iCAD, Inc.
Climate Impact & Sustainability Data (2013, 2022)
Reporting Period: 2013
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Litigation involving the Axxent Flexishield Mini, alleging personal injury due to gross negligence and product liability.
- Decreased demand for digital CAD systems from OEM customers.
- Decreasing market for film-based products as customers transition to digital technologies.
Mitigation Strategies
- Vigorous defense of lawsuits.
- Focus on developing new products and enhancing existing ones to meet market demands.
- Adapting to the shift towards digital technologies.
Supply Chain Management
Climate-Related Risks & Opportunities
Reporting Period: 2022
Environmental Metrics
Social Achievements
- Launched a restructuring plan to reduce operating expenses and align cost structure with long-term strategic goals.
Climate Goals & Targets
Environmental Challenges
- Continued impact of the COVID-19 pandemic on product demand, supply chain, clinical trials, and operations.
- Slowness in overall economic recovery.
- Competition from larger companies with greater resources.
- Barriers to broad market acceptance of new products and treatments.
- Uncertainty of revenue from the new subscription license model.
- Potential for product liability claims.
- Dependence on a limited number of customers and suppliers.
- Highly competitive markets.
- Risks related to intellectual property protection.
- Difficulty in attracting and retaining qualified personnel.
- Risks associated with international operations.
- Compliance with extensive government regulations.
- Potential for cybersecurity breaches.
- Fluctuations in quarterly and annual operating and financial results.
- Need for additional capital.
- Risks related to the Company's financial position and need for additional capital.
Mitigation Strategies
- Implemented cost-cutting measures to reduce operating expenses and manufacturing costs.
- Restructuring plan to reduce workforce and operating expenses.
- Focus on disciplined spending.
- Development of clinical support for and adoption of products and solutions.
- Expansion of software licensing model options.
- Development of new products and services.
- Business continuity planning to protect against disruptions.
- Enhanced security measures to protect against security breaches.
- Continued investment in research and development.
- Efforts to retain current key employees and attract additional qualified personnel.
- Diversification of sales channels and partnerships.
- Compliance training and education for employees.