General
IceCure Medical Ltd.
ICCM Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2019–FY2025
IceCure Medical develops cryoablation systems that destroy tumors by freezing them inside the body. Its main commercial product is the ProSense system, used with disposable CryoProbes; the company also offers IceSense3 and is developing XSense and MSense systems. The technology is designed for benign and malignant tumors in the breast, lungs, kidneys, bones and other tissues, as well as nerve treatment for pain and other conditions. ProSense has FDA marketing authorization for treating biologically low-risk breast cancer in women aged 70 and above who receive adjuvant endocrine therapy.
- Today
- 4.2%
- Previous close
- $0.70
- Market cap
- $46.4M
- P/E
- 3.0x
- Day range
-
$0.68 $0.80
- 52-week range
-
$0.68 $21.90
Last close · Nov 13, 2026
$0.73
−$20.57 (−96.57%) past year
Latest fiscal year
FY25 results
+2.7%
Revenue vs FY24
Fiscal year ended December 31, 2025
See every year| Line | FY24 | FY25 | Change (y/y) |
|---|---|---|---|
| Revenue | $3.3M | $3.4M | 2.7% |
| Net income | −$15.3M | −$15.1M | — |
| Diluted EPS | $0.30 | $0.24 | 20.0% |
| Operating margin | −476.9% | −446.7% | 30.2 pts |
| Free cash flow | −$12.6M | −$14.6M | — |
Key numbers
Key numbers, fiscal 2025
Revenue and margins
Revenue and margins
KIRA summarises the numbers
-
IceCure Medical Ltd. had only $3.4M of revenue in fiscal 2025: it is still developing what it sells.
It spent $7.4M on research and development, 40% of its operating costs.
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Its operating margin was −446.7%, up 30.2 pts: of every 100 in sales, about −447 is left after running the business.
Revenue
Margins, % of revenue
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Net income
Net income and earnings per share
Loss periods are shown in red.
KIRA summarises the numbers
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IceCure Medical Ltd. lost $15.1M in fiscal 2025.
From fiscal 2019 to 2025, diluted EPS grew −5.2% a year.
With no meaningful sales yet, it pays for its work from the cash it holds.
Net income
Diluted EPS
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Cash flow
Cash flow
Cash from operations minus capital spending.
KIRA summarises the numbers
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Free cash flow was −$14.6M in fiscal 2025, −432.4% of revenue.
At that burn of $14.6M a year, its $8.9M of cash and short-term investments would last about 0.6 years.
Free cash flow
Cash from operations vs capital spending
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Dividends and buybacks
Dividends, buybacks and share count
Dividends and buybacks
Diluted shares outstanding (annual)
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Insider trades
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. “Plan” marks trades under a pre-arranged Rule 10b5-1 plan.
KIRA summarises the numbers
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No open-market insider trades in the last 12 months.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Balance sheet
Balance sheet
Cash, debt and the ratios that show how comfortably IceCure Medical Ltd. can carry it.
KIRA summarises the numbers
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IceCure Medical Ltd. has $8.9M more cash than debt.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $25.6M | $23.7M | $11.1M | $7.6M | $8.9M |
| Debt incl. finance leases | — | — | — | $0.2M | $0.0M |
| Debt / equity | — | — | — | 0.0x | 0.0x |
| Current ratio | 7.5x | 6.5x | 3.7x | 2.0x | 2.6x |
| Quick ratio | 7.1x | 5.8x | 3.1x | 1.6x | 2.1x |
| Total assets | $32.3M | $30.2M | $16.4M | $12.6M | $13.9M |
| Total liabilities | $5.3M | $4.8M | $4.2M | $5.7M | $4.8M |
| Shareholders' equity | $27.0M | $25.4M | $12.2M | $6.9M | $9.1M |
| Net debt (− = net cash) | — | — | — | −$7.4M | −$8.9M |
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Returns on capital
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
KIRA summarises the numbers
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Its return on capital was −7,140.3%: every 100 invested in the business earned about −7,140 in a year.
Return on capital, equity and assets (annual)
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
F-score
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
KIRA summarises the numbers
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IceCure Medical Ltd. passes 4 of 9 financial health tests (Piotroski F-score).
Most of these tests look at sales and margins, so the score says little about a company with no meaningful revenue yet.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| F-score | 2 / 8 | 1 / 8 | 2 / 8 | 3 / 8 | 4 / 9 |
| Accruals ratio | 12.7% | −8.6% | −9.0% | −19.0% | −3.7% |
| Altman Z'' | 2.74 | −1.10 | −17.14 | −31.69 | −29.93 |
| Net income is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ | ✕ | ✕ |
| Return on assets rose | ✓ | ✕ | ✕ | ✕ | ✓ |
| Cash from operations exceeds net income | ✕ | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — | — | ✓ |
| Current ratio rose | ✓ | ✕ | ✕ | ✕ | ✓ |
| Share count didn't rise | ✕ | ✕ | ✕ | ✕ | ✕ |
| Gross margin rose | ✕ | ✕ | ✕ | ✓ | ✕ |
| Revenue rose relative to assets | ✕ | ✕ | ✓ | ✓ | ✕ |
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
All figures
7 years of figures
Amounts in USD. Hover a ratio’s name for its definition.
| Fiscal year | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|
| Income statement | |||||||
| Revenue | $1.6M | $3.9M | $4.1M | $3.1M | $3.2M | $3.3M | $3.4M |
| Gross profit | $0.5M | $2.4M | $2.2M | $1.4M | $1.3M | $1.5M | $1.2M |
| Research and development | $3.0M | $3.8M | $5.9M | $9.1M | $8.3M | $7.1M | $7.4M |
| Operating income | −$4.8M | −$4.1M | −$9.7M | −$16.7M | −$15.6M | −$15.7M | −$15.1M |
| Net income | −$4.6M | −$3.7M | −$9.9M | −$17.0M | −$14.7M | −$15.3M | −$15.1M |
| Diluted EPS | $0.33 | $0.22 | $0.35 | $0.46 | $0.32 | $0.30 | $0.24 |
| Diluted shares | 0.01B | 0.02B | 0.03B | 0.04B | 0.05B | 0.05B | 0.06B |
| Cash flow | |||||||
| Cash from operations | −$2.0M | −$3.7M | −$12.6M | −$14.3M | −$12.6M | −$12.6M | −$14.6M |
| Capital expenditure | $0.1M | $0.2M | $0.5M | $0.9M | $0.5M | $0.1M | $0.0M |
| Free cash flow | −$2.1M | −$3.9M | −$13.1M | −$15.2M | −$13.0M | −$12.6M | −$14.6M |
| Depreciation and amortization | $0.0M | $0.1M | $0.1M | $0.2M | $0.3M | $0.3M | $0.3M |
| Stock-based compensation | $0.4M | $0.2M | $0.3M | $1.9M | $1.3M | $0.9M | $1.4M |
| Balance sheet | |||||||
| Cash and short-term investments | $5.8M | $3.5M | $25.6M | $23.7M | $11.1M | $7.6M | $8.9M |
| Total debt | — | — | — | — | — | $0.2M | $0.0M |
| Deposits | — | — | $0.0M | $0.0M | $0.0M | — | — |
| Current assets | — | $9.6M | $30.3M | $28.1M | $14.2M | $10.8M | $12.6M |
| Current liabilities | — | $3.7M | $4.0M | $4.3M | $3.9M | $5.5M | $4.8M |
| Inventory | — | $1.1M | $2.0M | $2.9M | $2.3M | $2.0M | $2.6M |
| Property and equipment, net | — | $0.3M | $0.7M | $1.4M | $1.5M | $1.3M | $1.0M |
| Total assets | — | $10.2M | $32.3M | $30.2M | $16.4M | $12.6M | $13.9M |
| Total liabilities | — | $4.6M | $5.3M | $4.8M | $4.2M | $5.7M | $4.8M |
| Shareholders' equity | $3.3M | $5.6M | $27.0M | $25.4M | $12.2M | $6.9M | $9.1M |
| Margins | |||||||
| Gross margin | 32.2% | 63.2% | 53.0% | 46.8% | 40.3% | 44.1% | 36.3% |
| Operating margin | −294.0% | −107.1% | −235.0% | −542.6% | −482.4% | −476.9% | −446.7% |
| EBITDA margin | −292.1% | −105.5% | −231.9% | −534.6% | −472.4% | −466.8% | −438.0% |
| Net margin | −279.7% | −96.4% | −239.1% | −550.3% | −453.8% | −465.5% | −445.6% |
| FCF margin | −128.6% | −101.2% | −317.5% | −492.2% | −403.5% | −383.9% | −432.4% |
| Returns | |||||||
| Return on capital | — | — | — | — | — | — | −7,140.3% |
| Return on capital employed | — | −63.5% | −34.4% | −64.7% | −124.2% | −222.3% | −166.5% |
| Return on equity | −138.3% | −83.5% | −60.7% | −64.8% | −78.0% | −160.7% | −188.8% |
| Return on assets | — | −36.4% | −46.5% | −54.4% | −62.9% | −105.7% | −113.8% |
| Return on tangible equity | −138.3% | −66.0% | −36.7% | −66.8% | −120.5% | −222.0% | −166.4% |
| Growth | |||||||
| Revenue growth | — | 137.7% | 7.0% | −25.4% | 4.7% | 1.9% | 2.7% |
| EPS growth | — | −33.3% | 59.1% | 31.4% | −30.4% | −6.3% | −20.0% |
| Share count change | — | 25.8% | 66.7% | 29.7% | 23.3% | 11.5% | 25.0% |
| Financial health | |||||||
| Debt / equity | — | — | — | — | — | 0.0x | 0.0x |
| Current ratio | — | 2.6x | 7.5x | 6.5x | 3.7x | 2.0x | 2.6x |
| Quick ratio | — | 2.3x | 7.1x | 5.8x | 3.1x | 1.6x | 2.1x |
| Capital allocation | |||||||
| Capex / revenue | 6.3% | 5.8% | 12.9% | 28.9% | 14.9% | 2.2% | 1.1% |
| Stock comp / revenue | 22.9% | 5.9% | 7.6% | 60.5% | 40.6% | 26.4% | 40.6% |
| Quality scores | |||||||
| Piotroski F-score | — | — | 2.0 | 1.0 | 2.0 | 3.0 | 4.0 |
| Altman Z'' | — | −13.1 | 2.7 | −1.1 | −17.1 | −31.7 | −29.9 |
| Accruals ratio | — | −0.4% | 12.7% | −8.6% | −9.0% | −19.0% | −3.7% |
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
News and filings
Latest SEC filings
The original documents every number on this page comes from.
KIRA analysis
KIRA’s summary AI analyst
Hi! I read IceCure Medical Ltd.’s latest annual report (fiscal 2025). Here is what stands out:
IceCure Medical Ltd. in 30 seconds
Good So-so Weak
Are shareholders being diluted?
+25.0%
A lot. The share count rose 25.0% last year, so each share owns noticeably less.
Does it make a profit?
$7.4M R&D
Not yet: it has no meaningful sales. It spent $7.4M on research and development, 40% of its operating costs.
How long would its cash last?
0.6 yrs
Not long. It burns $14.6M a year and holds $8.9M, under a year at that pace, so it may need new money soon.
Is debt under control?
Net cash
Yes. It has more cash than debt.
How healthy are the accounts?
4 / 9
It passes 4 of 9 health tests, but most of them need sales, so the score says little before revenue starts.
How is the share priced?
3.0x
One share costs 3.0 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Sales and profit
1 3 notes
- IceCure Medical Ltd. had only $3.4M of revenue in fiscal 2025: it is still developing what it sells. It spent $7.4M on research and development, 40% of its operating costs.
- Its operating margin was −446.7%, up 30.2 pts: of every 100 in sales, about −447 is left after running the business.
- IceCure Medical Ltd. lost $15.1M in fiscal 2025. From fiscal 2019 to 2025, diluted EPS grew −5.2% a year. With no meaningful sales yet, it pays for its work from the cash it holds.
Cash and shareholders
1 2 notes
- Free cash flow was −$14.6M in fiscal 2025, −432.4% of revenue. At that burn of $14.6M a year, its $8.9M of cash and short-term investments would last about 0.6 years.
- No open-market insider trades in the last 12 months.
Financial health
1 1 3 notes
- IceCure Medical Ltd. has $8.9M more cash than debt.
- Its return on capital was −7,140.3%: every 100 invested in the business earned about −7,140 in a year.
- IceCure Medical Ltd. passes 4 of 9 financial health tests (Piotroski F-score). Most of these tests look at sales and margins, so the score says little about a company with no meaningful revenue yet.
Source: SEC EDGAR XBRL filings (CIK 0001584371). Data updated November 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.