Revenue scaling efforts have driven a 68.9% year-over-year increase as of 2026Q1, though high gross margins of 90.7% are currently insufficient to cover the $3.6M quarterly operating loss.
| Sales/Revenue | 1.44M | 1.23M | 135K | 0 | 0 | 0 | 0 |
| Revenue Growth % | 235.51% | 814.07% | - | - | - | - | - |
| Cost of Goods Sold | 99K | 53K | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 4.29% | - | - | - | - | - |
| Gross Profit | 1.34M | 1.18M | 135K | 0 | 0 | 0 | 0 |
| Gross Margin % | 93.11% | 95.7% | 100% | - | - | - | - |
| Gross Profit Growth % | - | 774.81% | - | - | - | - | - |
| Operating Expenses | 13.29M | 13.36M | 17.98M | 14.21M | 11.61M | 4.45M | 6.45M |
| OpEx % of Revenue | - | 1082.33% | 13316.3% | - | - | - | - |
| Selling, General & Admin | 5.86M | 5.84M | 8.87M | 8.04M | 6.92M | 1.68M | 2.43M |
| SG&A % of Revenue | - | 473.1% | 6571.85% | - | - | - | - |
| Research & Development | 7.43M | 7.52M | 9.11M | 5.97M | 2.5M | 2.77M | 4.03M |
| R&D % of Revenue | - | 609.24% | 6744.44% | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 200K | 2.19M | 0 | 0 |
| Operating Income | -11.95M | -12.18M | -17.84M | -14.21M | -11.61M | -4.45M | -6.45M |
| Operating Margin % | -832.45% | -986.63% | -13216.3% | - | - | - | - |
| Operating Income Growth % | - | 31.76% | -25.56% | -22.41% | -160.94% | 31.06% | - |
| EBITDA | -12.06M | -12.18M | -24.58M | -200K | -11.56M | -4.38M | 0 |
| EBITDA Margin % | -839.76% | -986.63% | -18209.63% | - | - | - | - |
| EBITDA Growth % | 25.26% | 50.47% | -12191.5% | 98.27% | -163.6% | - | - |
| D&A (Non-Cash Add-back) | 7K | 0 | 0 | 14.01M | 0 | 0 | 6.45M |
| EBIT | -11.96M | -12.18M | -24.58M | -25.15M | -11.56M | -4.38M | -6.45M |
| Net Interest Income | 42K | -4K | -143K | -1.08M | -629K | -212K | -3.31M |
| Interest Income | 368K | 325K | 101K | 0 | 630 | 0 | 0 |
| Interest Expense | 326K | 329K | 244K | 1.08M | 630K | 212K | 3.31M |
| Other Income/Expense | 58K | 28K | -6.99M | -12.02M | -580K | -148K | 3.19M |
| Pretax Income | -11.9M | -12.15M | -24.83M | -26.23M | -12.19M | -4.6M | -3.27M |
| Pretax Margin % | -828.41% | -984.36% | -18390.37% | - | - | - | - |
| Income Tax | 3K | 3K | 3K | 0 | 1K | -1K | 9K |
| Effective Tax Rate % | -0.03% | -0.02% | -0.01% | 0% | -0.01% | 0.02% | -0.28% |
| Net Income | -11.9M | -12.15M | -24.83M | -26.23M | -12.19M | -4.6M | -3.28M |
| Net Margin % | -828.62% | -984.6% | -18392.59% | - | - | - | - |
| Net Income Growth % | 25.19% | 51.07% | 5.34% | -115.19% | -165.23% | -40.29% | - |
| Net Income (Continuing) | -11.9M | -12.15M | -24.83M | -26.23M | -12.19M | -4.6M | -3.28M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -5.86 | -66.30 | -302.62 | -233.80 | -88.10 | -0.10 |
| EPS Growth % | 88.17% | 91.16% | 78.09% | -29.44% | -165.38% | -88000% | - |
| EPS (Basic) | - | -5.86 | -66.30 | -302.62 | -233.80 | -88.10 | -0.10 |
| Diluted Shares Outstanding | 39.18M | 20.73M | 374.4K | 86.68K | 52.13K | 52.16K | 52.16K |
| Basic Shares Outstanding | 39.18M | 20.73M | 374.4K | 86.68K | 52.13K | 52.16K | 52.16K |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial funding dependency
According to recent financial disclosures, ICU's quarterly revenue reached $495.0K in 2026Q1, reflecting a 68.9% year-over-year growth rate as the company transitions from a research-focused entity to a commercial medical device provider utilizing its Humanitarian Device Exemption pathway for pediatric acute kidney injury treatment.
The revenue trajectory appears to be in its nascent stages, heavily dependent on the adoption of the SCD cartridge within pediatric clinical settings. While the growth rate is high, investors should note that the absolute dollar volume remains minimal, suggesting that the current revenue base is not yet indicative of the company's long-term commercial potential.
Based on reported figures, ICU maintains a robust gross margin of 90.7% as of 2026Q1, which highlights the low variable cost of its specialized medical consumables despite the company's overall inability to achieve positive operating margins due to heavy investment in clinical trial infrastructure and regulatory compliance.
The exceptionally high gross margin suggests significant pricing power or low manufacturing complexity, yet this metric is currently decoupled from bottom-line performance. The structural disparity between gross and operating margins indicates that the firm is currently prioritizing market entry and clinical validation over immediate profitability.
As reported in financial statements, the company's operating expenses, primarily driven by R&D and SG&A, continue to outpace gross profit, resulting in a consistent quarterly operating loss of $3.6M in 2026Q1, which underscores the significant capital intensity required to sustain the ongoing NEUTRALIZE-AKI pivotal clinical trial.
The cost structure is dominated by fixed expenditures necessary for regulatory milestones, leaving little room for operational efficiency gains in the near term. Management's expense discipline appears focused on trial execution, which suggests that cost containment is secondary to achieving the clinical data required for broader market access.
Based on the provided income statement data, the persistent reliance on external financing to cover operating losses, as evidenced by the recurring negative net income, suggests that the current business model faces significant execution risks if clinical trial timelines are delayed or if capital markets tighten further.
Short-term observers may focus on the potential for dilution as the company continues to fund its operations through equity markets. The lack of a self-sustaining cash flow profile warrants further investigation into the company's runway and its ability to reach a commercial inflection point before exhausting available liquidity.
Quick answers to the most common questions about buying ICU stock.
For fiscal year 2025, SeaStar Medical Holding Corporation (ICU) reported total revenue of $1.2M.
SeaStar Medical Holding Corporation (ICU) reported a net loss of $12.2M for the fiscal year ending 2025.
SeaStar Medical Holding Corporation (ICU) reported an operating income of $-12.2M, resulting in an operating profit margin of -986.6%. This margin reflects the operational efficiency of the business before interest and taxes.
SeaStar Medical Holding Corporation (ICU) generated $1.2M in gross profit for the year, representing a gross profit margin of 95.7%. This demonstrates the company's core pricing power and production efficiency.