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IceCure Medical (ICCM)
NASDAQ:ICCM
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Icecure Medical
(NASDAQ:ICCM)
Rating:42Neutral
Price Target:
$1.00
▼(-0.99%Downside)
Positive Factors
Clinical Momentum
Recent clinical and commercial momentum within key markets, including the US, Europe, and Japan, indicates increasing awareness and adoption of ProSense for the treatment of breast cancer and other indications.
Market Potential
The ProSense cryoablation procedure, which is minimally invasive, has the potential to replace lumpectomy for the target patient population of approximately 46,000 women in the U.S. annually.
Regulatory Progress
Analyst is bullish on the advancements ICCM has made on pursuing De Novo marketing authorization from the FDA for early stage, low-risk breast cancer.
Negative Factors
Financial Challenges
The company may need to raise additional capital within the next 12 months due to its current cash position and cash flows from operating activities.
Revenue Decline
The company's revenue for 4Q24 declined by 30% YoY, missing the projection of $1.2M.
Uncertain FDA Decision
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. SPDR S&P 500 ETF (SPY)
Market Cap
$57.70M
Dividend YieldN/A
Average Volume (3M)258.58K
Price to Earnings (P/E)―
Beta (1Y)0.08
Revenue Growth0.34%
EPS Growth9.38%
CountryUS
Employees64
SectorHealthcare
Sector Strength47
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.06
Shares Outstanding56,569,000
10 Day Avg. Volume362,562
30 Day Avg. Volume258,582
Financial Highlights & Ratios
PEG Ratio-0.59
Price to Book (P/B)9.70
Price to Sales (P/S)0.00
P/FCF Ratio-4.14
Enterprise Value/Market Cap0.89
Enterprise Value/Revenue3.76
Enterprise Value/Gross Profit36.77
Enterprise Value/Ebitda-0.87
Forecast
1Y Price Target
$2.75Price Target Upside172.28% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Icecure Medical Business Overview & Revenue Model
Company DescriptionIceCure 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 treatment of breast tumors. The company was incorporated in 2006 and is headquartered in Caesarea, Israel.
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: -10.62%|
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 and cash flow deficits. Despite a stable balance sheet with low leverage, the company struggles with profitability and cash management, as indicated by deeply negative net profit margins and ongoing cash burn.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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.27M | 3.29M | 3.23M | 3.08M | 4.14M | 4.08M |
| Gross Profit | 1.40M | 1.45M | 1.30M | 1.45M | 2.19M | 2.66M |
| EBITDA | -15.37M | -15.36M | -15.25M | -16.49M | -9.60M | -4.08M |
| Net Income | -15.30M | -15.32M | -14.65M | -17.22M | -10.07M | ― |
Balance Sheet | ||||||
| Total Assets | 11.10M | 12.58M | 16.41M | 30.19M | 32.28M | 10.34M |
| Cash, Cash Equivalents and Short-Term Investments | 6.04M | 7.56M | 11.06M | 23.66M | 25.62M | 3.50M |
| Total Debt | 380.00K | 459.00K | 599.00K | 597.00K | 909.00K | 301.04K |
| Total Liabilities | 5.10M | 5.67M | 4.25M | 4.77M | 5.32M | 5.75M |
| Stockholders Equity | 6.00M | 6.90M | 12.16M | 25.42M | 26.96M | 4.58M |
Cash Flow | ||||||
| Free Cash Flow | -13.80M | -12.63M | -13.00M | -15.18M | -13.14M | ― |
| Operating Cash Flow | -13.75M | -12.56M | -12.52M | -14.29M | -12.61M | ― |
| Investing Cash Flow | -50.00K | 446.00K | -713.00K | -891.00K | 3.79M | ― |
| Financing Cash Flow | 8.91M | 9.19M | 83.00K | 13.58M | 30.89M | 5.95M |
Icecure Medical Technical Analysis
Negative
1.01
Price Trends
1.05
Negative
1.17
Negative
1.02
Negative
Market Momentum
-0.01
Negative
49.72
Neutral
90.91
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 1.01 is above the 20-day moving average (MA) of 0.99, below the 50-day MA of 1.05, and below the 200-day MA of 1.02, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.72 is Neutral, neither overbought nor oversold. The STOCH value of 90.91 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.
Investors may have difficulty enforcing judgments against us, our directors and management. Q4, 2023
2.
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
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
Overall Rating
UnderperformOutperform
Sector (60)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $98.56M | 12.61 | 5.00% | ― | 0.29% | -22.13% | |
60 Neutral | HK$15.27B | 5.80 | -7.43% | 4.22% | 11.60% | -21.06% | |
59 Neutral | $99.62M | ― | -26.20% | ― | 20.81% | -498.66% | |
47 Neutral | $53.51M | ― | -67.86% | ― | 0.34% | 6.20% | |
45 Neutral | $68.32M | ― | -113.95% | ― | 8.49% | 6.09% | |
42 Neutral | $57.70M | ― | -173.47% | ― | 0.34% | 9.38% | |
| $2.46M | ― | -28.65% | ― | ― | ― |
* Healthcare Sector Average
Performance Comparison
ICCM
Icecure Medical
1.01
0.28
38.36%
FONR
Fonar
15.41
-1.09
-6.61%
NSPR
InspireMD
2.23
-0.16
-6.69%
XTNT
Xtant Medical Holdings
0.69
0.03
4.55%
NAOV
NanoVibronix
0.95
-6.97
-88.01%
HYPR
Hyperfine
0.72
-0.28
-28.00%
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.