Icecure Medical (ICCM) AI Stock Analysis

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Icecure Medical

(NASDAQ:ICCM)

Rating:46Neutral

Price Target:

$1.00

▲(2.04%Upside)

Icecure Medical's stock score is primarily affected by its challenging financial performance, with ongoing losses and cash flow issues. While there are positive signals from the recent earnings call, such as FDA progress and regional sales growth, these are outweighed by the company's weak valuation and neutral technical indicators. Significant operational improvements are needed to enhance financial stability and investor confidence.

Positive Factors

Financial Position

IceCure's cash position is bolstered by a recent $10M rights offering, providing sufficient capital for operations into early 2Q26.

Market Potential

ProSense technology represents a significant opportunity within the minimally invasive breast cancer treatment market in the US and internationally.

Regulatory Progress

The FDA advisory panel supports the use of ProSense cryoablation, indicating a favorable outcome for potential FDA clearance.

Negative Factors

Capital Needs

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

Financial Forecast

Analysts are lowering 2025 and 2026 revenue estimates and widening 2025 and 2026 GAAP loss per share expectations.

Product Sales

Preliminary 2Q25 product sales were below expectations, partly due to shipment delays, resulting in lower revenue.

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

Market Cap

$67.66M

Dividend YieldN/A

Average Volume (3M)351.13K

Price to Earnings (P/E)―

Beta (1Y)<0.01

Revenue Growth0.34%

EPS Growth9.38%

CountryUS

Employees64

SectorHealthcare

Sector Strength37

IndustryMedical - Devices

Share Statistics

EPS (TTM)-0.06

Shares Outstanding68,693,054

10 Day Avg. Volume402,292

30 Day Avg. Volume351,129

Financial Highlights & Ratios

PEG Ratio-0.60

Price to Book (P/B)9.80

Price to Sales (P/S)0.00

P/FCF Ratio-4.18

Enterprise Value/Market Cap0.76

Enterprise Value/Revenue3.76

Enterprise Value/Gross Profit36.77

Enterprise Value/Ebitda-0.87

Forecast

1Y Price Target

$2.75

Price Target Upside180.61% Upside

Rating ConsensusModerate Buy

Number of Analyst Covering2

Icecure Medical Business Overview & Revenue Model

Company DescriptionIcecure Medical Ltd. (ICCM) is a medical device company specializing in minimally invasive cancer treatments. The company focuses on developing and commercializing proprietary cryoablation technology for tumor treatment. Icecure's flagship product, the ProSense system, is designed to treat malignant and benign tumors by freezing them, offering a non-surgical alternative for patients.

How the Company Makes MoneyIcecure Medical generates revenue primarily through the sale of its ProSense cryoablation systems and related disposable probes and accessories. The company engages in direct sales and partnerships with distributors to expand its market reach. Revenue is also generated through services related to the installation, training, and maintenance of its systems. Icecure may further benefit from collaborations with healthcare institutions and research organizations, contributing to its earnings through joint ventures or research grants.

Icecure Medical Earnings Call Summary

Earnings Call Date:May 28, 2025

(Q1-2025)

% Change Since: -11.71%|

Next Earnings Date:Aug 18, 2025

Earnings Call Sentiment Neutral

The earnings call highlighted positive developments with the FDA and interest from the medical community, as well as regional sales growth in North America and Europe. However, the company continues to face challenges with overall revenue and profit margins declining, and it remains in a net loss position. Financial support from a major shareholder provides some stability as they await regulatory decisions.

Q1-2025 Updates

Positive Updates

Positive FDA Meeting Outcome

IceCure Medical had a positive high-level meeting with the FDA, leading to a request for a post-market study plan, which is seen as a positive signal for ProSense marketing authorization.

Interest from Medical Community

There was significant interest in ProSense at the American Society of Breast Surgeons 2025 meeting, with many surgeons expressing interest in participating in the post-market study.

Strong Regional Sales Growth

Revenue in North America increased by 11% and in Europe by 60% year-over-year despite an overall slight decline in total revenue.

Financial Support from Largest Shareholder

The company secured a $2 million unsecured loan from its largest shareholder, providing financial flexibility while awaiting FDA decisions.

Negative Updates

Overall Revenue Decline

Total revenue decreased slightly from $743,000 in Q1 2024 to $725,000 in Q1 2025, with declines in Asia by about 40%.

Decline in Gross Profit and Margin

Gross profit decreased from $269,000 to $218,000, and gross margin dropped from 36% to 30% year-over-year.

Ongoing Net Loss

The company reported a net loss of $3.59 million for Q1 2025, slightly less than the $3.61 million loss in Q1 2024.

Company Guidance

During the conference call, IceCure Medical Ltd provided guidance regarding its anticipated milestones and financial expectations. The company highlighted the submission of a post-market study plan to the FDA, which is pivotal for gaining marketing authorization for their ProSense system aimed at treating early-stage low-risk breast cancer in women aged seventy and above, representing a demographic of approximately 46,000 patients annually in the U.S. The study will involve a minimum of 400 patients across 25 sites, with recruitment expected within three years. Financially, IceCure reported a revenue of $725,000 for Q1 2025, slightly down from $743,000 in Q1 2024, with a gross margin of 30%, compared to 36% the previous year. Operating expenses slightly decreased to $3.88 million from $3.92 million, and the net loss was $3.59 million or $0.06 per share, compared to $3.61 million or $0.08 per share last year. The company had cash and cash equivalents of approximately $6.2 million as of May 27, 2025, including a $2 million unsecured bridge loan from Epoch. IceCure plans to scale its U.S. sales team following FDA approval and expand reimbursement opportunities, potentially transitioning from a CPT3 to a CPT1 code.

Icecure Medical Financial Statement Overview

Summary

Icecure Medical faces significant financial challenges with persistent losses, negative cash flow, and modest revenue growth. Despite low leverage, profitability and cash management issues are critical concerns.

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.

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
EBITDA	-15.36M	-15.25M	-16.49M	-9.60M	-4.08M
Net Income	-15.32M	-14.65M	-17.22M	-10.07M	―
Balance Sheet
Total Assets	12.58M	16.41M	30.19M	32.28M	10.34M
Cash, Cash Equivalents and Short-Term Investments	7.56M	11.06M	23.66M	25.62M	3.50M
Total Debt	459.00K	599.00K	597.00K	909.00K	301.04K
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 Price0.98

Price Trends

50DMA

1.00

Positive

100DMA

1.09

Negative

200DMA

1.03

Positive

Market Momentum

MACD

<0.01

Positive

RSI

57.79

Neutral

STOCH

32.87

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 0.98 is below the 20-day moving average (MA) of 1.02, below the 50-day MA of 1.00, and below the 200-day MA of 1.03, indicating a bullish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 57.79 is Neutral, neither overbought nor oversold. The STOCH value of 32.87 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 3 New Risks

Investors may have difficulty enforcing judgments against us, our directors and management. Q4, 2023

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

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

Overall Rating

UnderperformOutperform

Sector (52)

Financial Indicators

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	77 Outperform	$100.14M	12.99	5.00%	―	0.29%	-22.13%
XTNT	54 Neutral	$90.14M	―	-26.20%	―	20.81%	-498.66%
HYPR	53 Neutral	$89.52M	―	-67.86%	―	0.34%	6.20%
NSPR	53 Neutral	$74.75M	―	-113.95%	―	8.49%	6.09%
Sector *	52 Neutral	$7.61B	0.10	-63.03%	2.08%	16.34%	0.32%
ICCM	46 Neutral	$67.66M	―	-173.47%	―	0.34%	9.38%

* Healthcare Sector Average

Performance Comparison

ICCM

Icecure Medical

0.98

0.23

30.67%

FONR

Fonar

15.87

-2.66

-14.36%

NSPR

InspireMD

2.43

-0.96

-28.32%

XTNT

Xtant Medical Holdings

0.65

-0.09

-12.16%

HYPR

Hyperfine

1.15

-0.01

-0.86%

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.Date of analysis: Jul 18, 2025