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Icecure Medical
(NASDAQ:ICCM)
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Rating:46Neutral
Price Target:
$1.00
▼(-56.33% Downside)
Action:Reiterated
Date:10/08/26
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.
Positive Factors
Commercial traction
Rapid revenue growth alongside a 70% expansion in the active U.S. installed base indicates improving physician and site adoption. Rising disposable probe utilization also adds a recurring-use component, supporting a potentially more durable commercial model as utilization expands.
Negative Factors
Persistent cash burn
Continued negative operating and free cash flow means the business is not yet funding operations internally. Persistent losses can require additional financing, constrain investment flexibility, and increase dependence on external capital while commercial scale and operating leverage remain unproven.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial traction
Rapid revenue growth alongside a 70% expansion in the active U.S. installed base indicates improving physician and site adoption. Rising disposable probe utilization also adds a recurring-use component, supporting a potentially more durable commercial model as utilization expands.
Read all positive factors
Icecure Medical (ICCM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.70M
Dividend YieldN/A
Average Volume (3M)147.88K
Price to Earnings (P/E)―
Beta (1Y)0.23
Revenue Growth41.62%
EPS Growth20.47%
CountryUS
Employees68
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-6.72
Shares Outstanding3,426,715
10 Day Avg. Volume257,671
30 Day Avg. Volume147,882
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)4.28
Price to Sales (P/S)11.48
P/FCF Ratio-2.65
Enterprise Value/Market Cap1.27
Enterprise Value/Revenue1.19
Enterprise Value/Gross Profit3.31
Enterprise Value/Ebitda-0.29
Forecast
1Y Price Target
$10.00Price Target Upside336.68% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-5.57
Revenue Forecast (FY)$4.53M
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. The...
How the Company Makes Money
IceCure makes money primarily by selling its cryoablation platform and the recurring-use consumables required for procedures. Key revenue streams typically include: (1) capital equipment sales of the company’s cryoablation console/system to hospit...
Icecure Medical Earnings Call Summary
Earnings Call Date:Aug 12, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 25, 2026
Earnings Call Sentiment Positive
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.Positive Updates
Strong Revenue Growth
Revenue for H1 2026 increased approximately 45% year-over-year to $1.8 million (vs. €1.25M in H1 2025), driven by higher sales of both ProSense systems and disposable probes.
Negative Updates
Widening Net Loss
Net loss for H1 2026 was $8.8 million ($3.17 per share) compared to $7.0 million ($3.59 per share) in H1 2025, reflecting higher operating costs associated with commercialization and clinical investments.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Revenue for H1 2026 increased approximately 45% year-over-year to $1.8 million (vs. €1.25M in H1 2025), driven by higher sales of both ProSense systems and disposable probes.
Read all positive 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
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
21
Negative
| 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
Negative
2.29
Price Trends
2.17
Negative
3.31
Negative
9.15
Negative
Market Momentum
-0.32
Positive
16.98
Positive
7.34
Positive
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 2.29 is above the 20-day moving average (MA) of 1.59, above the 50-day MA of 2.17, and below the 200-day MA of 9.15, indicating a bearish trend. The MACD of -0.32 indicates Positive momentum. The RSI at 16.98 is Positive, neither overbought nor oversold. The STOCH value of 7.34 is Positive, 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.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
If we are unable to comply with the Nasdaq continued listing requirements, our Ordinary Shares could be delisted from Nasdaq, which may have a material adverse effect on our liquidity, the ability of shareholders to sell their Ordinary Shares and our ability to obtain additional financing. Q4, 2023
2.
Investors may have difficulty enforcing judgments against us, our directors and management. Q4, 2023
3.
Our management has concluded, and the report of our independent registered public accounting firm contains an explanatory paragraph that indicates that there are conditions that raise substantial doubt about our ability to continue as a going concern, which could prevent us from obtaining new financing on reasonable terms or at all. Q4, 2023
Icecure Medical Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $77.31M | -1.53 | -96.66% | ― | -3.43% | 19.16% | |
47 Neutral | $9.79M | -1.20 | -126.45% | ― | -1.67% | 7.34% | |
46 Neutral | $3.70M | -0.16 | -174.26% | ― | 41.62% | 20.47% | |
46 Neutral | $48.75M | -1.38 | 1248.13% | ― | 6.09% | 30.65% | |
46 Neutral | $51.50M | -4.47 | 120.69% | ― | -44.99% | 48.57% | |
45 Neutral | $11.31M | -0.60 | -445.14% | ― | 8.64% | -61.01% |
* Healthcare Sector Average
ICCM
Icecure Medical
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Icecure Medical Corporate Events
IceCure Medical Updates Board Plans and Agenda Ahead of November 2026 Shareholder Meeting
Oct 5, 2026
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 ove...
IceCure Medical Kept on Temporary CPT Code as AMA Rejects Immediate Upgrade for Breast Tumor Cryoablation
Oct 5, 2026
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 ...
IceCure Medical Sets November 2, 2026 Shareholder Meeting to Vote on Auditor and Executive Equity Awards
Sep 28, 2026
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 o...
IceCure Medical Wins China Regulatory Approval for ProSense® Tumor-Cryoablation System
Sep 10, 2026
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. ...
IceCure Medical Secures Exclusive Dutch Distributor for ProSense Cryoablation Systems
Aug 24, 2026
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 m...
IceCure Medical Expands 2024 Employee Equity Plan With 2.5 Million Additional Shares
Aug 14, 2026
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 int...
IceCure Medical Posts Higher H1 2026 Revenue but Wider Loss on Increased R&D Spend
Aug 12, 2026
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....
IceCure Medical Announces Board Change and New Independent Director
Aug 11, 2026
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 simul...
IceCure Medical Shareholders Approve Special Meeting Agenda on August 6, 2026
Aug 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 q...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.