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Icecure Medical (ICCM) AI Stock Analysis
Icecure Medical
(NASDAQ:ICCM)
The score is held down primarily by weak financial fundamentals (large ongoing losses and persistent negative free cash flow) and a strongly bearish technical setup (price below all major moving averages with very weak momentum). These are partially offset by a positive earnings-call backdrop showing accelerating revenue growth, expanding U.S. commercial footprint, and improved liquidity after financing, but execution and reimbursement timing risks remain material.
Icecure Medical (ICCM) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $1.90M
- Dividend Yield
- ―
- Average Volume (3M)
- 145.51K
- Price to Earnings (P/E)
- -0.1
- Beta (1Y)
- 0.33
- Revenue Growth
- 41.62%
- EPS Growth
- 20.47%
- Country
- US
- Employees
- 68
- Sector
- Healthcare
- Sector Strength
- 51
- Industry
- Medical - Devices
Icecure Medical Business Overview & Revenue Model
Company Description
Headquartered in Caesarea, Israel, and founded in 2006, IceCure Medical Ltd is a medical device enterprise dedicated to inventing, refining, and marketing innovative solutions for treating human tumors through cryoablation, a freezing process. Their...
Icecure Medical Earnings Call Summary
The call presents a constructive growth story: significant top‑line growth (≈45% YoY), meaningful expansion of the U.S. commercial installed base (~70% growth, >30 active sites), rising recurring utilization, positive clinical results and publications, and a strengthened cash position (~$12M) after financing. These operational and clinical advances are tempered by an increased net loss (H1 2026: $8.8M), higher operating expenses to fund commercialization and R&D, foreign exchange headwinds that compressed margins, and remaining uncertainty around reimbursement timelines and CHOICE enrollment timing. On balance, the company appears to be transitioning into a commercial growth phase with near‑term execution and reimbursement risks that are being actively managed.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Management reiterated it is on track to convert clinical progress into commercial momentum, reporting H1 2026 revenue of $1.8M (+45% YoY vs. €1.25M), gross profit $548K (gross margin 30% vs. 28% prior), R&D $4.3M, sales & marketing $2.5M, G&A $2.4M, net loss $8.8M (‑$3.17/share) and ending cash of ~ $12M (vs. €8.9M YE2025) after ~ $8.5M gross financing in Q2; commercial metrics include ~70% growth in the active U.S. installed base to above 30 sites and ~20–25% more systems sold YoY (placements flat) with rising disposable probe utilization, and clinical milestones include >10 CHOICE sites in process (2 sites IRB‑approved/signed) with first patient enrollment expected in 3–4 weeks and a plan to meet the FDA enrollment hurdle (80 patients) by March 2027; management noted ICE3 five‑year positive data, ongoing publications/ guideline engagement, continued U.S. sales hires, FX headwinds on margin, Q3 seasonality (weaker) and Q4 typically strongest, and that CPT/reimbursement activities are progressing under AMA confidentiality.
Icecure Medical Financial Statement Overview
Summary
Top-line is improving (TTM revenue growth cited ~10.7%), and the balance sheet has very low leverage, which reduces solvency risk. However, profitability and cash generation remain major weaknesses: operating and net losses are very large relative to revenue, ROE is deeply negative, and operating/free cash flow are consistently negative, implying ongoing reliance on external funding.
Income Statement
24NegativeBalance Sheet
62PositiveCash Flow
21Negative| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.95M | 3.38M | 3.29M | 3.23M | 3.08M | 4.14M |
| Gross Profit | 1.43M | 1.23M | 1.45M | 1.30M | 1.45M | 2.19M |
| EBITDA | -16.44M | -14.80M | -15.36M | -15.25M | -16.25M | -9.43M |
| Net Income | -16.88M | -15.06M | -15.32M | -14.65M | -16.98M | -9.89M |
Balance Sheet | ||||||
| Total Assets | 17.71M | 13.89M | 12.58M | 16.41M | 30.19M | 32.28M |
| Cash, Cash Equivalents and Short-Term Investments | 12.03M | 8.90M | 7.56M | 11.06M | 23.66M | 25.62M |
| Total Debt | 90.00K | 217.00K | 459.00K | 599.00K | 597.00K | 909.00K |
| Total Liabilities | 5.81M | 4.84M | 5.67M | 4.25M | 4.77M | 5.32M |
| Stockholders Equity | 11.90M | 9.05M | 6.90M | 12.16M | 25.42M | 26.96M |
Cash Flow | ||||||
| Free Cash Flow | -16.39M | -14.61M | -12.63M | -13.00M | -15.18M | -13.14M |
| Operating Cash Flow | -16.32M | -14.57M | -12.56M | -12.52M | -14.29M | -12.61M |
| Investing Cash Flow | 158.32K | -36.00K | 446.00K | -713.00K | -891.00K | 3.79M |
| Financing Cash Flow | 22.91M | 15.83M | 9.19M | 83.00K | 13.58M | 30.89M |
Icecure Medical Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICCM, the sentiment is Negative. The current price of 0.87 is below the 20-day moving average (MA) of 1.04, below the 50-day MA of 1.63, and below the 200-day MA of 7.83, indicating a bearish trend. The MACD of -0.22 indicates Negative momentum. The RSI at 17.32 is Positive, neither overbought nor oversold. The STOCH value of 21.79 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ICCM.
Icecure Medical Risk Analysis
Icecure Medical disclosed 76 risk factors in its most recent earnings report. Icecure Medical reported the most risks in the "Finance & Corporate" category.
Latest Risks Added
3 New RisksIcecure Medical Peers Comparison
Overall Rating
LUNG55Neutral
TELA49Neutral
CTSO46Neutral
MDAI46Neutral- ICCM46Neutral
NMTC40Underperform
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| LUNG | 55Neutral | $129.06M | -2.58 | -98.23% | ― | -3.15% | 28.45% |
| Sector * | 51Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% |
| TELA | 49Neutral | $36.57M | -1.04 | 1248.13% | ― | 6.09% | 30.65% |
| CTSO | 46Neutral | $14.31M | -0.72 | -445.14% | ― | 8.64% | -61.01% |
| MDAI | 46Neutral | $49.24M | -4.36 | 120.69% | ― | -44.99% | 48.57% |
| ICCM | 46Neutral | $2.98M | -0.13 | -174.26% | ― | 41.62% | 20.47% |
| NMTC | 40Underperform | $8.44M | -1.02 | -126.45% | ― | -1.67% | 7.34% |
* Healthcare Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| ICCM | Icecure Medical Ltd. | 0.84 | -20.88 | -96.12% | |
| CTSO | Cytosorbents Corp | 4.12 | -11.70 | -73.96% | |
| NMTC | Neuroone Medical Technologies Corporation | 0.93 | -3.40 | -78.46% | |
| TELA | Tela Bio, Inc. | 0.80 | -0.49 | -38.06% | |
| LUNG | Pulmonx Corporation | 2.58 | 0.86 | 50.00% | |
| MDAI | Spectral Ai, Inc. Class A | 1.52 | -0.45 | -22.84% |
Icecure Medical Corporate Events
IceCure Medical Sets Vote on Reverse Share Split Authority
On November 2, 2026, IceCure Medical disclosed plans for a special shareholder meeting scheduled for November 19, 2026, with shareholders of record on November 4 eligible to vote. The meeting agenda included a proposal to authorize one or more revers...
IceCure Medical Shareholders Approve Agenda After Quorum Delay
IceCure Medical Ltd. is a medical-device company focused on minimally invasive cryoablation technologies for treating tumors, including breast-cancer applications.On November 2, 2026, the company held its Annual and Special General Meeting after init...
IceCure Showcases Strong Clinical Data and European Physician Support for ProSense Breast Cryoablation at EUSOBI 2026
On October 13, 2026, IceCure Medical highlighted growing clinical and physician support for its ProSense® breast cancer cryoablation system at the European Society of Breast Imaging’s Annual Scientific Meeting in Maastricht, Netherlands. T...
IceCure Medical Updates Board Plans and Agenda Ahead of November 2026 Shareholder Meeting
IceCure Medical Ltd. reported a forthcoming change to its board on October 4, 2026, when director Yang Huang notified the company he would not seek re-election for another term. The company said his decision was not related to any disagreement over o...
IceCure Medical Kept on Temporary CPT Code as AMA Rejects Immediate Upgrade for Breast Tumor Cryoablation
In June 2026, IceCure Medical applied to the American Medical Association for a permanent CPT Category I code to replace the current Category III code for cryoablation of cancerous breast tumors using its ProSense system. The request was reviewed at...
IceCure Medical Sets November 2, 2026 Shareholder Meeting to Vote on Auditor and Executive Equity Awards
IceCure Medical has called an Annual and Special General Meeting of shareholders to be held remotely on November 2, 2026, with record dates set in early October for voting eligibility. The meeting will ask investors to approve the re-appointment of i...
IceCure Medical Wins China Regulatory Approval for ProSense® Tumor-Cryoablation System
On September 10, 2026, IceCure Medical announced it received regulatory approval from China’s National Medical Products Administration to market its ProSense® cryoablation system and associated cryoprobes as a Class III medical device. The...
IceCure Medical Secures Exclusive Dutch Distributor for ProSense Cryoablation Systems
On August 24, 2026, IceCure Medical announced it had signed an exclusive distribution agreement with Netherlands-based Scovas Medical to commercialize ProSense® cryoablation systems for breast cancer and interventional oncology in the Dutch mark...
IceCure Medical Expands 2024 Employee Equity Plan With 2.5 Million Additional Shares
On August 11, 2026, IceCure Medical’s board approved a significant increase in the pool of ordinary shares reserved for its 2024 Employee Equity Incentive Plan, adding 2,500,000 shares to bring the total to 2,612,667. The move signals an intent...
IceCure Medical Posts Higher H1 2026 Revenue but Wider Loss on Increased R&D Spend
IceCure Medical filed a Form 6-K on August 12, 2026, reporting unaudited interim condensed consolidated financial statements and management’s discussion for the six months ended June 30, 2026. The filing shows first-half 2026 revenues of $1.818...
IceCure Medical Announces Board Change and New Independent Director
On August 11, 2026, IceCure Medical reported that director Vincent Chun Hung Chan resigned from its Board, effective August 14, 2026, with the company clarifying the move was not due to any disagreement over operations or policies. The board simultan...
IceCure Medical Shareholders Approve Special Meeting Agenda on August 6, 2026
On August 6, 2026, IceCure Medical convened a Special General Meeting of shareholders in Caesarea, Israel, which was initially adjourned at 5:00 p.m. due to a lack of quorum. The meeting was successfully reconvened at 6:30 p.m., at which point a quor...
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 08, 2026