iCAD, INC. (NASDAQ:ICAD) Files An 8-K Entry into a Material Definitive Agreement

iCAD, INC. (NASDAQ:ICAD) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into Material Definitive Agreement

On June 22, 2020, iCAD, Inc., a Delaware corporation (the “Company”), along with its wholly-owned subsidiaries Xoft, Inc. and Xoft Solutions LLC (together with the Company, collectively, the “Borrowers”), entered into a First Amendment dated as of June 16, 2020 (the “First Amendment“), to the Loan and Security Agreement, dated as of March 30, 2020 (the “Loan Agreement”), with Western Alliance Bank (the “Lender”). The First Amendment (i) amended the financial covenant tied to minimum consolidated revenue contained in the Loan Agreement to provide that, for the testing periods following December 31, 2020, the Borrowers and the Lender will work together in good faith to set future minimum consolidated revenue amounts or the Borrowers will comply with an unrestricted cash to indebtedness covenant, (ii) deleted the maximum net loss financial covenant contained in the Loan Agreement, (iii) added an unrestricted cash to total indebtedness financial covenant to the Loan Agreement and (iv) stipulated that the Borrowers must be in compliance with at least one of the foregoing financial covenants at all times. The Borrowers paid the Lender a fee of $10,000 for the First Amendment.

The foregoing description of the First Amendment is not a complete description of all terms and is qualified in its entirety by reference to the full text of the First Amendment, a copy of which will be filed with the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended June 30, 2020.

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iCAD, Inc. is a provider of advanced image analysis, workflow solutions and radiation therapy for the early identification and treatment of cancer. The Company provides image analysis and clinical decision support solutions for mammography, Magnetic Resonance Imaging and Computed Tomography imaging. It operates in two segments: Cancer Detection (Detection) and Cancer Therapy (Therapy). The Detection segment consists of its advanced image analysis and workflow products, and the Therapy segment consists of its radiation therapy products. The Company sells its products through its direct sales organization, as well as through various original equipment manufacturer partners, distributors and resellers. It develops and markets computer-aided detection (CAD) solutions for digital and film-based mammography systems. Its Axxent SPX Controller includes an optimized skin treatment arm customized for compatibility in confined patient treatment rooms in physician office-based facilities.

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