Icecure Medical Ltd. (ICCM)
NASDAQ:ICCM
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Icecure Medical
(NASDAQ:ICCM)
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Rating:46Neutral
Price Target:
$0.32
▼(-62.44% Downside)
Action:ReiteratedDate:04/08/26
The score is held down primarily by weak financial performance (large ongoing losses, heavy cash burn, and shrinking equity) and bearish technicals (price below major moving averages with negative MACD). A more positive earnings-call outlook around regulatory validation and expected commercialization acceleration provides some support, but valuation remains constrained by continued losses and no dividend.
Positive Factors
FDA marketing authorization (ProSense)
Obtaining October 2025 FDA marketing authorization as the first on‑label cryoablation device for a defined breast cancer population creates a durable regulatory moat. This authorization formalizes clinical use, eases hospital credentialing and payer discussions, and materially improves the company's ability to scale U.S. commercial adoption over multiple years.
Negative Factors
Large negative free cash flow
Sustained, material negative free cash flow (~-$14.6M in 2025) is a persistent structural weakness: it forces repeated external financing, constrains reinvestment in sales, manufacturing and studies, and limits runway. Continued burn without clear near‑term breakeven undermines autonomous scaling and increases dilution risk over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
FDA marketing authorization (ProSense)
Obtaining October 2025 FDA marketing authorization as the first on‑label cryoablation device for a defined breast cancer population creates a durable regulatory moat. This authorization formalizes clinical use, eases hospital credentialing and payer discussions, and materially improves the company's ability to scale U.S. commercial adoption over multiple years.
Read all positive factors
Icecure Medical (ICCM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$22.21M
Dividend YieldN/A
Average Volume (3M)679.81K
Price to Earnings (P/E)―
Beta (1Y)-0.02
Revenue Growth-18.96%
EPS Growth8.98%
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.06
Shares Outstanding68,693,054
10 Day Avg. Volume1,254,880
30 Day Avg. Volume679,806
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 Cap0.61
Enterprise Value/Revenue4.00
Enterprise Value/Gross Profit11.03
Enterprise Value/Ebitda-0.91
Forecast
1Y Price Target
$3.00Price Target Upside248.84% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.23
Revenue Forecast (FY)$5.08M
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 Medical primarily makes money by selling its cryoablation platform (including capital equipment used by hospitals and clinics) and recurring-use disposable products (such as single-use cryoprobes and related procedure consumables used each...
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
0.55
Negative
0.61
Negative
0.77
Negative
Market Momentum
-0.08
Positive
29.54
Positive
41.26
Neutral
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 0.47, above the 50-day MA of 0.55, and above the 200-day MA of 0.77, indicating a bearish trend. The MACD of -0.08 indicates Positive momentum. The RSI at 29.54 is Positive, neither overbought nor oversold. The STOCH value of 41.26 is Neutral, 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 | $55.06M | -4.97 | 129.21% | ― | -15.02% | -11.06% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
46 Neutral | $22.21M | -2.58 | -221.04% | ― | -18.96% | 8.98% | |
46 Neutral | $37.09M | -6.63 | -91.34% | ― | 250.35% | 83.06% | |
45 Neutral | $57.86M | -1.67 | -82.79% | ― | 15.59% | 4.13% | |
44 Neutral | $37.93M | -4.85 | -91.54% | ― | -8.97% | 47.29% | |
44 Neutral | $25.39M | -1.43 | -441.55% | ― | 12.24% | 47.45% |
* Healthcare Sector Average
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Icecure Medical Corporate Events
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...
IceCure Medical Reports Record 2025 ProSense® Sales Following Landmark FDA Breast Cancer Clearance
Jan 12, 2026
On January 12, 2026, IceCure Medical reported that 2025 was a pivotal year marked by FDA marketing authorization in October 2025 for its ProSense® cryoablation system as the only on-label, minimally invasive device for the local treatment of ...
IceCure Medical Extends Equity Distribution Agreement with Maxim Group to March 2026
Jan 9, 2026
On January 8, 2026, IceCure Medical Ltd. signed a first amendment to its equity distribution agreement with Maxim Group LLC, extending the termination date of the arrangement from January 13, 2026, to March 13, 2026. The amendment preserves the co...
IceCure Medical Shareholders Approve Amended Articles of Association at January 7 Special Meeting
Jan 8, 2026
On January 7, 2026, IceCure Medical held a Special General Meeting of Shareholders in which a quorum was present and investors approved all agenda items outlined in a previously distributed proxy statement. Following the vote, amendments to the co...
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.