RadNet, Inc., a national provider of diagnostic imaging services and digital health solutions, announced on April 15 that it will acquire iCAD, Inc., a global leader in AI-powered breast imaging technologies, in a $103 million all-stock transaction. The strategic move is expected to significantly accelerate RadNet’s leadership in early cancer detection by integrating iCAD’s widely adopted AI tools into its DeepHealth portfolio.
Deepening AI Capabilities to Improve Early Detection
Breast cancer remains the most diagnosed cancer in women worldwide. Every 14 seconds, a woman is diagnosed with the disease, and in 2025 alone, over 42,000 women are projected to die from breast cancer in the U.S., according to RadNet’s CEO Dr. Howard Berger.
To address this ongoing crisis, RadNet and iCAD are combining forces to enhance accuracy and early diagnosis through artificial intelligence. RadNet’s DeepHealth platform, known for its AI-driven screening solutions, will gain access to iCAD’s ProFound Breast Health Suite—an established suite of tools for mammography analysis, density assessment, and breast arterial calcification.
“Together, our AI solutions can materially expand and improve patient diagnosis and outcomes on a global basis,” said Dr. Berger. “iCAD’s installed base and commercialization capabilities will accelerate our DeepHealth objectives and help us advance population health.”
Expanding Global Reach
iCAD has an installed base of over 1,500 healthcare provider locations across over 50 countries and facilitates over 8 million mammograms annually. Thousands of providers already use its solutions and have processed more than 40 million mammograms globally, with 30% involving tomosynthesis.
By integrating iCAD’s technology and customer base, RadNet gains immediate international reach, complementing its 398 outpatient imaging centers across the U.S. markets. The acquisition positions DeepHealth to become a global AI platform for cancer detection, particularly in breast health—a growing and highly competitive segment of AI-powered diagnostics.
Strategic Synergy and Talent Integration
As part of the acquisition, iCAD’s seasoned engineering and commercial teams will join DeepHealth, enriching RadNet’s internal AI development capacity. This talent infusion is expected to drive innovation across existing and future product lines, including breast cancer risk evaluation and imaging-based cardiovascular indicators like arterial calcification.
Dana Brown, iCAD’s CEO, emphasized the opportunity to redefine how breast cancer and other diseases are detected. “With RadNet’s scale, data access, and clinical leadership, we can expand access to cutting-edge tools, accelerate innovation, and improve radiologist and patient workflows.”
Competitive Context: Positioning in the AI Imaging Market
This acquisition marks a significant move in the fast-evolving AI radiology landscape. RadNet’s strategy mirrors similar market moves by players such as Hologic, GE HealthCare, and Google Health, all of which are investing heavily in AI imaging tools for earlier and more accurate cancer detection.
iCAD has historically been viewed as a pioneering independent in this space. Its acquisition by RadNet gives the company a stronger financial foundation, expanded data assets, and distribution scale—key advantages in navigating the competitive and regulatory complexities of medical AI.
With the FDA tightening evaluation pathways and emphasizing real-world performance data, RadNet’s integrated model of imaging centers and technology development offers a potential advantage in rapidly validating and deploying new AI tools at scale.
Financial and Transaction Details
Under the terms of the agreement, iCAD shareholders will receive 0.0677 shares of RadNet common stock for each share of iCAD. Based on RadNet’s April 14, 2025, closing price, the deal values iCAD at approximately $3.61 per share—representing a 98% premium over iCAD’s closing stock price that day.
The transaction is expected to close in Q2 or Q3 2025, subject to shareholder approval and customary closing conditions. Boards of directors from both companies have unanimously approved the deal. See RadNet Investor Relations for additional information.
Looking Ahead
The deal reflects a broader trend in healthcare technology: the consolidation of best-in-class solutions to accelerate innovation and drive adoption. With RadNet’s data-rich infrastructure and iCAD’s globally deployed AI tools, the combined company is well-positioned to lead the future of breast cancer detection—bringing scalable, accurate, and efficient tools to providers and patients worldwide.
