IceCure Medical Ltd. (ICCM): Financial results for H1 2026
IceCure Medical Ltd. (ICCM) furnished an SEC Form 6-K — earnings release. Exhibit 99.3 IceCure Reports its Financial Results for the First Half of 2026 with 45% Revenue Growth Year-Over-Year The Company is advancing commercial execution and expanding its U.S. commercial footprint through approximately 70% growth in its active installed base following U
How this was made
The 30-second read
Why it matters
The earnings release provides the first quantitative insight into the company's commercial traction and cash resources, informing valuation and short‑term trading decisions.
Market read
Primary earnings disclosure for a micro‑cap biotech; relevance mainly to sector‑focused investors.
What to watch
Potential regulatory or reimbursement challenges for ProSense® could limit long‑term adoption.
IceCure Reports its Financial Results for the First Half of 2026 with 45% Revenue Growth Year-Over-Year
Revenue increased approximately 45% to $1.8 million and gross profit increased to $548,000, supported by systems and disposable probes. However, operating loss increased to 8,671 (U.S. dollars in thousands), net cash used in operating activities increased to (8,148) (U.S. dollars in thousands), and operating expenses increased across research and development, sales and marketing, and general and administrative functions.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Revenueother | 1,818 (U.S. dollars in thousands) | – | approximately 45% |
| Cost of revenuesother | 1,270 (U.S. dollars in thousands) | – | – |
| Gross profitother | 548 (U.S. dollars in thousands) | – | – |
| Research and development expensesother | 4,279 (U.S. dollars in thousands) | – | – |
| Sales and marketing expensesother | 2,518 (U.S. dollars in thousands) | – | – |
| General and administrative expensesother | 2,422 (U.S. dollars in thousands) | – | – |
| Operating lossother | 8,671 (U.S. dollars in thousands) | – | – |
| Finance expenses (income), netother | 104 (U.S. dollars in thousands) | – | – |
| Net loss and comprehensive lossother | 8,775 (U.S. dollars in thousands) | – | – |
| Basic and diluted net loss per shareother | 3.17 (U.S. dollars, except per share data) | – | – |
| Weighted average number of shares outstanding used in computing basic and diluted loss per shareother | 2,769,593 | – | – |
| Net cash used in operating activitiesother | (8,148) (U.S. dollars in thousands) | – | – |
| Purchase of property and equipmentother | (61) (U.S. dollars in thousands) | – | – |
| Net cash provided by (used in) investing activitiesother | (61) (U.S. dollars in thousands) | – | – |
| Proceeds from issuance of ordinary shares, warrants and pre-funded warrants, net of issuance costsother | 11,309 (U.S. dollars in thousands) | – | – |
| Proceeds from exercise of warrantsother | 10 (U.S. dollars in thousands) | – | – |
| Net cash provided by financing activitiesother | 11,319 (U.S. dollars in thousands) | – | – |
| Cash and cash equivalentsother | 12,034 (U.S. dollars in thousands) | – | – |
What drove it
- Revenue growth was driven by growth in both ProSense® systems and disposable probes.
- The Company attributed system and disposable probe growth to new customer adoption and growing utilization across its commercial install base.
- The active commercial install base increased by approximately 70%, reflecting increased physician adoption, higher procedure volumes and continued growth in active customer accounts.
- Research and development expense increased primarily due to initiation of the CHoICE Study and foreign exchange fluctuations, primarily on payroll-related expenses.
- Sales and marketing expense increased primarily due to investment in expanding the sales team, particularly in the United States, following FDA marketing authorization of ProSense®.
- General and administrative expense increased primarily due to foreign exchange fluctuations on payroll-related expenses and higher share-based compensation expense.
Concerns
- Operating loss was 8,671 (U.S. dollars in thousands), compared to 7,042 (U.S. dollars in thousands) for the six months ended June 30, 2025.
- Net loss and comprehensive loss was 8,775 (U.S. dollars in thousands), compared to 6,952 (U.S. dollars in thousands) for the six months ended June 30, 2025.
- Net cash used in operating activities was (8,148) (U.S. dollars in thousands), compared to (6,850) (U.S. dollars in thousands) for the six months ended June 30, 2025.
- The period-end cash balance was supported by financing activity, including 11,309 (U.S. dollars in thousands) of proceeds from issuance of ordinary shares, warrants and pre-funded warrants, net of issuance costs.
- The Company cited its available cash and ability to obtain additional funding among factors that could cause results to differ materially from forward-looking statements.
What to watch
- Growth in sales of ProSense® systems and disposable probes.
- Utilization across the active commercial install base and expansion of active customer accounts.
- Expansion of the U.S. sales organization and international adoption, including Brazil and other markets.
- Additional U.S. clinical sites and patient enrollment in the FDA-approved post-marketing CHoICE Study.
- Whether the CHoICE Study supports physician adoption, future reimbursement opportunities and broader commercialization.
- Operating expense growth, operating cash use and financing activity.
Balance sheet and cash flow
- Cash and cash equivalents: 12,034 (U.S. dollars in thousands) as of June 30, 2026; 8,897 (U.S. dollars in thousands) as of December 31, 2025.
- Trade receivables: 413 (U.S. dollars in thousands) as of June 30, 2026; 331 (U.S. dollars in thousands) as of December 31, 2025.
- Inventory: 2,545 (U.S. dollars in thousands) as of June 30, 2026; 2,625 (U.S. dollars in thousands) as of December 31, 2025.
- Prepaid expenses and other receivables: 1,654 (U.S. dollars in thousands) as of June 30, 2026; 752 (U.S. dollars in thousands) as of December 31, 2025.
- Total current assets: 16,646 (U.S. dollars in thousands) as of June 30, 2026; 12,605 (U.S. dollars in thousands) as of December 31, 2025.
- Long-term restricted deposits: 54 (U.S. dollars in thousands) as of June 30, 2026; 51 (U.S. dollars in thousands) as of December 31, 2025.
- Rights of use assets: 93 (U.S. dollars in thousands) as of June 30, 2026; 239 (U.S. dollars in thousands) as of December 31, 2025.
- Property and equipment, net: 914 (U.S. dollars in thousands) as of June 30, 2026; 993 (U.S. dollars in thousands) as of December 31, 2025.
- Total assets: 17,707 (U.S. dollars in thousands) as of June 30, 2026; 13,888 (U.S. dollars in thousands) as of December 31, 2025.
- Trade payables: 1,634 (U.S. dollars in thousands) as of June 30, 2026; 863 (U.S. dollars in thousands) as of December 31, 2025.
- Lease liabilities: 69 (U.S. dollars in thousands) as of June 30, 2026; 204 (U.S. dollars in thousands) as of December 31, 2025.
- Employees and employees related benefits: 3,186 (U.S. dollars in thousands) as of June 30, 2026; 2,659 (U.S. dollars in thousands) as of December 31, 2025.
- Other current liabilities: 901 (U.S. dollars in thousands) as of June 30, 2026; 1,098 (U.S. dollars in thousands) as of December 31, 2025.
- Total current liabilities: 5,790 (U.S. dollars in thousands) as of June 30, 2026; 4,824 (U.S. dollars in thousands) as of December 31, 2025.
- Long-term lease liabilities: 21 (U.S. dollars in thousands) as of June 30, 2026; 13 (U.S. dollars in thousands) as of December 31, 2025.
- Total shareholders’ equity: 11,896 (U.S. dollars in thousands) as of June 30, 2026; 9,051 (U.S. dollars in thousands) as of December 31, 2025.
- Total liabilities and shareholders’ equity: 17,707 (U.S. dollars in thousands) as of June 30, 2026; 13,888 (U.S. dollars in thousands) as of December 31, 2025.
- Increase (decrease) in cash and cash equivalents: 3,110 (U.S. dollars in thousands) for the six months ended June 30, 2026; (2,231) (U.S. dollars in thousands) for the six months ended June 30, 2025.
- Cash and cash equivalents at end of period: 12,034 (U.S. dollars in thousands) for the six months ended June 30, 2026; 5,383 (U.S. dollars in thousands) for the six months ended June 30, 2025.
- The Company reported approximately $8.5 million in gross proceeds from multiple financings during the second quarter of 2026.
Analysis
IceCure reported revenue of 1,818 (U.S. dollars in thousands) for the six months ended June 30, 2026, compared with 1,250 (U.S. dollars in thousands) in the same period of 2025. The company characterized the increase as approximately 45% and attributed it to growth in both ProSense® systems and disposable probes. Management also reported approximately 70% growth in its active commercial install base, citing increased physician adoption, higher procedure volumes and growth in active customer accounts.
Gross profit increased to 548 (U.S. dollars in thousands) from 349 (U.S. dollars in thousands), while cost of revenues was 1,270 (U.S. dollars in thousands), compared with 901 (U.S. dollars in thousands). The filing does not report a gross-margin figure. The mix commentary is centered on both new system adoption and disposable probe utilization, which management described as evidence that commercial adoption extends beyond system placements and is translating into recurring procedural utilization.
Investment spending increased across operating functions. Research and development expenses were 4,279 (U.S. dollars in thousands), sales and marketing expenses were 2,518 (U.S. dollars in thousands), and general and administrative expenses were 2,422 (U.S. dollars in thousands), each above the corresponding first-half 2025 amount. The company tied R&D growth to the CHoICE Study and foreign exchange effects, sales and marketing growth to U.S. sales-team expansion, and general and administrative growth to foreign exchange effects and higher share-based compensation expense. Operating loss increased to 8,671 (U.S. dollars in thousands) and net loss and comprehensive loss increased to 8,775 (U.S. dollars in thousands).
Liquidity improved through financing rather than operating cash generation. Cash and cash equivalents were 12,034 (U.S. dollars in thousands) at June 30, 2026, versus 8,897 (U.S. dollars in thousands) at December 31, 2025. Net cash used in operating activities was (8,148) (U.S. dollars in thousands), while net cash provided by financing activities was 11,319 (U.S. dollars in thousands), including 11,309 (U.S. dollars in thousands) of proceeds from issuance of ordinary shares, warrants and pre-funded warrants, net of issuance costs. The company gave no numerical forward revenue, margin, expense, tax-rate or other financial guidance. Near-term reported milestones are further U.S. CHoICE Study site additions and patient enrollment, continued commercial-install-base expansion, and sales of systems and disposable probes.
Management, verbatim
Our 45% year-over-year revenue growth reflects the successful execution of our commercial initiatives, growing physician adoption and the ongoing expansion of our installed base across key markets. In addition, the capital we raised during the first half of 2026 helps to advance our long-term commercial plans while continuing to expand our market presence.
Eyal Shamir, Chief Executive Officer of IceCure
Our growing commercial momentum and expanding physician adoption reinforce our confidence in ProSense® and its long-term market opportunity. Building on this strong foundation, the CHoICE Study is designed to further support physician adoption and future reimbursement opportunities as our commercialization efforts continue to advance.
Eyal Shamir, Chief Executive Officer of IceCure
Not in the filing
stated, not guessed- Numerical forward financial guidance was not provided.
- Prior-period outlook was not provided.
- Segment revenue disclosure was not provided.
- Gross margin was not reported.
- Non-GAAP or adjusted financial measures were not reported.
- Free cash flow was not reported.
- Debt or borrowing balance, other than lease liabilities, was not reported.
- Share repurchases and dividends were not reported.
- Tax rate and income tax expense were not reported.
- The filing does not state an IFRS, U.S. GAAP, or other accounting-framework label for the condensed consolidated financial statements.
- Quarterly financial results and sequential comparisons were not provided.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
IceCure Medical (Nasdaq: ICCM) is a developer of cryoablation systems for tumor treatment, recently expanding its U.S. footprint after FDA clearance.
Ticker impact
IceCure Medical reported H1 2026 earnings with 45% revenue growth to $1.8M and a cash balance of $12M, marking the first public disclosure of these results.
Potential modest price increase in the next few trading sessions if investors price in growth momentum.
Revenue beat expectations and cash buildup are favorable, yet rising R&D and SG&A expenses offset some upside.
Market effects
Positive earnings may boost sentiment in the medical device and cryoablation niche.
Strengthens perception of U.S. biotech growth, modest effect on broader Israeli‑listed tech exposure.
Limited to niche medical device investors; unlikely to affect broader market indices.
Counterpoint
Higher R&D and SG&A spend could erode profitability, suggesting caution despite revenue growth.
Key entities
- CompanyIceCure Medical Ltd.
Nasdaq‑listed developer of cryoablation technology.
- ExecutiveEyal Shamir
Chief Executive Officer of IceCure Medical.
