IceCure Medical Ltd. Financials
IceCure Medical Ltd. (ICCM) reported $3.4M in revenue for fiscal year 2025, up 2.7% from the prior fiscal year. This page shows its 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).
IceCure remains a cash-funded development business, where equity raises finance operating losses that are still far larger than sales.
In FY2025, free cash flow of-$14.6M nearly matched operating cash flow of-$14.6M , showing the cash drain comes from the operating model rather than from a large buildout or equipment cycle. That matters because year-end cash of$8.9M was below one year's burn, so the business again relied on financing and expanded share count by about29.0% in FY2025.
The business still looks development-stage: R&D spending was
Balance-sheet risk is driven more by liquidity needs than debt service: long-term debt was only
Financial Health Signals
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.
IceCure Medical Ltd. scores -13.84, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($7.8M) 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.
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.
IceCure Medical Ltd. reported a net loss of $15.1M while operations used $14.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
IceCure Medical Ltd. generated $3.4M in revenue in fiscal year 2025. This represents an increase of 2.7% from the prior year.
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.
IceCure Medical Ltd. reported -$15.1M in net income in fiscal year 2025. This represents an increase of 1.7% from the prior year.
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
IceCure Medical Ltd. recorded an outflow of $14.6M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 15.6% from the prior year.
IceCure Medical Ltd. held $8.9M in cash against $13K in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
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.
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.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for fiscal year 2025: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
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.
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.
Not reported for fiscal year 2025.
ICCM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Revenue | $3.4M+2.7% | $3.3M+1.9% | $3.2M+4.7% | $3.1M-25.4% | $4.1M+7.0% | $3.9M+137.7% | $1.6M |
| 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+29.1% | $1.1M |
| Gross Profit | $1.2M-15.5% | $1.5M+11.6% | $1.3M-10.0% | $1.4M-34.2% | $2.2M-10.2% | $2.4M+366.4% | $524K |
| 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+26.9% | $3.0M |
| SG&A Expenses | $4.5M+20.6% | $3.8M-9.9% | $4.2M+466.8% | $735K+315.3% | $177K+47.5% | $120K-90.6% | $1.3M |
| Operating Income | -$15.1M+3.8% | -$15.7M-0.8% | -$15.6M+6.9% | -$16.7M-72.1% | -$9.7M-134.8% | -$4.1M+13.4% | -$4.8M |
| Net Income | -$15.1M+1.7% | -$15.3M-4.5% | -$14.7M+13.7% | -$17.0M-71.6% | -$9.9M-165.3% | -$3.7M+18.0% | -$4.6M |
| EPS (Diluted) | $0.24-20.0% | $0.30-6.3% | $0.32-30.4% | $0.46+31.4% | $0.35+59.1% | $0.22-33.3% | $0.33 |
Not reported in any period shown, so not listed: Interest Expense, Income Tax.
ICCM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Total Assets | $13.9M+10.4% | $12.6M-23.4% | $16.4M-45.6% | $30.2M-6.5% | $32.3M+215.3% | $10.2M | N/A |
| Current Assets | $12.6M+17.2% | $10.8M-24.2% | $14.2M-49.6% | $28.1M-7.2% | $30.3M+216.2% | $9.6M | N/A |
| Cash & Equivalents | $8.9M+17.6% | $7.6M-28.2% | $10.5M-55.5% | $23.7M-7.7% | $25.6M+631.6% | $3.5M-39.5% | $5.8M |
| Inventory | $2.6M+32.0% | $2.0M-12.6% | $2.3M-20.4% | $2.9M+46.1% | $2.0M+83.7% | $1.1M | N/A |
| Accounts Receivable | N/A | $221K+114.6% | $103K+32.1% | $78K-82.9% | $456K+385.1% | $94K | 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 | N/A |
| Current Liabilities | $4.8M-12.5% | $5.5M+42.4% | $3.9M-10.7% | $4.3M+7.9% | $4.0M+8.2% | $3.7M | N/A |
| Long-Term Debt | $13K-91.9% | $161K | N/A | 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+71.6% | $3.3M |
| Retained Earnings | -$120.4M-14.3% | -$105.4M-17.0% | -$90.1M-19.4% | -$75.4M-29.1% | -$58.4M-20.4% | -$48.5M | N/A |
Not reported in any period shown, so not listed: Goodwill.
ICCM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| 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-85.5% | -$2.0M |
| Capital Expenditures | $36K-49.3% | $71K-85.2% | $480K-46.1% | $891K+67.2% | $533K+139.0% | $223K+116.5% | $103K |
| 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-87.0% | -$2.1M |
| Investing Cash Flow | -$36K-108.1% | $446K+165.2% | -$684K+23.2% | -$891K-123.5% | $3.8M+181.2% | -$4.7M-4434.0% | -$103K |
| Financing Cash Flow | $15.8M+72.4% | $9.2M+10968.7% | $83K-99.4% | $13.6M-56.0% | $30.9M+427.3% | $5.9M+77.0% | $3.3M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ICCM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 |
|---|---|---|---|---|---|---|---|
| Gross Margin | 36.3%-7.8pp | 44.1%+3.8pp | 40.3%-6.6pp | 46.8%-6.2pp | 53.0%-10.2pp | 63.2%+31.0pp | 32.2% |
| Operating Margin | -446.7% | -476.9% | -482.4% | -542.6% | -235.0% | -107.1% | -294.0% |
| Net Margin | -445.6% | -465.4% | -453.8% | -550.3% | -239.1% | -96.4% | -279.7% |
| 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%+72.3pp | -138.3% |
| 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% | N/A |
| Current Ratio | 2.61+0.7x | 1.95-1.7x | 3.66-2.8x | 6.49-1.1x | 7.54+5.0x | 2.58 | N/A |
| Debt-to-Equity | 0.000.0x | 0.02-0.3x | 0.35+0.2x | 0.190.0x | 0.20-0.6x | 0.81 | N/A |
| FCF Margin | -432.4% | -383.9% | -403.5% | -492.2% | -317.5% | -101.2% | -128.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Where IceCure Medical Ltd. Ranks
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.
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 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) recorded an outflow of $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) recorded an outflow of $14.6M in operating cash flow during fiscal year 2025, representing cash used by 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.
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.
How does IceCure Medical Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, IceCure Medical Ltd. (ICCM) held $8.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $14.6M over that year. Dividing the one by the other, the reported balance equals about 7 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is IceCure Medical Ltd.'s Altman Z-Score?
IceCure Medical Ltd. (ICCM) has an Altman Z-Score of -13.84, 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) reported a net loss of $15.1M while operations used $14.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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 48 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.