Icecure Medical Ltd. (ICCM)
NASDAQ:ICCM
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Icecure Medical
(NASDAQ:ICCM)
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Rating:47Neutral
Price Target:
$0.29
▼(-66.63% Downside)
Action:ReiteratedDate:04/24/26
ICCM scores low overall primarily due to weak financial performance (large losses and significant cash burn despite modest revenue) and bearish technicals (below major moving averages with negative MACD). The latest earnings call adds meaningful upside from regulatory validation and stated commercial acceleration plans, but near-term execution and reimbursement timing risks keep the overall score constrained.
Positive Factors
FDA clearance for ProSense
U.S. FDA marketing authorization materially lowers regulatory barriers to commercial adoption, enabling hospital procurement, reimbursement engagement and sales-force deployment. This durable validation supports expanding installed base, recurring consumable demand and long-term revenue potential in North America.
Negative Factors
Large cash burn
Sustained negative operating and free cash flow requires ongoing financing or dilution, constraining the company’s ability to scale commercialization, hire and inventory for a U.S. roll‑out. Prolonged burn increases execution risk if reimbursement or PMS milestones are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
FDA clearance for ProSense
U.S. FDA marketing authorization materially lowers regulatory barriers to commercial adoption, enabling hospital procurement, reimbursement engagement and sales-force deployment. This durable validation supports expanding installed base, recurring consumable demand and long-term revenue potential in North America.
Read all positive factors
Icecure Medical (ICCM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$20.70M
Dividend YieldN/A
Average Volume (3M)695.52K
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue Growth2.67%
EPS Growth20.58%
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.06
Shares Outstanding68,693,054
10 Day Avg. Volume408,295
30 Day Avg. Volume695,519
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)4.29
Price to Sales (P/S)11.48
P/FCF Ratio-2.66
Enterprise Value/Market Cap0.48
Enterprise Value/Revenue2.92
Enterprise Value/Gross Profit8.05
Enterprise Value/Ebitda-0.67
Forecast
1Y Price Target
$3.00Price Target Upside248.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.19
Revenue Forecast (FY)$7.93M
Icecure Medical Business Overview & Revenue Model
Company Description
IceCure 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 treat...
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:Mar 17, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 03, 2026
Earnings Call Sentiment Positive
The call communicated clear positive momentum driven by the October 2025 FDA clearance, a major professional society recommendation (ASBRS), record 2025 revenue ($3.4M) and expanding global and U.S. commercial interest with a growing pipeline and planned expansion of the U.S. sales force. Near-term catalysts include the PMS rollout, transitional pass-through payment and pursuit of CPT1 physician reimbursement, all of which could materially accelerate adoption if achieved. Offsetting risks are execution and timing uncertainties around PMS site conversion, broader reimbursement finalization, regional regulatory approvals (Health Canada, Japan) and limited disclosed detail on production ramp. Overall, the highlights (regulatory validation, society endorsement, revenue records, clinical/publication momentum and expanding pipeline) substantially outweigh the operational and timing lowlights.Positive Updates
Record Revenue and Quarterly Sales
Reported record fourth-quarter sales of approximately $1.3 million and record full-year revenue from sales of $3.4 million for the twelve months ended December 31, 2025.
Negative Updates
Uncertainty and Timing of Broader Reimbursement
While an existing CPT facility payment (~$4,000) is in place, the transitional pass-through payment (up to $900) and CPT1 physician reimbursement remain pending (decisions expected early 2027 and early 2028 respectively), creating near-term reimbursement uncertainty that could limit faster uptake.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Quarterly Sales
Reported record fourth-quarter sales of approximately $1.3 million and record full-year revenue from sales of $3.4 million for the twelve months ended December 31, 2025.
Read all positive updates
Company Guidance
Management guided that, following the Oct 2025 FDA clearance (for women ≥70 and those not suitable for surgery) and the ASBRS 2026 recommendation, IceCure expects accelerating commercial momentum after record Q4 sales of about $1.3M and FY2025 sales of $3.4M, with increased system sales/installations beginning in Q2 2026 and continued growth through 2026, a plan to triple the U.S. commercial team by year‑end, and a post‑marketing study requiring 30 sites (majority identified) with onboarding in the next 3–6 months, all 30 opened by end of 2027 and patient enrollment starting late summer (targeting ~20% enrollment by this time next year); reimbursement metrics include an existing facility CPT payment of ≈$4,000/procedure, a possible transitional pass‑through of up to $900 by early 2027, a CPT‑1 submission planned in Q2 2026 with an expected response in early 2027 and CPT‑1 effective in early 2028; sales cycles were described as a few months to nine months; other cited metrics: 19 ICE3 clinical sites, 60 principal investigators presenting at 10 conferences in 2025, Canada filings for age ≥60 with estimates of ~7,130–~10,000 eligible cases and a Health Canada decision expected in 2026, and ongoing PMDA activity in Japan with Terumo.Icecure Medical Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.38M | 3.29M | 3.23M | 3.08M | 4.14M |
| Gross Profit | 1.11M | 1.45M | 1.30M | 1.45M | 2.19M |
| EBITDA | -14.80M | -15.36M | -15.25M | -16.49M | -9.60M |
| Net Income | -15.06M | -15.32M | -14.65M | -17.22M | -10.07M |
Balance Sheet | |||||
| Total Assets | 13.89M | 12.58M | 16.41M | 30.19M | 32.28M |
| Cash, Cash Equivalents and Short-Term Investments | 8.90M | 7.56M | 11.06M | 23.66M | 25.62M |
| Total Debt | 217.00K | 459.00K | 599.00K | 597.00K | 909.00K |
| Total Liabilities | 4.84M | 5.67M | 4.25M | 4.77M | 5.32M |
| Stockholders Equity | 9.05M | 6.90M | 12.16M | 25.42M | 26.96M |
Cash Flow | |||||
| Free Cash Flow | -14.61M | -12.63M | -13.00M | -15.18M | -13.14M |
| Operating Cash Flow | -14.57M | -12.56M | -12.52M | -14.29M | -12.61M |
| Investing Cash Flow | -36.00K | 446.00K | -713.00K | -891.00K | 3.79M |
| Financing Cash Flow | 15.83M | 9.19M | 83.00K | 13.58M | 30.89M |
Icecure Medical Technical Analysis
Negative
0.86
Price Trends
0.52
Negative
0.59
Negative
0.76
Negative
Market Momentum
-0.06
Negative
37.39
Neutral
86.69
Negative
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 above the 20-day moving average (MA) of 0.39, above the 50-day MA of 0.52, and above the 200-day MA of 0.76, indicating a bearish trend. The MACD of -0.06 indicates Negative momentum. The RSI at 37.39 is Neutral, neither overbought nor oversold. The STOCH value of 86.69 is Negative, 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 |
|---|---|---|---|---|---|---|---|
55 Neutral | $68.42M | -4.97 | 129.21% | ― | -34.37% | 64.65% | |
52 Neutral | $44.25M | -1.69 | -441.55% | ― | 15.84% | 40.19% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $20.70M | -2.58 | -221.04% | ― | 2.67% | 20.58% | |
46 Neutral | $36.75M | -6.64 | -119.92% | ― | -0.38% | 37.91% | |
44 Neutral | $38.58M | -4.85 | -91.54% | ― | 4.13% | 65.48% | |
43 Neutral | $57.02M | -0.99 | -82.79% | ― | 1.23% | 10.65% |
* Healthcare Sector Average
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Icecure Medical Corporate Events
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...
IceCure Medical Posts Strong 5-Year Kidney Cancer Cryoablation Data From ICESECRET Trial
Mar 25, 2026
On March 25, 2026, IceCure Medical reported positive five-year top-line results from its ICESECRET clinical trial evaluating the ProSense® cryoablation system for small renal masses in kidney cancer patients. At a median follow-up of four yea...
IceCure Medical Names New CFO and Plans Key Leadership Changes Amid ProSense® Growth
Mar 24, 2026
On March 19, 2026, IceCure Medical appointed veteran finance executive Meir Peleg as its new Chief Financial Officer, with his tenure set to begin on May 17, 2026, bolstering the company’s leadership as it reports strong commercial momentum ...
IceCure Medical Discloses Resignation of Director Li Haixiang
Mar 17, 2026
On March 17, 2026, IceCure Medical announced that board member Li Haixiang resigned from the company’s Board of Directors, effective the same day. The company stated that his resignation did not result from any disagreement regarding IceCure...
IceCure Medical Posts Record 2025 Sales as ProSense Cryoablation Adoption Accelerates Post-FDA Clearance
Mar 17, 2026
On March 17, 2026, IceCure Medical reported record 2025 sales of $3.4 million, including $1.3 million in the fourth quarter, citing strong global commercial momentum for its ProSense® cryoablation system following U.S. FDA clearance in Octobe...
IceCure Wins FDA Nod for U.S. Post-Marketing ChoICE Study of ProSense Cryoablation in Low-Risk Breast Cancer
Mar 11, 2026
On March 11, 2026, IceCure Medical announced that the U.S. Food and Drug Administration approved the design of its post-marketing ChoICE Trial Post-Market Study for the ProSense® cryoablation system in the local treatment of low-risk breast c...
IceCure Gains Key ASBrS Backing for ProSense Cryoablation in Low-Risk Breast Cancer
Mar 9, 2026
On March 9, 2026, IceCure Medical announced that the American Society of Breast Surgeons’ updated 2026 Resource Guide now recommends cryoablation as an option for biologically low‑risk, early‑stage breast cancer in carefully sele...
IceCure Medical Highlights New PLOS One Data Showing ProSense Cryoablation Effective for Breast Fibroadenomas
Mar 2, 2026
On March 2, 2026, IceCure Medical announced that an independent, investigator-initiated study of its ProSense cryoablation system for treating benign breast tumors, or fibroadenomas, was published in the peer-reviewed journal PLOS One. Conducted a...
IceCure Medical Completes Five-Year Follow Up in ICESECRET Kidney Cancer Cryoablation Study
Feb 23, 2026
On February 23, 2026, IceCure Medical announced it has completed five-year patient follow up in its ICESECRET clinical trial evaluating the ProSense® cryoablation system for small renal masses in kidney cancer patients. The prospective, multi...
IceCure Medical CFO to Step Down After Nearly Decade of Service as Succession Search Advances
Feb 9, 2026
On February 9, 2026, IceCure Medical announced that Chief Financial Officer Ronen Tsimerman has decided to leave the company after nearly a decade of service, with his resignation effective once a successor is appointed. The company said the depar...
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.