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SeaStar Medical Holding
(NASDAQ:ICU)
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Rating:48Neutral
Price Target:
$3.50
▲(52.17% Upside)
Action:Reiterated
Date:07/02/26
ICU’s score is primarily constrained by weak financial performance—large operating losses and sustained cash burn despite improving revenue and very high gross margins. Technicals are mixed (some near-term strength but weaker longer-term trend), while valuation is limited by negative earnings and no dividend support. The earnings call adds incremental upside from strong YoY commercial traction and trial progress, but near-term execution, regulatory risk, and dilution remain meaningful.
Positive Factors
High Gross Margin
SeaStar's reported gross margins above 90% reflect highly favorable unit economics for its SCD device and consumables. Persistent product-level margins create structural operating leverage: as volumes scale, incremental revenue can flow directly to improving operating profitability and cash generation.
Negative Factors
High Cash Burn
SeaStar's persistent negative operating and free cash flow of roughly -$13.7M TTM signals significant runway pressure. Continued cash consumption will likely require external financing or partnerships, increasing dilution risk and potentially constraining strategic choices if revenue scaling lags.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margin
SeaStar's reported gross margins above 90% reflect highly favorable unit economics for its SCD device and consumables. Persistent product-level margins create structural operating leverage: as volumes scale, incremental revenue can flow directly to improving operating profitability and cash generation.
Read all positive factors
SeaStar Medical Holding (ICU) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$19.67M
Dividend YieldN/A
Average Volume (3M)3.06M
Price to Earnings (P/E)―
Beta (1Y)1.67
Revenue Growth235.51%
EPS Growth85.50%
CountryUS
Employees19
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-4.10
Shares Outstanding3,997,002
10 Day Avg. Volume1,756,841
30 Day Avg. Volume3,057,972
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)4.78
Price to Sales (P/S)40.32
P/FCF Ratio-3.66
Enterprise Value/Market Cap-0.02
Enterprise Value/Revenue-0.23
Enterprise Value/Gross Profit-0.25
Enterprise Value/Ebitda0.03
Forecast
1Y Price Target
$8.00Price Target Upside247.83% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-3.32
Revenue Forecast (FY)$1.87M
SeaStar Medical Holding Business Overview & Revenue Model
Company Description
SeaStar Medical Holding Corporation is a medical device company dedicated to providing innovative solutions and services designed to combat hyperinflammation and cytokine storm in critically ill individuals. The company specializes in developing a...
How the Company Makes Money
SeaStar Medical’s business model is centered on generating revenue from the commercialization of its device-based therapies, primarily the Selective Cytopheretic Device (SCD). The company’s potential revenue streams include (1) product sales of th...
SeaStar Medical Holding Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call communicated clear commercial and clinical momentum: notable YoY revenue growth (+69%), seven new hospital customers in Q1, completion of the SAVE Registry enrollment (50 patients), substantial trial progress (198/339 enrolled, ~58%) and a stronger cash position (+~79% YoY). Management emphasized high gross margins (>90%), disciplined operating spend and active FDA engagement on potential accelerated pathways. Offsetting this progress are the small absolute revenue base ($495k Q1), continued quarterly net losses (~$3.5M), dependence on ultra-rare pediatric case flow for adoption, ongoing enrollment and regulatory risks, and notable share dilution. Overall, the call presents meaningful early-stage commercial validation and clinical progress but also highlights typical execution and regulatory risks for a clinical-stage medical device company.Positive Updates
Strong QUELIMMUNE Revenue Growth
QUELIMMUNE net revenue of $495,000 in Q1 2026 versus $293,000 in Q1 2025, an increase of ~69% (nearly 70%). Management reports continued order momentum into Q2 and an annual net revenue target of approximately $2.0M for 2026.
Negative Updates
Small Absolute Revenue Base
Despite strong percentage growth, Q1 2026 revenue was only $495,000—a small commercial base that still leaves the company early-stage in monetization and dependent on limited, unpredictable pediatric cases.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong QUELIMMUNE Revenue Growth
QUELIMMUNE net revenue of $495,000 in Q1 2026 versus $293,000 in Q1 2025, an increase of ~69% (nearly 70%). Management reports continued order momentum into Q2 and an annual net revenue target of approximately $2.0M for 2026.
Read all positive updates
Company Guidance
In the May 13, 2026 call SeaStar reiterated goals to expand pediatric QUELIMMUNE sales, complete adult pivotal enrollment and preserve financial discipline: Q1 QUELIMMUNE net revenue was $495,000 (up 69% vs. Q1 2025’s $293,000) after adding 7 new hospital adopters (company-wide total ~17 customers), management is targeting 15 new customers in 2026 and roughly $2.0 million in net revenue for the year; NEUTRALIZE‑AKI has enrolled 198 of a planned 339 patients with enrollment targeted to finish around year‑end 2026 and potential topline results mid‑2027; the SAVE Registry reached 50 patients and is completing 28‑day safety analyses prior to FDA submission and a request to convert the registry from mandatory to voluntary; Q1 gross margin exceeded 90%, operating expenses were ~$4.1M (flat YoY), R&D is expected to rise ~5% each quarter for the remainder of 2026 while G&A remains steady, net loss was ~$3.5M or $0.90 per share on ~3.9M weighted average shares (vs ~$3.8M or $4.38 per share on ~862K shares in Q1 2025), and cash was ~$9.3M as of March 31, 2026 (vs $5.2M a year earlier).SeaStar Medical Holding Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
46
Neutral
Cash Flow
14
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.44M | 1.23M | 135.00K | 0.00 | 0.00 | 0.00 |
| Gross Profit | 1.34M | 1.18M | 135.00K | 0.00 | 0.00 | 0.00 |
| EBITDA | -11.95M | -12.16M | -24.58M | -11.14M | -11.56M | -4.38M |
| Net Income | -11.90M | -12.15M | -24.83M | -26.23M | -12.19M | -4.60M |
Balance Sheet | ||||||
| Total Assets | 11.26M | 14.16M | 4.66M | 3.51M | 3.04M | 603.00K |
| Cash, Cash Equivalents and Short-Term Investments | 9.35M | 11.98M | 1.82M | 176.00K | 47.00K | 510.00K |
| Total Debt | 331.00K | 525.00K | 574.00K | 9.08M | 8.83M | 2.62M |
| Total Liabilities | 3.95M | 3.74M | 6.84M | 17.38M | 23.80M | 3.42M |
| Stockholders Equity | 7.32M | 10.42M | -2.18M | -13.87M | -20.76M | -2.82M |
Cash Flow | ||||||
| Free Cash Flow | -13.71M | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Operating Cash Flow | -13.71M | -13.60M | -16.01M | -10.29M | -7.79M | -5.11M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | 17.76M | 23.76M | 17.65M | 10.41M | 7.33M | 2.82M |
SeaStar Medical Holding Technical Analysis
Positive
2.30
Price Trends
3.76
Positive
3.37
Positive
3.88
Positive
Market Momentum
0.17
Negative
72.94
Negative
87.27
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICU, the sentiment is Positive. The current price of 2.3 is below the 20-day moving average (MA) of 3.27, below the 50-day MA of 3.76, and below the 200-day MA of 3.88, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 72.94 is Negative, neither overbought nor oversold. The STOCH value of 87.27 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICU.
SeaStar Medical Holding Risk Analysis
SeaStar Medical Holding disclosed 55 risk factors in its most recent earnings report. SeaStar Medical Holding 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 0 New Risks
SeaStar Medical Holding 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 | $72.46M | -1.07 | -365.16% | ― | ― | 58.01% | |
48 Neutral | $19.67M | -1.20 | -290.37% | ― | 235.51% | 85.50% | |
47 Neutral | $5.57M | -0.01 | -389.34% | ― | ― | 99.36% | |
45 Neutral | $30.32M | -1.79 | -101.90% | ― | -83.00% | 19.02% | |
43 Neutral | $20.84M | -1.82 | -112.05% | ― | ― | 94.17% |
* Healthcare Sector Average
ICU
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4.92
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SeaStar Medical Holding Corporate Events
Business Operations and StrategyExecutive/Board Changes
SeaStar Medical Launches Executive Retention Bonus Program
Positive
Jul 1, 2026
On June 25, 2026, SeaStar Medical Holding Corporation’s board compensation committee approved structured retention bonuses for executives Eric Schlorff and Kevin Chung, to be paid in three equal cash installments on July 1, 2026, November 1,...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
SeaStar Medical Shareholders Approve Governance and Incentive Changes
Positive
Jun 17, 2026
SeaStar Medical Holding held its annual meeting of stockholders virtually on June 17, 2026, where shareholders elected John Neuman as a Class I director to serve until the 2029 annual meeting and ratified WithumSmith+Brown, P.C. as the independent...
Legal Proceedings
SeaStar Medical Securities Class Action Dismissed With Prejudice
Positive
Apr 28, 2026
On July 5, 2024, a purported stockholder filed a putative securities class action in the U.S. District Court for the District of Colorado against SeaStar Medical Holding Corporation, its CEO and former CFO, alleging material misstatements and omis...
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.