What is IceCure Medical Ltd.'s earnings per share (EPS)?

IceCure Medical Ltd. (ICCM) reported diluted earnings per share of $0.24 for fiscal year 2025. This represents a -20.0% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

IceCure Medical Ltd. Financials

ICCM

Source SEC Filings (10-K/10-Q) Data as of Dec 31, 2025 Currency USD FYE December

This page shows IceCure Medical Ltd. (ICCM) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI ICCM FY2025 2026-04-22

IceCure’s dominant mechanic is equity-funded cash burn: modest sales still have not caught up with its development spending base.

Between FY2023 and FY2025, revenue stayed near $3.4M while operating cash outflow stayed near $14.6M, so commercialization has not yet begun to absorb the company’s fixed research and overhead base. Liquidity held because financing cash flow in FY2025 was $15.8M, slightly above the $14.6M free-cash outflow, meaning the balance sheet was supported externally rather than by operations.

With R&D spending above revenue at $7.4M versus $3.4M, the company still behaves more like a funded development program with early sales attached than a self-supporting operating business. Gross margin also slipped to 36.3%, so each sales dollar is covering less of that spending base than in the prior two years.

The balance sheet is lightly levered and near-term liquidity remains intact, so immediate pressure is not coming from lenders. The real financing burden is dilution rather than debt: shares outstanding rose from 56.6M to 73.1M across FY2024-FY2025 as cash was replenished without meaningful borrowing.

Financial Health Signals

Financial Health Score 52/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of IceCure Medical Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Dilution

R&D Intensity

Revenue Progress

Burn Trend

Balance Sheet

Altman Z-Score Distress

-13.16

IceCure Medical Ltd. scores -13.16, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($13.3M) relative to total liabilities ($4.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Neutral

4/9

IceCure Medical Ltd. passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.

Earnings Quality Low Quality

0.97x

For every $1 of reported earnings, IceCure Medical Ltd. generates $0.97 in operating cash flow (-$14.6M OCF vs -$15.1M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

$3.4M

YoY+2.7%

5Y CAGR-2.7%

IceCure Medical Ltd. generated $3.4M in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.

EBITDA

-$14.8M

YoY+3.7%

IceCure Medical Ltd.'s EBITDA was -$14.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 3.7% from the prior year.

Net Income

-$15.1M

YoY+1.7%

IceCure Medical Ltd. reported -$15.1M in net income in fiscal year 2025. This represents an increase of 1.7% from the prior year.

EPS (Diluted)

$0.24

YoY-20.0%

5Y CAGR+1.8%

IceCure Medical Ltd. earned $0.24 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 20.0% from the prior year.

Cash & Balance Sheet

Free Cash Flow

-$14.6M

YoY-15.6%

IceCure Medical Ltd. generated -$14.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 15.6% from the prior year.

Cash & Debt

$8.9M

YoY+17.6%

5Y CAGR+20.5%

IceCure Medical Ltd. held $8.9M in cash against $13K in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

73M

YoY+29.3%

5Y CAGR+29.3%

IceCure Medical Ltd. had 73M shares outstanding in fiscal year 2025. This represents an increase of 29.3% from the prior year.

Margins & Returns

Gross Margin

36.3%

YoY-7.8pp

5Y CAGR-26.9pp

IceCure Medical Ltd.'s gross margin was 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 7.8 percentage points from the prior year.

Operating Margin

-446.7%

YoY+30.2pp

5Y CAGR-339.6pp

IceCure Medical Ltd.'s operating margin was -446.7% in fiscal year 2025, reflecting core business profitability. This is up 30.2 percentage points from the prior year.

Net Margin

-445.6%

YoY+19.8pp

5Y CAGR-349.2pp

IceCure Medical Ltd.'s net profit margin was -445.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 19.8 percentage points from the prior year.

Return on Equity

-166.4%

YoY+55.6pp

5Y CAGR-100.3pp

IceCure Medical Ltd.'s ROE was -166.4% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 55.6 percentage points from the prior year.

Capital Allocation

R&D Spending

$7.4M

YoY+4.7%

5Y CAGR+14.3%

IceCure Medical Ltd. invested $7.4M in research and development in fiscal year 2025. This represents an increase of 4.7% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$36K

YoY-49.3%

5Y CAGR-30.6%

IceCure Medical Ltd. invested $36K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 49.3% from the prior year.

ICCM Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$3.4M+2.7%	$3.3M+1.9%	$3.2M+4.7%	$3.1M-25.4%	$4.1M+7.0%	$3.9M
Cost of Revenue	$2.2M+17.0%	$1.8M-4.6%	$1.9M+17.6%	$1.6M-15.6%	$1.9M+36.4%	$1.4M
Gross Profit	$1.2M-15.5%	$1.5M+11.6%	$1.3M-10.0%	$1.4M-34.2%	$2.2M-10.2%	$2.4M
R&D Expenses	$7.4M+4.7%	$7.1M-14.2%	$8.3M-9.3%	$9.1M+55.2%	$5.9M+54.3%	$3.8M
SG&A Expenses	$4.5M+20.6%	$3.8M-9.9%	$4.2M+466.8%	$735K+315.3%	$177K+47.5%	$120K
Operating Income	-$15.1M+3.8%	-$15.7M-0.8%	-$15.6M+6.9%	-$16.7M-72.1%	-$9.7M-134.8%	-$4.1M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$15.1M+1.7%	-$15.3M-4.5%	-$14.7M+13.7%	-$17.0M-71.6%	-$9.9M-165.3%	-$3.7M
EPS (Diluted)	$0.24-20.0%	$0.30-6.3%	$0.32-30.4%	$0.46+31.4%	$0.35+59.1%	$0.22

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
EPS (Diluted)	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ICCM Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$13.9M+10.4%	$12.6M-23.4%	$16.4M-45.6%	$30.2M-6.5%	$32.3M+215.3%	$10.2M
Current Assets	$12.6M+17.2%	$10.8M-24.2%	$14.2M-49.6%	$28.1M-7.2%	$30.3M+216.2%	$9.6M
Cash & Equivalents	$8.9M+17.6%	$7.6M-28.2%	$10.5M-55.5%	$23.7M-7.7%	$25.6M+631.6%	$3.5M
Inventory	$2.6M+32.0%	$2.0M-12.6%	$2.3M-20.4%	$2.9M+46.1%	$2.0M+83.7%	$1.1M
Accounts Receivable	N/A	$221K+114.6%	$103K+32.1%	$78K-82.9%	$456K+385.1%	$94K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M-14.8%	$5.7M+33.6%	$4.2M-10.9%	$4.8M-10.5%	$5.3M+15.9%	$4.6M
Current Liabilities	$4.8M-12.5%	$5.5M+42.4%	$3.9M-10.7%	$4.3M+7.9%	$4.0M+8.2%	$3.7M
Long-Term Debt	$13K-91.9%	$161K	N/A	N/A	N/A	N/A
Total Equity	$9.1M+31.2%	$6.9M-43.3%	$12.2M-52.2%	$25.4M-5.7%	$27.0M+377.3%	$5.6M
Retained Earnings	-$120.4M-14.3%	-$105.4M-17.0%	-$90.1M-19.4%	-$75.4M-29.1%	-$58.4M-20.4%	-$48.5M

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Total Assets	$13.9M+31.2%	$10.6M-15.8%	$12.6M-18.1%	$15.4M-6.4%	$16.4M-27.7%	$22.7M-24.8%	$30.2M+26.8%	$23.8M
Current Assets	$12.6M+39.7%	$9.0M-16.1%	$10.8M-19.3%	$13.3M-6.0%	$14.2M-30.6%	$20.4M-27.4%	$28.1M+30.5%	$21.6M
Cash & Equivalents	$8.9M+65.3%	$5.4M-28.8%	$7.6M-21.6%	$9.7M-8.4%	$10.5M+247.5%	$3.0M-87.2%	$23.7M+75.7%	$13.5M
Inventory	$2.6M+12.7%	$2.3M+17.2%	$2.0M+1.0%	$2.0M-13.5%	$2.3M-17.3%	$2.8M-3.7%	$2.9M+7.8%	$2.7M
Accounts Receivable	N/A	N/A	$221K-32.0%	$325K+215.5%	$103K-12.7%	$118K+51.3%	$78K-57.6%	$184K
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$4.8M-37.2%	$7.7M+35.6%	$5.7M+19.5%	$4.7M+11.8%	$4.2M-0.2%	$4.3M-10.7%	$4.8M-3.5%	$4.9M
Current Liabilities	$4.8M-36.9%	$7.6M+38.5%	$5.5M+23.1%	$4.5M+15.7%	$3.9M+0.4%	$3.9M-11.1%	$4.3M+0.2%	$4.3M
Long-Term Debt	$13K-78.0%	$59K-63.4%	$161K	N/A	N/A	N/A	N/A	N/A
Total Equity	$9.1M+213.1%	$2.9M-58.1%	$6.9M-35.0%	$10.6M-12.8%	$12.2M-34.0%	$18.4M-27.5%	$25.4M+34.7%	$18.9M
Retained Earnings	-$120.4M-7.2%	-$112.3M-6.6%	-$105.4M-8.9%	-$96.8M-7.4%	-$90.1M-8.4%	-$83.1M-10.2%	-$75.4M-11.9%	-$67.4M

ICCM Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$14.6M-16.0%	-$12.6M-0.1%	-$12.6M+12.2%	-$14.3M-13.4%	-$12.6M-241.6%	-$3.7M
Capital Expenditures	$36K-49.3%	$71K-85.2%	$480K-46.1%	$891K+67.2%	$533K+139.0%	$223K
Free Cash Flow	-$14.6M-15.6%	-$12.6M+3.0%	-$13.0M+14.2%	-$15.2M-15.6%	-$13.1M-235.8%	-$3.9M
Investing Cash Flow	-$36K-108.1%	$446K+165.2%	-$684K+23.2%	-$891K-123.5%	$3.8M+181.2%	-$4.7M
Financing Cash Flow	$15.8M+72.4%	$9.2M+10968.7%	$83K-99.4%	$13.6M-56.0%	$30.9M+427.3%	$5.9M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Operating Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

ICCM Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	36.3%-7.8pp	44.1%+3.8pp	40.3%-6.6pp	46.8%-6.2pp	53.0%-10.2pp	63.2%
Operating Margin	-446.7%+30.2pp	-476.9%+5.4pp	-482.4%+60.2pp	-542.6%-307.6pp	-235.0%-127.9pp	-107.1%
Net Margin	-445.6%+19.8pp	-465.4%-11.7pp	-453.8%+96.6pp	-550.3%-311.2pp	-239.1%-142.7pp	-96.4%
Return on Equity	-166.4%+55.6pp	-222.0%-101.5pp	-120.5%-53.7pp	-66.8%-30.1pp	-36.7%+29.3pp	-66.0%
Return on Assets	-108.4%+13.4pp	-121.8%-32.5pp	-89.3%-33.1pp	-56.2%-25.6pp	-30.6%+5.8pp	-36.4%
Current Ratio	2.61+0.7	1.95-1.7	3.66-2.8	6.49-1.1	7.54+5.0	2.58
Debt-to-Equity	0.00-0.0	0.02-0.3	0.35+0.2	0.19-0.0	0.20-0.6	0.81
FCF Margin	-432.4%-48.5pp	-383.9%+19.6pp	-403.5%+88.6pp	-492.2%-174.7pp	-317.5%-216.3pp	-101.2%

Metric	Q4'25	Q2'25	Q4'24	Q2'24	Q4'23	Q2'23	Q4'22	Q2'22
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Current Ratio	2.61+1.4	1.18-0.8	1.95-1.0	2.97-0.7	3.66-1.6	5.30-1.2	6.49+1.5	4.98
Debt-to-Equity	0.00-0.0	0.020.0	0.02-0.4	0.45+0.1	0.35+0.1	0.23+0.0	0.19-0.1	0.26
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is IceCure Medical Ltd.'s annual revenue?

IceCure Medical Ltd. (ICCM) reported $3.4M in total revenue for fiscal year 2025. This represents a 2.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is IceCure Medical Ltd.'s revenue growing?

IceCure Medical Ltd. (ICCM) revenue grew by 2.7% year-over-year, from $3.3M to $3.4M in fiscal year 2025.

Is IceCure Medical Ltd. profitable?

No, IceCure Medical Ltd. (ICCM) reported a net income of -$15.1M in fiscal year 2025, with a net profit margin of -445.6%.

What is IceCure Medical Ltd.'s EBITDA?

IceCure Medical Ltd. (ICCM) had EBITDA of -$14.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does IceCure Medical Ltd. have?

As of fiscal year 2025, IceCure Medical Ltd. (ICCM) had $8.9M in cash and equivalents against $13K in long-term debt.

What is IceCure Medical Ltd.'s gross margin?

IceCure Medical Ltd. (ICCM) had a gross margin of 36.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is IceCure Medical Ltd.'s operating margin?

IceCure Medical Ltd. (ICCM) had an operating margin of -446.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is IceCure Medical Ltd.'s net profit margin?

IceCure Medical Ltd. (ICCM) had a net profit margin of -445.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

What is IceCure Medical Ltd.'s return on equity (ROE)?

IceCure Medical Ltd. (ICCM) has a return on equity of -166.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is IceCure Medical Ltd.'s free cash flow?

IceCure Medical Ltd. (ICCM) generated -$14.6M in free cash flow during fiscal year 2025. This represents a -15.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is IceCure Medical Ltd.'s operating cash flow?

IceCure Medical Ltd. (ICCM) generated -$14.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are IceCure Medical Ltd.'s total assets?

IceCure Medical Ltd. (ICCM) had $13.9M in total assets as of fiscal year 2025, including both current and long-term assets.

What are IceCure Medical Ltd.'s capital expenditures?

IceCure Medical Ltd. (ICCM) invested $36K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does IceCure Medical Ltd. spend on research and development?

IceCure Medical Ltd. (ICCM) invested $7.4M in research and development during fiscal year 2025.

How many shares does IceCure Medical Ltd. have outstanding?

IceCure Medical Ltd. (ICCM) had 73M shares outstanding as of fiscal year 2025.

What is IceCure Medical Ltd.'s current ratio?

IceCure Medical Ltd. (ICCM) had a current ratio of 2.61 as of fiscal year 2025, which is generally considered healthy.

What is IceCure Medical Ltd.'s debt-to-equity ratio?

IceCure Medical Ltd. (ICCM) had a debt-to-equity ratio of 0.00 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is IceCure Medical Ltd.'s return on assets (ROA)?

IceCure Medical Ltd. (ICCM) had a return on assets of -108.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is IceCure Medical Ltd.'s cash runway?

Based on fiscal year 2025 data, IceCure Medical Ltd. (ICCM) had $8.9M in cash against an annual operating cash burn of $14.6M. This gives an estimated cash runway of approximately 7 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is IceCure Medical Ltd.'s Altman Z-Score?

IceCure Medical Ltd. (ICCM) has an Altman Z-Score of -13.16, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is IceCure Medical Ltd.'s Piotroski F-Score?

IceCure Medical Ltd. (ICCM) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are IceCure Medical Ltd.'s earnings high quality?

IceCure Medical Ltd. (ICCM) has an earnings quality ratio of 0.97x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is IceCure Medical Ltd.?

IceCure Medical Ltd. (ICCM) scores 52 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.