IceCure Medical Ltd. (NASDAQ: ICCM) reported its financial results for the nine months ended September 30, 2025, on November 19, 2025. Revenue fell 13% to $2.1 million from $2.416 million in the same period a year earlier, reflecting a 39% decline in gross profit to $626,000. The company’s operating loss widened to $10.878 million and net loss to $10.811 million, while cash and cash equivalents stood at $10.0 million as of September 30, 2025, down from $10.7 million at the end of 2024.
The revenue decline was driven by weaker sales in Japan, Asia, and North America, while Latin American sales partially offset the drop. The gross profit decline reflects lower margins in those regions, though the company’s new ProSense® cryoablation system has begun to gain traction in the U.S. market. In Q3 2025, ProSense® revenue rose 15% to $850,000, beating the consensus estimate of $728,280 and giving the company a modest revenue beat that helped temper investor concerns about the overall decline.
Management highlighted the impact of the FDA’s marketing authorization for ProSense® in October 2025 for low‑risk breast cancer and the Swissmedic approval in November 2025 for several cancer indications. CEO Eyal Shamir said the approvals “open new commercial opportunities and are a key driver of future growth.” The company also noted that its installed base of ProSense® users in the U.S. and internationally is expanding, with a 10% increase in probe sales to existing customers.
Cash and cash equivalents fell from $10.7 million at the end of 2024 to $10.0 million at the end of the reporting period, a decline that reflects the company’s continued investment in product development and regulatory compliance. The company’s liquidity remains sufficient to fund operations for the next 12–18 months, but the cash position signals ongoing financial pressure.
The market reaction was modestly positive. Following the earnings release, IceCure’s shares moved up 1.2% in early trading, driven by the revenue beat in Q3 2025 and the regulatory milestones. Analysts noted that while the company remains in a net‑loss position, the FDA and Swiss approvals provide a tailwind that could accelerate revenue growth and improve margins in the medium term.
In summary, IceCure’s nine‑month results show a continued revenue decline and widening losses, but the company’s recent regulatory approvals and incremental sales growth in the U.S. market provide a foundation for future upside. Management remains cautiously optimistic, emphasizing the importance of the ProSense® platform and the need to continue cost discipline while investing in growth initiatives.
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