Brian Marckx, CFA
IORT CPT Codes Assigned
Today iCAD, Inc. (ICAD) announced that the American Medical Association (AMA) has assigned CPT codes for Intraoperative Radiation Therapy (IORT). The codes, 77424 and 77469, will be active on January 1, 2012.
Establishment of reimbursement via CPT codes should be a catalyst in increasing demand for iCAD's Axxent Electronic Brachytherapy System which is used primarily for the (IORT) treatment of breast cancer. We had anticipated the assignment of CPT codes and model iCAD's brachytherapy-related revenue to show meaningful growth beginning in the back half of the current year as healthcare providers can now be assured of reimbursement and place orders prior to the codes being active.
We picked up coverage of iCAD in July 2011. We currently have an Outperform rating on the stock with a $1.30 price target.
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