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Icecure Medical
(NASDAQ:ICCM)
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Rating:50Neutral
Price Target:
$5.00
▲(481.40% Upside)
Action:Reiterated
Date:07/01/26
The score is held down primarily by sustained heavy losses and significant cash burn that far exceed the current revenue base, despite a low-debt balance sheet. Offsetting this, the earnings call indicates improving commercial momentum (26% YoY growth, rising U.S. accounts, FDA-related traction) with continued growth expected, but reimbursement timing uncertainty and long conversion cycles temper the near-term outlook. Limited technical data and an uninformative negative P/E further constrain conviction.
Positive Factors
Regulatory validation and U.S. commercial traction
FDA clearance is a durable commercial enabler: it materially lowers clinical adoption barriers, legitimizes ProSense® in key oncology workflows, and directly expanded active U.S. accounts. That regulatory validation supports sustainable system placements, follow‑on consumable demand and easier hospital procurement over multiple quarters.
Negative Factors
Persistent cash burn and negative operating cash flow
Cash outflows far exceed operating receipts, so the business cannot self‑fund growth or clinical studies. This structural burn drives recurring financing needs, dilutive capital raises or reliance on partner funding, and creates execution risk if market access or fundraising windows tighten over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory validation and U.S. commercial traction
FDA clearance is a durable commercial enabler: it materially lowers clinical adoption barriers, legitimizes ProSense® in key oncology workflows, and directly expanded active U.S. accounts. That regulatory validation supports sustainable system placements, follow‑on consumable demand and easier hospital procurement over multiple quarters.
Read all positive factors
Icecure Medical (ICCM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$15.04M
Dividend YieldN/A
Average Volume (3M)5.35M
Price to Earnings (P/E)―
Beta (1Y)0.31
Revenue Growth8.92%
EPS Growth17.50%
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-6.98
Shares Outstanding2,806,701
10 Day Avg. Volume15,907,880
30 Day Avg. Volume5,348,202
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 Cap0.43
Enterprise Value/Revenue1.81
Enterprise Value/Gross Profit4.94
Enterprise Value/Ebitda-0.42
Forecast
1Y Price Target
$44.50Price Target Upside5074.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-6
Revenue Forecast (FY)$6.37M
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 primarily makes money by selling its cryoablation platform and related procedure consumables. Key revenue streams include: (1) Sales of cryoablation systems (capital equipment) to hospitals, clinics, and physician practices; (2) Recurring ...
Icecure Medical Earnings Call Summary
Earnings Call Date:May 12, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call conveys strong positive momentum driven by 26% revenue growth, outsized North America (84%) and U.S. (31%) gains, FDA clearance, increasing active accounts (+46%), an approved 30‑site Choice post‑market study, and expanding commercial and clinical validation. Key near‑term risks include reimbursement timing (CPT‑1 and pass‑through uncertainty), limitations for office‑based reimbursement, and multi‑quarter conversion timelines for leads to system sales. On balance, the positives (regulatory milestone, accelerating sales, study approval and pipeline growth) outweigh the challenges, while some execution and reimbursement risks remain.Positive Updates
Quarterly Revenue Growth
Reported revenue growth of 26% year-over-year for Q1 2026, driven by new system placements and increased sales of disposable probes.
Negative Updates
Reimbursement Timing and Uncertainty
CPT‑1 physician reimbursement decision is not expected until early 2027 (potentially effective 01/01/2028), creating a multi‑year timeline for full reimbursement rollout and potential revenue impact in the near term.
Read all updates
Q1-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Reported revenue growth of 26% year-over-year for Q1 2026, driven by new system placements and increased sales of disposable probes.
Read all positive updates
Company Guidance
The company guided to continued commercial momentum in 2026 after reporting Q1 revenue growth of 26% YoY (North America sales +84%, U.S. sales +31%), noting active U.S. accounts rose from 13 to 19 (a 46% increase) and that many leads are expected to convert into system sales in 2026 and into early 2027; it plans to expand the U.S. sales team, expects a strong Q2 and continued quarter‑over‑quarter growth (with seasonally slower summer quarters and a stronger Q4), and highlighted its 30‑site CHOICE post‑market study (about half of current active sites will participate) with a first patient expected before Sept 5 and a plan to complete 80 patients by March 2027; reimbursement progress includes an established facility CPT code covering roughly $4,000, intent to submit for a CPT‑1 physician code (submission in June with a decision expected in early 2027 and potential effective date 01/01/2028), and an application for transitional pass‑through payment that could add about $9,000 by early 2027 if approved; the company also expects Health Canada approval before year‑end and anticipates a Japan submission by mid‑2026/early Q3.Icecure Medical Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.56M | 3.38M | 3.29M | 3.23M | 3.08M | 4.14M |
| Gross Profit | 1.30M | 1.23M | 1.45M | 1.30M | 1.45M | 2.19M |
| EBITDA | -15.41M | -14.80M | -15.36M | -15.25M | -16.49M | -9.60M |
| Net Income | -15.74M | -15.06M | -15.32M | -14.65M | -17.22M | -10.07M |
Balance Sheet | ||||||
| Total Assets | 13.30M | 13.89M | 12.58M | 16.41M | 30.19M | 32.28M |
| Cash, Cash Equivalents and Short-Term Investments | 8.12M | 8.90M | 7.56M | 11.06M | 23.66M | 25.62M |
| Total Debt | 139.00K | 217.00K | 459.00K | 599.00K | 597.00K | 909.00K |
| Total Liabilities | 4.81M | 4.84M | 5.67M | 4.25M | 4.77M | 5.32M |
| Stockholders Equity | 8.49M | 9.05M | 6.90M | 12.16M | 25.42M | 26.96M |
Cash Flow | ||||||
| Free Cash Flow | -15.34M | -14.61M | -12.63M | -13.00M | -15.18M | -13.14M |
| Operating Cash Flow | -15.25M | -14.57M | -12.56M | -12.52M | -14.29M | -12.61M |
| Investing Cash Flow | 145.32K | -36.00K | 446.00K | -713.00K | -891.00K | 3.79M |
| Financing Cash Flow | 17.22M | 15.83M | 9.19M | 83.00K | 13.58M | 30.89M |
Icecure Medical Technical Analysis
Negative
0.86
Price Trends
6.34
Negative
10.90
Negative
16.75
Negative
Market Momentum
-0.14
Negative
48.67
Neutral
15.06
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 0.86 is below the 20-day moving average (MA) of 4.74, below the 50-day MA of 6.34, and below the 200-day MA of 16.75, indicating a neutral trend. The MACD of -0.14 indicates Negative momentum. The RSI at 48.67 is Neutral, neither overbought nor oversold. The STOCH value of 15.06 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% | |
50 Neutral | $15.04M | -0.77 | -211.73% | ― | 8.92% | 17.50% | |
50 Neutral | $58.71M | -1.07 | -92.94% | ― | 1.23% | 10.65% | |
47 Neutral | $32.29M | -0.91 | -1344.47% | ― | 13.48% | 43.42% | |
46 Neutral | $56.96M | -3.39 | 179.24% | ― | -44.27% | -0.39% | |
45 Neutral | $26.11M | -3.45 | -98.33% | ― | 4.94% | 39.27% | |
43 Neutral | $24.51M | -2.09 | -165.13% | ― | 7.72% | 34.39% |
* Healthcare Sector Average
ICCM
Icecure Medical
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Icecure Medical Corporate Events
IceCure Medical Faces Certified Class Action Over 2021 Private Placement, Plans Court Challenge
Jun 26, 2026
IceCure Medical disclosed that on May 5, 2026, the Tel Aviv District Court approved the certification of a class action originally filed in July 2021 by a shareholder against the company, its officers, directors, controlling shareholder and certai...
IceCure Medical Regains Nasdaq Compliance on Minimum Bid Price
Jun 25, 2026
On June 25, 2026, IceCure Medical reported that it regained compliance with Nasdaq’s minimum bid price requirement after receiving formal notice from Nasdaq on June 18, 2026. The company’s ordinary shares maintained a closing bid price...
IceCure Medical Boosts U.S. ProSense Install Base 70% and Prices $5.5 Million Private Placement
Jun 18, 2026
On June 17, 2026, IceCure reported a 70% increase in its active U.S. commercial install base of ProSense® systems for breast cancer cryoablation since FDA marketing authorization in October 2025, highlighting accelerating adoption and rising ...
IceCure Medical Enacts 1-for-30 Reverse Share Split to Bolster Nasdaq Compliance
Jun 2, 2026
On June 2, 2026, IceCure Medical announced a 1-for-30 reverse share split of its ordinary shares as part of efforts to regain compliance with Nasdaq’s $1.00 minimum bid price requirement and support its broader capital markets strategy. The ...
IceCure Showcases Strong ProSense® Cryoablation Data and Surge in Clinical Interest at ECIO 2026
May 19, 2026
IceCure Medical reported that its ProSense® cryoablation technology achieved strong long-term results in multiple independent studies presented at the European Conference on Interventional Oncology 2026, held in Basel, Switzerland from April ...
IceCure Medical Wins Nasdaq Extension to Restore Minimum Bid Compliance
May 13, 2026
On May 13, 2026, IceCure Medical announced that Nasdaq granted the company an additional 180-day period, until November 9, 2026, to regain compliance with the exchange’s $1.00 minimum bid price rule for its ordinary shares. The extension fol...
IceCure Medical Sets Up At-the-Market Equity Program With A.G.P./Alliance Global Partners
May 12, 2026
On May 12, 2026, IceCure Medical entered into a sales agreement with A.G.P./Alliance Global Partners, allowing the company to issue and sell ordinary shares from time to time through an at-the-market offering under its effective Form F-3 shelf reg...
IceCure Medical Posts Strong Q1 2026 ProSense® Growth in U.S. After FDA Clearance
May 12, 2026
On May 12, 2026, IceCure Medical reported first-quarter 2026 results showing a 26% rise in global revenue to $911,000, driven by strong demand for its ProSense® cryoablation system in North America, where sales rose 84% and U.S. sales grew 31...
IceCure Medical Shareholders Approve Agenda Item at May 11 Special Meeting After Initial Adjournment
May 11, 2026
On May 11, 2026, IceCure Medical Ltd. convened a Special General Meeting of Shareholders in Caesarea, Israel, which was initially adjourned at 5:00 p.m. local time due to lack of quorum but successfully reconvened at 6:30 p.m. with sufficient shar...
IceCure Medical Faces Certified Class Action in Israel Over 2021 Private Placement
May 6, 2026
IceCure Medical disclosed that on May 5, 2026, the Tel Aviv District Court approved a motion to certify as a class action a shareholder claim originally filed on July 5, 2021, concerning a March 7, 2021 private placement. The proceeding, brought a...
IceCure Medical Calls May 11 Special Meeting to Approve Potential Reverse Share Split
Apr 22, 2026
IceCure Medical has called a special general meeting of shareholders to be held remotely on May 11, 2026, with a record date of April 27, 2026, to vote on a single proposal. The board is seeking shareholder approval for a potential reverse split o...
IceCure Medical Sees 30%+ U.S. ProSense Revenue Jump as SBI 2026 Data Underscore Cryoablation Cost Benefits
Apr 21, 2026
On April 21, 2026, IceCure Medical reported that preliminary, unaudited U.S. revenue from its ProSense® systems and cryoprobes rose more than 30% in the first quarter of 2026 versus the same period in 2025, reflecting early commercial tractio...
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.