SeaStar Medical Financials
This page shows SeaStar Medical (ICUCW) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 4 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).
Financial Health Signals
SeaStar Medical passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, SeaStar Medical generates $0.64 in operating cash flow (-$16.0M OCF vs -$24.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
SeaStar Medical earns $-73.1 in operating income for every $1 of interest expense (-$17.8M vs $244K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
SeaStar Medical generated $135K in revenue in fiscal year 2024.
SeaStar Medical reported -$24.8M in net income in fiscal year 2024. This represents an increase of 5.3% from the prior year.
SeaStar Medical earned $-6.63 per diluted share (EPS) in fiscal year 2024. This represents an increase of 78.1% from the prior year.
Cash & Balance Sheet
SeaStar Medical held $1.8M in cash against $0 in long-term debt as of fiscal year 2024.
SeaStar Medical had 6M shares outstanding in fiscal year 2024. This represents an increase of 196.5% from the prior year.
Margins & Returns
SeaStar Medical's gross margin was 100.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs.
SeaStar Medical's operating margin was -13216.3% in fiscal year 2024, reflecting core business profitability.
SeaStar Medical's net profit margin was -18392.6% in fiscal year 2024, showing the share of revenue converted to profit.
Capital Allocation
SeaStar Medical invested $9.1M in research and development in fiscal year 2024. This represents an increase of 52.4% from the prior year.
ICUCW Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $183K-45.9% | $338K+15.4% | $293K | N/A | $68K | $0 | $0 | N/A |
| Cost of Revenue | $14K-48.1% | $27K | $0 | N/A | $0 | $0 | $0 | N/A |
| Gross Profit | $169K-45.7% | $311K+6.1% | $293K | N/A | $68K | $0 | $0 | N/A |
| R&D Expenses | $1.9M+78.4% | $1.0M-57.3% | $2.4M | N/A | $2.3M+0.1% | $2.3M+37.5% | $1.7M | N/A |
| SG&A Expenses | $1.9M+84.3% | $1.0M-38.8% | $1.7M | N/A | $2.2M-6.3% | $2.3M+3.6% | $2.3M | N/A |
| Operating Income | -$3.6M-103.8% | -$1.8M+54.1% | -$3.8M | N/A | -$4.5M+4.6% | -$4.7M-18.2% | -$4.0M | N/A |
| Interest Expense | $0-100.0% | $9K-18.2% | $11K | N/A | $272K+231.7% | $82K-42.7% | $143K | N/A |
| Income Tax | $0 | $0-100.0% | $3K | N/A | $0-100.0% | $3K | $0 | N/A |
| Net Income | -$3.5M-73.4% | -$2.0M+46.9% | -$3.8M | N/A | -$4.5M-38.4% | -$3.2M+74.5% | -$12.7M | N/A |
| EPS (Diluted) | N/A | $-0.18 | $-0.44 | N/A | $-1.10-6.8% | $-1.03 | $-4.73 | N/A |
ICUCW Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $15.5M+85.3% | $8.4M+10.3% | $7.6M+63.1% | $4.7M+1.6% | $4.6M+32.3% | $3.5M-55.2% | $7.7M+120.3% | $3.5M |
| Current Assets | $14.9M+94.5% | $7.6M+12.7% | $6.8M+80.1% | $3.8M+4.1% | $3.6M+49.8% | $2.4M-63.1% | $6.5M+183.2% | $2.3M |
| Cash & Equivalents | $13.8M+118.4% | $6.3M+19.0% | $5.3M+191.1% | $1.8M-12.6% | $2.1M+76.6% | $1.2M-76.5% | $5.0M+2751.7% | $176K |
| Inventory | $83K+7.8% | $77K+75.0% | $44K | $0 | $0 | N/A | N/A | N/A |
| Accounts Receivable | $221K+1.8% | $217K+97.3% | $110K-1.8% | $112K+64.7% | $68K | N/A | N/A | $0 |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.1M-19.4% | $5.0M-28.3% | $7.0M+2.8% | $6.8M+49.1% | $4.6M-55.7% | $10.4M-15.1% | $12.2M-29.7% | $17.4M |
| Current Liabilities | $4.1M-19.4% | $5.0M-28.3% | $7.0M+2.8% | $6.8M+3.1% | $6.6M-33.2% | $9.9M+2.9% | $9.6M-26.0% | $13.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $1.1M-72.6% | $4.1M |
| Total Equity | $11.5M+243.1% | $3.3M+491.3% | $565K+125.9% | -$2.2M-106284.0% | -$2K+100.0% | -$6.9M-54.2% | -$4.5M+67.7% | -$13.9M |
| Retained Earnings | -$148.8M-2.4% | -$145.3M-1.4% | -$143.3M-2.7% | -$139.6M-3.3% | -$135.1M-3.4% | -$130.7M-2.5% | -$127.4M-11.1% | -$114.7M |
ICUCW Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.8M-27.8% | -$3.0M-13.3% | -$2.7M+43.4% | -$4.7M+6.2% | -$5.0M-77.1% | -$2.8M+19.0% | -$3.5M+22.2% | -$4.5M |
| 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 | $11.3M+181.7% | $4.0M-34.5% | $6.1M+38.4% | $4.4M-25.0% | $5.9M+681.2% | -$1.0M-112.2% | $8.3M+81.6% | $4.6M |
| 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 |
ICUCW Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 92.3%+0.3pp | 92.0%-8.0pp | 100.0% | N/A | 100.0% | N/A | N/A | N/A |
| Operating Margin | -1955.7%-1436.2pp | -519.5%+784.9pp | -1304.4% | N/A | -6552.9% | N/A | N/A | N/A |
| Net Margin | -1897.3%-1305.0pp | -592.3%+695.1pp | -1287.4% | N/A | -6585.3% | N/A | N/A | N/A |
| Return on Equity | -30.3%+29.6pp | -59.9%+607.7pp | -667.6% | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -22.4%+1.5pp | -23.9%+25.8pp | -49.6% | N/A | -97.7%-4.3pp | -93.3%+70.7pp | -164.0% | N/A |
| Current Ratio | 3.66+2.1 | 1.52+0.6 | 0.96+0.4 | 0.550.0 | 0.54+0.3 | 0.24-0.4 | 0.68+0.5 | 0.18 |
| Debt-to-Equity | 0.35-1.2 | 1.51-10.9 | 12.45+15.6 | -3.13-3.1 | 0.000.0 | 0.00+0.3 | -0.25+0.0 | -0.30 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: Shareholder equity is negative (-$2.2M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.55), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Frequently Asked Questions
What is SeaStar Medical's annual revenue?
SeaStar Medical (ICUCW) reported $135K in total revenue for fiscal year 2024. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is SeaStar Medical profitable?
No, SeaStar Medical (ICUCW) reported a net income of -$24.8M in fiscal year 2024, with a net profit margin of -18392.6%.
What is SeaStar Medical's gross margin?
SeaStar Medical (ICUCW) had a gross margin of 100.0% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is SeaStar Medical's operating margin?
SeaStar Medical (ICUCW) had an operating margin of -13216.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is SeaStar Medical's net profit margin?
SeaStar Medical (ICUCW) had a net profit margin of -18392.6% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is SeaStar Medical's operating cash flow?
SeaStar Medical (ICUCW) generated -$16.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are SeaStar Medical's total assets?
SeaStar Medical (ICUCW) had $4.7M in total assets as of fiscal year 2024, including both current and long-term assets.
How much does SeaStar Medical spend on research and development?
SeaStar Medical (ICUCW) invested $9.1M in research and development during fiscal year 2024.
What is SeaStar Medical's current ratio?
SeaStar Medical (ICUCW) had a current ratio of 0.55 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is SeaStar Medical's debt-to-equity ratio?
SeaStar Medical (ICUCW) had a debt-to-equity ratio of -3.13 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is SeaStar Medical's return on assets (ROA)?
SeaStar Medical (ICUCW) had a return on assets of -533.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is SeaStar Medical's cash runway?
Based on fiscal year 2024 data, SeaStar Medical (ICUCW) had $1.8M in cash against an annual operating cash burn of $16.0M. This gives an estimated cash runway of approximately 1 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.
Why is SeaStar Medical's debt-to-equity ratio negative or unusual?
SeaStar Medical (ICUCW) has negative shareholder equity of -$2.2M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is SeaStar Medical's Piotroski F-Score?
SeaStar Medical (ICUCW) has a Piotroski F-Score of 5 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are SeaStar Medical's earnings high quality?
SeaStar Medical (ICUCW) has an earnings quality ratio of 0.64x, 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.
Can SeaStar Medical cover its interest payments?
SeaStar Medical (ICUCW) has an interest coverage ratio of -73.1x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.