IceCure Reports its Financial Results for the First Half of 2026 with 45% Revenue Growth Year-Over-Year

Rhea-AI Summary

IceCure Medical (NASDAQ: ICCM) reported first-half 2026 revenue of $1.8 million, up about 45% from $1.25 million in 2025, driven by higher ProSense® system and disposable probe sales. Gross profit rose to $548,000. The active U.S. commercial installed base grew approximately 70% following FDA clearance, reflecting increased physician adoption and procedure volumes.

Net loss widened to $8.8 million versus $7.0 million a year earlier, as research and development, sales and marketing, and general and administrative expenses all increased. IceCure strengthened its balance sheet through multiple financings, ending June 30, 2026 with about $12.0 million in cash and cash equivalents and shareholders’ equity of $11.9 million. The Company continued to invest in its U.S. sales force and advanced its FDA-approved post-marketing CHoICE Study, while clinical visibility was supported by guideline inclusion, peer-reviewed publications, and five-year kidney cancer data.

Positive

• Revenue +45% YoY to $1.818 million in H1 2026
• Gross profit increased to $548,000 from $349,000 YoY
• Active U.S. installed base expanded about 70% after FDA clearance
• Cash and cash equivalents rose to $12.0 million from $8.9 million
• Equity base increased to $11.9 million from $9.1 million
• Financing inflows of $11.3 million from share and warrant issuance

Negative

• Net loss widened to $8.8 million from $7.0 million YoY
• Operating loss increased to $8.7 million from $7.0 million
• Cash used in operations rose to $8.1 million from $6.9 million
• R&D expense increased to $4.3 million from $3.4 million
• Sales and marketing expense increased to $2.5 million from $2.1 million
• Share count rose to 3.43 million from 2.44 million, implying dilution

News Explained

Financing increased cash to $12.0 million by June 30, while issued shares rose to 3.43 million, diluting existing holders’ percentage ownership.

IceCure Medical has completed reporting its first-half results, and the financing activity disclosed for the period left the company with $12.0 million of cash while increasing issued and outstanding ordinary shares from 2,439,321 at year-end 2025 to 3,426,715 at June 30, 2026.

Because issuing additional shares reduces an existing holder’s percentage ownership absent offsetting changes, the disclosed share-count increase represents dilution for existing common holders.

At June 30, cash and cash equivalents were $12,034 thousand, while operating activities used $8,148 thousand during the first half; the company also reported $11,309 thousand of net proceeds from issuing ordinary shares, warrants and pre-funded warrants.

Market Context

Earnings-tagged events averaged -1.04% across five events. The current revenue and cash update shoul...

Analysis

Earnings-tagged events averaged -1.04% across five events. The current revenue and cash update should be weighed alongside that record, while the effective F-3 resale registration covers up to 5,500,002 shares.

Key Figures

Revenue: $1.8 million Gross Profit: $548,000 Active Install Base: Approximately 70% growth +4 more

7 metrics

Revenue $1.8 million First half 2026; approximately 45% year-over-year growth versus $1.3 million

Gross Profit $548,000 First half 2026, versus $349,000 in first half 2025

Active Install Base Approximately 70% growth U.S. commercial footprint following FDA clearance

Financing Proceeds Approximately $8.5 million Gross proceeds from multiple financings during the second quarter of 2026

Cash and Equivalents Approximately $12.0 million End of first half 2026, versus $8.9 million at December 31, 2025

Research and Development Expenses $4.3 million Six months ended June 30, 2026, versus $3.4 million

Net Loss $8.775 million Six months ended June 30, 2026, versus $6.952 million

Previous Earnings Reports

5 past events · Latest: May 12 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 12	First-quarter earnings	Positive	+0.0%	Revenue and gross profit increased, while the 24-hour price reaction was 0%.
Mar 17	Full-year earnings	Positive	-8.9%	Record quarterly sales and higher cash were followed by a -8.9% 24-hour reaction.
Nov 19	Nine-month earnings	Positive	-3.2%	FDA marketing authorization and commercial plans were followed by a -3.21% reaction.
Aug 13	First-half earnings	Negative	+2.4%	Lower revenue and a net loss were followed by a 2.44% 24-hour reaction.
Jul 03	Preliminary earnings	Negative	+4.5%	Lower first-half product sales and delayed shipments were followed by a 4.46% reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

The earnings-tagged history showed an average move of -1.04%.

Key Terms

cryoablation, post-marketing, pre-funded warrants, share-based compensation

4 terms

cryoablation medical

"developer of minimally-invasive cryoablation technology that destroys tumors by freezing"

A medical treatment that uses extreme cold to freeze and destroy unwanted tissue, such as small tumors or heart tissue causing irregular rhythms; think of it like applying a focused freezer to stop a problem spot without cutting it out. It matters to investors because devices, tools, and drugs tied to cryoablation, plus clinical results, approval status and insurance coverage, can drive sales, shape market adoption and affect the financial outlook of healthcare companies.

post-marketing regulatory

"advanced the FDA-approved post-marketing "CHoICE study"

Post-marketing describes the period after a drug, medical device, or other regulated product has been approved and is being sold to the public, during which companies and regulators monitor how it performs in real-world use. Like a car owner tracking performance and repairs after buying a new model, post-marketing activities — such as safety monitoring, additional studies, and reporting of side effects — matter to investors because they can reveal unexpected risks, trigger label changes, recalls, or costly follow-up studies that affect sales and valuation.

pre-funded warrants financial

"issuance of ordinary shares, warrants and pre-funded warrants"

Pre-funded warrants are financial instruments that give investors the right to purchase a company's stock at a set price, but with most or all of the purchase price paid upfront. They function like a coupon or gift card for stock, allowing investors to buy shares later at a fixed price, which can be beneficial if they want to avoid future price increases. This makes them important for investors seeking flexibility and certainty in their investment plans.

share-based compensation financial

"higher share-based compensation expense, a non-cash item"

Share-based compensation is when a company pays employees, executives or directors with its own stock or rights to buy stock instead of, or in addition to, cash. Think of it like receiving store gift cards instead of extra paycheck — it can motivate staff to boost the company’s value, but it also increases the number of shares outstanding and can shrink each existing owner’s slice of profits and voting power. Investors watch it because it affects reported earnings, share count and the alignment between management and shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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The Company is advancing commercial execution and expanding its U.S. commercial footprint through approximately 70% growth in its active installed base following U.S. Food and Drug Administration's ("FDA") clearance, driving long-term value creation and supported by a strong cash position

CAESAREA, Israel, Aug. 12, 2026 /PRNewswire/ -- IceCure Medical Ltd. (NASDAQ: ICCM) ("IceCure," "IceCure Medical" or the "Company"), developer of minimally-invasive cryoablation technology that destroys tumors by freezing as an option to surgical tumor removal, today reported financial and operational results as of and for the six months ended June 30, 2026.

"We believe IceCure has reached an important inflection point where its clinical and commercial strategies are progressing in parallel rather than independently. Commercial adoption is generating additional clinical evidence, while clinical activity is simultaneously driving commercial utilization, physician confidence and future reimbursement opportunities. This creates a self-reinforcing cycle in which clinical validation supports commercialization, and commercialization further strengthens the clinical foundation. Increasing disposable probe sales continue to demonstrate that commercial adoption extends beyond system placements and is translating into recurring procedural utilization," said Eyal Shamir, Chief Executive Officer of IceCure.

"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," added Shamir.

Key First Half 2026 and Recent Highlights:

• Commercial execution continued to gain momentum, reflected by approximately 45% year-over-year revenue growth to $1.8 million during the first half of 2026, supported by growth in both systems and disposable probes. Revenue growth was driven by increasing sales of both ProSense® systems and disposable probes, reflecting not only new customer adoption, but also growing utilization across the Company's commercial install base.  Gross profit increased to $548,000.
• The Company expanded its U.S. commercial footprint through approximately 70% growth in its active commercial install base, reflecting increased physician adoption, higher procedure volumes and continued growth in active customer accounts.
• The Company strengthened its balance sheet during the second quarter of 2026 with approximately $8.5 million in gross proceeds from multiple financings and ended the first half of the year with approximately $12.0 million in cash and cash equivalents.
• IceCure continued to invest in its commercial infrastructure by expanding its U.S. sales organization while broadening its international footprint, including growing adoption in Brazil and other markets.
• In parallel with commercial expansion, IceCure advanced the FDA-approved post-marketing "CHoICE study (the "CHoICE" Study"), designed to further support physician adoption, future reimbursement opportunities and broader commercialization. Additional U.S. clinical sites are expected to join the study as patient enrollment expands.
• Clinical leadership continued to strengthen through inclusion in the American Society of Breast Surgeons ("ASBrS") resource guide, peer-reviewed publications in the International Journal of Surgery and PLOS ONE, the Society of Interventional Oncology ("SIO") petition to the National Comprehensive Cancer Network ("NCCN"), and positive five-year ICESECRET kidney cancer results presented at ECIO 2026.

"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. We look forward to expanding the study across additional leading clinical sites in the United States and increasing patient enrollment, helping make this innovative, minimally invasive treatment available to more women. We are continuing to invest in the commercial and clinical infrastructure needed to support broader adoption of ProSense®, including our expanding U.S. commercial organization and the CHoICE Study," added Shamir.

Financial Results as of and for the Six Months Ended June 30, 2026

Revenue for the six months ended June 30, 2026 increased approximately 45% to $1.8 million, compared to $1.3 million for the same period in 2025, driven by growth in both systems and disposable probes. Gross profit increased to $548,000, compared to $349,000 in the first half of 2025. The Company ended the period with approximately $12.0 million in cash and cash equivalents, compared to $8.9 million as of December 31, 2025, supported by financing activity completed during the first half of 2026.

Research and development expenses were $4.3 million for the six months ended June 30, 2026, compared to $3.4 million for the same period in 2025. The increase was primarily driven by the initiation of the CHoICE Study supporting the continued clinical expansion of ProSense® and the impact of foreign exchange fluctuations, primarily on payroll-related expenses.

Sales and marketing expenses were $2.5 million for the six months ended June 30, 2026, compared to $2.1 million for the same period in 2025. The increase primarily reflects investments in expanding the Company's sales team, particularly in the United States, to support growing market demand and drive future sales growth following the FDA marketing authorization of ProSense®.

General and administrative expenses were $2.4 million for the six months ended June 30, 2026, compared to $1.9 million for the same period in 2025. The increase was primarily driven by the impact of foreign exchange fluctuations on payroll-related expenses and higher share-based compensation expense, a non-cash item.

Conference call & webcast info:
Wednesday, August 12, 2026, at 10:00 am EDT
US: 1-888-407-2553
Israel/International: +972-3-918-0696
A live webcast will be available at: https://www.veidan-conferencing.com/icecure-investors
A recording of the webcast will be available at: ir.icecure-medical.com

About IceCure Medical

IceCure Medical (Nasdaq: ICCM) develops and markets advanced liquid-nitrogen-based cryoablation therapy systems for the destruction of tumors (benign and cancerous) by freezing, with the primary focus areas being breast, kidney, bone and lung cancer. Its minimally invasive technology is a safe and effective option to surgical tumor removal that is easily performed in a relatively short procedure. The Company's flagship ProSense® system is marketed and sold worldwide for the indications cleared and approved to date including in the U.S., Europe, and Asia.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the "safe harbor" created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as "believe," "expect," "may," "should," "could," "seek," "intend," "plan," "goal," "estimate," "anticipate" or other comparable terms. For example, the Company is using forward-looking statements when it discusses belief that the Company's clinical and commercial strategies are progressing in parallel and creating a self-reinforcing cycle that may generate additional clinical evidence and drive increased commercial utilization, physician confidence, reimbursement opportunities and recurring procedural utilization; its belief that it is well positioned, including as a result of the capital raised during the period discussed above, to advance its long-term commercial plans, expand its market presence and create long-term value; the continued expansion of its U.S. commercial footprint, active installed base, physician adoption, procedure volumes and active customer accounts; its plans to continue investing in and expanding its U.S. commercial organization and international presence, including in Brazil and other markets; its plans and expectations regarding the CHoICE Study, including the addition of leading U.S. clinical sites and expanded patient enrollment; the potential for the CHoICE Study to support physician adoption, future reimbursement opportunities and broader commercialization; and the Company's confidence in ProSense® and its long-term market opportunity and ability to make ProSense® available to more eligible patients. Historical results of scientific research and clinical and preclinical trials do not guarantee that the conclusions of future research or trials will suggest identical or even similar conclusions. Important factors that could cause actual results, developments and business decisions to differ materially from those anticipated in these forward-looking statements include, among others: the Company's planned level of revenues and capital expenditures; the Company's available cash and its ability to obtain additional funding; the Company's ability to market and sell its products; legal and regulatory developments in the United States and other countries; the Company's ability to maintain its relationships with suppliers, distributors and other partners; the Company's ability to maintain or protect the validity of its patents and other intellectual property; the Company's ability to expose and educate medical professionals about its products; political, economic and military instability in the Middle East, specifically in Israel; as well as those factors set forth in the Risk Factors section of the Company's Annual Report on Form 20-F for the year ended December 31, 2025 filed with the SEC on March 17, 2026, and other documents filed with or furnished to the SEC which are available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Relations:

Meir Peleg, CFO
investors@icecure-medical.com
+1-888-902-5716

 

ICECURE MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
		As of June 30, 2026				As of December 31, 2025
		(Unaudited)
		U.S. dollars in thousands
ASSETS
CURRENT ASSETS
Cash and cash equivalents			12,034				8,897
Trade receivables			413				331
Inventory			2,545				2,625
Prepaid expenses and other receivables			1,654				752
Total current assets			16,646				12,605
NON-CURRENT ASSETS
Long-term restricted deposits			54				51
Rights of use assets			93				239
Property and equipment, net			914				993
Total non-current assets			1,061				1,283
TOTAL ASSETS			17,707				13,888
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES
Trade payables			1,634				863
Lease liabilities			69				204
Employees and employees related benefits			3,186				2,659
Other current liabilities			901				1,098
Total current liabilities			5,790				4,824
NON-CURRENT LIABILITIES
Long-term lease liabilities			21				13
Total non-current liabilities			21				13
SHAREHOLDERS' EQUITY
Ordinary shares, No par value; Authorized 2,500,000,000 shares; Issued and     outstanding: 3,426,715 shares and 2,439,321 shares as of June 30, 2026    and December 31, 2025, respectively
Additional paid-in capital			141,107				129,487
Accumulated deficit			(129,211)				(120,436)
Total shareholders' equity			11,896				9,051
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY			17,707				13,888

 

ICECURE MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
		Six months ended June 30,
		2026				2025
		U.S. dollars in thousands (except per share data)
Revenues			1,818				1,250
Cost of revenues			1,270				901
Gross profit			548				349
Research and development expenses			4,279				3,375
Sales and marketing expenses			2,518				2,146
General and administrative expenses			2,422				1,870
Operating loss			8,671				7,042
Finance expenses (income), net			104				(90)
Net loss and comprehensive loss			8,775				6,952
Basic and diluted net loss per share			3.17				3.59
Weighted average number of shares outstanding used in computing basic and diluted loss per share			2,769,593				1,938,517

 

ICECURE MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
		Six months ended June 30,
		2026				2025
		U.S. dollars in thousands
Cash flows from operating activities
Net loss		(8,775)				(6,952)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			140				151
Share-based compensation			301				295
Exchange rate changes in cash and cash equivalents and long-term restricted deposits			(30)				(52)
Other finance cost			-				10
Changes in assets and liabilities:
Decrease (increase) in trade receivables			(82)				99
Increase in prepaid expenses and other receivables			(902)				(205)
Decrease (increase) in inventory			80				(341)
Decrease in right of use assets			178				173
Increase (decrease) in trade payables			771				(71)
Decrease in lease liabilities			(159)				(140)
Increase in employees and employees related liabilities			527				471
Decrease in other current liabilities			(197)				(288)
Net cash used in operating activities			(8,148)				(6,850)
Cash flows from investing activities
Purchase of property and equipment			(61)				(28)
Net cash provided by (used in) investing activities			(61)				(28)
Cash flows from financing activities:
Loan from related party			-				2,000
Proceeds from issuance of ordinary shares, warrants and pre-funded warrants, net of issuance costs			11,309				2,647
Proceeds from exercise of warrants			10				-
Net cash provided by financing activities			11,319				4,647
Increase (decrease) in cash and cash equivalents			3,110				(2,231)
Cash and cash equivalents at beginning of the year			8,897				7,564
Effect of exchange rate fluctuations on balances of cash and cash equivalents			27				50
Cash and cash equivalents at end of period			12,034				5,383
Non-cash activities
Obtaining a right-of-use asset in exchange for a lease liability			32				41

 

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SOURCE IceCure Medical

FAQ

How did IceCure Medical (ICCM) perform financially in the first half of 2026?

IceCure Medical reported first-half 2026 revenue of $1.818 million, up about 45% year-over-year. According to IceCure Medical, gross profit rose to $548,000, while net loss widened to $8.775 million as operating expenses increased to support commercial and clinical expansion.

What drove IceCure Medical’s 45% revenue growth in H1 2026 (ICCM)?

Revenue growth was driven by higher ProSense® system and disposable probe sales. According to IceCure Medical, this reflects both new customer adoption and greater utilization across its commercial installed base, supported by U.S. FDA clearance and an approximately 70% increase in the active U.S. installed base.

What is IceCure Medical’s cash position and financing activity as of June 30, 2026 (ICCM)?

IceCure Medical ended June 30, 2026 with about $12.0 million in cash and cash equivalents. According to IceCure Medical, this was supported by multiple financings, including $11.309 million in net proceeds from issuing ordinary shares, warrants and pre-funded warrants during the period.

How large was IceCure Medical’s net loss and operating loss in H1 2026 (ICCM)?

IceCure Medical reported a first-half 2026 net loss of $8.775 million and an operating loss of $8.671 million. According to IceCure Medical, the wider loss versus 2025 reflects higher research and development, sales and marketing, and general and administrative expenses.

What are IceCure Medical’s key operating expenses in H1 2026 and why did they rise (ICCM)?

In H1 2026, research and development was $4.279 million, sales and marketing $2.518 million, and general and administrative $2.422 million. According to IceCure Medical, increases were linked to the CHoICE Study, U.S. sales force expansion, foreign exchange effects and higher share-based compensation.

What clinical and commercial milestones did IceCure Medical highlight for early 2026 (ICCM)?

IceCure Medical emphasized growth in its active U.S. installed base and advancing the FDA-approved CHoICE Study. According to IceCure Medical, clinical leadership was supported by inclusion in ASBrS resources, peer-reviewed publications, an SIO petition to NCCN, and positive five-year ICESECRET kidney cancer data.

When is IceCure Medical’s H1 2026 earnings conference call and how can investors access it (ICCM)?

IceCure Medical scheduled its H1 2026 conference call for Wednesday, August 12, 2026 at 10:00 a.m. EDT. According to IceCure Medical, investors can join via U.S. dial-in 1-888-407-2553, Israel/international +972-3-918-0696, or a live webcast at its investor relations website.