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IceCure Medical (ICCM)
NASDAQ:ICCM
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Icecure Medical
(NASDAQ:ICCM)
41Neutral
Positive Factors
Financial Performance
Preliminary revenue for the nine months ended September 30, 2024, was up approximately 98% year-over-year, showing significant growth.
Market Growth Potential
ProSense cryoablation procedure has the potential to replace lumpectomy for the target patient population of 65,000 annually in the U.S.
Regulatory Approval
The FDA Medical Device Advisory Committee Panel gave a favorable recommendation for ICCM's ProSense System, indicating that the benefits outweigh the risks.
Negative Factors
Financial Strain
The company may need to raise additional capital, highlighting potential financial strain.
Lowered Revenue Estimates
Analysts are lowering 2025 and 2026 revenue estimates and widening 2025 and 2026 GAAP loss per share expectations.
Uncertain Regulatory Approval
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
$70.15M
Dividend YieldN/A
Average Volume (3M)351.69K
Price to Earnings (P/E)―
Beta (1Y)0.14
Revenue Growth1.92%
EPS Growth6.23%
CountryUS
Employees64
SectorHealthcare
Sector Strength62
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.30
Shares Outstanding56,569,000
10 Day Avg. Volume453,456
30 Day Avg. Volume351,695
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
$2.75Price Target Upside121.77% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Icecure Medical Business Overview & Revenue Model
Company DescriptionIcecure Medical (ICCM) is a medical device company specializing in minimally invasive cryoablation technology. The company operates within the healthcare and medical device sectors, focusing on developing innovative solutions for the treatment of tumors. Icecure's core product, the ProSense system, uses liquid nitrogen-based cryoablation technology to freeze and destroy tumors, offering a non-surgical alternative for patients with cancerous and benign tumors.
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
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.35
Negative
Balance Sheet
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.55
Neutral
Cash Flow
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.30
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| 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
Positive
1.24
Price Trends
1.31
Negative
1.13
Positive
0.90
Positive
Market Momentum
-0.05
Positive
46.91
Neutral
37.23
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 1.24 is below the 20-day moving average (MA) of 1.29, below the 50-day MA of 1.31, and above the 200-day MA of 0.90, indicating a neutral trend. The MACD of -0.05 indicates Positive momentum. The RSI at 46.91 is Neutral, neither overbought nor oversold. The STOCH value of 37.23 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 (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $1.26B | 7.69 | 24.31% | ― | -19.76% | 0.38% | |
60 Neutral | $256.39M | ― | -38.45% | ― | 15.29% | 45.45% | |
52 Neutral | $1.51B | ― | 18.68% | ― | 36.00% | 63.50% | |
51 Neutral | $1.07B | ― | -6.14% | ― | -20.89% | 83.44% | |
48 Neutral | $6.86B | 1.11 | -50.22% | 2.47% | 16.71% | 1.53% | |
44 Neutral | $62.50M | ― | -120.52% | ― | 1.80% | 33.06% | |
41 Neutral | $70.15M | ― | -160.70% | ― | 1.92% | 6.23% |
* Healthcare Sector Average
Performance Comparison
ICCM
Icecure Medical
1.23
-0.02
-1.60%
BCRX
BioCryst
7.33
2.73
59.35%
CERS
Cerus
1.29
-0.60
-31.75%
BLFS
BioLife Solutions
22.44
4.93
28.16%
CTSO
Cytosorbents
0.99
0.03
3.13%
INMD
InMode
16.30
-3.53
-17.80%
Icecure Medical Earnings Call Summary
Earnings Call Date: Mar 27, 2025 | % Change Since: 8.77% | 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.