IceCure Medical Ltd
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsIceCure Medical is a commercial-stage Israeli medical device company selling liquid-nitrogen cryoablation systems for tumor treatment, primarily the ProSense system.
What they do
IceCure develops and markets cryoablation systems that destroy benign and malignant tumors by freezing, positioning them as minimally invasive alternatives to surgery. Its lead commercial product is the ProSense system and disposable CryoProbes, which has FDA marketing authorization for local treatment of low-risk breast cancer with adjuvant endocrine therapy in women aged 70 and above, including those unsuitable for surgery. The company is also developing the XSense single-probe system, which has FDA 510(k) clearance, and an MSense multi-probe system. Manufacturing and commercial operations run through its Israeli headquarters and U.S. subsidiary, IceCure Medical Inc.
Revenue drivers
- ProSense system sales — Flagship cryoablation console and related capital equipment; the primary commercial product and the main source of reported revenue.
- Disposable CryoProbes — Single-use probes consumed per procedure; recurring revenue tied to installed base utilization, paired with the ProSense console.
- XSense system — Next-generation single-probe system with FDA 510(k) clearance; positioned as a platform for additional CryoProbes and catheters, not yet the lead commercial product.
Recent performance
Annual revenue was $3.4M in 2025, up from $3.3M in 2024 and $3.2M in 2023 but below $4.1M in 2021. Net loss was $15.1M in 2025, compared with $15.3M in 2024 and $14.7M in 2023. Operating cash flow was negative $14.6M in 2025, versus negative $12.6M in 2024 and 2023. At December 31, 2025, the company reported cash and equivalents of $8.9M, total assets of $13.9M and shareholder equity of $9.1M. Diluted EPS was $0.24 in 2025, compared with $0.30 in 2024.
Strategy
IceCure is focused on expanding commercial adoption of the ProSense system while advancing next-generation products. The XSense single-probe system, which has FDA 510(k) clearance, is intended as a platform for additional CryoProbes and catheters and broader clinical applications; management describes it as more efficient, intuitive and user-friendly than ProSense. The company is also developing the MSense multi-probe system. It continues to invest in research, development, patents and licenses, and in marketing its cryoablation technology across breast, lung, kidney and bone indications.
Risks
- Persistent losses and cash burn — The company reported a $15.1M net loss and $14.6M of negative operating cash flow in 2025, with cash of only $8.9M at year-end.
- Limited commercial scale — Revenue has remained roughly $3M-$4M annually from 2021 through 2025, leaving the business dependent on external financing.
- Regulatory and reimbursement dependence — ProSense's breast cancer authorization is limited to women aged 70 and above, and broader adoption depends on FDA clearances and payer coverage.
- New product execution — XSense and MSense are cleared or in development but not yet the lead commercial product, so the company must successfully transition its installed base.
Outlook
Management's stated direction centers on expanding clinical applications for its cryoablation platform, including the XSense and MSense systems, while continuing to commercialize ProSense. The 20-F describes ongoing investment in research and development, patents and licenses. No specific revenue, earnings or cash runway guidance is provided in the excerpted material.