, we posted our strongest quarterly gross margin since the onset of the pandemic, and we expect these efficiencies to strengthen as volumes continue to recover.” Mr. Maserang continued, “Just prior to the onset of the pandemic, we put several initiatives in place and outlined our turnaround strategy, which included rebalancing and strengthening our footprint, optimizing our manufacturing capabilities and supply chain, modernizing our facilities, and implementing new technologies to expand our offerings and streamline our sales process. I am very proud of our team’s execution through a challenging environment, and we are gaining confidence as we’re starting to see more positive changes flow through our business, benefiting our bottom line. While we remain vigilant given recent developments in the trajectory of the pandemic, we have yet to see any meaningful impact from the Delta variant, and we’re encouraged by the weekly trends we’ve seen in the first few weeks of our fiscal first quarter.”

Fourth Quarter and Fiscal 2021 Results:

Selected Financial Data

The selected financial data presented below under the captions “Income statement data,” “Operating data” and “Other data” summarizes certain performance measures for the three months and fiscal years ended June 30, 2021 and 2020 (unaudited).

(1) EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures; a reconciliation of these non-GAAP measures to their corresponding GAAP measures is included at the end of this press release.
(2) Adjusted EBITDA for the fiscal year ended June 30, 2021 includes $14.4 million of higher amortized gains resulting from the curtailment of the postretirement medical plan in March 2020. Adjusted EBITDA for the three months ended and year ended June 30, 2020, includes $7.2 million for these amortized gains.

Net sales in the fourth quarter of fiscal 2021 were $102.9 million, an increase of $21.8 million, or 26.9%, from the prior year period. The increase in net sales was driven primarily by continued recovery from the COVID-19 pandemic as local governments across the country eased restrictions and vaccines were distributed and rolled out successfully. During the quarter ended June 30, 2021, our average weekly sales were down 27% compared to pre-COVID levels, which is an improvement from a 45% decline as of June 30, 2020. The largest DSD sales declines were from restaurants, hotels and casino channels, while demand from healthcare and C-stores channels continue to be less impacted.

Although our Direct Ship sales channel was also affected by the COVID-19 pandemic, the impact was significantly less due to the types of customers we serve through this channel. These customers include our retail business and products sold by key grocery stores under their private labels, as well as through third party e-commerce platforms. Also, our direct ship sales channel was negatively impacted by accounts we decided to exit during fiscal year 2021 since they were lower or negative profit due to the impacts from COVID-19 on their business.

Gross profit in the fourth quarter of fiscal 2021 was $28.4 million, an increase of $12.8 million, or 82.5% from the prior year period and gross margin increased to 27.6% from 19.2%. The increase in gross profit was primarily driven by higher net sales partially offset by higher cost of goods sold. The increase in gross margin was due to the effect of the continued recovery from COVID-19 on DSD channel sales since our DSD channel has higher margins. This increase was partially offset by higher coffee brewing equipment costs and unfavorable production variances resulting from costs associated with the closing of our Houston, Texas facility and ramp up of our Northlake, Texas facility during the year.

Operating expenses in the fourth quarter of fiscal 2021 increased $5.4 million, or 18.6%, to $34.5 million, from $29.1 million in the prior year period, but decreased as a percentage of net sales to 33.6% compared to 35.9% of net sales in the prior year period. The increase in operating expenses was primarily due to a $3.2 million increase in selling expenses and $0.9 million increase in general and administrative expenses. The increase in selling costs was primarily due to variable costs, including payroll, associated with higher sales volumes. The increase in general and administrative expenses was primarily due to costs associated with our supply chain optimization initiatives completed this quarter to exit our Houston, Texas facility, and the opening and full ramp-up of our new West Coast distribution facility in Rialto, California. Additionally, both selling and general and administrative expenses were negatively impacted due to accrued employee incentive bonuses in the current year. In the prior year, we did not pay employee incentive bonus due to the pandemic’s impact on our business.

Interest expense in the fourth quarter of fiscal year ended June 30, 2021 increased $4.2 million to $6.8 million from $2.6 million in the prior year period. The increase in interest expense was due to the write-off of deferred finance costs related to the repayment of our Amended Revolving Facility in April 2021 and, to a lesser extent, the amortization of de-designated interest rate swap costs.

Also, during the fourth quarter of 2021, we announced the amendment of our post retirement death benefit plan effective immediately. The announcement triggered a re-measurement and resulted in settlement gains of $6.4 million in the three month period ended June 30, 2021 included in other, net.

As a result of the foregoing factors, net loss was $4.0 million in the fourth quarter of fiscal 2021 as compared to a net loss of $9.7 million in the prior year period.

Our maintenance capital expenditures for the three months ended June 30, 2021 was $2.0 million compared to $1.2 million for the same period a year ago. The increase was due to coffee brewing equipment purchased for our DSD customers as volumes have improved since last year. Several key initiatives put in place, including a focus on refurbished CBE equipment to drive cost savings, have helped reduce our coffee brewing equipment purchases as DSD sales volumes improve.

As of June 30, 2021, the outstanding debt on our Revolver and Term Loan Credit Facilities were $43.5 million and $47.5 million, respectively, a combined decrease of $31.0 million compared to June 30, 2020 in our total revolver debt balance. Our cash decreased by $49.6 million to $10.4 million as of June 30, 2021, compared to $60.0 million as of June 30, 2020. These changes resulted from the repayments on our revolver under the terms of the Amended Revolving Facility, which was fully repaid in April 2021. The net reduction in our liquidity during the current year was due to our investment in inventory as our sales volumes continue to recover from the pandemic, capital expenditures to fund certain key growth initiatives noted above, and financing costs associated with our new Credit Facilities composed of a revolver credit facility and a term credit facility agreement.

Non-GAAP Financial Measures:

EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP (U.S. generally accepted accounting principles) financial measures within the meaning of the rules of the Securities and Exchange Commission (“SEC”). See the Non-GAAP Financial Measures section on why the Company believes these supplemental measures are useful, reconciliations to the most directly comparable GAAP measure, and the limitations on the use of these supplemental measures.

Adjusted EBITDA was $3.4 million in the fourth quarter of fiscal 2021, as compared to $0.7 million in the prior year period, and Adjusted EBITDA Margin was 3.3% in the fourth quarter of fiscal 2021, as compared to 0.9% in the prior year period.

About Farmer Bros. Co.

Founded in 1912, Farmer Bros. Co. is a national coffee roaster, wholesaler and distributor of coffee, tea and culinary products. The Company’s product lines include organic, Direct Trade and sustainably-produced coffee. With a robust line of coffee, hot and iced teas, cappuccino mixes, spices, and baking/biscuit mixes, the Company delivers extensive beverage planning services and culinary products to its U.S. based customers. The Company serves a wide variety of customers, from small independent restaurants and foodservice operators to large institutional buyers like restaurant, department and convenience store chains, hotels, casinos, healthcare facilities, and gourmet coffee houses, as well as grocery chains with private brand coffee and consumer branded coffee and tea products, and foodservice distributors.

Headquartered in Northlake, Texas, Farmer Bros. Co. generated net sales of $397.8 million in fiscal 2021 and has approximately 1,064 employees nationwide. The Company’s primary brands include Farmer Brothers^®, Artisan Collection by Farmer Brothers^™, Superior^®, Metropolitan^™, China Mist^® and Boyds^®.

Investor Conference Call

Deverl Maserang, Chief Executive Officer, and Scott Drake, Chief Financial Officer, will host an audio-only investor conference call today, September 9, 2021, at 5:00 p.m. Eastern time (4:00 p.m. Central time) to review the Company’s financial results for the fourth quarter and fiscal year ended June 30, 2021. The Company’s earnings press release will be available on the Company’s website at www.farmerbros.com under “Investor Relations.”

The call will be open to all interested investors through a live audio web broadcast via the Internet at https://edge.media-server.com/mmc/p/wdrttuov and at the Company’s website www.farmerbros.com under “Investor Relations.” The call also will be available to investors and analysts by dialing Toll Free: (844) 423-9890. The passcode/ID is 1488347.

The audio-only webcast will be archived for at least 30 days on the Investor Relations section of the Farmer Bros. Co. website, and will be available approximately two hours after the end of the live webcast.

Forward-Looking Statements

Certain statements contained in this press release are not based on historical fact and are forward-looking statements within the meaning of federal securities laws and regulations. These statements are based on management’s current expectations, assumptions, estimates and observations of future events and include any statements that do not directly relate to any historical or current fact. These forward-looking statements can be identified by the use of words like “anticipates,” “estimates,” “projects,” “expects,” “plans,” “believes,” “intends,” “will,” “could,” “assumes” and other words of similar meaning. Owing to the uncertainties inherent in forward-looking statements, actual results could differ materially from those set forth in forward-looking statements. The Company intends these forward-looking statements to speak only at the time of this press release and does not undertake to update or revise these statements as more information becomes available except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission (“SEC”). Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, duration of the disruption to the Company’s business and customers from the COVID-19 pandemic and any resurgence or new strain of the virus, levels of consumer confidence in national and local economic business conditions, the duration and magnitude of the pandemic’s impact on unemployment rates, the success of the Company’s strategy to recover from the effects of the pandemic, the success of the Company’s turnaround strategy, the execution of the five key initiatives, the impact of capital improvement projects, the adequacy and availability of capital resources to fund the Company’s existing and planned business operations and the Company’s capital expenditure requirements, the relative effectiveness of compensation-based employee incentives in causing improvements in Company performance, the capacity to meet the demands of our large national account customers, the extent of execution of plans for the growth of Company business and achievement of financial metrics related to those plans, fluctuations in price and availability of new materials, the success of the Company to recruit, retain, attract and compensate qualified employees, the success of the Company’s adaptation to technology and new commerce channels, the effect of the capital markets as well as other external factors on stockholder value, fluctuations in availability and cost of green coffee, competition, organizational changes, the effectiveness of our hedging strategies in reducing price and interest rate risk, changes in consumer preferences, our ability to provide sustainability in ways that do not materially impair profitability, changes in the strength of the economy, business conditions in the coffee industry and food industry in general, our continued success in attracting new customers, variances from budgeted sales mix and growth rates, weather and special or unusual events, as well as other risks described in this report and other factors described from time to time in our filings with the SEC. The results of operations for the fourth quarter and fiscal year ended June 30, 2021 are not necessarily indicative of the results that may be expected for any future period.

FARMER BROS. CO.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

(In thousands, except share and per share data)

FARMER BROS. CO.

CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In thousands, except share and per share data)

Non-GAAP Financial Measures

In addition to net (loss) income determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures in assessing our operating performance:

“EBITDA” is defined as net (loss) income excluding the impact of:

• income taxes;
• interest expense; and
• depreciation and amortization expense.

“EBITDA Margin” is defined as EBITDA expressed as a percentage of net sales.

“Adjusted EBITDA” is defined as net (loss) income excluding the impact of:

• income taxes;
• interest expense (benefit);
• (loss) income from short-term investments;
• depreciation and amortization expense;
• ESOP and share-based compensation expense;
• non-cash impairment losses;
• non-cash pension withdrawal expense;
• restructuring and other transition expenses;
• severance costs;
• proxy contest-related expenses;
• non-recurring costs associated with the COVID-19 pandemic and 2021 severe winter weather;
• net gains and losses from sales of assets;
• non-cash pension settlements and postretirement benefits curtailment; and
• acquisition, integration and strategic initiative costs.

“Adjusted EBITDA Margin” is defined as Adjusted EBITDA expressed as a percentage of net sales.

For purposes of calculating EBITDA and EBITDA Margin and Adjusted EBITDA and Adjusted EBITDA Margin, we have excluded the impact of interest expense resulting from the adoption of ASU 2017-07, non-cash pretax pension and postretirement benefits resulting from the amendment and termination of certain Farmer Bros. pension and postretirement benefits plans and severance because these items are not reflective of our ongoing operating results.

We believe these non-GAAP financial measures provide a useful measure of the Company’s operating results, a meaningful comparison with historical results and with the results of other companies, and insight into the Company’s ongoing operating performance. Further, management utilizes these measures, in addition to GAAP measures, when evaluating and comparing the Company’s operating performance against internal financial forecasts and budgets.

We believe that EBITDA facilitates operating performance comparisons from period to period by isolating the effects of certain items that vary from period to period without any correlation to core operating performance or that vary widely among similar companies. These potential differences may be caused by variations in capital structures (affecting interest expense), tax positions (such as the impact on periods or companies of changes in effective tax rates or net operating losses) and the age and book depreciation of facilities and equipment (affecting relative depreciation expense). We also present EBITDA and EBITDA Margin because (i) we believe that these measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry, (ii) we believe that investors will find these measures useful in assessing our ability to service or incur indebtedness, and (iii) we use these measures internally as benchmarks to compare our performance to that of our competitors.

EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin, as defined by us, may not be comparable to similarly titled measures reported by other companies. We do not intend for non-GAAP financial measures to be considered in isolation or as a substitute for other measures prepared in accordance with GAAP.

Set forth below is a reconciliation of reported net (loss) income to EBITDA (unaudited):

(1)   Excludes interest expense related to pension plans and postretirement benefits.

Set forth below is a reconciliation of reported net (loss) income to Adjusted EBITDA (unaudited):

(1)   Excludes interest expense related to pension plans and postretirement benefits.
(2)   Includes initiatives related to the Houston facility exit and opening of the Rialto distribution center.
(3)   Adjusted EBITDA for the fiscal year ended June 30, 2021 includes $14.4 million of higher amortized gains resulting from the curtailment of the postretirement medical plan in March 2020. Adjusted EBITDA for the three months ended and year ended June 30, 2020, also included $7.2 million for these amortized gains.

Contact:                        
Ellipsis                        
Jeff Majtyka & Kyle King
646-776-0886
                        

AUSTIN, Sept. 09, 2021 (GLOBE NEWSWIRE) — AYRO, Inc. (Nasdaq: AYRO), a designer and manufacturer of purpose-built, short-haul, and last-mile delivery electric vehicles (EVs), announces today that Chief Executive Officer Rod Keller will present at the H.C. Wainwright 23^rd Annual Global Investment Conference, which is being held virtually from September 13 – 15, 2021.

Mr. Keller will deliver his corporate presentation, which will become available beginning on September 13 at 7:00 AM ET.

Investors can register here: www.hcwevents.com.

Mr. Keller will also be available for one-on-one meetings throughout the conference.

About A
YRO,
Inc.

Texas-based AYRO, Inc. engineers and manufactures purpose-built electric vehicles to enable sustainable fleets. With rapid, customizable deployments that meet specific buyer needs, AYRO’s agile EVs are an eco-friendly microdistribution alternative to gasoline vehicles. The AYRO Club Car Current is the only zero-emission, purpose-built EV known to AYRO that can be optimized for the needs of any sustainable fleet. AYRO innovates with speed, discipline, and agility and was founded in 2017 by entrepreneurs, investors, and executives with a passion for creating sustainable urban electric vehicle solutions for micromobility. For more information, visit: www.ayro.com

Forward-Looking Statements

This press release may contain forward-looking statements. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any expected future results, performance, or achievements. Words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “plan,” “project,” “seek,” “target,” “will,” “would” and their opposites and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are based on the beliefs of management as well as assumptions made by and information currently available to management. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, without limitation: we have a history of losses and has never been profitable, and we expect to incur additional losses in the future and may never be profitable; the market for our products is developing and may not develop as expected; our business is subject to general economic and market conditions, including trade wars and tariffs; our business, results of operations and financial condition may be adversely impacted by public health epidemics, including the recent COVID-19 outbreak; our limited operating history makes evaluating our business and future prospects difficult and may increase the risk of any investment in our securities; we may experience lower-than-anticipated market acceptance of our vehicles; developments in alternative technologies or improvements in the internal combustion engine may have a materially adverse effect on the demand for our electric vehicles; the markets in which we operate are highly competitive, and we may not be successful in competing in these industries; a significant portion of our revenue is derived from a single customer; we rely on and intend to continue to rely on a single third-party supplier located in China for the sub-assemblies in semi-knocked-down state for all of our vehicles; we may become subject to product liability claims, which could harm our financial condition and liquidity if we are not able to successfully defend or insure against such claims; the range of our electric vehicles on a single charge declines over time, which may negatively influence potential customers’ decisions whether to purchase our vehicles; increases in costs, disruption of supply or shortage of raw materials, in particular lithium-ion cells, could harm our business; we may be required to raise additional capital to fund our operations, and such capital raising may be costly or difficult to obtain and could dilute our stockholders’ ownership interests, and our long-term capital requirements are subject to numerous risks; we may fail to comply with environmental and safety laws and regulations; and we are subject to governmental export and import controls that could impair our ability to compete in international market due to licensing requirements and subject us to liability if we are not in compliance with applicable laws. A discussion of these and other factors is set forth in our most recent Annual Report on Form 10-K and subsequent reports on Form 10-Q. Forward-looking statements speak only as of the date they are made and we disclaim any intention or obligation to revise any forward-looking statements, whether as a result of new information, future events or otherwise.

NASHUA, N.H., Sept. 09, 2021 (GLOBE NEWSWIRE) — iCAD, Inc. (NASDAQ: ICAD), a global medical technology leader providing innovative cancer detection and therapy solutions, today announced that it will host an educational roundtable event to help clinicians and their facilities recover from the impact of the COVID-19 pandemic. Titled “Pandemic Recovery: How New Technology Can Support Clinicians and Patients in the Aftermath of COVID-19,” the free event will take place on September 14, 2021, at 7 pm ET/4 pm PT. Visit this link to register.

“Clinicians are in need of new solutions to navigate today’s challenges,” said Stacey Stevens, President of iCAD. “Mammography dropped by as much as 92% in some areas at the height of the pandemic, creating a massive mammography backlog,¹ but as more Americans are becoming vaccinated, women have begun to return to imaging centers for cancer screening. This educational roundtable features leading experts who will discuss their experiences with pandemic-related clinical, economic and volume-based challenges, as well as best practices on leveraging new technology—such as ProFound AI^®—to help overcome these hurdles.”

The event will feature leading specialists in breast cancer detection and treatment, including:

• Angela Fried, MD​, Director of Breast Imaging at SimonMed Imaging, Daly City, CA​
• Diana James, MD, PhD, Radiologist, Director of Breast Imaging at Jefferson Radiology, Hartford, CT
• Joshua A. Nepute, MD​, Radiologist, IU Health Frankfort, IU Health Arnett, IU Health White Memorial, Lafayette, IN
• Neesha Patel, MD​, Director of Breast Imaging and Residency and Clerkship Academic Director, Kings County Hospital, ​SUNY Downstate
• Rakesh Patel, MD (Moderator)​, Managing Partner, Precision ​Cancer Specialists, Inc.​ Chair, Breast Cancer Program, Good Samaritan Hospital, Los Gatos, CA
• Barry Rosen, MD FACS​, Medical Director, Advocate Good Shepherd Hospital, Breast Center Assistant Professor, University of Illinois College of Medicine

“We began the implementation of ProFound AI at the end of 2019 and completed the rollout in the middle of the pandemic, in mid-2020. Just before that time, in mid-2019, we converted our practice to 100% tomosynthesis,” said Dr. James. “We are typically a very high-volume practice reading more than 50,000 screening mammograms per year, and the addition of a ‘second reader’ via ProFound AI helped our radiologists absorb our increased workload. We paused our screening mammogram program per Society of Breast Imaging (SBI) recommendations during the beginning of the pandemic, but were quickly back to full plus volume by August 2020. ProFound AI helped us to read those cases quickly with the confidence that we were not missing cancers.”

“After a year of using it, I’ve come to an eye-opening realization: ProFound AI is looking at things that we clinicians don’t necessarily recognize as signs of cancer,” added Dr. Fried. “For example, I have seen this technology identify undetectable breast cancer cases one year earlier. We’ve really gotten to trust it, and I am confident that more of those subtle, obscured lesions will be picked up earlier because of this.”

ProFound AI is a high-performance, deep-learning, workflow solution trained to detect malignant soft tissue densities and calcifications. ProFound AI for Digital Breast Tomosynthesis (DBT) became the first 3D tomosynthesis software using artificial intelligence (AI) to be FDA cleared in December 2018. The software is also available for 2D full-field digital mammography (FFDM). In a reader study published in Radiology: Artificial Intelligence, ProFound AI for DBT was shown to offer clinically proven time-savings benefits to radiologists, reducing reading time by 52.7%, improving radiologist sensitivity by 8%, and reducing false positives and unnecessary patient recall rates by 7.2%.²

“We saw our volume of mammography screenings decrease significantly during the pandemic; however, since this past spring, our volume has skyrocketed,” said Dr. Nepute. “We are at least 10% above our pre-pandemic levels at this time, which has led to feelings of burnout by many of our radiologists, but ProFound AI has been a reliable backup for our team, as it helps to ensure we’re performing at an optimum level and calling back only those patients who need additional imaging.”

“We are now busier than ever, as many patients who didn’t get screened during the pandemic are coming back,” said Dr. Neesha Patel. “We have a significant backlog—in fact, we’re booking screenings into January and February of 2022 right now. ProFound AI helps to boost our confidence – it’s akin to someone looking over my shoulder while I read, so I know I’m not the only one looking at these images.”

Built with the latest in deep-learning technology, ProFound AI for DBT rapidly analyzes each tomosynthesis image, detecting malignant soft tissue densities. Certainty of Finding and Case Scores are relative scores computed by the ProFound AI algorithm and represent its confidence that a detection or case is malignant. The Certainty of Finding scores help radiologists by aiding in clinical decision making. Case Scores, which are assigned to each case by the algorithm, help clinicians to gain a sense of case complexity, which may be useful for prioritizing the reading work list.

“Clinicians are struggling to manage the backlog of women who need to make up for lost time, but it’s clear that ProFound AI is playing a role in helping facilities overcome these challenges,” added Stevens. “ProFound AI Risk may also play an integral part in the COVID-19 recovery process for imaging facilities, as it provides clinicians critical information regarding patients’ individual risks of developing breast cancer, which may help them to personalize screening regimens. iCAD is proud to be an integral partner in helping providers and facilities recover from the impact of the COVID-19 pandemic and provide the highest quality care to patients.”

ProFound AI Version 3.0 for Digital Breast Tomosynthesis (DBT) was recently cleared by the U.S. Food and Drug Administration (FDA) in March 2021. Compared to previous versions of the software, the ProFound AI 3.0 algorithm offers up to a 10% improvement in specificity performance and up to 1% improvement in sensitivity.³ The latest version of the platform also offers up to 40% faster processing on the new PowerLook platform.¹ ProFound AI Version 3.0 was developed using over five million images from 30,000 cases, including almost 8,000 biopsy-proven cancers, and validated on approximately one million images from 3,500 cases that included 1,200 biopsy-proven cancers.

iCAD’s Breast Health Solutions suite also includes ProFound AI for 2D Mammography, ProFound AI Risk, the world’s first and only clinical decision support tool that provides an accurate two-year, breast cancer risk estimation that is truly personalized for each woman, based only on a screening mammogram,⁴ and software to evaluate breast density.

About iCAD, Inc.

Headquartered in Nashua, NH, iCAD is a global medical technology leader providing innovative cancer detection and therapy solutions. For more information, visit www.icadmed.com and www.xoftinc.com.

Forward-Looking Statements

Certain statements contained in this News Release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about the benefits of the Company’s products and future prospects for the Company’s technology platforms and products. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited, to the Company’s ability to achieve business and strategic objectives, the willingness of patients to undergo mammography screening in light of risks of potential exposure to Covid-19, whether mammography screening will be treated as an essential procedure, whether ProFound AI will improve reading efficiency, improve specificity and sensitivity, reduce false positives and otherwise prove to be more beneficial for patients and clinicians,  the impact of supply and manufacturing constraints or difficulties on our ability to fulfill our orders, uncertainty of future sales levels, to defend itself in litigation matters, protection of patents and other proprietary rights,  product market acceptance, possible technological obsolescence of products, increased competition, government regulation, changes in Medicare or other reimbursement policies, risks relating to our existing and future debt obligations, competitive factors, the effects of a decline in the economy or markets served by the Company; and other risks detailed in the Company’s filings with the Securities and Exchange Commission. The words “believe,” “demonstrate,” “intend,” “expect,” “estimate,” “will,” “continue,” “anticipate,” “likely,” “seek,” and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on those forward-looking statements, which speak only as of the date the statement was made. The Company is under no obligation to provide any updates to any information contained in this release. For additional disclosure regarding these and other risks faced by iCAD, please see the disclosure contained in our public filings with the Securities and Exchange Commission, available on the Investors section of our website at http://www.icadmed.com and on the SEC’s website at http://www.sec.gov. 

Contacts:

Media inquiries:
Jessica Burns, iCAD  
+1-201-423-4492
[email protected]

Investor Relations:
Jeremy Feffer, LifeSci Advisors
+1-212-915-2568
[email protected]

¹ Duszak, Richard, et al. Characteristics of COVID-19 Community Practice Declines in Noninvasive Diagnostic Imaging Professional Work. Journal of the American College of Radiology: JACR, vol. 17, no. 11, 2020, pp. 1453-1459. Accessed via https://www.jacr.org/article/S1546-1440(20)30742-0/fulltext
² Conant, E et al. (2019). Improving Accuracy and Efficiency with Concurrent Use of Artificial Intelligence for Digital Breast Tomosynthesis. Radiology: Artificial Intelligence. 1 (4). Accessed via https://pubs.rsna.org/doi/10.1148/ryai.2019180096
³ iCAD data on file. Standalone performance varies by vendor. FDA Cleared.
⁴ Eriksson M, Czene K, Strand F, et al. Identification of Women at High Risk of Breast Cancer Who Need Supplemental Screening. [published online ahead of print September 8, 2020]. Radiology. Accessed via https://doi.org/10.1148/radiol.2020201620

ISELIN, N.J., Sept. 09, 2021 (GLOBE NEWSWIRE) — Middlesex Water Company has announced that its Chairman, President and CEO Dennis Doll will be participating in a Virtual Water Utilities Conference hosted by Janney Montgomery Scott on Tuesday, September 14 at 10:00 a.m. (ET). Mr. Doll will share an update on company developments. The Conference is a virtual event to be moderated by Michael Gaugler, Janney Managing Director, Utility & Infrastructure Research. The live presentation as well as a replay of Mr. Doll’s webcast will be available in real time and be posted by the next day at https://wsw.com/webcast/jms5/msex/1632323 or on Middlesex Water’s website www.middlesexwater.com under Investors at the News & Events/Presentations Tab. The presentation will be available for 90 days.

About Middlesex Water Company

Established in 1897, Middlesex Water Company (NASDAQ:MSEX) serves as a trusted provider offering life-sustaining high quality water service for residential, commercial, industrial and fire protection purposes. The Company offers a full range of water, wastewater utility and related services. An investor-owned public utility, Middlesex Water is a professional services provider specializing in municipal and industrial contract operations and water and wastewater system technical operations and maintenance. The company and its subsidiaries form the Middlesex Water family of companies, which collectively serve a population of nearly half a million people in New Jersey and Delaware. The Company invests in its people, infrastructure and the communities it serves to support reliable and resilient utility services, economic growth and quality of life. To learn more about Middlesex Water, visit our website and follow us on Facebook, Twitter and LinkedIn.

Media Contact:

Bernadette Sohler, Vice President – Corporate Affairs
(732) 638-7549
[email protected]