Icecure Medical (ICCM) AI Stock Analysis

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Icecure Medical

(NASDAQ:ICCM)

50Neutral

Icecure Medical's overall stock score reflects its ongoing financial challenges, including significant losses and cash flow issues. Positive sales growth and FDA support are counterbalanced by weak technical indicators and valuation concerns. Continued operational improvements and successful regulatory outcomes could enhance its outlook.

Positive Factors

FDA Approval

The FDA Medical Device Advisory Committee Panel gave a favorable recommendation for ICCM's ProSense System, indicating that the benefits outweigh the risks.

Market Potential

ProSense cryoablation procedure has the potential to replace lumpectomy for the target patient population of 65,000 annually in the U.S.

Revenue Growth

Preliminary revenue for the nine months ended September 30, 2024, was up approximately 98% year-over-year, showing significant growth.

Negative Factors

Financial Strain

The company may need to raise additional capital, highlighting potential financial strain.

Revenue Decline

The company's revenue for 4Q24 declined by 30% YoY, missing the projection of $1.2M.

Uncertain FDA Decision

The FDA decision on ICCM’s De Novo Marketing Clearance for a minimally-invasive alternative treatment of early-stage, low-risk breast cancer is uncertain, with no response expected by the end of March.

Icecure Medical (ICCM) vs. S&P 500 (SPY)

Market Cap

$66.75M

Dividend YieldN/A

Average Volume (3M)272.68K

Price to Earnings (P/E)―

Beta (1Y)0.03

Revenue Growth1.92%

EPS Growth6.23%

CountryUS

Employees64

SectorHealthcare

Sector Strength65

IndustryMedical - Devices

Share Statistics

EPS (TTM)-0.30

Shares Outstanding56,569,000

10 Day Avg. Volume127,941

30 Day Avg. Volume272,683

Financial Highlights & Ratios

PEG RatioN/A

Price to Book (P/B)N/A

Price to Sales (P/S)19.17

Price to Cash Flow (P/CF)N/A

P/FCF Ratio0.00

Enterprise Value/Market CapN/A

Enterprise Value/RevenueN/A

Enterprise Value/Gross ProfitN/A

Enterprise Value/EbitdaN/A

Forecast

1Y Price Target

$2.75

Price Target Upside133.05% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering2

Icecure Medical Business Overview & Revenue Model

Company DescriptionIceCure Medical Ltd, a medical device company, engages in the research, development, and commercialization of medical devices for cryoablation (freezing) of tumors in the human body. It offers ProSense system, a cryoablation solution for the treatment of breast tumors. The company was incorporated in 2006 and is headquartered in Caesarea, Israel.

How the Company Makes MoneyIcecure Medical generates revenue primarily through the sale and distribution of its ProSense cryoablation system and related consumables. The company targets hospitals, clinics, and healthcare providers who use the system for the treatment of breast, kidney, lung, and other types of tumors. Additionally, Icecure may engage in partnerships with medical institutions for clinical trials and research initiatives, which can contribute to its revenue. The company also explores strategic collaborations and licensing agreements to expand its market reach and adoption of its technology.

Icecure Medical Financial Statement Overview

Summary

Icecure Medical faces financial challenges with persistent losses and cash flow deficits. Despite low leverage, the company struggles with profitability and cash management. Revenue growth is modest, and significant operational improvements are needed to achieve financial stability.

Income Statement

Negative

Icecure Medical has shown slight revenue growth with a 1.92% increase from 2023 to 2024. However, the gross profit margin is relatively low at 44.1%, and the company remains unprofitable with a significant negative net profit margin of -465.5%. The EBIT and EBITDA margins are also deeply negative, reflecting ongoing operational challenges.

Balance Sheet

Neutral

The company's debt-to-equity ratio is relatively low at 0.066, indicating low leverage. However, the return on equity is negative due to net losses. The equity ratio stands at 54.9%, suggesting a stable financial structure despite declining equity levels.

Cash Flow

Negative

Icecure Medical's cash flow statement reveals ongoing cash burn with negative free cash flow for several years. The operating cash flow to net income ratio is slightly below 1, indicating that cash flow issues are a concern. With no positive growth in free cash flow, financial sustainability remains a challenge.

Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Breakdown
Income Statement		Total Revenue
3.29M	3.23M	3.08M	4.14M	4.08M
	Gross Profit
1.45M	1.30M	1.45M	2.19M	2.66M
	EBIT
-15.70M	-15.58M	-16.74M	-9.72M	―
	EBITDA
-15.36M	-15.25M	-16.49M	-9.60M	-4.08M
	Net Income Common Stockholders
-15.32M	-14.65M	-17.22M	-10.07M	―
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
7.56M	11.06M	23.66M	25.62M	3.50M
	Total Assets
12.58M	16.41M	30.19M	32.28M	10.34M
	Total Debt
459.00K	599.00K	597.00K	909.00K	301.04K
	Net Debt
-7.11M	-9.93M	-23.06M	-24.71M	-3.20M
	Total Liabilities
5.67M	4.25M	4.77M	5.32M	5.75M
	Stockholders Equity
6.90M	12.16M	25.42M	26.96M	4.58M
Cash Flow		Free Cash Flow
-12.63M	-13.00M	-15.18M	-13.14M	―
	Operating Cash Flow
-12.56M	-12.52M	-14.29M	-12.61M	―
	Investing Cash Flow
446.00K	-713.00K	-891.00K	3.79M	―
	Financing Cash Flow
9.19M	83.00K	13.58M	30.89M	5.95M

Icecure Medical Technical Analysis

Technical Analysis Sentiment

Positive

Last Price1.18

Price Trends

50DMA

1.28

Negative

100DMA

1.20

Negative

200DMA

0.93

Positive

Market Momentum

MACD

-0.04

Negative

RSI

49.86

Neutral

STOCH

57.08

Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICCM, the sentiment is Positive. The current price of 1.18 is above the 20-day moving average (MA) of 1.14, below the 50-day MA of 1.28, and above the 200-day MA of 0.93, indicating a neutral trend. The MACD of -0.04 indicates Negative momentum. The RSI at 49.86 is Neutral, neither overbought nor oversold. The STOCH value of 57.08 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 0 New Risks

Icecure Medical Peers Comparison

Overall Rating

UnderperformOutperform

Sector (51)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	63 Neutral	$76.29M	10.79	4.68%	―	-0.83%	-38.41%
Sector *	51 Neutral	$5.31B	3.33	-39.82%	2.92%	17.95%	1.84%
ICCM	50 Neutral	$66.75M	―	-160.70%	―	1.92%	6.23%
XTNT	49 Neutral	$66.75M	―	-34.88%	―	28.44%	-61600.00%
HYPR	45 Neutral	$60.41M	―	-61.03%	―	16.84%	9.43%
NSPR	45 Neutral	$79.65M	―	-84.68%	―	12.96%	33.43%

* Healthcare Sector Average

Performance Comparison

ICCM

Icecure Medical

1.18

-0.02

-1.67%

FONR

Fonar

12.20

-4.07

-25.02%

NSPR

InspireMD

2.60

0.60

30.00%

XTNT

Xtant Medical Holdings

0.48

-0.47

-49.47%

NAOV

NanoVibronix

5.90

-2.44

-29.26%

HYPR

Hyperfine

0.78

-0.06

-7.14%

Icecure Medical Earnings Call Summary

Earnings Call Date: Mar 27, 2025 | % Change Since: 3.51% | Next Earnings Date: May 14, 2025

Earnings Call Sentiment Neutral

IceCure Medical Ltd demonstrated strong sales growth and positive developments in product adoption and support from the FDA advisory panel, while facing challenges with a delayed FDA decision and increased net losses. The financial improvements in gross profit and margin were positive indicators, yet the increase in operating expenses and net loss were areas of concern.

Highlights

Significant Increase in Product Sales

IceCure Medical Ltd reported a 42% increase in product sales in North America, with global sales momentum continuing in Europe, Japan, and other regions.

Expansion and Adoption of ProSense

ProSense cryoablation saw increased adoption in various indications worldwide, with 33 investigator-initiated studies, mostly in breast cancer, published in 2024.

FDA Advisory Panel Support

The FDA Medical Device Advisory Committee panel voted in favor of ProSense's Benefit-Risk Profile for early-stage low-risk breast cancer, indicating potential for future approval.

Improved Financial Metrics

Gross profit increased by 12% to $1.45 million, with gross margin rising to 44% from 40% year-over-year. Non-GAAP gross profit increased by 32% to $1.35 million.

Lowlights

Delayed FDA Decision

The FDA's decision on de novo marketing authorization for ProSense is taking longer than expected, partly due to its novelty and the evolving situation at the FDA.

Increase in Net Loss

Net loss increased by 5% to $15.32 million or $0.30 per share, compared to $14.65 million or $0.32 per share in the previous year.

Operating Expenses Increase

Total operating expenses rose slightly by 2% to $17.15 million, driven by higher sales and marketing expenses.

Company Guidance

During the call, IceCure Medical Ltd provided guidance on several key metrics and developments. The company reported a notable 42% year-over-year increase in product sales in North America, contributing to an overall product sales increase of 8% to $3.19 million for the fiscal year ending December 31, 2024. Total revenue rose slightly to $3.29 million, with gross profit up by 12% to $1.45 million, resulting in an improved gross margin of 44%. Non-GAAP gross profit saw a 32% increase to $1.35 million, with a non-GAAP gross margin of 42%. Operating expenses rose by 2% to $17.15 million, while net loss increased by 5% to $15.32 million. The company held cash and cash equivalents of approximately $7.6 million as of December 31, 2024, and $6 million as of March 24, 2025. Additionally, IceCure raised $2.6 million in net proceeds through sales of ordinary shares. The company remains optimistic about a favorable FDA decision regarding the ProSense device for early-stage low-risk breast cancer and anticipates several catalysts, including regulatory filings in Japan and China, and further data from third-party studies.

Glossary

OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.

NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.

UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.

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.