iCAD Stock Swings Higher On Google Health Agreement: What's Going On?

Icad Inc ICAD shares are trading higher Monday after the company announced a strategic development and commercialization agreement with Alphabet Inc's GOOG Google Health.

The agreement will allow Google to integrate its artificial intelligence technology into iCAD's portfolio of breast imaging AI solutions. The companies will work together to enhance iCAD's breast cancer AI solutions for mammography and expand access to the technology to millions of women and providers across the globe. iCAD will also leverage Google Cloud's infrastructure to accelerate its cloud-hosted offerings. 

"Joining forces with Google marks a historic milestone for our Company, as leveraging Google's world-class AI and Cloud technology elevates the caliber of our market-leading breast AI technologies and may also accelerate adoption and expand access on a global scale," said Stacey Stevens, president and CEO of iCAD.

"iCAD and Google Health are united in our purpose-driven missions to elevate innovation, improve patient care and optimize outcomes for all."

iCAD is a global medical technology company providing innovative cancer detection and therapy solutions.

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ICAD Price Action: iCAD has a 52-week high of $7.57 and a 52-week low of $1.61.

The stock was up 10.1% at $1.98 at time of publication, according to Benzinga Pro.

Photo: Photo Mix from Pixabay.