SCHEDULE: Goldman Sachs Exits ICAD Stake, Reports Zero Ownership

Goldman Sachs Group and its affiliate Goldman Sachs & Co. LLC report zero beneficial ownership in ICAD, Inc. common stock as of September 30, 2025.

Summary

• The Goldman Sachs Group, Inc. and Goldman Sachs & Co. LLC filed an Amendment No. 1 to Schedule 13G regarding their beneficial ownership in ICAD, INC.
• As of September 30, 2025, both reporting persons beneficially own 0.00 shares of ICAD, INC. common stock.
• This represents 0.0% of the class of securities, indicating a complete divestment of their previous stake.
• The filing was made pursuant to Rule 13d-1(b) of the Securities Exchange Act of 1934.
• Goldman Sachs Group, Inc. is classified as a parent holding company and corporation, while Goldman Sachs & Co. LLC is a broker-dealer, investment adviser, and other type of reporting person.

Sentiment

Score: 3

Explanation: The complete divestment by a major institutional investor like Goldman Sachs is generally perceived negatively by the market for the issuer, ICAD, INC., as it may signal a lack of confidence or a strategic shift away from the company.

Positives

• NA

Negatives

• A major institutional investor, Goldman Sachs, has completely divested its stake in ICAD, INC., which could be perceived negatively by the market.
• The complete exit by a sophisticated investor may signal a lack of confidence in ICAD's future prospects or a strategic reallocation of capital away from the company.

Risks

• Potential negative market reaction to the complete divestment by a prominent institutional investor, which could lead to downward pressure on ICAD's stock price.
• Loss of institutional support and potential impact on investor sentiment regarding ICAD, INC.

Future Outlook

The filing does not contain any forward-looking statements or guidance regarding ICAD, INC.'s future performance or outlook.

Management Comments

• We certify that, to the best of our knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under §§ 240.14a-11.

Industry Context

The complete divestment by a major financial institution like Goldman Sachs could be interpreted by the market as a signal of reduced confidence in ICAD, INC.'s specific business prospects or a broader strategic shift in Goldman Sachs' investment portfolio. This action may influence other institutional investors' perceptions of ICAD.

Comparison to Industry Standards

• NA

Stakeholder Impact

• Shareholders of ICAD, INC. may react negatively to the news of a major institutional investor divesting its entire stake, potentially leading to downward pressure on the stock price.
• The divestment could impact investor confidence and the overall perception of ICAD's investment attractiveness.

Next Steps

• NA

Key Dates

Recommendation

The complete divestment by a prominent institutional investor like Goldman Sachs suggests a lack of conviction in ICAD, INC.'s future prospects or a strategic decision to reallocate capital. This action by a sophisticated investor could signal underlying concerns or a belief that better opportunities exist elsewhere, potentially leading to negative market sentiment and downward pressure on ICAD's stock price. Investors might consider this a bearish signal.

Keywords

ICAD INC, Goldman Sachs, Schedule 13G, Beneficial Ownership, Divestment, Institutional Investor, Common Stock, SEC Filing, Equity Stake