Revenue growth remains highly volatile and structurally constrained, with gross margins failing to exceed 52.4% in any observed period, indicating a lack of manufacturing economies of scale.
| Sales/Revenue | 3.56M | 3.38M | 3.29M | 3.23M | 3.08M | 4.14M | 4.08M | 1.66M | 1.07M | 689.38K | 625.49K | 762.87K | 1.07M |
| Revenue Growth % | 8.92% | 2.67% | 1.92% | 4.67% | -25.45% | 1.31% | 146.41% | 54.64% | 55.49% | 10.21% | -18.01% | -28.61% | - |
| Cost of Goods Sold | 2.26M | 2.15M | 1.84M | 1.93M | 1.64M | 1.94M | 1.43M | 1.08M | 623.17K | 514.44K | 403.99K | 486.21K | 692.1K |
| COGS % of Revenue | - | 63.72% | 55.91% | 59.74% | 53.16% | 46.96% | 34.92% | 65.23% | 58.14% | 74.62% | 64.59% | 63.73% | 64.77% |
| Gross Profit | 1.3M | 1.23M | 1.45M | 1.3M | 1.45M | 2.19M | 2.66M | 576.41K | 448.73K | 174.93K | 221.49K | 276.66K | 376.48K |
| Gross Margin % | 36.55% | 36.28% | 44.09% | 40.26% | 46.84% | 53.04% | 65.08% | 34.77% | 41.86% | 25.38% | 35.41% | 36.27% | 35.23% |
| Gross Profit Growth % | - | -15.51% | 11.62% | -10.03% | -34.17% | -17.43% | 361.19% | 28.45% | 156.51% | -21.02% | -19.94% | -26.51% | - |
| Operating Expenses | 31.07M | 16.32M | 17.15M | 16.88M | 18.18M | 11.92M | 7.02M | 5.19M | 3.62M | 2.84M | 3.33M | 3.81M | 4.47M |
| OpEx % of Revenue | - | 482.98% | 521.03% | 522.64% | 589.43% | 288.04% | 171.87% | 312.8% | 337.63% | 411.94% | 531.59% | 498.86% | 418.51% |
| Selling, General & Admin | 9.01M | 8.89M | 10.05M | 8.6M | 9.06M | 6.04M | 2.87M | 2.34M | 1.68M | 1.34M | 1.66M | 2.82M | 3.47M |
| SG&A % of Revenue | - | 263.01% | 305.41% | 266.43% | 293.71% | 146.01% | 70.28% | 141.03% | 156.55% | 194.62% | 265.54% | 370.28% | 324.32% |
| Research & Development | 7.98M | 7.43M | 7.1M | 8.27M | 9.12M | 5.88M | 4.08M | 2.85M | 1.94M | 1.5M | 1.66M | 980.87K | 1.01M |
| R&D % of Revenue | - | 219.98% | 215.62% | 256.21% | 295.72% | 142.03% | 99.86% | 171.78% | 181.08% | 217.32% | 266.04% | 128.58% | 94.18% |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 70.59K | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -29.77M | -15.09M | -15.7M | -15.58M | -16.74M | -9.72M | -4.36M | -4.61M | -3.17M | -2.66M | -3.1M | -3.53M | -4.1M |
| Operating Margin % | -835.01% | -446.7% | -476.94% | -482.38% | -542.59% | -234.99% | -106.78% | -278.03% | -295.76% | -386.56% | -496.18% | -462.59% | -383.27% |
| Operating Income Growth % | - | 3.84% | -0.77% | 6.95% | -72.14% | -122.94% | 5.36% | -45.37% | -18.97% | 14.13% | 12.06% | 13.83% | - |
| EBITDA | -29.49M | -14.8M | -15.36M | -15.25M | -16.49M | -9.6M | -4.3M | -4.45M | -3.14M | -2.63M | -3.05M | -3.47M | -3.98M |
| EBITDA Margin % | -827.29% | -437.97% | -466.85% | -472.38% | -534.55% | -231.92% | -105.24% | -268.66% | -292.89% | -381.72% | -487.53% | -454.33% | -372.7% |
| EBITDA Growth % | -91.92% | 3.68% | -0.73% | 7.51% | -71.83% | -123.26% | 3.47% | -41.85% | -19.31% | 13.71% | 12.02% | 12.97% | - |
| D&A (Non-Cash Add-back) | 275K | 295K | 332K | 323K | 248K | 127K | 63K | 155.37K | 30.8K | 33.38K | 54.07K | 63.02K | 113K |
| EBIT | -15.68M | -15.09M | -15.7M | -15.58M | -16.74M | -9.72M | -4.14M | -4.75M | -3.47M | -2.82M | -3.27M | -3.75M | -4.1M |
| Net Interest Income | -59K | 37K | 378K | 924K | -239K | -171K | 373.33K | -201.57K | -72.59K | -59.22K | -151.04K | -189.82K | -627.39K |
| Interest Income | 21K | 37K | 378K | 924K | 0 | 0 | 412K | -178.76K | 556 | 1.95K | 3.9K | 8.71K | 12.58K |
| Interest Expense | 80K | 0 | 0 | 0 | 239K | 171K | 38.67K | 22.81K | 73.15K | 61.16K | 154.94K | 198.53K | 639.97K |
| Other Income/Expense | 14.03M | 37K | 378K | 924K | -239K | -171K | 412K | -165.18K | -363.76K | -210.9K | -166.64K | -222.87K | -618.4K |
| Pretax Income | -15.74M | -15.06M | -15.32M | -14.65M | -16.98M | -9.89M | -4.69M | -4.77M | -3.53M | -2.88M | -3.27M | -3.75M | -4.71M |
| Pretax Margin % | -441.6% | -445.61% | -465.45% | -453.76% | -550.34% | -239.13% | -114.83% | -288% | -329.7% | -417.15% | -522.82% | -491.81% | -441.14% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 86.77K | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | -1.85% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -15.74M | -15.06M | -15.32M | -14.65M | -17.22M | -10.07M | -4.78M | -4.76M | -3.53M | -2.88M | -3.27M | -3.75M | -4.71M |
| Net Margin % | -441.6% | -445.61% | -465.45% | -453.76% | -558.09% | -243.26% | -116.96% | -287.18% | -329.7% | -417.15% | -522.82% | -491.81% | -441.14% |
| Net Income Growth % | -2.92% | 1.7% | -4.55% | 14.9% | -71.04% | -110.71% | -0.35% | -34.7% | -22.89% | 12.06% | 12.84% | 20.41% | - |
| Net Income (Continuing) | -15.74M | -15.06M | -15.32M | -14.65M | -16.98M | -9.89M | -3.73M | -4.77M | -3.53M | -2.88M | -3.27M | -3.75M | -4.71M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -6.42 | -7.10 | -9.00 | -9.60 | -14.10 | -10.50 | -8.40 | -10.50 | -9.00 | -13.80 | -18.60 | -34.50 | -110.70 |
| EPS Growth % | 17.78% | 21.11% | 6.25% | 31.91% | -34.29% | -25% | 20% | -16.67% | 34.78% | 25.81% | 46.09% | 68.83% | - |
| EPS (Basic) | - | -7.10 | -9.00 | -9.60 | -14.10 | -10.50 | -8.40 | -10.50 | -9.00 | -13.80 | -18.60 | -24.60 | -110.70 |
| Diluted Shares Outstanding | 2.45M | 2.12M | 1.7M | 1.52M | 1.23M | 951.62K | 570.96K | 454.04K | 388.93K | 208.69K | 176.71K | 153.44K | 42.59K |
| Basic Shares Outstanding | 2.45M | 2.12M | 1.7M | 1.52M | 1.23M | 951.62K | 570.96K | 454.04K | 388.93K | 208.69K | 176.71K | 153.44K | 42.59K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
According to quarterly financial data, ICCM's revenue growth exhibits significant volatility, with quarterly fluctuations ranging from a 48.1% contraction to a 102.4% expansion, suggesting that the company's top-line performance is currently driven by lumpy, non-recurring international distributor orders rather than a predictable, recurring clinical adoption model.
The lack of consistent sequential growth indicates that the company has yet to establish a reliable commercial footprint in its target markets. Investors should monitor whether future revenue streams can transition toward recurring probe sales, as the current reliance on console placements appears insufficient to sustain meaningful long-term growth.
As reported in recent income statements, ICCM's gross margin has fluctuated between 25.0% and 52.4%, a range that remains well below the 60-70% industry standard for medical device manufacturers, implying that the company faces significant challenges in achieving manufacturing economies of scale for its specialized cryoablation probes.
This margin compression suggests that the cost of producing vacuum-jacketed probes and maintaining global distribution logistics currently outweighs the pricing power of the ProSense platform. Without a substantial shift in the product mix toward higher-margin consumables, the company may continue to struggle with structural profitability hurdles.
Based on the provided financial figures, ICCM's operating expenses consistently exceed gross profits, resulting in persistent operating losses that demonstrate a lack of operational leverage as the company continues to prioritize heavy R&D and clinical trial spending over achieving a self-sustaining, profitable operating model.
The company's inability to scale operating income faster than gross profit suggests that the current cost structure is heavily burdened by fixed R&D and regulatory requirements. This indicates that the business model remains in a high-risk, pre-commercialization phase where operational efficiency is secondary to clinical validation.
Analysis of the company's cost structure reveals that R&D and SG&A expenses frequently dwarf gross profit, with R&D spending alone often exceeding $1.7M per quarter, which highlights the significant capital intensity required to maintain the company's proprietary liquid nitrogen delivery system and ongoing clinical trial programs.
The high level of R&D investment appears necessary for regulatory progress, yet it creates a persistent drag on the bottom line that necessitates frequent external financing. Management's expense discipline is difficult to assess given the mandatory nature of these clinical costs, which appear to be the primary driver of the company's ongoing cash burn.
As indicated by the company's cash position of $8.89M against a TTM net loss exceeding $15M, the primary risk to the investment thesis is the potential for severe shareholder dilution or a liquidity crisis if regulatory milestones for the U.S. market are further delayed.
Short-sellers would likely focus on the company's limited cash runway and the potential for the FDA to demand additional clinical data, which would exacerbate the current burn rate. The reliance on binary regulatory outcomes creates a high-stakes environment where the current valuation may not fully account for the risk of capital exhaustion.
Quick answers to the most common questions about buying ICCM stock.
For fiscal year 2025, IceCure Medical Ltd (ICCM) reported total revenue of $3.4M. This represents a 216.2% increase compared to $1.1M in 2014.
IceCure Medical Ltd (ICCM) reported a net loss of $15.1M for the fiscal year ending 2025.
IceCure Medical Ltd (ICCM) reported an operating income of $-15.1M, resulting in an operating profit margin of -446.7%. This margin reflects the operational efficiency of the business before interest and taxes.
IceCure Medical Ltd (ICCM) generated $1.2M in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.